Brendan Blumer, CEO of Block.one has announced EOS will channel $1 billion of the chronological token sales deduction towards EOS projects. The decentralized app and intelligent contracts height has so distant lifted $400 million in a year-long Dutch character auction token sale. The devise has come underneath critique for lifting too much income on controversial terms. Brendan reiterated EOS was already in talks with vicious partners, some of whom were migrating from Ethereum. No date was common for allocation of collateral but is expected once the token sale ends in Jul 2018.
Although not an central announcement, Brendan’s comments on Sunday, 8th Oct at 13:04 GMT put doubts to rest. He pronounced on telegram:
“EOS is the most well-funded devise in history, and we devise to shortly announce a module for up to 1,000,000,000 USD of collateral for EOS projects; we’re amidst onboarding a few vicious partners first that will give EOS and this module the world-class credit it deserves”
EOS is a new blockchain devise using substituted explanation of interest (DPOS) as an choice to renouned proof-of-work chains. The devise is not bashful about going after Ethereum’s marketplace – decentralized applications and intelligent contracts. In fact, the projects CTO, Dan Larimer, has a long-running egghead argument with Ethereum’s inventor, Vitalik Buterin.
The devise opted for an surprising track to lifting funds. 1 billion tokens are on offer in a year-long ICO that ends in Jul 2018. There is no bound token price, and all token sale deduction go to Block.one, a private association purebred in the Cayman Islands.
This peculiar structure of a token placement has lifted eye browsers among speculators, investors, and spectators. EOS has no live blockchain running, in further to a terms of the sale that categorically warns investors the tokens are worthless.
“The EOS Tokens do not have any rights, uses, purpose, attributes, functionalities or features, demonstrate or implied, including, but limitation, any uses, purpose, attributes, functionalities or facilities on the EOS Platform.”
Brendan and the group at Block.one have had to deflect off accusations, assuring token holders EOS is on report to broach as per the roadmap. On Sunday, on the EOS central telegram channel, Brendan said the $1 billion would come from
“Block.one, Partners, and tip VC’s; we aren’t prepared to share specific parties quite yet”.
He went on to add
“Where other projects use the incoming collateral from tokens to bake electricity, block.one will uncover the strength of leveraging collateral up and pushing it back down to the entrepreneurs holding this space brazen with genuine innovation.”
EOS claims the pattern is aloft to existent open blockchain designs such as ethereum. The DPOS blockchain brags a aloft opening of up to 100,000 exchange per second (TPS) compared to Ethereum’s stream 30 TPS limit capacity.
Brendan suggested vast companies are courting EOS, with other projects formulation to switch from Ethereum to the EOS blockchain.