The EOS.IO software introduces a new blockchain architecture designed to enable vertical and horizontal scaling of decentralized applications. This is achieved by creating an operating system-like construct upon which applications can be built. The software provides accounts, authentication, databases, asynchronous communication and the scheduling of applications across hundreds of CPU cores or clusters. The resulting technology is a blockchain architecture that scales to millions of transactions per second, eliminates user fees, and allows for quick and easy deployment of decentralized applications.
“To ensure inclusivity, EOS are not sold for a fixed price, but sold at a price determined by market demand; this mimics mining, but does not offer unfair advantages to large purchasers,” said Brendan Blumer, CEO of block.one, the open source software and blockchain company developing EOS.
block.one will distribute one billion EOS ERC-20 compatible tokens, called “EOS Tokens” over 341 days starting on June 26, 2017 at 13:00 UTC following the below schedule:
- 20 percent of EOS Tokens (200,000,000) will be distributed during the first 5 days of book opening.
- 70 percent of EOS Tokens (700,000,000) will then be split evenly into 350 consecutive 23 hour periods of 2,000,000 EOS tokens each starting July 1, 2017.
- 10 percent of EOS Tokens (100,000,000) will be reserved for block.one and cannot be traded or transferred on the Ethereum network.
EOS is being designed to scale mainstream development for large enterprises, currently unsupported by existing blockchain platforms. EOS introduces asynchronous communication and parallel processing to support millions of transactions per second, higher than that of Facebook and Google at 52 and 40 thousand per second, respectively.
EOS is being designed to support distributed applications that have the same look and feel of their centralized counterparts, including eliminating the requirement for the user to pay for every transaction. This enables new blockchain users to get involved without having to navigate the complex process of purchasing a cryptocurrency and should help to spur the industry. It also means any type of application can be built, run, and governed by EOS’s operating system, creating a new level of transparency for business.
The expansive EOS team is being led by blockchain veterans:
- Brendan Blumer, CEO: Involved in the blockchain industry since 2014, Brendan is a serial entrepreneur who has built businesses including trading of virtual currencies in MMORPGs in the US, okay.com in Hong Kong and 1Group in India.
- Daniel Larimer, CTO: A serial entrepreneur focusing on innovative technologies ranging from virtual reality simulators to second-generation cryptocurrencies, most notably BitShares. Dan is a specialist in software development and the inventor of the widely adopted “Proof of Stake” and “Decentralized Autonomous Corporations” concepts.
- Brock Pierce, Partner: A venture capitalist and entrepreneur who pioneered the market for digital currency in games and has raised more than $200 million for companies he founded. Brock is the Chairman of the Bitcoin Foundation, and co-founder of Blockchain Capital, among others.
- Ian Grigg, Partner: A financial cryptographer who has been building cryptographic ledger platforms for over 20 years, Ian is the inventor of the Ricardian Contract and the co-inventor of Triple-Entry Accounting.
EOS will be able to do millions of transactions per second. That be scaled by adding more processing power, multiple cores or clusters of computers, complete networks. Combined with powerful high-speed WASM scripting for Smart Contracts and no transaction fees. This is the next big thing in blockchain technology. For Bitshares, Peerplays, Golos and Steem this is also great because it is all one big fast family. And the EOS code could be used for future developments of things like Steem. Exciting times ahead….
Full details of the token distribution are disclosed in the terms and conditions, at eos.io.