The EIDOS team will be launching its own EOS sisterchain. It will be called the YAS Network. In a few days we will deploy a smart contract that will enable any EIDOS holder to mint YAS. The YAS token contract will be a slightly modified eosio.token contract which will have the following behavior:
Each time you will send EIDOS to it, it will mint and give you the same amount of YAS.
Provided there are less than 100M YAS tokens in existence, you can send your YAS back to the contract, it will be burned, and you get the same amount of EIDOS back to you.
You can treat your YAS just like any other eosio token provided there are less than 100M YAS tokens in existence.
As soon as there are 100M YAS tokens minted, the contract will freeze transfers, locking your YAS tokens forever. All 100M EIDOS will also be frozen forever. We will then commence launching the YAS network based on the frozen snapshot, using the account names and keys in the YAS token contract.
The launching of the new sisterchain will be initiated by us in private, after checking and verifying it, we will declare “YAS Mainnet is live”.
At any point before it goes live, we can decide to abort the launch for any reason, and unfreeze the contract, enabling refunding YAS back to EIDOS.
The YAS Network will have the following initial properties:
It will be based on the latest stable eosio version.
Each account can vote only for 1 block producer.
The RAM market will have 50% connector weight.
There will be no RAM inflation.
There will be no whitepaper and no constitution.
There will be 2% inflation. 1% for BP rewards, 1% for savings.
After going live, the direction of the chain will be decided by the BP’s. Being elected positions, it is assumed that they represent the will of the voters.
As of posting this there are 51.5M EIDOS in existence held by 34K addresses. We are posting this early to let everyone interested have a fair chance to join. It will take 100M EIDOS to lock the contract, we don’t know when it will happen or if it will happen at all.
The EIDOS team will join YAS but we are limited only to spend team funds up to 2M EIDOS a month and we have to sell some of it in the market, so we will not expect to be a big holder of YAS. Our main role is to add value to EIDOS, facilitate the launch of YAS, and just be a small voice of the YAS ecosystem.
If the YAS Network will in fact launch, EIDOS will have 100M less supply. After the EIDOS airdrop, we will burn the 100M EIDOS in the contract.
This post will serve as an early announcement. We will be monitoring telegram and twitter for community reactions and if it’s received well, we will make another announcement once the YAS token contract goes live.
Why a new chain?
We can’t reiterate enough our dream to have a really democratic chain and this is yet another attempt and we are doing it as fair as we can. The YAS network attempts to be a cheaper alternative sisterchain to EOS. It will be a general purpose high performance smart contract platform which is cheaper to run and be truly governed by majority rule and not a collusion of a few rich individuals.