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RE: A Fool and his Money: Adventures in the Crypto Economy
Very interesting thanks. Didnt block.one state they would use the money for app development on the EOS Blockchain
Very interesting thanks. Didnt block.one state they would use the money for app development on the EOS Blockchain
You are right sbrys, they do say in their FAQ that they may use the money for that if they choose. I guess I wanted to hear something more committed but perhaps that is the strongest they can state it while still avoiding being considered a "Security"
From the eos.i website FAQ:
Proceeds from the EOS Token distribution will be the revenue of block.one.
As a private company, proceeds of the EOS Token distribution will be utilized by block.one in its sole discretion. block.one intends to use certain of the proceeds for general administration and operating expenses, as well as to build a blockchain consulting business focusing on helping businesses re-imagine or build their businesses on the blockchain, developing more open source software that may be helpful to the community and building decentralized applications using EOS.IO Software.
Blockchains that adopt the EOS.IO Software do not require a foundation or a non-profit organization to help grow or maintain the network because such blockchains will be self-funding. Based on the EOS.IO Software, it is intended that any blockchain that adopts the EOS.IO Software will generate natural inflation in such blockchain tokens at a rate of five percent per year to be distributed to the platform’s block producers in connection with their confirmation of transactions on the platform and to the top three smart contracts or proposals that receive the most amount of votes from holders of such tokens. In this case, such a blockchain will not be reliant on any one foundation, organization, or individual for its growth, development or maintenance.