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: [Read more…]