Draft EOS Token Sale Smart Contract
Dear EOS.IO Community,
Today block.one is happy to share a first draft of our upcoming token distribution smart contract.
(“EOS”) Tokens will be distributed as an ERC-20 compatible token on the Ethereum blockchain. The repository containing the EOS Token Sale smart contract can be found at https://github.com/eosio/eos-token-sale.
We will be conducting a 2 week public trial run of the sale on the Ethereum test network. We welcome anyone interested in learning how the sale works to participate in the trial. A follow up email will be sent with instructions on how to participate in this trial when we deploy the trial contract to the test network.
Please note that no information regarding the final terms and timing of the sale is being released at this time; everything released today is subject to change and provided for information and feedback purposes only.
Update on Rationale
To supplement the recently released proposed code for the EOS token sale that will be used in a trial token sale, this document is designed to explain our primary goals behind the code structure.
ERC20-based tokens on the Ethereum platform (“EOS”) will be sold over a period of approximately one year.
When designing the EOS distribution system, the primary goal was ensuring as fair and wide of a distribution as possible; we aim to achieve this by focusing on the following three objectives:
1. Equal Opportunity
In order to ensure that everyone can participate, EOS are not sold for a fixed price; they are sold at a price determined by market demand for their acquisition. This is achieved by distributing a fixed amount of EOS (supply) proportionally toward the daily ETH proceeds (demand).
2. Broad Awareness
Distribution can only be as wide as the number of people that are aware of the ability to get involved. By stretching the distribution process out over the course of approximately 1 year, the community has the time to gather information and assess project merits before early stage windows of opportunity are closed.
3. Fair and Auditable Incoming Value
An Ethereum smart contract proves the receipt of incoming value for the creation of each EOS token. This process:
- Mimics the economics and distribution access of traditional PoW mining contributions
- Preserves the value lost to hardware and electricity for PoW
- Makes it easy for everyone to participate
- Eliminates unfair advantages associated with economies of scale
block.one
ICO of smart contract token on other smart contract token? Im confused ;)
My thoughts: https://steemit.com/eos/@biophil/first-thoughts-about-the-proposed-eos-token-sale
Reading your points its even more evident this is just an attempt to get as much money as possible. There is no actual emphasis on the tech or emphasis on the model EOS is attempting. Quite honestly - EOS with this token sale is basically telling the world, buy Eth. Its good. We failed already with bitshares ... pretty sure we will fail again with EOS ... so we want you to pay us in Eth .. because Eth good.
How exactly is this rational thinking? BTS is a great platform, so is steem. Please don't abandon your own creatures for profits.
Ironically ... if and I am sure it will ... the EOS ICO goes well - you will have proved absolutely nothing, and made Ethereum even bigger than it is today.
This will help clear things up for you.
You see only the first layer, ETH bleeds to death through this year
Is this a joke?
Obviously, just like angelshares are.
We bought them to support future projects but are not included in future projects
Maybe he is just a scammer.
Why do you say that @fminerten1? Can you please explain to us that don't get your remark?
I thought for sure you would use Bitshares and concluded that was why the price surged recently. I dont have many but sold them already i wonder how many people thought the same.
I did. Bought 100,000 BTS @ .11 cents. I just rolled them into ETH to front run the crowdsale. Really Smart or Really Stupid. Time will tell.
but hey it went up 0.26. still good ;) did something similar of that as well with the buzz going on here on steemit about BTS
exactly how i feel - Now whether i keep the profit or buy ETH
Buy ETH coz EOS will be a ERC20 token which basically means it surrenders to Ethereum already.
That's not final token though, that's just placeholder token. They are likely to sell eth just as fast as they get it as well.
Only in the short term, its using ETH to raise money and awareness. Its its own Cowboy.
Realllllllllly really smart. Good call mr @robert-call s
This - I'm going to be really, really choked if Dan snubs STEEM and BTS and makes us all buy ETH to participate in the ICO. Really??? I'm going to have to sell STEEM/BTS/BTC and buy ETH to get EOS? Why in the hell would Dan want to boost the liquidity and market cap of ETH? Imagine the huge liquidity that would flow into and through BTS if the EOS ICO was through BTS. It would be a massive boon for BTS. What am I missing? Why the ETH love???
I bought BTS in anticipation of it being hosted on the dex. It would have been a great opportunity to demonstrate how well graphene works along with the transactions per second
well, it shouldn't be a great surprise - wonder if anyone read this post of Dan
Daniel Larimer - Co-Founder of BitShares & Steemit
and paid attention eg to these points in the Social Lessons part:
So while Dan has no problems mentioning his role of the BitShares' & Steem creator (for his own good), he does not feel and have any obligations toward his creatures
I don't blame him. A project or a company isn't the work of one man. If the community and rest of the founding team see the project differently than he does, then something has to give. From what I've heard about EOS, we're not going to need BitShares for anything -- like Dan said.
so do I :) but we have to keep that in mind following Dan's projects
$31 Billion marketcap, plus when EOS fund-raise still active ETH > BITCOIN eventually... He will be wrong only if BTS & STEEM together will surpass ETH.
It makes sense, it brings Ethereum money into the ecosystem. Right now Bitshares and steem are such a circle jerk. EOS as a competitor to ethereum will also attract those interested in ethereum.
$0.35
Graphine token sale on Etherium seems weard.
But smart contract coin sale on Etherium is a great move.
Also period of one year was suprising, but I think it is fair.
1 year in crypto is a eternity in real life. I would suggest for the sake of all of us (project plus investors) it will not surpass a 6 month max period (and still too long)
PS except he things 6 months is not enough to deliver EOS alpha/beta
My initial thoughts are this just might be crazy enough to force people to stop for a second and think rationally about their actions or else lose their shirt in a FOMO feeding frenzy. The lottery nature of the daily offering for a year means there really is opportunity for everyone and some are going to do well while others do poorly.
There will be a lot of people complaining about "fairness" if their given ICO day gets overloaded while maybe also missing the point that this structure gives everyone a chance (unlike those who lined up with their Parity wallet ready to go to get some BAT only to find out 30 seconds later it was over).
Also, EOS is going to raise a lot of money. Based on Dan's life purpose mission statement, I hope they do a lot of really good things with it.
I think it might be a good idea to decide how much to invest in total, and then use some dollar cost averaging by breaking it up into many smaller chunks to be invested over the course of the entire ICO period.
I was thinking the same thing. Maybe running some math to figure out what an average cost per coin might be over the whole year and then commit to purchasing around that amount each time.
What's fascinating to me about this is how it will be happening at the same time the market is dynamically determining a value signal. On some days the open market might be a better "gamble" than other days putting money directly into the ICO. I'm really curious to see how this all goes down. I have a hunch some people are going to be really butthurt if they go in big on a day where their actual cost per token is higher than others. Might create some really interesting buying/selling signals on the market also as different people will have different anchoring points as far as their personal value assignment.
There's so much at play here not just the price of EOS tokens but the price of ETH and BTC over that time period!
Yes, but I like how it's spread out. Meaning, if the price of ETH or BTC spike or crash on any given day, someone can wait until a different day later in the year to make their purchase at a different valuation. At the same time, everyone else will have that same information so they might also wait which creates an opportunity to get in when few others are involved that day. It's going to be really, really interesting to analyze how everyone reacts to this.
I was going to say the exact same thing!
Yes, the recurring buy strategy works best as to not time the market high or low.
Thats a nifty voice of reason Sir Luke - I think that a one year long crowdsale is indicative of massive confidence in the project. Why would anyone keep buying after 6 monthes if the technology isnt there or isn't indispensable? That means Larimer really believes that EOS is unstoppable. Otherwise it would be a 5 day crowdsale where at the end the Developers know that they are going to get paid for the next year in development.
I made a simple tutorial to illustrate how to buy EOS: https://steemit.com/eos/@lasseehlers/tutorial-on-how-to-buy-eoa-buying-eos-tokens-with-poloniex-com-and-myetherwallet-com
Any info on the final release?
EOS is already on the moon. Very interesting and exciting project. Where do we subscribe for this trial? I can't wait to get my hands on some EOS and become a part of this next-gen blockchain! @eosio
Do you mean that in the price terms you are expecting it to start falling? :>
Haha, no. In tech term. It is going to skyrocket from the Moon to Mars. :)
I suspect that being in one of Lagrange points is much better place to go rocketing anywhere (and skyrocketing from the moon, where ther is no sky, is a bit metaphorically selfdefeating).
Also, if we continue with space travel metaphors, I would expect something outside the Solar System as the target. Alpha Centauri?
But anyway, I am not talking about the price. I am talking about value, those are different beasts.
Lol, too many solar metaphors indeed. Let's just say that EOS technology is going to be valuable and worth of everyone into cryptos attention. We are really used to metaphors here, and when I say moon-Mars, I actually consider it's distance to us - tiny human beings and modern effort to cross that distance is priceless. :)
Have any other token sales had 8 billion tokens?
EOS to the moon!