BOS: New Tech & Red Flags
Written by EOS San Francisco
Let’s start a transparent discussion on BOS:
-The Token Distribution
BOS recently slipped into the sister chain scene.
BOS Boasts a big promise of inter blockchain communication.
I followed blindly behind the IBC hype.
It was easy to do when I saw many of the best block producers in league with BOS.
At EOS SF we pulled down our BOS node.
We don’t support the chain because it doesn’t fit our core values:
Transparency, Empowerment, & Building Together.
Let’s look deeper…
They’ve made interesting progress with Inter-Blockchain Communication.
How would you look at BOS if they weren’t working on IBC?
Is IBC distracting from underlying issues?
Why didn’t BOS announce a snapshot date?
Is there a reason a hidden snapshot is better for the community or chain?
Announcing a snapshot builds the community. EOS holders get time to move their tokens off exchanges and out of leasing platforms.
A hidden snapshot does the opposite. Token holders are blind. It benefits exchanges and leasing platforms who end up holding a greater percentage of BOS at the snapshot.
Open question to BOS:
What was your reason for not announcing a snapshot?
“The initial circulation of BOS is 1 billion, 100 million for ecological airdrops (50 million direct airdrops to the EOS main network account, 50 million airdrops based on DApp and node transactions in the chain), 100 million strategic partner funds, for Project investment and BOS operation on the BOS chain, 400 million ecological incentives, subsidies for payment and BOS transactions generated in the BOS chain, 200 million incentives for founding teams, unlocked in 4 years, private equity in 200 million, divided into four phases Raise 5% of each issue.” (BOS Site)
1 billion total tokens
400m for founders
400m for founders to subsidize dapps and projects
100m for strategic partners who add credibility
50m to EOS token holders (Blind snapshot)
50m to DApps who add credibility
My further interpretation:
80% to the founding team to control BOS.
15% for credibility partnerships
5% to community
It’s ok to run privatized chains. That’s part of how EOSIO tech will innovate. Let’s just call it what it is.
Open questions to BOS:
Who is the founding team?
Who are your strategic partners?
Who holds 90% of the tokens in the BOS chain?
EOS SF initially supported BOS because we thought it was a good experiment, we saw top BPs in support, and we hoped to gain rewards. Those reasons were not good enough, so we stopped.
Open questions to Block Producers:
What are your reasons for supporting this BOS?
Does the burden of proof fall on founders to prove their chain is legit?
Or do we accept all chains until proven otherwise?
What is our due diligence responsibility for chains we support?
What are your thoughts?
We stand for Transparency, Empowerment, and Building Together.
Much love my EOS friends,
Brandon, Max, Jun, Ali, Alicia, & VG