A company called Block.One (“B1”) issued an ICO during 2017-2018. The ICO used a reverse dutch auction that lasted one year. The company had the most significant raise out of all the ICOs at the time at ~$4B in $ETH.

During the ICO, B1 converted their $ETH into $BTC and built the first version of the “EOSIO” software. EOSIO was the open source code that ran EOS and other blockchains like Telos, WAX, UX Network and many others until block.one stopped development. The EOSIO code was then forked after this event and since then the networks have been running on AntelopeIO.

Although other blockchains use EOSIO, EOS was the first to adopt it and represents the most significant community. After the ICO concluded, a group of people (not affiliated with Block.One) took the code and launched the EOS blockchain and the $EOS token. Block.One earned 10% of $EOS tokens (100M $EOS) vested over ten years as per the ICO agreement.

The ICO was the most fairly distributed, decentralized of its kind.

Author: Jesse Jaffe

Editor: Randall Roland

Translator: -

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