The highly anticipated ICO for EOS starts this Monday. If you have even the slightest knowledge of or interest in crypto, especially Steemit, chances are you have seen some of the hype for the launch. EOS is Dan Larimer’s latest project. Larimer is well known as the co-founder of Bitshares and Steemit, both of which are powered by graphene technology. Larimer is looking to hit another home run with EOS.IO which is to have a dramatic impact in the sector. EOS.IO promises…
“a blockchain architecture that has the potential to scale to millions of transactions per second, eliminates user fees and allows for quick and easy deployment of decentralized applications.”
Today, in a further example of how far cryptocurrency has come in a few short years, Reuters published an article about the EOS ICO.
"Block.one will launch the sale of a new blockchain-based digital currency or token called EOS on Monday, the tech company said on Thursday.
The sale is the latest capital-raising exercise by a technology startup creating its own digital currency and selling tokens to the public, a practice that has no regulatory oversight.
It will be one of the most eagerly expected token sales in recent months, analysts said.
Blockchain, a distributed ledger that came to prominence as the underlying technology behind digital currency bitcoin, is gaining popularity for its potential to track assets across all industries.
U.S. startup Civic sold $33 million in digital currency tokens for its identity verification project in a public sale, Reuters reported on Thursday.
Block.one calls the sale of EOS a "token distribution." The company wants EOS to be used by large businesses, enabling corporations to automate processes, monitor assets, and create multiple applications.
Brock Pierce, co-founder of block.one, told Reuters that EOS aims to be the foundation for business applications in the blockchain world.
The token sale will take place over a one-year period on ethereum, another blockchain-based currency, and some 1 billion tokens would be sold over 341 days starting on June 26, Pierce said.
According to block.one's distribution schedule, 20 percent of the EOS tokens will be sold during the first five days of the book opening, while 70 percent will split evenly into 350 consecutive 23-hour periods of 2 million EOS tokens each, starting on July 1. The remaining 10 percent will be reserved for block.one and cannot be traded or transferred on the ethereum network.
EOS will be priced based on market demand, said Brendan Blumer, chief executive of block.one in a statement.
The last blockchain platform token that went on sale was Qtum in March, which raised $15.6 million.
Blockchain Capital's Pierce said EOS could raise more than the $150 million raised by Bancor a few weeks ago. Bancor so far has raised the largest amount of capital in a token sale.
Bancor enables the creation of so-called "smart tokens," which can hold one or more tokens or digital currencies in reserve.
"The goal of the EOS token sale is to make it truly democratized and provide equal access to everyone," said Pierce."
Cryptocurrency and blockchain technology is strengthening its foothold in the Tech industry and attracting lots of new money and investors. Blockchain is certainly becoming a sexy industry buzzword and anything “built on the blockchain” is getting money thrown at it. Astute investors need to remember the words a wise man once told me…
“When you hear "Get your stake in Blockchain” - disregard it. A blockchain is a patch of dirt. If it is in Malibu, it's valuable. If it's in the ghetto, not so much.”
That being said, EOS is one project I am very excited about!
This is the “year of the ICO” expect to see ICO madness continue through summer as this craze remains in Vogue. Be discerning when choosing projects to get involved with, researching the tech and team behind the token.
Bancor recently set the record for money raised in an ICO at $150 million, will EOS be able to take Bancor’s crown? If the current level of chatter and anticipation are any indication of money ready to pounce on this ICO, I think it is certainly possible.
The unique ICO process for EOS, if successful, could have a major impact on how ICOs are run in the future. EOS may trail blaze for the blockchain but its ICO is already setting new precedents. This is not without risk or criticism however. While this method is meant to prevent a few large investors from snatching up all the tokens, it will complicate the process and potentially obfuscate fair value pricing. The first five days will most likely be filled with uncertainty and investors may sit on the sidelines observing how things playout.
Let me know what you think about EOS, ICOS and the potential for EOS to set an ICO record in the comments below. What do you think of the ICO process?
https://eos.io/
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