EOS (EOS) is considered one of those “Ethereum killer” coins – a blockchain platform that supports decentralized applications (dApps) while doing it faster and cheaper than Ethereum. While ETH is the original dApp coin, the transaction speeds are slow and the fees are a bit too high for crypto traders’ collective taste. That’s why there have been so many cryptocurrency options, like the EOS coin, that are essentially building the same type of network as Ethereum – but doing it in a more efficient way.
That’s one of my biggest issues with EOS: it has the same utility as Ethereum, but so do a lot of other up-and-coming platforms.
On top of that, this cryptocurrency (in its present state) is just another ERC20 token, meaning it was launched on top of the Ethereum network.
Let’s face it, the EOS coin is one of many Ethereum killers
The EOS coin has a huge and extremely enthusiastic fan base – that’s what has helped this coin break into the top 10 most valuable digital currencies list. This coin is currently the 9th most valuable cryptocurrency on the worldwide market, with a net value of $5.8 billion.
It’s stunning that an organization has amassed so much value without having a real product out on the marketplace for consumers to go and use. Yes, it’s working on a dApp-enabling platform where new tokens will probably launch – but the whole system is still pretty much a dream from our perspective at this point.
Just like with coins such as IOTA (MIOTA), it’s hard for a lot of investors to put their money on something that we don’t really know can compete with the many other (extremely) similar platforms being developed right now. Just think of TRON (TRX) and Dragonchain (DRGN) – or even coins like Verge (XVG) and Cardano (ADA). These are all pretty much cooking up the same recipe with slight variations: a cheap (or free) Ethereum network that is way more scalable.
The official EOS coin is on its way
When the main net of this platform launches, which should be mid-way through this year, the ERC20 EOS tokens will be converted to the new tokens – which will have a whole new utility on the network. Until then, however, the ERC20 version of the EOS token is pretty useless: app developers don’t need it to work on the system because the system isn’t live.
But, it’s pretty reasonable to believe that the price of this coin will get a boost once the tokens can be used on the functioning platform. Until then, it’s pretty much just new deals/partnerships and general hype that has lifted this coin’s price so high.
Hello, world! Introducing the new EOS focused MeetUp group in Atlanta.
Join us at https://t.co/QfQc6nsaTM for more information and info on future events. Looking forward to helping advance the community and networking surrounding @EOS_io in the Greater Atlanta Area. pic.twitter.com/G06vgZ5Yvy
— EOSAtlanta (@eosatlanta) February 20, 2018
Now, while this token is trading at around the $8.50 mark (which is nearly half of its peak price), is a pretty smart time to buy in. When the main net launches in June, you’ll get rewarded with the new coins – and their value is expected to grow as that date nears. You won’t be able to do anything with the current EOS coins yet, but you can at least trade them.
But, remember, that’s if you are willing to put your financial faith into this coin instead of the many other impressive Ethereum killers out there on the market.
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.