First there was bitcoin. Then there was Ethereum. Now there is EOS, the next generation foundational layer protocol for the cryptocurrency market. What makes EOS different is that it is built for a new scale of performance, most importantly transactions per second. Take a look at this comparison:
Transactions Per Second:
- Bitcoin: 3
- Ethereum: 30
- Visa/Mastercard: 20,000
- Facebook: 52,000
- Stock Market: 100,000
- Amazon Web Services: 1,000,000
- EOS: “millions”
EOS will be the first blockchain protocol able to support trading exchanges, social networks, payments processors or any other system that requires massively scalable architecture. This will solve a major pain point in creation of the blockchain – the fact that it could not handle huge volumes of transactions. It is very reminiscent of Google’s launch of its scalable search engine following Yahoo!, Goto, Inktomi, and AltaVista’s early attempts.
On June 26th Block.one commenced its token distribution of EOS, which it calls the “fairest token distribution project” launched to date. Block.one plans to distribute one billion EOS ERC-20 compatible tokens, called “EOS Tokens” over 341 days. The schedule is below:
- 20% 5 day sale (June 26-30, 2017): 200,000,000 tokens were distributed, which raised $185 million making it the most successful ICO in history.
- 70% will be split evenly into 350 consecutive 23 hour periods of 2,000,000 EOS tokens each which started on July 1. You can view EOS live Token Distribution here (they surpassed another $1m today).
- 10% of EOS Tokens are reserved for Block.one and cannot be traded or transferred.
Block.one has set a new ICO fundraising record by raising $185 million in less than 5 days. This surpassed last month’s record of $153 million raised by Bancor, a Tim Draper backed smart token company. Secondary trading of EOS Tokens is now available on the Kraken and Bitfinex cryptocurrency exchanges:
There have been several seminal moments in the history of the Internet and June 26, 2017 may be a new addition to that list:
- August 9, 1995: Netscape IPO – world’s first publicly traded Internet company
- August 19, 2004: Google IPO – world’s biggest Internet company
- January 3, 2009: Bitcoin Genesis Block – world’s first cryptocurrency goes live
- June 26, 2017: EOS Token Distribution – world’s largest ICO launches the next generation blockchain protocol
EOS has ambitious goals, they want to raise a whopping $500 million through their ICO token sale. They have a top notch team that includes Brendan Blummer, who had a business trading virtual currencies for MMORPG games, Daniel Larimer, CTO, who invented the term DAO and one of the leaders in the Blockchain, and Brock Pierce, Chairman of the Blockchain Foundation and co-founder of Blockchain Capital.
Bitcoin introduced us to the concept of a virtual currency and general ledger on a verifiable protocol layer. Ethereum created the idea of a “smart contract” or the ability to transact on the distributed ledger. Now EOS will make the blockchain scalable.
Check out this video of Daniel Larimer at the Consensus Conference to learn more about EOS.