ICO Analysis: Evolution
Evolution is an EOS Software based project that wishes to correct what they view as flaws in the EOS ecosystem.
Evolution will be its own separate blockchain, not tied to EOS in any way other than they are using EOS’ code and community. They will focus on changing THREE issues they have with EOS’ governance. Those issues are broken down below.
1) EOS will be run by 21 powerhouse block producers, which are constantly voted in and out by the EOS community. Evolution believes these 21 block producers can be compromised and centralized. They believe true decentralization of EOS means realigning voting rights and BP (block producer) ownership. According to them, EOS is already being overtaken by BlockOne (Creators of EOS) through their affiliated VC funds like INBlockchain.
“BlockOne, through its affiliated Venture Funds now owns or operates 12 of the 21 block producers on EOS. INBlockchain, a lead investor in BlockOne, is developing its own BP candidacy and investing in 4 other BPs. These include EOS Gravity, EOS MaoLao, OracleChain, and eosONO. Brendon Blumber the CEO of BlockOne is also mentioned as a team member and advisor of INBlockchain. The collusion between Venture Funds associated with BlockOne continues to grow in size leading to further centalization”
Evolution plans on fixing this by expanding the number of block producers to around 100.
2) EOS allows exchanges to apply to be block producers. This could lead to them using costumers tokens to cast votes for them without consent.
Bitfinex and Huobi, two massive exchanges, already plan on becoming block producers for EOS. These exchanges will be holding large amounts of EOS in order to run their exchange, which means they will hold way too much voting power to ever be outvoted for BP. Allegedly, this same thing happened with Dan Larimer’s prior project Bitshares, when Yunia, a Chinese exchange, used their customer’s tokens to vote on a proposal that was in Yunbi’s self-interest. Coincidently, Yunbi is owned by INBlockchain, a major investor in BlockOne/EOS, as well as several other major projects.
3) EOS does not allow DApp developers to participate in voting if they are actively staking (CPU, Bandwidth, RAM, EOS Storage). Evolution views this as a huge flaw, which they will make the selling point of their project.
“We strongly believe that DApp Developers are the founding pillar in the ecosystem and their participation in Block Producer voting will be vital for a strong community. Since the end user of the EOS chain will mostly interact with DApps, we’ve constructed a governance model that realigns EOS with this philosophy.”
In summary, Evolution will be different from EOS in the following ways
- DApps can use their staked resources to vote.
- Block Producers are prevented from self-voting and controlling how much they earn.
- Preventing vote pooling collusion by large stakeholders.
- Increasing the number of Block Producers from 21 to around 100.
The purpose of EVO token is to to allow for a fair vote on block producers for the Evolution blockchain.
Evolution is based on the DPOS consensus proposed by EOS. Therefore, they will honor the community by airdropping tokens. The aim is to disperse tokens evenly across the EOS community.
To enable even distribution between early and late adopters of EOS, there will be three ways to receive airdrops. The Initial airdrop, the Scale airdrop, and Community airdrops.
- Initial Drop: May 10th: 1:1 ratio per EOS. EOS must be registered with EOS.IO and stored in an Ethereum compatible wallet that you hold the private keys to such as Myetherwallet, Metamask etc.
- Scale Drop: June, along with final EOS crowd sale snapshot (exact date and time not yet confirmed) : 1:1 ratio per EOS.
- Community Drop: Ongoing, addition allotments for those wanting to join and help scale the community.
When it comes to airdrops it’s very important to only follow the official instructions given by the Evolution team. There are many scammers out there. Evolution will never ask for your private keys, or to send them funds.
For wallets registered after May 4th, the Wallet Verification requires a minimum of 25 EOS and a minimum of 0.025 ETH.
An airdrop of of 450 billion tokens to the EOS community is expected over the next few months with the following allocation:
- 15% Community Airdrops
- 17.5% Initial Airdrop
- 35% Scale Airdrop
Community airdrop allocation is as follows:
- 15% DApp Development Grants- An incubator for the development of new DApps,
- 5% Block Producer Grants- Used to fund existing or up and coming bp’s thru community vote.
- 2.5% Arbitration Resolution Grants- to help deal with disputes.
- 10% Evolution Core Team- vested over 10 years, releasing 10% annually
Additional allotments will be airdropped to developers, arbitrators, and community participants after the blockchain launches. You can find the full breakdown of the Evolution Token allocation here.
There are only three members currently on the EVO team.
All three gentlemen work for the Socketminer webAssembly toolkit, a browser-based web miner for the Monero Blockchain. The above picture is the only information given on the team.
According to the token allocation plan, 10% of all EVO will go to the team. This is a scary thought. When asked in their EVO Telegram channel about this lack of transparency and team members, Peter Arora explained: “There is a team being developed. Much more to come, this is an open source project so the team is expected to grow to be very large. The team is not getting any tokens till after each year split equally for 10 years.”
This project is completely under the radar. There isn’t much to it, and chances are it flops. In fact, it’s not certain this will even succeed past the EOS genesis block creation.
It is, however, free to EOS holders. And with a bit of effort participating in their Community Airdrop program, one could be swimming in EVO coin. If this works out anything like the last EOS airdrop, eosDAC, then it will be trading on IDEX or some other decentralized exchange by late May. Free money!
- Compared to other projects, the Evolution community is non-existent. 600 Telegram members, 110 on Twitter. This is with a massive community airdrop campaign. People love free tokens, They must just not know about the project yet, poor marketing. -2
- 5 billion total supply, all airdropped. Seems outrageous. -2
- It’s still early in their lifecycle, but there is no transparency or real game plan yet. It seems they may lack work ethic. -1
- This Medium article from EOS’ governance expert, Thomas Cox, breaks down what the genesis of EOS will be like. It seems complicated. Evolution doesn’t even have BPs lined up yet. They do not seem ready for war. -1
- The DApp Developer Fund allows EOS Evolution to financially support thousands of commercial DApps. +4
- It will be built using EOS software. +2
- Using the EOS genesis snapshot to distribute EVO through airdrop is a great idea. Not only does it allow for fairly even distribution, it will allow EVO to tap into the minds and wallets of thousands of EOS hodlers.+2
- What gets me going about this project is to compare it to existing forks of other top 10 projects. As long as they stick around, they end up gaining a community, and the token usually performs fairly well.+2
The name Evolution goes perfectly with this project. It currently looks like a single-celled, amateur hour, organism. Only an idea. It’s now up to the community and team to help it evolve into an operational blockchain. 4/10
- Platform: EOS (currently an erc20 token)
- Symbol: EVO
- Total Supply: 5 billion
- Initial Airdrop: May 10th
- Community Airdrop: fill out this form
- Scale Airdrop: June (exact date will be announced soon)
- Telegram: https://t.me/evolutionos/1941
- Medium: https://medium.com/@evolutionos
- Whitepaper: https://www.evolutionos.com/pdf/Evolution_Executive_Summary.pdf
- Website: https://www.evolutionos.com/
We at Hacked believe EOS has potential. Therefore, we shall continue to provide info on all the fresh ICOs and Airdrop opportunities.
Image courtesy of Shutterstock