What does this mean?
Anyone adopting EOS needs the approval of at least 15% of total outstanding EOS.
The EOS.IO Software is built such that any EOS Platform that adopts the EOS.IO Software will require approval of holders of not less than 15% of the total issued and outstanding EOS Tokens before tokens on such blockchain (the “Blockchain Tokens”) can be transferred.
In other words, without 15% approval, EOS tokens on ETH will not be transferable?
In other words, if the EOS.IO Software is adopted, it will be the responsibility of holders holding at least 15% of the issued and outstanding EOS Tokens to adopt one or more blockchains in order for Blockchain Tokens received on such blockchains to be transferrable.
Taken from EOS FAQ
What does that mean to you?
What worries you the most about that?
EOS TOKEN PURCHASE AGREEMENT (For those interested in delving in further.)
Read the "The Dos and Don’ts" here if you're not aware of my rules.
This point does not concerns the actual EOS tokens but the one we will hold once EOS will be launched on June the third. You have to register your EOS keys!
Once EOS will be launched, there will be multiple chains projects inside EOS. Anybody can start a chain. As EOS holder, you will have to vote for the chain(s) project(s) you believe into.
As I understand there explanation, a new chain will be allowed to be launched if minimum 15 % of the total amount of EOS = 150'000'000 are voting for (1 token = 1 vote) this is the consensus in that precise situation, then only, people will be allowed to start a new chain, transfer there tokens inside the new chain and developers of apps start building inside. To host an application inside a chain will immobilize some tokens which will be freed once the app is taken away.
Did I miss-understood ?
Have an nice Sunday!
Thierry
Very good analysis in my opinion. That's kind of how I read it too. I've also seen the question posted about how the actual voting will be done. Do you have any insight as to how that will possibly happen?
The very best place to find some fresh and first-hand informations is very probably :
EOS Go - Blockchain Launch Community
I guess that voting will be done probably the same way we are doing it on steemit for the witnesses. I still have to check that point.
Really appreciate all the extremely well informed comments you've posted in this thread.
We all owe you a big "thanks!"
i I agree. Your comments have helped me a lot. Mahalo
You started a great talk and synergy with that post ! I thank you as well, I'm following your channel since now! Thank you for your upvotes!
T.
Anyone who holds tokens on a blockchain integrated in the EOS software can select the block producers through a continuous approval voting system. Anyone can participate in the block producer election and they will be given an opportunity to produce blocks proportional to the total votes they receive relative to all other producers
I understand that to apply once an EOS blockchain is put into use, but would not be aplicable to the voting required for previous approval by at least 15% of holders. How will voting be carried out in the approval phase, prior to genesis block creation?
Please take a look at my comment below..It will help you..
Hadn't seen that. Clearly explained and easily understood!
The tokens are frozen on the Ethereum blockchain at the end of the ICO, which means the genesis block (the first block that isn't built on another block) can be made with the balances on the Ethereum blockchain. The blockchain is then launched with this genesis block. The token holders in the genesis block must vote such that at least 15% of tokens (i.e. if I have 5% of all tokens, I am 1/3 of that required 15%) agree that this blockchain is a good blockchain before our tokens become transferable.
This can happen for multiple genesis blocks and thus multiple separate blockchains. It's unlikely that it'll happen for multiple chains, and near impossible for a blockchain with a false genesis block to gain enough network effect to out perform a correct genesis block.
https://www.reddit.com/r/eos/comments/71bvud/can_someone_eli5_this_statement/
Given that there's no limitation to the number of blockchains anyone can participate in, the chances for a continuous supply of new EOS blockchains are good. The possibility of being able to create an 'unlimited' number of blockchains is what a 15% holding gives you. You just basically say yes to any and all who want to use EOS.
Or will it be that token can only be transferred once?
If not, it's a possible eternal airdrop.
Well i'm still trying to understand what they aim to achieve by making it this way but i think it will tend to shift power to some certain set of investors who may seems to think that they kind of control thr EOS market. Maybe i'm wrong but maybe i'm also right
Agreed! The 15% threshold is so high that it will definitely shift the dynamic in the market and could slow some innovation on EOS since those investors have limited time to understand every project being proposed. Takes away a bit from the decentralization goal of blockchain too
That's another thing that also seems to make sense to me. Someone who wants to lock in a guaranteed "15% approval" would need to invest enough to own 15%. That would be 150 million EOS or approximately 1.18 billion USD at today's price. An aggressive buyer in the Aug-Oct 2017 time period could have accumulated that amount for an average price of $1 or so . . .
To me I get the sense EOS isnt going to be available to every blockchain. From what I understand, EOS is more an operating system that will be applied to blockchains to create interoperability among them.
At present, we are looking at a system where the blockchain code is different for each one...at least the major ones. EOS answers that by allowing other blockchains to implement the EOS system.
I can only presume putting the 15% criteria in there that EOS is going to decide who can use it.
My question is if it is open source, how can they stop anyone? Perhaps implementing EOS, a blockchain also gains access to the EOS network.
A possible answer would be positioning block.one as the principle support provider and qualifying the adopting chain as "official" EOS. Those picking up the code on GitHub wouldn't have the same status or support?
That's the last paragraph in the purchase agreement.
I wrote a post earlier based upon an email that I got from BitcoinLatina.
It said they were going to be an EOS-based blockchain starting around June 1 (or whenever EOS is released).
This struck me as odd since @stan announced they were going onto Bitshares. I know he discussed BTS and EOS working together and having some combining between the two.
So I am not sure what is going on.
Is BTS the EOS-based blockchain or is BitcoinLatina doing like Vice and going off on their own?
Saw that.
"BitShares 3.0 = BitShares 2.0 + EOS in a TBD Mix"
I'm banking on it.
Have you read the EOS terms and conditions?
The legal EOS Token Purchase Agreement is a frankly amazing document. I'd link it but they've taken it down and put the URL in robots.txt. US citizens or residents are not to buy the tokens (though EOS assures us they totally don’t constitute a security – hear that, SEC?); the tokens are defined as not being useful in any manner whatsoever; forty-eight hours after the end of the distribution period, the tokens will no longer be transferable; the buyer promises not to purchase them for speculation or investment. If there’s any legal problems caused by you buying these officially worthless things, you agree to indemnify EOS.
People are still lining up to buy them. This says more about crypto fans than it does about the value of EOS.
Of course, all the action is in China. (People in the anglosphere tend to forget that almost all the action in cryptos is in China, and Western usage is basically a sideshow to that.) Here's a writeup of how the EOS offering actually works:
Source
Very nice information to add to the discussion. Thanks!
Thank you :)
I think this is a great governance method in order to keep the network flowing with dapps that will be used. Im sure they will launch the voting system with the launch of the mainnet here is a couple of weeks. They say that there will be over 1,000 dapps ready in June for launch so the platform should be in beta completely before then.
So they're going to launch a mainnet? Will that really be a 'mainnet' testnet? FAQ #5 gives the idea that no "mainnet" can exist until someone else put it in place. Wow, I'm feeling really out of touch with the matter.
You are right! It is like another testnet but it is Dawn 3.0 which is more closer to a beta than the public alpha we are currently in. See this post by the team: https://steemit.com/eos/@eosio/dawn-3-0-alpha-announcement
Slowly but surely I'm getting up to speed on this. Thanks!
@Cryptographic
I understand it after reading a few
YouTube comments
*They create software.
*They don't create a blockchain.
*Their software may never be used or a blockchain may never be created.
So there may be no native EOS tokens. Just the subtokens distributed right now which are frozen June 1, 2018 at 22:59:59 UTC...
That is definitely a worst case scenario, and one that every investor should be aware of. It seems to be a very big risk to me.
Is it weird if that doesn't worry me at all?
To me it seems only logic not to accept just anybody who wants to roll out a blockchain with EOS software, but have a minimum of support before enabling that. Whether that should be exact 15% or a bit higher or lower can be set by the community at a later stage. Starting off with 15% seems to make sense to me.
I was thinking that it was a little high and that it could possibly stifle any attempt to launch a blockchain, but the more I read what has been posted in the comments here and the resources linked to, the more I'm beginning to agree with you. 🙂
Most investors in EOS tokens are incentivized to acknowledge at least 1 chain. The terms and conditions are pretty clear on what happens when no chain is successfully launched: tokens would be worthless and completely useless.
But you wouldn't want thousands of EOS chains either, that just about anyone can start one, it would destruct the forming of robust ecosystems with dapps.
Absolutely.
Allowing for multiple "official" EOS blockchains while protecting against unlimited, uncontroled use. That's pretty much the conclusion I've come to on this. Would you say that's a fair summary?
It's an interesting dynamic for sure and is a clear indication that EOS has been trying to position itself as a more "corporate" blockchain. I don't necessarily hate it in theory since I think it helps EOS to just support and offer presumably high potential and established services, BUT I also think that 15% threshold is way too high. It takes power away from the people and grants the whales in terms of shareholders too much arbitrary power as the gatekeepers.
That all being said, would also be a plus if BTS - EOS partnership is formalized since I doubt EOS would look to adopt a similar platform to BTS afterwards, allowing BTS more room to grow without competition on EOS.
@stan says that BitShares 3.0 will be a version of BTS 2.0 and EOS. Can't wait!
@cryptographic,
I am not having 100% good idea, but one of the last posts and discussions of @dan, he said he is trying to build something which is competitive to STEEM voting system! If I am not mistaken the idea behind it is kind of SMT / kind of PoB methodological reward distribution system!
(@tsto got a good point)
Cheers~
I'd really like to see @dan and @ned work out their differences.
#metoo. There is plenty of cryptospace to accomodate both Steem and its ecosystem of SMTs and EOS, even a Steem on EOS would be a welcome competitor, I think, as competition can bring out the best in people :)
Good point!