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How EOS became the market leader in a year

09 May 2018 21:00, UTC

Margareth Nail

In the spring of 2017 EOS impertinently broke into the cryptomarket, saying that it will pose a significant challenge to Ethereum. The industry liked the concept of the project, and the coin increased its capitalization to $ 15.4 billion in a year (at the time of writing), getting in the TOP-5 largest cryptocurrencies. In this article, Bitnewstoday will tell you what made EOS so successful and also about prospects for the project.

What is EOS?

If you visit the EOS cryptocurrency website, you will know that EOS project is a blockchain-based technology platform that provides hosting services for smart contracts as well as enables vertical and horizontal scaling of decentralized applications.

The EOS platform simulates the operating system, which allows you to manage accounts, work with databases, plan application development processes, etc.

According to experts, in comparison with analogues, EOS project has some advantages. First, the system provides an easy access. To enter your EOS cryptocurrency wallet, you don’t need to use any keys. Huge combinations of letters and numbers are also not required, you just need to come up with a username and password. Restoration of access to the wallet can be done through data control, including specified when registering. It is also important that one wallet can be used by several users, and that is very convenient for projects.

Secondly, the developers increased the speed of transactions and made them absolutely free. The project documentation indicates that the speed of transactions will depend on the numbers of tokens the platform user possesses. It is also stated that the transaction time will not exceed a second.

Thirdly, EOS crypto uses the algorithm of delegated proof of possession of DPoS, which is considered to be the fastest and most effective among existing algorithms. Operations in the network will be confirmed by 21 participants selected by the owners of the tokens. New participants will be selected once a day.

EOS cryptocurrency: prediction 2018

However, a number of experts point to significant shortcomings of EOS cryptocurrency in 2018. The first disadvantage implies from its advantage — using a DPoS algorithm. Specialists note that such kind of consensus which puts the system at risk.

Restriction on the part of regulators is also considered as one of the possible threats. To minimize risks, EOS prohibits users with US and Chinese citizenship to buy tokens.

The developers promise to run the software to create EOS crypto applications on June 2, 2018. One of the most surprising facts about EOS is that the ICO project has been going on for a year, and will finish on June 1.

EOS cryptocurrency investment: a record-breaking growth of capitalization

At the time of writing, the EOS coin owns 3.5% of the entire capitalization of the сryptocurrency market. The total cost of its tokens is estimated at $ 15.4 billion.

The price of tokens on exchanges has increased more than 17 times. So, according to the data of Coinmarketcap, the coin appeared on the crypto exchanges on July 1, 2017. Then it cost about 1 dollar. At the time of writing the article, you can buy EOS crypto for more than 17 dollars.

Picture 1.Dynamics of the EOS coin value

The first significant increase in the value of the coin was recorded at the very beginning when EOS rose from $1 to $4 in three days. However, then until November, the value of the coin was at the level of one dollar. In November, against the backdrop of the overall rise of the market, the EOS cryptocurrency also grew rapidly in price and by the beginning of 2018 it cost about 10 dollars. Then came a series of growth and correction (from January to February 2018), during this period, the cost of EOS rose above $ 15, and then rebounded below $ 10.

From February to April, there was a period of correction, and the coin even broke through the lower level of $ 5, but from mid-April, a rapid growth began. It raised the cost of EOS to above $ 21. At the time of writing, the coin is trading at $ 17. EOS price prediction 2018 says that in the nearest future the coin will grow again.

Analysts note that the project has gained great popularity not only because of its concept, but also due to the fact that the key developer is Dan Larimer, a well-known personality in the crypto community.

The opinion of experts on whether it is worth to buy EOS cryptocurrency is shared. Some of them note that the project has great prospects and it really can be considered the most serious competitor of Ethereum. Other experts are more skeptical, they call the project tokens "senseless" and don’t recommend investing in the EOS coin. When considering EOS to be an investment tool, it is necessary to track news about the project and statements of the developers.