EOS 101 - What I know so far

What is EOS.io?

• EOS.io is a blockchain that allows developers to create decentralised applications, or dapps, websites and apps that are hosted on a framework in such a way that they are incredibly secure, very fast, and have virtually no downtime. Another insteresting application of the blockchain is DAOs, but I'll talk about that later. It is currently being developed, so will not have a fully launched blockchain until shortly after June 1st.

What makes it special compared to other dapp blockchains?

• It will be able to process transactions at a theoretical speed of above 1,000,000 transactions per second. Compare this to the likes of Bitcoin at 4 transactions per second, and Ethereum at 10 transactions per second.

• EOS.io is based on the same bones as Steemit and BitShares, 2 of the 3 most used blockchains in the world, neither of which are at ever at capacity. Pretty impressive. Ethereum on the other hand is the 2nd most used blockchain and has been fully congested for over a month now almost due to a single dapp.

• The network is essentially free; the people providing the power to the network for "transactions" are compensated by an annual inflation of 5% of the amount of the tokens. Transactions in the dapp sense are not limited to just trading currency, but could be something like clicking a "like" button on Facebook. Because these costs are absorbed by the block producers, there is no fee for moving any currency around or performing actions within a dapp (you may already be familiar with "gas" on Ethereum).

• The idea is to empower developers to create dapps that don't even look like they're running on a blockchain, thus allowing adoption by the general public who may otherwise hear the world blockchain and run away screaming.

• Currently we are seeing payment services, social networks, and decentralized exchanges committing to the platform.

What is a DAO/DAC?

• A Decentralised Autonomous Organisation. This is something that we've never had the capability to produce before. Brendan Blumer always uses Uber as an example, so I'll use this here too.

• Uber is a corporation. They produce an app. Users use the app to catch Taxis. The person pays $10, $3 goes to uber, $7 goes to the taxi driver. Fair? Sure.

• I want to create Uber, but decentralised. Duber. No middle men. Person pays taxi driver $8, driver gets $8. That's a cheaper ride for the user, and more money in the driver's back pocket.

• But who's developing the app? Well... Everyone! Independent developers on the EOS platform will kick off development. People without developmental experience may submit ideas for enhancements to features. Developers can then write these features and submit them to be added to the application. After consensus voting on the EOS network about what should be added, the code will be included, and the developer will be paid in Duber tokens which he can sell to make the development time worth his while.

How do I get EOS tokens?

• You can obtain EOS through the token distribution event by sending Ethereum (minimum of 0.01) to the EOS Token distribution smart contract, all of which is explained in the above link. Note that US and Chinese citizens are unable to participate in the distribution for legal reasons.

• You can buy EOS from an exchange, such as BitFinex, Binance, or use a wallet like Exodus to transfer Bitcoin or Ethereum into EOS using shapeshift.io.

Why is the ICO running for so long?

• The way that EOS infrastructure works is largely through consensus, or voting, and your voting power is proportional to the amount of EOS you have. But running the ICO over a longer period, it means that there are less "whales" or people who monopolize the tokens and thus the voting.

Why do I have to register my EOS?

• The EOS tokens at the moment are an Ethereum ERC-20 token hosted on the Ethereum network. Come June 1, the official EOS blockchain will launch. All of the ERC-20 EOS tokens will be frozen, a snapshot taken of all registered addresses, and the tokens will be recreated 1:1 on the EOS network.

• You must register a WALLET, do not try to register an exchange account.

Where can I register my tokens?

• If you already have EOS in a wallet, visit this thread

• If you're using Exodus, visit this link

What happens if I don't register?

• If your address is not registered by this time, then you may lose your tokens. There will be other ways to have them transferred to the EOS network if you miss out, but this is not guaranteed, so better save yourself the hassle.

• I have to stress, you are registering your WALLET ADDRESS, not the amount of tokens inside the wallet. If you register your wallet address, and then sell the tokens, there will be no tokens for the snapshot to capture and move to the official blockchain. You CAN however register the address, and then add more tokens without the need to re-register at a later date.

• You must register each individual wallet that contains EOS.

How can I see if the registration was successful?

• Follow the instructions at this guide

What can I do with my tokens on the released blockchain? what purpose do they have

• If you wish to develop, then the tokens will grant you a % share of the network. If you own 1% of all of the tokens, you have control of 1% of the throughput of the entire network.

• You will be able to stake your tokens to projects you enjoy. If a project needs more EOS to have more network capacity, then you can help them out, and they may return the favour by paying you with their own tokens. Passive income at it's finest.

• You can vote for block producers. Block producers are the ones who give capacity to the network to perform the transactions. Block producers may vie for your vote and you can vote in producers who you think will keep the network strong.

Will EOS have its own token standard, like ERC-20?

• Yes. They will also be more secure, as transactions can be reversed if you accidentally send tokens to a contract address. :)

I've sent my tokens to the contract address by accident, what can I do?

• Email [email protected]

Why do I keep on hearing about AirDrops?

• Block.one has raised over a Billion dollars through the token distribution event, and is committing these funds to venture capital firms who will accelerate development on the EOS blockchain.

• One of the projects born from this, titled Everipedia, has kind of set the standard for VC funded applications by airdropping their own "IQ" tokens to all EOS holders. It is hoped in the future that this will become the standard for EOS holders, but should not be expected of all projects launching on the blockchain; not all dapps will be funded by these VC firms.

Oooh, how do I get these free IQ tokens?

• YOUR WALLET DOES NOT NEED TO BE REGISTERED TO RECEIVE THE TOKENS. Simply hold EOS in an Ethereum wallet, and the tokens will be dropped out to you. The IQ token will initially be an ERC-20 token.

• If you're using Exodus, the IQ token is unsupported, but will still be dropped out to you. You'll need to use something like MyEtherWallet to transfer the IQ tokens out.

Is this EOS airdrop site legit?

• No.

When moon?

• ???

I'm kind of out of ideas at this point, if you have any more questions, just post 'em in the comments.