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What is EOS?
The EOS.IO software introduces a new blockchain architecture designed to enable vertical and horizontal scaling of decentralized applications. This is achieved by creating an operating system-like construct upon which applications can be built. The software provides accounts, authentication, databases, asynchronous communication and the scheduling of applications across hundreds of CPU cores or clusters. The resulting technology is a blockchain architecture that scales to millions of transactions per second, eliminate user fees, and allows for quick and easy deployment of decentralized applications.
For detail introduction of EOS, please refer to EOS Whitepaper.
EOS token Function
Existing blockchain platforms are burdened by large fees and limited computational capacity that prevent widespread blockchain adoption. Which EOS separating Transaction costs from Token Value, had many functions such as free of charge, blockchain broadband can be authorized, high-performance smart contracts. As a new token, perhaps it will change the pattern of blockchain application.
Some specific application scenarios about EOS token as follows :
1. Receiver Pays ： The customer buys specific products from the business and the revenue from those product sales is used to cover the business costs of operation. Therefore, decentralized applications should not force its customers to pay the blockchain directly for the use of the blockchain, and therefore does not constrain or prevent a business from determining its own monetization strategy for its products.
2. Delegating Capacity: A holder of tokens on a blockchain launched adopting the EOS.IO software who may not have an immediate need to consume all or part of the available bandwidth can give or rent such unconsumed bandwidth to others.
3. Separating Transaction costs from Token Value: If an application owner holds a relevant number of tokens on a blockchain adopting EOS.IO software, then the application can run indefinitely within a fixed state and bandwidth usage. In such case, developers and users are unaffected from any price volatility in the token market and therefore not reliant on a price feed.
4. Block Rewards: A blockchain that adopts the EOS.IO software will award new tokens to a block producer every time a block is produced. The EOS.IO software may be configured to enforce a cap on producer awards such that the total annual increase in token supply does not exceed 5%.
5. Community Benefit Applications: Users can elect 3 community benefit applications also known as smart contracts. These smart contracts will receive tokens proportional to the votes each application has received from token holders. The elected applications or smart contracts can be replaced by newly elected applications or smart contracts by token holders.
EOS Token Sale
The EOS Token distribution will take place over 341 days starting on June 26, 2017, at 13:00 UTC. 1,000,000,000 (one billion) EOS ERC-20 compatible Tokens (“EOS Tokens”) will be distributed according to the schedule below:
At the end of the 5 day period and at the end of each 23 hour period referred to above, a set number of EOS Tokens will be distributed pro rata amongst all authorized purchasers, based on the total ETH contributed during those periods, respectively, as follows:
a = Total ETH contributed by an authorized purchaser during the period.
b = Total number of EOS Tokens available for distribution in the period.
c = Total ETH contributed by all authorized purchasers during the period.