EOS Token Distribution Process
EOS代币分发过程
The EOS token distribution is run entirely on the Ethereum blockchain over a period of 341 days. A total of one billion (1,000,000,000) ERC-20 compatible tokens will be distributed during that time. Two hundred million (200,000,000) or 20% of the total number of EOS tokens will be distributed during the first 5 days and an additional seven hundred million (700,000,000) EOS tokens will be distributed in two million (2,000,000) increments every 23 hours there after. Lastly, one hundred million (100,000,000) or 10% of the total EOS tokens to be distributed will be reserved for block.one as the developer of the EOS.IO software and cannot be traded or transferred on the Ethereum network for the entire distribution period.
EOS代币分发过程完全在以太坊区块链上运行，时间为341天。在这段时间内将总共分发10亿ERC-20兼容代币。2亿代币或者说EOS总量的20%将在分发的头五天分配，另外7亿EOS代币将在接下来的每23h以增量200万进行分发。最后的1亿代币或者说EOS代币总量的10%将由block.one（EOS.IO软件开发人员）所有，在整个分发期间剩余的1亿代币不能在以太坊网络上进行交易或者转移。
The EOS token distribution approximates an auction where everyone gets the same price and that price is equal to the highest price anyone is willing and able to pay within a given period. At the end of the 5 day period and at the end of each 23 hour period referred to above, the respective set number of EOS tokens set forth above will be distributed pro rata amongst all authorized purchasers, based on the total ether (“ETH”) contributed during those periods.
EOS代币分发与拍卖相似，分发过程每个人的价格都一样，这一价格是给定时间内任何一个人愿意出的最高价格。在分发前五天和每23h分发结束之后，根据这一时期内筹集到的ETH总数量按照比例分配给所有授权购买的人。
Principles
原则
The structure for the EOS token distribution was created using the following set of logically consistent principles:
EOS代币分发结构按照以下逻辑一致原则创建：
Nobody should get something for nothing
任何人都不应该不劳而获
Everyone should receive a market determined price
每个人都应该接受市场决定的价格
Everyone should have an equal opportunity to participate
每个人都应该有公平的参与机会
Developer incentives should be aligned
开发人员激励应该一致
Economic disincentives for buying more than 50 percent of a distribution
抑制购买超过50%的分发量
Minimize transaction costs (mining, fees, etc.)
最小化交易成本（采矿、手续费等）
Let’s dive into each of these principles a little deeper.
让我们深入了解这些原则：
Something for Nothing
不劳而获
In a free market, two people make a trade when both parties are satisfied that the trade is fair. If either side finds the trade “unfair” then the trade would not occur. If one side of the exchange provides nothing then it is considered a hand out or free lunch. Unfortunately, there is no such thing as a real free lunch. Someone has to pay for that lunch which means for everyone who gets something for nothing, someone else gets nothing for something.
在自由市场，当交易双方都感觉满意公平时两个人才能做出交易。如果一方发现交易不公平，交易就不会发生。如果交易的一方没有提供任何东西，那么这就被认为是施舍或者免费的午餐。不幸的是，天下没有免费的午餐。人们必须为午餐付账，这就意味着有人不劳而获，那么就会有人付出了而没有收获。
When token distributions attempt to simultaneously sell 90 percent of the tokens at a price below market value, someone is getting something for nothing and someone else is getting nothing for something. A token distribution that is truly fair is one that enables the market to determine the price, ensuring that parties on both sides of the transaction are content with their trade. This also minimizes the potential for extreme losses to the buyer and extreme opportunity cost to the seller.
当代币分发企图以低于市场价格出售90%的代币时，就会出现一些人付出了却没有回报而另一些人不劳而获。真正公平的代币分发是能够让市场决定价格，确保参与者都能在交易中满意。这也最大限度的减少了给买方带来极大损失，也最大限度降低了销售者的机会成本。
Market Prices
市场价格
Unfortunately, it is impossible to guess a cryptographic token’s market price. It can only be discovered with reasonable trade volumes on a public market. These markets can take the form of exchanges or auctions so long as they are public, transparent and open to many. Furthermore, even if the price could be accurately determined at the beginning of a token offering, it could change the very next day.
不幸的是，数字加密货币的市场价格不可能被猜到，只能在开放市场通过合理的交易量来探索。这些市场只要对公众公开透明，就可以进行交易或者拍卖。进一步说，即便代币价格可以在开始分发时精确确定，它也可能在第二天就改变。
A market price for something is a balance between supply and demand and falls between the price no one is willing to sell at and the price no-one else is willing to pay. In effect, the market price is a unanimous market consensus as demonstrated by the spread of disagreement among all buyers and all sellers.
事物的市场价格是建立在双反供需平衡上的，在没有人愿意出售的价格和没有人愿意支付的价格之间波动。实际上，市场价格是市场达成一致的共识，经过买卖双方共识分歧后出现的。
Equal Opportunity to Participate
公平的参与机会
Giving everyone ample time and opportunity to participate means utilizing a widely used platform and allowing sufficient time for people to learn about the project.
给每个人充足的时间和机会去参与意味着利用一个广泛使用的平台，让人们有足够的时间了解项目。
A token distribution structure should show minimal bias for or against those with time, money, or technical skills. For example, mining favors those with technical skills, time, and money while capped distributions favor those with money and technical skills to automate a fast order.
代币分发结构应该稍微偏向或不偏向那些拥有时间、金钱和技术能力的人。例如，挖矿偏向那些有技能、时间和金钱而上限的分配则偏向有资金和技能，能够快速下单的人。
Developer Aligned Incentives
开发人员一致的激励
When you support a community, you want everyone to have aligned interests. This is true regardless of the nature of your participation - whether it be by building an app, purchasing a service, investing directly in a business or by purchasing a cryptographic token.
当你支持一个社区时，你希望每个人的利益一致。不管你是哪种类型的参与者，不论是建设app，还是购买服务或者直接投资企业和购买加密代币，这一点都是毋庸置疑的。
A developer who sells 100 percent of tokens at the very start of a project does so at the lowest possible value and then has “no skin in the game” to motivate him/her to continue to add value or add value in a timely manner. A developer who commits to selling 90% of the tokens over the course of almost a year has incentive to make as much progress as possible as early as possible. It also allows token holders or potential token holders to see the software being developed over time. The remaining 10% of the tokens keeps the developer aligned for the long-term.
开发者在一开始就把100%的代币销售出去，将会以最低的价格完成这件事，因此就没有激励他们继续及时的增加价值的必要投入。一个致力于在将近一年的时间里卖出90%代币的开发者有动机尽早取得更多的进展。它还允许代币持有者或潜在代币持有者看到软件开发的时间。其余10%的代币能够让开发者保持长期合作。
By distributing tokens over a long period of time developers have extra alignment of incentives develop quickly and complete as early as possible because the market is watching.
通过长期分发代币，由于市场在持续关注，开发者获得更多合作的动力，可以迅速开始并尽早完成开发。
Economic Disincentives for Buying 50% or More
抑制购买50%或以上的代币行为
Cryptographic tokens have the most value when they are held by a wide range of people who support the growth and use of the blockchain. If the majority of tokens are held by a single person or entity and the tokens are not well distributed, this leads to centralization risks.
当支持区块链发展的及应用的人持有加密代币时可以让其价值达到最大。如果大多数代币由单个人或实体持有并且代币没有很好地分配，就会导致中心化风险。
Token sales with fixed prices and/or caps quickly sell out generally to a small number of (usually wealthy) speculators and leave little room for anyone else.
具有固定价格或上限的代币销售通常很快完成，这就被少数投机者买断，而其他人的持有量很少。
It takes time and competition to encourage wide distribution. Furthermore, the EOS token distribution makes it cost prohibitive for any one individual to buy the majority of the tokens.
广泛分发需要时间和竞争。而且EOS代币分发带来的成本限制让个人无法购买大量代币。
Let’s see how this works.
让我们来看看其工作原理
If we assume that everyone but one rich guy contributes a combined $1 million dollars, the rich guy would have to contribute $99 million dollars to acquire 99% when he could acquire 50% for $1 million dollars, 66% for $2 million, 75% for $3 million, etc. In other words, buying the second 49% costs 99x as much as it cost to buy the first 50%.
假设我们每个人出100万美元而一个富人例外，他出9900万美元去购买99%的代币。而事实上他本可以通过100万美元获得50%的代币，200万美元购买66%的代币，300万美元购买75%的代币，等等。换句话说，购买第二批49%代币的成本是第一批50%代币的99倍。
The EOS token distribution structure has been devised so that the more small contributors there are, the more expensive it gets for any individual or entity to acquire the majority of the tokens.
EOS代币分发结构的设计使得小规模资金投资者越多，个人或单个团体购买大多数代币的价格越高。
Minimize Transaction Costs
最小化交易成本
The original crypto currencies were distributed using proof of work or by mining, which represents a large economic loss in electricity consumption. More recent token sales experience losses in the high fees people will pay to be first. These economic losses can cause a potential loss of value in the cryptographic token for both the buyer and the seller.
原始的加密货币通过工作量证明或者挖矿，巨大的电力消耗呈现出极大的经济损失。最近代币销售首先要支付的是损失带来的高昂费用。这种损失将在加密数字代币分发过程中给买卖双方都带来潜在的价值损失。
EOS tokens have no pre-determined price; rather price is set by market demand. This mimics mining without using electricity.
EOS代币没有预定的价格，而是根据市场需求，这就类似于不耗电的挖矿。
Conclusion
结论
These principles are in stark contrast to the expectation that token distributions be capped at a valuation based upon the expected cost of development. Valuation capped distributions force below market pricing based upon the economic fallacy of the “Cost Theory of Value”. This below market pricing causes a race where the first buyer gets something for nothing when they flip the tokens at market prices all while giving advantages to those who can buy large quantities all at once.
这些原则与人们基于发展预期成本的分发期望形成鲜明对比。基于“成本价值理论”的经济谬误，估值上限分发机制低于市场定价。这种低于市场价格的情况导致竞争，第一位买家不劳而获，当他们以市价出售代币时，给那些能一次性大量购买的人带来极大优势。
The EOS Token distribution has been designed to hopefully create a distribution that is widely perceived to be fair based upon what we believe to be logically consistent principles.
EOS代币的分发机制被设计成一个有希望创建让人们相信它在逻辑上复合一致性原则，被广泛认为是公平的分发方式。
翻译此篇的原因是不知道EOS的分发机制，在Google上搜索后在steemit上看到了官方文本。这里我再简单解释下EOS分发机制。
EOS代币与ETH类似，属于中心化发行的数字货币，这一点区别于BTC（分布式挖矿获得数字币）。EOS代币从2017年6月26号13:00开始ICO，在头五天分发了2亿代币，从7月1号13:00开始每隔23h筹集ETH并以此为根据分发200万EOS代币，每一区段结束之后会有1h的分发时间。剩余的1亿EOS代币会留给block.one团队。
原则中讲到的公平性是每个人都可以通过手中的ETH来兑换EOS,兑换量由市场决定,即每一区段内根据ETH的筹集量，依据公式：
X=A*(B/C)
X=认购者获得的EOS数量；
A=时间区段内认购者发送的ETH数量；
B=时间区段内EOS代币总量；
C=时间区段内筹集到的ETH总量。
来计算。在2018年6月1号22:59:59点整个分发过程结束时，所有的EOS代币将不能在以太坊区块链上转账。通过这一过程我们能看到EOS分发的公平性。