Breaking Beyond Bitoin: EOSIO/EOS Token Sale Github Repo is Available!
DISCLAIMER: Everything contained in this repository is in draft form and subject to change at any time and provided for information purposes only. block.one does not guarantee the accuracy of the information contained in this repository and the information is provided “as is” with no representations or warranties, express or implied. This code is owned and copyrighted by block.one and cannot be used by anyone for any purpose other than testing on the Etheruem test network.
~Bytemaster aka Daniel Larimer
Draft is Up!
Participate by giving thoughts on the EOS TOKEN SALE!
When reading over this, it looks like it very well could be a test run to get the impression of others before moving forward. This gives me a great sense of hope because Dan is leaving this all open as moving forward to be potentially changed if large issues are identified. So if you are looking for the next big thing and you missed out on being early to bitcoin, steem, bitshares and peerplays, consider EOS your next chance to become a whale in an absolutely world class level of blockchain technology this is your opportunity to get in early!
Give Your Opinions about this Draft to Dan himself on EOS Telegram
This is your chance to voice thoughts and concerns before it is finalized and maybe even have a role in polishing this draft! So what do you say? Want to be part of EOS History? Now you can...
As if this wasn't enough. I leave you with these teasers:
And while you are checking that out...
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The AGS style pre-sale (proportional splitting) has its drawbacks. BitShares Music (Peertracks/Muse) did this type of daily distribution of a set number of tokens. A few whales acquired quite large amounts everyday for several consecutive weeks, thus diluting everyone else's acquisitions. I had to upload the angelshare website data daily and write a program just to determine how much to trickle in just to get a decent bang for my buck.
wellll wellll well.....
perhaps you should give that to the community to use in return for some whaleshares from me?? ;)
it would help everyone...
In layman's terms, to us dummies who don't quite understand..please..
They are planning to release funds in two steps:
200M in the first 5 days. Then 800m daily over 1 year.
Each time the funds will be auctioned off. That means you sent money to a contract and you receive a %age of the funds released in this cycle relative to how much you spend vs everyone else in that cycle.
But keep in mind that this is subject to change.
Overall I think this is fabulous ICO model. It is fair and a crazy price cannot be established. You have one year to get your coins too.
Dan's solutions just always work.
Thought it is not true that dans solutions just always work...it IS true that he seems to learn more and become more accurate and polished every single time he launches something.
And yes. It is SUBJECT TO CHANGE. Which also means this is perfect time to give your opinions and thoughts directly to him in OES telegram. Your thoughts might actually effect how the token sale goes!
lol i second that...
I tried to break it down as simple as possible here: https://steemit.com/eos/@wolfofcrypto/eos-initial-thoughts-on-how-to-play-the-eos-ico
I got confused haha... I will do more research. Thanks :)
That is how u learn! :)
That's the truth! Appreciate you boss 💪🏼🙌🏼💯
@tomm @ogoowinner
ICO = Initial Coin Offering. If you don’t know crypto lingo think of it this way. You get the opportunity to invest into a new company. It’s like buying stocks in a company when the stocks are at their lowest(when they are very new). Nearly all the whales in this community were part of Steem’s ICO. It is a risk reward assessment.
Now Dan has a track record for creating crypto companies that end up successful. So he’s going to attract attention from big investors. I’m talking about people who are going to invest in the hundreds of thousands to the millions of $’s.
If you're still following here is the second part to this.
This ICO that is being proposed is a very different from today's standard ICO’s. Normally what happens in an ICO is there is a time frame opened ( about a few weeks to a month) and you get a handful of investors (maybe a few thousand) that come in and gobble up all the stocks/coins.
As a result what happen is low liquidity. When we say liquidy in cyropt talk it’s about the markets ability to handle when people cash out their coins/stock for cash. Imagine if the facebook own Mark Zuckerberg left he cashed out of Facebook, (He own like 25% of the 100billion company). Every other investor has lost 25% of their stocks value. The stock crashes. But lucky for stock investors there are rules that prevent such things in the stock exchange, but in the cryptocurrency market you can buy 25% of a stock then cash out. This happens all the time in the crypto market. These investors are no joke making millions of dollars by doing this. (This topic can go on forever about the market manipulation that happens in the crypto market)
Which get’s to this ICO’s unique selling idea. By locking in investors and spreading the ICO out over the course of a year. He is building high liquidity. So instead of having a handful of investors you have a pool full.
I like his idea but my biggest worry is this.
One year token lock is a fairly long time in an industry that is changing in leaps and bounds by the month. I feel like the same effect can be accomplished in 6 months. I will also second what @hatchi said it will make investors hesitant. I want to believe it will stop the crypto wolves from appearing but it probably won't.
If too many people invest into the 200 million eos sell then what if the token becomes worth too much, like 30 cent a pop… that would discourage the rest of the investors for the rest of the 360 day ico sale. And at 30 cent a token he may not be able to sell that many a day, so what happens to the people who paid 30 cent a token, does it depreciate rapidly?...
Or maybe he can do what ripple does, unsold tokens at the end of the day get tossed into the bucket rather than released into the network. This way the token does not devalue and everyone is locked in at the same purchasing price.
isn't this backwards?
I mean - essential price established in first 5 days is (USD value of contributions)/(200,000,000)
so the MORE invested, the CHEAPER the price...
yes and no...damn. it is true if the amount of money going in on first day reaches a kind of network effect
But there is the opposing force of fewer tokens per $1.
Dan however is likely just saying free market will establish the price and he expects this day to have the most volume and therefore made it so a large amount could be purchased to establish that price on the first day. And sadly there is very little historical data on this one because ags was only tried once...though it is a very fair distribution scheme imo.
Yup. This is very well stated. :)
However it is important also to note they call it a token sale. I suspect this is for legal reasons.
I like the idea of locking them away though to help...and sadlu woth ripple it has worked. However woth ripple it has also lost a GREAT DEAL of respect
@officialfuzzy, please pardon my ignorance and lack of Tech understanding.
In layman's terms can you please tell me how this works? And how I can invest in it?
I've been seeing posts about it, and I really want to participate, but I don't understand a thing about it.
Thanks.
good summary of the token drop here @ogoowinner:
Link: First thoughts about the proposed EOS token sale
and for a better understanding of Whaleshares and randowhale: (given all the Whaleshares logos at the bottom of the post lol)
Link: The "SECRET" to properly summoning randowhale and Whaleshares to MAXIMIZE your ROI!
Thanks so much for this @alexpmorris
Imagine a certain amount of tokens available every day. People choose to invest in it but can see how much others have too. But the more you invest each day the more you have to shares with others from the same pool. This will likely last for a period of time (if its anything like protoshares/angelshares days.
In angelshares days it was i believe over the course of 180 or 200 days. If memory serves correctly it aas 200 days. So each day you get a new chance to be first in. But if you invest everything in one day you will likely lose out more than if you "trickle" investment.
Oh! Thanks so much for this @officialfuzzy. I appreciate the effort to make me understand it.!
I am very excited about this. I got goose bumps right now. This may be the bigest project release to date. It is a little overwhelming and am unsure of what the full potential is but i am sure of a couple things. There are a lot of possibilities, great people behind it, great tech (same amazing blockchain), and a community that is unheard of.
I am excited... as you can probably tell.
@nicnas, Please make me be a part of this excitement.
In layman's terms, explain to me what this is all about. Thanks.
The creator Dan (dan the man) is behind BitShares, Graphene and Steem technologies.
Scalability of Graphene and the power of Ethereum’s smart contracts combined
"EOS is structured like a group of people and/or scripts (bots) that are exchanging messages between them. It could be thought of as an email system where every user or bot has an account"
So if you listened to any of Dans talks he describes how it will be faster than any known current system of transactions. Faster than the Visa credit card system. Allows hundreds of thousands of transactions a second.
So in reality there so many useless alt coins out there. This may just be the ultimate unbeatable one. A very good investment in my opinion.
@nicnas, thanks so much for this. But how do I invest in it now?
you cannot yet. They are running tests and asking for suggestions. I am a little worried about breaking up the tokens into different windows. I think this is too much of a gamble and may make people hesitate. I do though understand not wanting to sell out in the first few minutes like some of the others, thus creating monopolies within the market.
These are my thoughts as well. Although I understand where the EOS team is coming from, the current ico model does not yet seem like an ideal solution. I do have faith in Daniel and the project and fully expect that things will work out!
yeah exactly. I wont stress about what they do. Ill let them do the research and find out what makes the most sense.
@nicnas, thanks so much for your response. Followed you.
They better run the ICO through BTS and/or STEEM. To use ETH would be a crime. The liquidity and visibility this ICO could bring to Bitshares would be incredible.
though it could also potentially bring a shitload of visibility to the Ethereum community, using ETH...
me thinks you have a double meaning here :)
its already bringing it if u are noticing cause dan promotes bitshares and steem everywhere he goes. :)
Awesome! Thanks for keeping me up to date! EOS looks more promising than anything I've witnessed. I consider myself lucky to witness the early stages.
It's very cool. I got an email from EOS today and I was looking through this.
I get nervous just thinking about how insane this is going to be. There is a lot of attention on this. I dearly hope I am not busy when this thing launches!!!