EOS (EOS), the sixth largest cryptocurrency by market cap, is doing well of late. Let's look at why is has outperformed all the other top cryptocurrencies over the last week.
EOS (www.eos.io) is the “fast version of Ethereum” launched by Block.one (www.block.one) in June 2017. It’s an Ethereum-based cryptocurrency platform striving for enterprise-level scalability. Ethereum's network can handle about 15 transactions per second, whereas EOS is aiming for a capacity of 50,000 per second.
During the recent market wide cryptocurrencies price drop, EOS's was hit especially hard after being singled out by John Oliver on Last Week Tonight in a scripted comedic rant. Oliver highlighted the perilous folly of “speculative mania” driven investing in cryptocurrencies. Oliver first questioned EOS’s stature as a company with a multi-billion-dollar valuation and no ‘product’. He then ridiculed the odd fashion sense and scandalous history of EOS’s most vocal promotor, former child star Brock Pierce. After the segment aired on March 11, EOS dropped by 35% in one week.
EOS posted a response on its website, making its case as a legitimate blockchain technology advancement, and claiming that Brock Pierce had already been dropped as its spokesperson before the TV segment aired.
EOS’s price recovered as fallout from the TV show segment seemed to dissipate quickly. South Korean investors, unaware of John Oliver’s satirical piece, bought up a lot of EOS once the price dropped. Other traders across the globe then followed South Korea’s lead. But there is more to the story of EOS’s price resilience in the face of public ridicule. EOS is considered by many investors to be a cryptocurrency built on strong fundamentals.
EOS recently partnered with European financial technology company FinLab AG to develop smart contract dApps on the EOS blockchain. FinLab’s investment of $100 million in capital and resources has investors anticipating a price spike should the partnership catalyze the hoped-for explosion of dApps on the EOS ecosystem.
Among other factors in EOS’s price resilience is the release of a whitepaper wherein the EOS team convincingly explains how they will scale EOS as the number of dApps increases on its ecosystem. The ‘EOS.IO software’ is proposed as a blockchain architecture that will function like a decentralized operating system upon which developers can build a plethora of applications with which end users will easily interact.
EOS cannot be bought with US dollars directly, but can be bought with bitcoin or ether on one of these exchanges: Bibox, BigONE, Binance, Bitfinex, Bit-Z, Bithumb, BtcTrade.im, ChaoEX, Cobinhood, Coinrail, CoolCoin, COSS, EtherDelta, Exrates, EXX, Gate.io, HitBTC, Huobi, IDEX, Kraken, Kucoin, Liqui, Livecoin, Mercatox, OEX, OKEx, OpenLedger DEX, Tidex, YoBit, and ZB.COM.
By: BGN Editorial Staff