Daniel Larimer says it again: No second tokensale


#1

There are still rumors and FUD going around about extra tokensales and more. But Dan said it again today on Telegram:

DAN01

Clear as it can be. So how many coins are out there anyway then?

Tokens

538 million to be exact. And it will become 1 billion somewhere in June 2018. Every day 2 millions new tokens are released in an ongoing ICO. You can bid for them using the EOS ICO contract. Or you can just buy them on a exchange.

Have a look at the FAQ.

And when the ICO is over the EOS Blockchain will be launched. And the number of tokens won’t grow with more than 5% per year. So after the EOS Blockchain goes live, 50 million new EOS tokens are created in 12 months which are payed to the block producers. This is why using a Dapp on EOS will be free. The block producers aren’t paid by you but by the network itself.


#2

Once EOS is live, there will be 21 nodes total correct? And who the nodes/block producers are is decided by votes from EOS token holders? Has anyone started a campaign to become one of the trusted nodes? With 50 Mil EOS alocated / 21 nodes = $2 mil EOS per year per node. Seems like a great business opportunity! I wonder how large of a data center you would need to become one of the nodes?


#3

I think the EOS software once developed will be open source. Therefore anyone with the capacity could begin their own EOS chain and become one of the block producers. There won’t be formal voting on who the block produces are but this will be decided by the market where the most popular block chains will over time become the official “EOS”. These most popular block chains are likely to be the ones that the EOS token holders support (but no guarantee).


#4

21 will produce the blocks, but we can see 30 or 50 or even 100 block producers. As far as I get it: The Dapp-owners stake EOS in a contract and get a x-amount of resources for that. Let’s say they get up to 1000 Ts./sec. if they stake 5000 EOS in a contract. And when they do that, they can vote on certain block producers. Again, this is how I understand it now. And with all the votes the top 21 of block producers are allowed to create the blocks. But maybe 20 or so other producers are getting and syncing all the transactions and data as well. Because if they get in the top21 later that day they need to perform.


#5

Being a block producer with be like a license to print money. The 5% inflation split between just the current 21 producers. What exactly differentiates a block producer from say someone running a full node? What information will you be able to go on when choosing who to vote for?


#6

I think the 5% inflation will not just be distributed to the block producers, some will also be distributed to support popular D.app projects. These split decisions will be made and voted on by the community with votes proportional to EOS holdings…


#7

If the EOS price takes off, I think the community can also choose to vote down the inflation rate.


#8

You need quite some equipment in a datacenter. Daniel says it is 10K transactions per core. And they want block producers to run a 100 of them at least to fit 1 million transactions per second. Next to that you need to provide storage IPFS space.


#9

If someone has the hardware to be a block producer but is not currently one of the 21, then what other ways can they monetise their system? Since they have 24 hours notice to free up the system if they get voted in, what ever else they are using it for may need to be dropped to make way for eos.


#10

That’s a good question, and I have no idea. The may be in the top 21 in the morning but after some votes have changed they are at number 25 in the evening, only to be back in the top 21 the next day again.


#11

Seems like a risky thing to invest in. Maybe block produces will have to just rent AWS servers to run when needed. But then there would be no difference in picking one producer over another.


#12

Hi Rene, do you mean that every single block producers will have to handle 1 millions tps by their own ? I’m new with EOS, thanks !


#13

Hey, welcome to the forum :+1:.

Yes, EOS block producers (miners) should be able to deliver all the requested storage and handle all the transactions. So EOS block producers work from a datacenter for sure. Think of fast servers, maybe a 100 or 200 CPUs and a lot of RAM and storage.