EOS is probably the most interesting cryptocurrency in the market right now – everything about the cryptocurrency is unusual. To start with, EOS is running a year-long ICO, ending next month to mark the longest running ICO ever. More interesting is the fact that EOS is not even a token or coin; and its tech won’t be tested in the market until after the ICO. In fact, even its name “EOS” doesn’t officially mean anything and the founders are encouraging users to come up with meanings for the name.
Even though EOS is coming to the market with a technically unproven technology, the social buzz around the EOS cryptocurrency is that it is one of the few shining spots of the 2018 cryptocurrency market. In the year-to-date period, EOS has delivered about 107% gains even though Bitcoin is down 37.67% and Ethereum is down about 9% in the same period.
Nonetheless, some critics have started sowing the seeds of FUD in the hopes of triggering an unnecessary selloff in EOS. The fact that the cryptocurrency has delivered more than 1,800% gains since its ICO started last year is also making the prospects of selling look attractive to early-stage buyers. This piece provides insight into why EOS might be poised for a breakout to new highs despite the fearmongering.
EOS is starting to show proof of claim
Skeptics have been very vocal about the possibility that the EOS team won’t be able to execute on their big promises. However, the successful tests of EOS Dawn 1.0 all the way to Dawn 3.0 should have been enough to show that the developers behind the project are serious about dominating the DApps market.
Now, EOS has announced the launch of the Dawn 4.0 version of its decentralized operating system for creating DApps. The news about the update and the consistency of progress towards launching the EOS mainnet in June didn’t have a significant effect in pushing EOS beyond its $18 resistance point. Yet, there’s no denying EOS’s doggedness in executing on its promise to revolutions the DApps ecosystem.
Another important development which has sadly been largely ignored in the cacophony of news is that EOS has opened its source code on GitHub in addition to launching a specialized site in private beta. In an explanatory blog post on Medium, EOS noted that it has progressed the EOSIO StackExchange site to the Private Beta Phase as it closes in its goal of building a permanent live community. However, the next 20 days until the mainnet launch will be particularly interesting in the annals of the cryptocurrency.
Proceed with caution
As much as EOS stands tall among peers as a lofty project; it would be purely irresponsible to ignore some nagging concerns around its IPO. The biggest concern is that EOS is being sold at a variable price in relation to demand at varying allocation drops. When you send in your Bitcoin or Ether, you are never sure about how much EOS you’ll get in return because EOS doesn’t have a fixed price. Hence, if there’s a low demand when you place your order, you might get EOS at a discount and if you place your order on a busy day, you might end up buying EOS at a premium.
Image Source: the-blockchain