The Eos.io software is a platform that uses blockchain technology to facilitate the horizontal and vertical scaling of decentralized applications. To achieve this objective, the software emulates the build structure of operating systems, providing a foundation on which other applications are built. Hence, EOS provides accounts, verification dates, asynchronous communication, and organizing of applications across multiple processors or clusters. The resultant platform is a blockchain architecture that is highly scalable, capable of handling millions of processes in the fraction of a second. Additionally, it is free of user charges and enables the rapid and easy execution of decentralized applications.
This revolutionary software is product of block.one, a company originating from the Cayman Islands. The firm has employees all over the world and concerns itself with development of business technology solutions, including building decentralized platforms and applications. EOS is still in developmental stages, but the company has already announced that it will soon release an open source code of the same.
About EOS Tokens
A cryptocurrency for EOS software, EOS tokens are governed by the ERC20 protocol and are distributed on the Ethereum blockchain. For this reason, all transactions involving this utility token are subject to ETH gas fees.
Notably, block.one will develop the EOS software, but will not configure or launch a corresponding blockchain platform based on the software. Therefore, any launch of an EOS platform cannot be linked to block.one whatsoever. Consequently, third parties that adopt the EOS software reserve the rights to alter the software’s source code before, during or after inaugurating the EOS platform.
EOS Token Distribution
The EOS token distribution phase is already complete, having stated on 26th June, 2017 and ran for 341 days. A total of 1,000,000,000 EOS tokens were supplied during this period. The tokens were distributed as per the schedule stipulated below:
- 200,000,000 EOS tokens (20%) were distributed within the first five days after the commencement of the distribution process. This was called ‘the first period’.
- 700,000,000 EOS tokens (70%) were evenly divided into 350 successive 23-hour periods of 2,000,000 EOS tokens each as from 1st July, 2017.
- 100,000,000 EOS tokens (10%) were designated for the block.one reserves.
Outstandingly, the tokens were distributed pro rata, based on the total Ethereum (ETH) contributed by a particular authorized buyer. EOS favored this peculiar approach because it gives investors adequate time to participate in the process. Moreover, the traders had the chance to track the development of EOS software before deciding on whether to invest on the project.
Prerequisites For Participation In EOS Token Sale
To take part in the token sale, investors need to have an Ethereum compatible wallet or an application where only the user has access to the private keys. Private keys are an essential component of smart contracts, as cryptographic tokens cannot be transferred in their absence.
The minimum contribution investors needed to be eligible for the token distribution was set at 0.01 ET, with the system automatically rejecting lower amounts. Furthermore, ETH wallets with a balance lower than 1 ETH could be ignored by future EOS platforms based on the EOS software. This, however, remains to be the decision of the individual or group who decide to build an EOS platform.