EOS is less than two months away from launching its full-blown decentralized application (dApp)-supporting blockchain platform, and the anticipation has buoyed this cryptocurrency’s price back up to $9.47. That means that this coin has reversed the losses it experienced in the first half of the week – and looks like it’s heading back toward the $10.00 mark.
This cryptocurrency is a serious threat to Ethereum (ETH), as we’ve discussed before, and – since then – there has been more development on this platform’s development journey.
EOS looks like it’s going to overtake Ethereum (ETH) this year
This coin, much like Cardano (ADA) and NEO (NEO), is one of the many up-and-coming alternative cryptocurrencies that pose a direct challenge to the dominance of Ethereum. Somewhat ironically, this blockchain was launched on the ETH blockchain – but it has improved upon it’s parent chain’s unfortunate qualities.
It essentially boils down to this: Ethereum is slow and not that cheap, and there are platforms in the works right now – like EOS – that are making it easier for any average person or business to interact with blockchain technology.
EOS means business, and is putting the cash into this project
Last month, the developer that started EOS announced a new partnership with Galaxy Digital LP. In the press release, it’s described as “a joint venture that is focused on developing the EOS.IO ecosystem and making strategic investments in projects that utilize EOS.IO blockchain software. As part of the new relationship, Block.one and Galaxy Digital will deploy capital for future investments through the capitalization of a new $325 million EOS.IO Ecosystem Fund EOS is growing its ecosystem”
The CEO of Galaxy Digital is Mike Novogratz, hedge fund manager. With this new joint firm launched last month, they have already started making big moves – to the tune of $30 million.
A global, decentralized and neutral encyclopedia
The EOS.IO Ecosystem Fund is investing $30 million into blockchain project Everipedia – which is a decentralized encyclopedia founded by one of the co-founders of Wikipedia.
— Element-115 (@element115coin) February 8, 2018
The coin will be launched on the EOS blockchain.
It will be interesting to see what other big-time projects like this are getting linked to the EOS coin and its ecosystem after this platform officially launches – which is supposed to be before the end of the first quarter.
Especially with NEO (NEO), there is definitely a lot of competition – but certainly enough room in the market for a few rivals.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.