According to XBT.net, EOS (EOS) is the 9th largest cryptocurrency in regards to its market capitalization of over 6 billion at its current price of about $10 USD per EOS token.
However, over the past few weeks even with the dip in the cryptocurrency market, this cryptocurrency that was launched to trade around mid last year, has exhibited some impressive level of stability considering the fact that most other altcoins experienced a dizzily drop in price.
What is EOS (EOS)?
Taking a more optimistic perspective, EOS coin can be compared to Ethereum. It is basically a decentralized smart contract platform that provides an ecosystem for building decentralized applications (dApps). Touted as the fundamental solution to Blockchain’s thorny problems, EOS incorporates a delegated proof-of stake protocol that essentially acts as a community of dedicated delegates, responsible for transactional verification.
Unlike traditional Blockchain, it claims that its Blockchain DPoS (Delegated Proof-of-stake) protocol is capable of higher transactional volume throughput with rates ranging as high as 100,000 transactions per second. Furthermore, it claims a capacity to tackle the issue of transactional fees that has been a problem since the rise of the Bitcoin price. In fact, the coin proposes a zero transactional fee through the use of Horizontal scalability.
The Team Backing EOS?
Just the same way Ethereum is built on the Ethereum Blockchain so does EOS come with its own Blockchain called Block.one. Block.one is basically a Blockchain based platform that allows for the testing and creation of multiple decentralized apps.
With the idea to create a programmable patchwork, the developers of Block.one including EOS CTO Dan Larimer, are pushing towards the developments of a proof of stake concept that will enable decentralization of autonomous organizations on the platform. In fact, Larimer is credit as the inventor of this revolutionary concept and boasts of a profound reputation in the crypto space.
Can EOS (EOS) Really Take Down Ethereum (ETH)?
Speculations and future prediction about particular cryptocurrencies and their Blockchain protocols is nothing new in the crypto space. In fact, EOS has already had its fair share of attention with speculators mentioning its potential to outdo Ethereum thanks to the combination of Block.one and the EOS cryptocurrency.
Undoubtedly, Ethereum has already established itself as the biggest Dapp platform in the crypto space and whether EOS and Block.one will manage to scale that height is unknown. However, if the developments in EOS are anything to go by, there is no doubt that EOS can stand the test of time as the most powerful infrastructure for decentralized applications.
Bitfinex to set up a Decentralized Exchange
For instance, Bitfinex (a leading exchange in the crypto space) has just recently announced a move set up a decentralized exchange based on EOS’s Block.one Blockchain platform. The new decentralized exchange will go by the name EOSfinex and will not only enable scalability of EOS as a Dapp platform but also solve the age-old problem of decentralized exchanges that charge exorbitant transaction fees.
In a statement by J.L van der Velde (CEO of Bitfinex), the cryptocurrency exchange is “excited to leverage EOS.io to further advance the field of high performance and trustless on-chain exchange. Block.one continues to display an unwavering dedication to improving Blockchain scalability through the EOS.IO platform.”
Obviously, if the execution by Bitfinex becomes successful, and further development into the EOS platform is achieved, EOS (EOS) will be on its way to competing pound for pound with the big players of the crypto space. For now, all that cryptocurrency enthusiasts can do is wait and see.
For a more thorough analysis, see our article on EOS (EOS) Vs. Ethereum (ETH).