My thoughts on the EOS crowdsale
This is really one of the most honest ICOs currently being offered.
In their terms of service:
"the EOS Tokens do not have any rights, uses, purpose, attributes, functionalities or features, express or implied. Although EOS Tokens may be tradable, they are not an investment, currency, security, commodity, a swap on a currency, security or commodity or any other kind of financial instrument. Company’s Use of Proceeds. Buyer acknowledges and understands that the proceeds from the sale of the EOS Tokens will be utilized by Company in its sole discretion."
Because of what they clearly state, it is obviously not a scam. The contract is very clear in what people get. The team is using ETH tokens for the crowdsale because ETH has proven to be a great crowdsale platform. At the end of the crowdsale what people hope they get are EOS tokens in the new blockchain.
Their blockchain is different from the ETH blockchain. And this is where it gets interesting. They are developing a new blockchain that is far more scalable than any blockchain so far, with the added bonus that it is a smart contract blockchain. That is why it will be competing with ETH, LISK, NEM, etc.
The team have built 2 blockchains so far, Bitshares and Steem. This is their 3rd. So you're investing in a team that has successfully built and run 2 blockchains. Bitshares is a Decentralised Exchange (was it the first?) and it works. Steem was their attempt at social media and it works. Both are built on the graphene tech that EOS will run on.
Like all blockchains, graphene is a system of consensus. Graphene works and scales better than any other blockchains by a country mile. The ingeniousness of Steem is that it doesn't need transaction fees to prevent spam attacks like POW blockchains. So Steem users are given Steem for free. You can use Steem, earn money and never have to invest a cent. Similarily EOS users won't have to pay a cent to use the network. It will be up to dapps developers on how to fund or give away for free their services.
Is their ICO unfair to participants? Well maybe. It's impossible to know whether you're getting a good deal when you buy into the ICO. For this reason maybe it's more fair? It's a complete punt. Don't want to punt? Don't. I won't.
The ICO goes for almost a year. In that time who knows what will happen to EOS development or the price of ETH or the whole crypto space. How many ICOs haven't got a working product? Loads if not the majority. How many are going for a quick buck by offering lots of hype and a small window of time to pump the exuberance? Nearly all of them. A small window of time means it creates FOMO. This does not.
I'm going to sit back, wait to see what happens to the price, wait to see what happens with the development and eat my popcorn. The only people missing out here are FOMO traders out for a quick flip.
Any hype associated with this ICO can only be reliant on the history and pedigree of the development team along with how development evolves. That is why it is currently the most honest ICO being offered.
very interesting!!! :)
Even so they sound more honest, the ICO seem to be a bit more difficult for none techies like me to get involved. At the bottom of their ICO page it say we have to pre-register but how - it all sounds gobble-di-goo to me!
This seems like it has a good tutorial on getting involved in their ICO: https://steemit.com/steemit/@capital/overview-of-eos-and-instructions-for-its-upcoming-ico
If you can't grasp it's tech I probably wouldn't invest in the ico unless you are just backing it because of the team involved.
It's ironic that the tech that frees us from having to trust 3rd parties just means we have to trust the tech (especially if you're a non-tech person).
Thanks for the post. Unfortunately I was not interested in computer studies when I went to university and took up another subject instead.
Just so happens that it is now the time for those in the tech world to shine so wrong place at the wrong time scenario for me. My bad for not having the right skill set now and having to relay on others.
I'm not a tech person either. But I started getting interested in crypto and reading about the tech, then you can ask questions online, google, etc etc. I am no where near an expert. Just a curious individual.
Hey, nice post! I've followed you because I'm keen to see your future posts :D Maybe you could follow me back and help me out?
Lol hey i help you build your pyramid you help me with mine!..... Hahahahaha internet hobos ..... Spare some ups sir..... Maybe a resteem...... Thanks..... Haha
lol. True enough. But you can't blame a guy for trying to earn a buck from expressing an opinion.
Absolutely. Thanks for the follow. Feel free to resteem it :)
I upvoted because you mention this. startups are founded because not the tech but the team behind them that will follow through it.
But the tech they help build also helps build up this ecosystem ;}
For me the best opportunity that runs on graphene is Peerplays. They will owe their thanks to this tech.
Best Strategy to go in this kind of scenario - 20% on first five days and 80% throughout the year . For example if i want to allocate 1 BTC of my portfolio to EOS , i am planning to invest 0.2 BTC in first five days offering and rest of the 0.8 BTC i would be allocating/investing throughout the year. I feel this is the best and safest strategy for a honest ICO!
Nice post, I didn't know that steem was build by the same people. I still have a lot of questions about this ICO though.
You pay in, and receive a # of tokens based on the state of the ICO after a year? Is this right?
20% or 200 million tokens are reserved for the first 5 days. After this a price is established. Then for 350 days there is a mini-ICO everyday. There is no cap each day, and there will be 2 million tokens available each day. At the end of the year the ICO ETH tokens will hopefully be swapped for tokens in the actual EOS blockchain.
I'm torn on whether to buy in. Everyone keeps saying the tokens have no value, but they are supposed to be the way the block chain bandwidths access is divided up. When there is no one on there, you can use all the bandwidth you want, but when everyone is after it, the tokens are how it gets rationed.