The world of cryptocurrencies is about to get a little bit bigger with the launch of a new blockchain-based digital currency set for next week.
As stated in a press release, block.one–a start up company working to help bring businesses onto the blockchain by strategic planning and product deployment–will launch EOS, the first blockchain operating system with a focus on helping commercial decentralized applications, on Monday (June 26).
Brendan Baumer, CEO of block.one, said that to “ensure inclusivity,” EOS will not be sold at a fixed price, but rather at a price dictated by market demand.
“This mimics mining, but does not offer unfair advances to large purchasers,” Baumer said in the release.
The release goes on to say that EOS’ token distribution will take place over a one-year period–or more specifically a 341 days–on a fixed schedule. 20 percent of the EOS tokens–or 200 million–will be released within the first five days of its launch; 70 percent of the tokens will be divided equally onto 350 straight 23 hour periods of 2 million tokens beginning July 1, 2017; and the remaining 10 percent–or 100 million EOS tokens–will be reserved for block.one and will be unavailable for trading or transfer over the Ethereum network.
According to Reuters, analysts have said the EOS launch date is “one of the most eagerly expected” token sales so far this year.
In an interview with the publication, the company’s co-founder, Brock Pierce, said “the goal of the EOS token sale is to make it truly democratized and provide equal access to everyone.”
That said, it’s certainly an exciting time for the digital currency and initial coin offering space: also on Thursday (June 22), Reuters stated that start-up company, Civic sold $33 million in digital currency tokens for its identity verification project.
The publication reported that Civic created 1 billion tokens–of which 33 percent were offered in the sale that goes through to June 28. An additional 33 percent will go to companies and users to “accelerate network growth” while the remaining 33 percent will remain with Civic and be available to sell after three years.
Overall, investors interested in the cryptocurrency space can see that there’s certainly no signs of them slowing down anytime soon. As a result, perhaps now, maybe more than ever, may be the time to invest.
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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.