The long days of waiting are finally over. The BEOS Limited Cooperative Association (BLCA) announced today that it is releasing the BEOS blockchain and activating the http://beos.world website where you can get everything you need to get your free BEOS tokens.
All 2.6 Billion of the publicly available BEOS tokens will be given away over a "rainfall" period of 89 days beginning a week from this posting on April 9th, 2019. All you have to do is move your bitshares onto the new BEOS chain and leave them sit there for up to 89 days to collect your corresponding share of the BEOS tokens proportional to the total number of BTS everybody deposits there. (If you have 1% of the total deposits, you'll get 1% of the total BEOS given away every hour of every day in the rainfall period.) RAM tokens to give access to memory resources will be given away over a much longer 80 week period.
WARNING DO NOT SEND ANY BTS TO BEOS THAT YOU WANT BACK BEFORE RAINFALL STARTS ON APRIL 9TH. YOU'LL NEED SOME OF THAT RAINFALL TO POWER THE RETURN PATH.
BitShares EOS (BEOS) is conceived as a middle chain sitting between BitShares and the EOS main chain. It will give smart contract capabilities to BitShares assets and make BitShares assets portable across the EOS domain. In its first release, however, it serves only as a way to get BEOS tokens delivered into the hands of participating BitShares supporters.
Here's what you need to do.
Go to the special bitshares web wallet that can transfer BTS to BEOS: https://bitshareswallet.beos.world.
Create a new BTS account there.
Transfer some BTS to your new BTS account from wherever you've been keeping them.
Go to the Legacy Deposit page, read thru the transfer agreement (will include info about BLCA membership requirement, see below), then buy a BEOS account (500 BTS cost) and transfer remaining BTS to BEOS. You can also transfer your BROWNIE.PTS the same way and they count the same as BTS for collecting rainfall.
Download the BEOS wallet (there's a link to BEOS wallet on the deposit page). https://get.beos.world/wallets/
Get private keys from your new BitShares account and put them in your BEOS wallet to gain control of your newly purchased BEOS account.
The following rules have been implemented to maximize BLCA regulatory compliance stance in the United States and therefore globally.
To qualify for the initial BEOS token distribution, a member must (a) join BEOS LCA (BLCA is a Utah Limited Cooperative Association, operating on a non-profit basis for the benefit of its members); (b) create an account on the BEOS network (the “BEOS Account”); and (c) fund that BEOS account with any amount of BTS via the BEOS network gateway in your BitShares wallet.
Any member may create one or more BEOS accounts for a one-time fee of 500 BTS each. The BEOS network gateway will read the public keys of the Bitshares account from which the account creation fee is paid and automatically assign the same keys to the Member’s newly created BEOS account. Thus, the member can use the same private keys to control both accounts. Thereafter, the member may change their keys at any time on either account.
When a member deposits BTS via the BEOS network gateway, the member’s BEOS account is credited with an equivalent amount of a BTS IOU token. BLCA will retain 2/7 of the 3,674,470,000 authorized BEOS tokens in order to support Association purposes. The remainder will be distributed to Members.
BEOS tokens will be distributed to account holders on an hourly basis over a period of 89 days and 64GB of RAM will be distributed over an 80-week period. Both periods begin on April 9, 2019 and extend for "7 weeks and 40 days" or "40 fortnights" respectively.
During the applicable distribution periods, BEOS and RAM tokens will be apportioned between member account holders based upon their proportionate holdings of BTS IOU tokens. For example, if there are only 2 BEOS accounts at the end of an hourly reward period, one holding 90 tokens and the other holding 10 tokens, the 90 token holder will receive 90% of the BEOS awarded for that reward period and the 10 token holder will receive the remaining 10%.
BEOS tokens are backed by BLCA Quint holdings, such that 1 million BEOS tokens equals 1 Quint. This sets a floor on BEOS value, and ties it to Specie Legal Tender, without limiting potential demand for the token due to its limited supply and its inherent utility.
IMPORTANT NOTE : Until a withdrawal is made, the “actual BTS” deposited to the BEOS network gateway will be held in an account called “beos.gateway” on the Bitshares network. This account is managed by the Board. By making deposits to this account, a Member explicitly grants the Board the right to vote the BTS so deposited in ways that support the health and growth of the BEOS network.
Members have the option of withdrawing their BTS IOU tokens via the BEOS network gateway at any time (*) back to their own control.
- *The BLCA directors will do their best to keep the gateway operational at all times, but a malfunction either on the gateway or the new BEOS chain itself could result in BTS funds being locked up temporarily until the problem is resolved. If you lose the keys to your BEOS account, the trustees cannot refund BTS locked up as BTS IOU tokens in your BEOS account, because the trustees cannot reclaim the IOU tokens and have no way to determine if the account is permanently lost.
You MUST read the full BLCA member agreement located at http://www.beos.world/membership_agreement.html and click "I agree" before proceeding.
Limitations and Disclaimers
All of the past posts about BEOS should be considered as statements of vision, not promises of anything. Many of these visions have not yet been realized in the first release and some may never be.
Tokens distributed in the rainfall will not become transferrable until the rainfall ends in 89 days. This will limit the usefulness of the network for the rainfall period.
BLCA will be providing an initial set of block signing nodes during the rainfall period which will be publicly elected beginning one week after rainfall starts.
BLCA has not yet implemented jurisdictional agility features or placed nodes in international waters or international space.
To date, BLCA has only made BTS and BROWNIE.PTS portable between the BitShares network and the BEOS network. BEOS and RAM will become portable at the end of the rainfall period. More tokens, such as bitUSD or Quint, will be added in due course.