Regardless of a comparably limited data set from which to evaluate future price patterns, EOS looks like it’s here to stay.
It can be recalled that EOS raised a record-breaking $4 billion in its ICO sale and has shown magnificent progress in a short period of time.
The EOS.IO platform was developed by Block.One, a private blockchain company. In the middle of June 26, 2017, and June 1, 2018, Block. One anchored an Initial Coin Offering (ICO) for the EOS token.
During that time, EOS prevailed as an ERC-20 token. After the sale, the EOS main net has started. ERC-20 EOS tokens were changed to EOS coins and moved to EOS.IO.
The EOS platform is still in its infancy, but we’ve already seen significant acquisitions by dApp developers, moving apps from the Ethereum blockchain and building new apps tailored specifically for the EOS network.
Despite that, EOS has already encountered a dispute given its short existence. The advocates of decentralization condemns the model. Furthermore, implications of conspiracy have emerged.
BTC and EOS
The theory of decentralization in mind creates Bitcoin (BTC). However, EOS is not Bitcoin.
EOS.IO network deploys this cryptocurrency. The network is not decentralized itself, unlike Bitcoin. Conversely, the EOS Foundation and its associates centralize the production, governance, development, and maintenance of the platform.
EOS.IO is a second-generation cryptoasset. It means that it merges smart contract capabilities into the network to permit the evolution of decentralized applications (dApps).
The manufacturing of EOS becomes centralized around a limited number of wealthy stakeholders. To put it differently, expect that rich people become richer.
It can be recalled that in the year 2018, there were allegations of conspiracy between EOS and block producers.
The Proof of Stake Delegated Protocol (dPoS) extablishes the EOS governance. It is a version of PoS where token holders are selected from the network rather than randomly selected as is the case with PoS.
21 block producers (BPs) runs the EOS netwoork. They invest in network infrastructure, community support, development, and more. This is instead of betting on EOS coins like PoS.
In addition to the 21 BPs supporting the blockchain, a special body called the EOS Core Arbitration Forum (ECAF) is responsible for dispute resolution.
All of this dismissive awareness came only days after the news that some of the founders of Block.One executive and software developers decided to cut ties with the company to form a new venture called StrongBlock.
EOS high and low
On April 30, 2018, the price of EOS soared to $24. Since then, it has undergone a progressive downfall.
The price decrease has shrunk to under $2 in the latter part of 2018. More than 90% of EOS’s value vanishes within eight months.
After a period of stability, the price began to fall and reached a low of $1.6 in December 2018.
Since the highs and lows of the loss were similar, people assumes that the following rate of increase on the upward move will be nearly the same. Therefore, a $40 increase might occur around December 2019.
In the end, the triumph of EOS as a blockchain and its worth as a cryptocurrency will depend on the success and quality of the dApps built on it, as well as the team’s capability to stay transparent and listen to the community’s needs.
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