The EOSIO Software being developed by Block.one will facilitate the first highly scalable smart contract blockchains, with transaction fees covered through small levels of token inflation. This will allow the development of genuinely scalable decentralised applications, and online/onblock businesses which can be owned by their communities.
Instead of ‘mining’ on the Proof-of-Work algorithm like Bitcoin and Ethereum, EOSIO blockchains will use the Delegated Proof of Stake algorithm, whereby token holders vote in 21 main block producers and 100 reserve producers. These block producers will require major infrastructure to handle enterprise class decentralised applications and will need to be significant entities capable of scaling as required. Block producers will be paid through the limited inflation of EOS tokens in circulation.
eosDAC : The Community-owned EOS Block Producer
eosDAC is being created and launched by BlockMaker Ltd. Once eosDAC is launched BlockMaker Ltd will not have any ownership or control over eosDAC, nor own any eosDAC tokens. BlockMaker Ltd has invested heavily in people, infrastructure and processes, in order to ensure that eosDAC can serve as a main block producer should it receive sufficient votes from EOS token holders.
It is the vision of eosDAC that EOS.IO block production should be open for everyone to contribute and benefit. To realise this vision, eosDAC will be an evolving Decentralised Autonomous Community (DAC) focused on becoming a leading EOS.IO Block Producer serving the EOS communities worldwide. In doing this, eosDAC will create the tools and smart contracts it needs to function. It will share these with the EOS communities to help other DACs thrive on the EOS.IO blockchains.
eosDAC will be launched as a DAC on the EOS blockchain at the beginning of June 2018, until then eosDAC is being run by it’s Launch Team. Members of the Launch Team have been deeply involved in the EOS community for the past 6 months and are already producing blocks on EOS community testnets. Currently eosDAC tokens exist on the Ethereum blockchain, these will transfer onto the EOS blockchain once it is operational.
AirDrop to EOS Token Holders75% of eosDAC tokens (900,000,000) have been allocated for an airdrop to EOS token holders. All EOS token holders holding over 100 tokens* at the end of Day 300 of the EOS crowdsale (April 15th 2018, 01:00:00 UTC) will receive 1 eosDAC token for each EOS token that they hold, these tokens will be transferred directly into their Ethereum (ERC20 compatible) wallet. The actual airdrop will be made as soon as possible after this date and after we have run necessary tests and checks.
All Ethereum accounts that have 100 or more EOS tokens in them at the snapshot on the 15th April will automatically receive the airdrop. Any accounts with less than 100 tokens will not automatically receive the airdrop but will be eligible (until 15th May 2018) to apply through a method, which will not require any personally identifiable data, detailed closer to the date of the snapshot. Please do not contact us with your ethereum address at this time but please do sign up to our newsletter for updates.
Any tokens not yet claimed from the EOS crowdsale, or held in exchange wallets, will not receive or be able to claim eosDAC tokens. Any remaining tokens from the 900 million tokens allocated for the EOS airdrop will be burnt, effectively reducing the total token supply by the equivalent amount.
Use of EOS token rewardsIf voted in as a block-producer, eosDAC will be likely to be receiving a significant number of EOS tokens. These tokens will be used for the following key areas:
1 : To support growth of the EOS blockchain infrastructure. eosDAC will invest heavily in continuously upgrading and improving it's operational infrastructure to ensure it achieves maximum speed, reliability and redundancy.
2 : To proactively support the wider EOS community of Decentralised Application (DAPP) developers and end-users through investing in it’s own DAPP development and through providing community grants.
3 : Once sufficient funds have been allocated to operational costs, infrastructure growth, community development and contingency funds, eosDAC intends to distribute surplus EOS tokens directly to eosDAC token holders. This EOS token distribution will be governed by eosDAC token holders via it’s constitution and therefore voted for by it’s members.
For more information see
http://eosdac.io
