Why you shouldn’t ignore EOS? The cryptocurrency market has been in a bearish mood during 2018. The market was in a bullish phase in the month of December last year and ever since then, it has been cooling off. Even the 4 biggest cryptocurrencies namely Bitcoin, Ethereum, Ripple/XRP as well as Bitcoin Cash have been falling consistently. As a result, investors are actually worried about the cryptocurrencies in which they should invest.
USD / EOS Price Today
At such a time, of course, investors will be surprised to hear about newer cryptocurrencies like EOS. However, it is one of the cryptocurrencies which holds a lot of potential.
Launched in 2017:
EOS was launched in the event Consensus 2017. Block.one is the parent company of this cryptocurrency. It has been selling the tokens for almost one year now. In total, it has raised around $ 4 billion. Rather than taking the conventional ICO approach, it has decided to open a token sale for 1 year. The Chief technology officer of the company is Dan Larimer. He has created two other cryptocurrencies which are worth $ 4 billion each. The year-long ICO of the company will end on June 1, 2018. The total number of tokens which are in circulation currently are 1 billion. Only 100 million tokens are held by the parent company. The unique feature of this cryptocurrency is that even if you’re not using the tokens actively, you can get some kind of the tokens. The development team believes that EOS, has the potential to overtake Ethereum. Ethereum is currently the 2nd most valued cryptocurrency.
Can EOS, overtake Ethereum?
EOS can handle anywhere between 1000 transactions to 6000 transactions each and every second. On the other hand, when you look at the capacity of Ethereum, it can just handle 15 transactions each and every second. EOS does not have any transaction fees. Ethereum, on the other hand, has significant transaction fees. This is the reason why EOS can actually gain a significant amount of traction.
The development team:
The Chief Technology Officer of the cryptocurrency, Dan Larimer has in the past also founded Bitshares which can handle volume which is equivalent to NASDAQ. This clearly proves the fact that there is no dearth of talent in the development team. This is another reason why EOS can actually rise significantly in the future. Thus, instead of ignoring this cryptocurrency, it is a good idea to find out more about it. It can surely increase in the future due to the immense potential which it has due to the above few reasons which we have highlighted. Keywords: Eos price today, eos price prediction 2019, eos news today
Incentives for developers on the EOS blockchain
Block.one, the developer of the EOS platform has deep pockets at the moment and has pledged to invest in its development. This was illustrated earlier this week when they partnered SVK Crypto and revealed a $50 million fund for developers seeking to build on the EOS blockchain ecosystem. A PR by the two said in part that: “It will invest in projects that are building on the EOSIO blockchain platform, with a focus on decentralized applications (DAPPs) for social media, data ownership, data control, technology platforms, supply chains and logistics. This includes established or early-stage companies that have started exploring EOSIO or are building software on the platform” It’s still early days, but pulling developers is one way of rallying the community and a bullish community may just be what it needs to push the prices higher. Of course, this will also work in tandem with a wider positivity around the general crypto community. There are question marks over the platform’s governance systems, especially the 21 block producers who are seen as a potential weak link and point of vulnerability. EOS maintains its dPoS (delegated proof of stake) is the best. That remains to be seen, but if all goes as planned, and then reaching higher price values in June won’t be that difficult.
If EOS manages to navigate free of the red zone and picks up a nice trend in coming days, its price could rally. There’s no telling what may happen next, but certainly gaining by 50% in the next 20 days isn’t beyond one of the most exciting blockchain projects. Watch this coin- $25 in June is very much achievable.
The Top 100 Holders of EOS Own 75%, or $11B Worth
The EOS initial coin offering (ICO) has generated news for a variety of reasons. Not least among them is the distribution of wealth among its token holders. (See also: What Is Wrong With EOS, the Cryptocurrency?) According to a post on the online platform Reddit, the top 100 addresses, which are used to identify holdings for nodes on the cryptocurrency’s blockchain, account for 75% of total distributed coins. At current prices for EOS, that figure translates to approximately $11 billion in monetary terms. The statistic for wealth distribution becomes even more skewed when you consider that the top 10 EOS holders own half of the total coins distributed during the ICO. The largest holder of EOS tokens is the development firm Block.one, which owns approximately 10% (or 100 million) of all distributed tokens. If you remove Block.one’s share of the overall total, then the share of top 10 and 100 holders drops by 10%. Those statistics, however, come with a caveat. During transition of the code from a test environment to mainnet—a production environment where the cryptocurrency’s code goes live—exchanges have banned withdrawal of EOS tokens. Effectively, crypto wallets with EOS tokens are frozen since the day that the ICO ended. It is likely that users will begin transacting and EOS token balances for addresses will change after the mainnet is live.
The Unequal Distribution Is Not News
The unequal distribution of wealth in the cryptocurrency ecosystem is not news. Bitcoin has a similarly skewed circulation. BitcoinPrivacy has estimated that 5,500 addresses, each containing at least $5 million each, account for half of the current stock in the cryptocurrency. (See also: Cryptocurrency Billionaire Rankings: Richest People In Crypto.) In the case of EOS, an unequal distribution of wealth has governance implications. This is because the cryptocurrency uses the delegated Proof of Stake (dPoS) system for governing its ecosystem. The system assigns votes based on stakes of cryptocurrency holdings for each node. This means that the top 10 (or even top 100) token holders can impose their diktat on the EOS ecosystem without any opposition. For a supposedly decentralized monetary instrument developed in response to the centralized nature of the existing finance ecosystem, the wheel has turned a full circle.
Everything You NEED to Know About EOS
The formal release of EOSIO 1.0, shipped by development company Block.one, has come after a year-long ICO. With the ICO Block.one raised an impressive $ 4 billion in total to finance the EOS project. It is by far the largest ICO ever, even bigger than many IPOs on the stock market. Is EOS the Ethereum killer and is it still a good time to invest in the project? This article will hopefully give you more background information to help you make that decision.
EOS is the largest ICO ever to date. Earlier this year, messaging app Telegram raised another $ 1.7 billion through a private placement after which it canceled the ICO. EOS, the project!
With EOS, Block.one hopes they can speed up the adaptation of blockchain technology. EOS is a blockchain-based, decentralized system that enables the development, hosting, and execution of commercial-scale decentralized applications (dApps) on its platform.
EOS aims to be the platform where developers can easily build applications. Although this is already done by Ethereum, EOS wants to distinguish itself based on scalability (many transactions per second) and transaction costs (free). As mentioned, with EOS it becomes possible to build applications on the EOS blockchain. These apps will then become completely decentralized organizations, which can all choose their own path in terms of the project’s purpose. The same formula that has proven to be very successful for Ethereum. – EOS is Designed With Scalability in MindThose who have been active in the crypto world for a while, probably already have read about the current scalability problems multiple times. Especially for Bitcoin (4 transactions per second), it is a big dilemma. Bitcoin already had several hard forks trying to resolve the matter. Perhaps to a lesser extent, but also for Ethereum the scalability issues are currently playing a big role. Why is scalability a problem? Currently, Ethereum has the capacity to perform up to 15 transactions per second. Not enough if crypto wants to become the ‘next big thing’. For comparison: Paypal can handle almost 200 transactions per second and Visa approximately 24.000 transactions per second.
The Internet of Things, however, requires hundreds of thousands of transactions per second. Although Ethereum claims to solve the scalability problems with the update called Plasma, there are projects such as EOS aiming to take over the throne in the meantime. Dan Larimer, the creative mind behind EOS, is a huge believer in Blockchain. Larimer believes everything will go through the blockchain in the future. To make this possible, it requires a huge amount of transactions per second to keep everything running. ‘Facebook requires 50,000+ transactions per second for likes. This is only for likes, not the shares/comments and other things that are possible.’ In order to run all these different applications on a single platform, something clearly had to be done, according to Dan Larimer. In theory, EOS should be able to handle more than one million transactions per second in the future. Sounds promising! – Transaction fees Transaction fees are, next to scalability, often a topic of discussion. Bitcoin believers once used the network’s near-zero fees as a selling point. On December 23, however, a peak of $34 per Bitcoin transaction was reached. Because of this, video game maker Valve stopped accepting bitcoin payments for its Steam platform in December, writing that “it has become untenable to support Bitcoin as a payment option”.
Although the Bitcoin fees have gone down enormously since then, it makes people wonder how we can reach a world-wide adoption of cryptocurrency, if these kinds of fees have to be paid. It is, therefore, promising to see that EOS is ensuring fee-less transactions. Letting users interact without having to pay fees is more user-friendly, and is therefore encouraging real-world use.– Delegated Proof of Stake EOS uses the Delegated Proof-Of-Stake (DPOS) consensus mechanism. DPOS works similarly to Proof-of-Stake (POS), though it involves the approval of the block validator through a voting system. Any person who participates in the EOS blockchain and holds EOS tokens is able to vote for a validator. Due to the fact that there are no “miners” involved, participants in the EOS blockchain do not have to pay transaction fees that go towards the incentivization mechanism needed to keep the blockchain functional. Furthermore, since there are no fees needed for the blockchain to keep functioning, applications that are built on EOS’ blockchain are able to decide whether to offer their services for free or whether to charge their users. The possibility of the ‘freemium’ model is important as it allows developers to be able to build on EOS without the need for any fees. – EOS’ founder: Dan Larimer Although the scalability and transaction fees are unique selling points for EOS, the biggest hype surrounding the project still comes from the founder: Dan Larimer. Larimer is responsible for Bitshares and Steemit and has, therefore, already proven that he can actually perform something and make it successful.
Besides Bitshares and Steemit, Dan Larimer became a very big name in the crypto world because of things he introduced. Larimer is responsible for a few groundbreaking technologies. Among other things, he has introduced “delegated proof of stake” in the blockchain world, which can be seen as a republican form of Proof-of-Stake. The most famous technology he has helped the world, however, is the concept of decentralized autonomous organizations (the concept that Ethereum revolves around and why it ultimately became so big). Dan Larimer can be seen as a true cryptocurrency veteran. This gives the confidence that EOS will be at least as big, but perhaps even bigger than his previous projects Bitshares and Steemit. Things to keep in mind before investing!
– EOS has not proven itself yet When looking at all the plans for EOS it is hard to deny that the project can indeed revolutionize the crypto space. That said, there are still some doubts regarding the entire project. The biggest problem at the moment with the EOS is that the software has been out for just a few days, the Mainnet still needs to be launched.
Due to Block.One’s legal structure, they cannot create a Mainnet. It is up to the community of EOS people around the world to launch several “mainnets” and eventually the community will (mostly) align to one network as being the mainnet. This could take weeks (or months). Everything that has been written above mainly consist out promises from the EOS team that they are convinced they can make it happen. Time will, however, have to show if this is actually the case. Without a solid and an official Mainnet, EOS will be useless. – Dan Larimer’s future involvement The fact that Dan Larimer is one of the leads at the EOS project does not mean that the project will 100% certainly succeed. There are some rumors that Larimer has not been completely honest during his previous projects. Moreover, Larimer left both Steemit and BitShares very sudden. It is therefore advisable that you do your own research before stepping into this crypto. The question is what the price of EOS will do when Larimer suddenly leaves that project as well. – Competition Similar to the fact that EOS is a competitor of Ethereum, Ethereum is also a competitor for EOS.
EOS is operating in a highly competitive space within the blockchain industry as it is competing with big names like Ethereum, NEO, Stratis, and Lisk (just to name a few). It will thus be a long uphill battle for EOS to position itself in a leadership position among competing platforms that already have been around for a while. – What is going to happen with the invested $ 4 billion? As mentioned at the beginning of this article, Block.One raised an impressive $ 4 billion during the year-long ICO. It is, however, yet unclear how Block.One intends to use the money gained through its token sale. Block.One now has a vast war-chest that can immediately be put to use against competitors like Ethereum, but will they also do this? Block.One has made clear that there is no intention of continuing to develop the project over time.
Block.One does, however, intend to allocate over $1 billion to funding companies that seek opportunities to build on top of the EOS system. Although this is already great, it does raise the question what will happen with the remaining $ 3 billion. – Total Circulating Supply Currently, EOS has a total circulating supply of 900 million in the market, with a max supply of 1 billion. This is far more than most blockchain projects. Ethereum, for example, has acirculating supply of 99 million and Bitcoin has 21 million. Investors are afraid this huge supply will suppress the price in the long term. They would rather see a lower supply because if there are too many coins in circulation, the upside potential is limited. No investor wants a price ceiling on their potential returns. Conclusion
EOS clearly has the potential to shake up the crypto market and perhaps even become number #1 in the long term. With Dan Larimer, the EOS team has a big name among them with a proven track record. That said, EOS needs to shake off a number of competitors and get rid of the doubts surrounding the project, to become truly valuable. If this happens, the current price of EOS will for sure be way higher than it currently is, especially if you hodl for another 2-3 years.
EOS Price Could Decline Towards $4.00 Before Fresh Upside
- EOS price traded towards the $6.00 level and later corrected lower against the US Dollar.
- The price declined heavily and broke the $5.08 and $4.90 support levels recently.
- There is a major bearish trend line in place with resistance at $5.20 on the 4-hours chart of the EOS/USD pair (data feed from Binance).
- The pair remains at a risk of more losses below the $4.50 and $4.40 support levels in the near term.
EOS price started a sharp decline against the US Dollar and bitcoin. The price is currently trading well below $5.00 and it may continue to decline towards the $4.20 or $4.00 support.
EOS Price Analysis
Yesterday, there was a sharp decline in bitcoin, Ethereum, ripple, litecoin and EOS price against the US Dollar. Earlier, EOS surged above the $5.80 and $5.90 resistance levels. The price even spiked above $6.00 before starting a strong downside correction. It broke the $5.50 support level and the 55 simple moving average (4-hours) to start a substantial correction. Later, there was a break below an ascending channel with support at $5.48 on the 4-hours chart.
It opened the doors for more losses and the price declined below the $5.28 and $5.08 support levels. Finally, there was a break below the $4.90 support area and the price recently tested the $4.60 level. A swing low was formed at $4.61 and the price corrected higher. It tested the 23.6% Fib retracement level of the last drop from the $5.49 high to $4.61 low. On the upside, there are many resistances near the $4.90 and $5.08 levels. There is also a major bearish trend line in place with resistance at $5.20 on the same chart of EOS/USD.
Therefore, if there is an upside correction, the price could struggle near $4.92 or $5.08. On the downside, an initial support is near $4.60, below which the price could decline below $4.50. The next major support is at $4.20, where the bulls may take a stand. The final target for sellers could be $4.00 before the price starts a fresh upward move.
Looking at the chart, EOS price is clearly trading in a bearish zone below $5.08 and $5.20. To start a strong upward move, the price must break the $5.20 resistance. However, a successful close above the $5.28 level and the 55 simple moving average (4-hours) will most likely push the price back in a positive zone.
Hourly MACD – The MACD for EOS/USD is gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI declined sharply below the 40 and it is currently just near the 25 level.
Major Support Levels – $4.60 and $4.20.
Major Resistance Levels – $5.08 and $5.20.
EOS Surpasses A Record 1 Million Accounts While Price Drops Over 8% Just Like XRP, XLM, & BCH
EOS Surpasses A Record 1 Million Accounts While Price Drops Over 8% Just Like XRP, XLM, & BCH
The fifth largest cryptocurrency EOS has achieved a big milestone as it exceeds 1 million accounts. Currently, these accounts, that are constantly on the rise, are at a record of 1,010,729. About 30k of these accounts have been added in the last 36 hours only.
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In another event, a sovereign nation, the Free Republic Liberland that was founded in April 2015 recently stated that it is looking to build an open source government to maximize the freedom of its citizens.
The country is building a Decentralized Autonomous Government (DAG) that attempts to combine the best elements of democracy, republic, meritocracy, and of course, decentralized autonomous organizations.
Now, for DAG, they have decided to build a new personalized chain on EOS.IO software as the country’s president Vít Jedlička explains,
“We have chosen EOS.IO because it’s a top-rated technology and it provides a lot of the features necessary to run country management on a blockchain. For example, it will allow us to have our national assembly, judiciary and even company registrations in one integrated system that can evolve over time.”
Market Goes Deep Red, EOS Records Highest Losses
As we move towards the end of the month, markets are slowly turning red as a pullback has been expected to be in order. While year till date EOS has surged over 90 percent, at the time of writing, it has been trading at $4.89 with 24-hours loss of 8.38 percent, as per Coinmarketcap.
While the leading cryptocurrency, Bitcoin is down about 2 percent, altcoins are falling harder, this has the BTC dominance rising to 54.5 percent. EOS is the highest loser among the top 10 cryptos followed by XRP, Stellar (XLM), Bitcoin Cash (BCH), and Binance Coin (BNB) that are down by more than 7 percent.
In the entire market, WAX is down the most by 16.81 percent losses. Meanwhile, today’s highest gainer and among the few, is Repo which is in the green by over 30 percent and then BAT which is seeing gains of 4.09 percent.
As cryptocurrencies keep on going red, the market cap is losing billions as well. From yesterday’s $185 billion, currently, it has slide down to $177 billion, losing $8 billion in the process.
EOS Price Prediction 2019: Buying this cryptocurrency might be profitable investment! – Price Analysis – Cryptocurrency News Today – Crypto News Today
Do you wish you got on the bitcoin train far back when 1309 bitcoins cost $1? Investing a dollar then will be worth a million dollar now. Come to think of it, within nine years, you would have become a millionaire. Hindsight though, they say is 20-20. EOS can be the next great investment for you.
There are some bold predictions I have for the cryptocurrency for 2019. I will do well to explain some reasons behind my predictions for EOS. According to Steemit writer ordinaryrich, it is very likely that EOS will be worth about $20 in 2019, purchasing one thousand units of the cryptocurrency will be a profitable investment if this happens. Below is a list of some possible events in 2019.
- Bitcoin and Ethereum’s dominance of the cryptocurrency market will reduce by about 15%. More cryptocurrencies are coming into the market, so this is a possibility.
- The cryptocurrency market will go up by about 4%.
- EOS may see a rise in its market capitalization; about 60% of Ethereum’s. if this happens EOS may rise to about $70.
This is a bold prediction. EOS may hit this price if more cryptocurrencies enter the market, the EOS community continues to grow. Even if all these happen, it is possible for some other factors to somehow contribute adversely or positively to the growth of EOS. This is just a prediction.
Table of Contents
What is EOS?
EOS is a blockchain-based, decentralized operating system, designed to support commercial-scale decentralized applications by providing all of the necessary core functionality, enabling businesses to build blockchain applications in a way similar to web-based applications.
The journey of EOS cryptocurrency started in mid-2017 by Dan Larimer, founder, and creator of Bitshares and Steem. Unlike most of the crypto coins, the ICO and token distribution period of EOS ran over a year. EOS aims to be the quickest platform for Dapps and can process over 50,000 confirmations per second. Ethereum successfully overcame the transaction issues of Bitcoin. Moreover, the Bitcoin blockchain does not support the excessive development of Dapps and DAOS. EOS has challenged the Ethereum blockchain by allowing much faster transactions. This will also enable EOS to create more advanced Dapps. This will also lead towards a future of tokenized economy globally.
Will Ethereum lose to EOS?
Since the inception of EOS, it has grabbed the attention of cryptocurrency speculators. Ethereum has already proved its worth as the biggest Dapp platform in the cryptocurrency world. But, the cryptocurrency experts say that EOS and its blockchain Block.one have the potential to overtake Ethereum. In fact, the rapid growth of EOS accentuates the prediction.
Pros of EOS
EOS is a Larimer project. Lots you can say about him, but what you can’t say after his inventing DPoS and writing BitShares and Steemit is that he doesn’t produce. AngelShares had the exact same terms as EOS, and it paid out as promised. Graphene, the implementation of DPoS they plan to use for EoS works and has been tested in BitShares for years now. It’s just a matter of implementing smart contract functionality, plus the other extras mentioned, on top of it. It’s not the greatest solution, but goddamnit it will scale if nothing else will.
Why so much FUD then? I think that’s pretty obvious. People want cheaper EOS. You don’t see so much FUD for a REAL scam, maybe a warning post.
What this ICO has taught me is that from now on if I see a downright onslaught of FUD that seems to be trying really hard, I’m going to pop that project to the top of my due diligence list.
A legit project announces a massive ICO and suddenly you have sockpuppets at EVERY. SINGLE. MENTION. of EOS for the entirety of the ICO period bashing it with every argument you can come up with? That’s a clear sign that greedy whales want more EOS.
Thing is about EOS; they might surpass ETH in no time. If you combine BitShares and Steemit. Those two hold way more network activity than ETH and BTC combined. EOS is about block.one, to onboard business onto the blockchain. They have developed real life products with use cases that are currently being used by people who have NO idea its blockchain nor have any clue what cryptocurrenices are.
And that tbh, is the future. When normal people are using blockchain without knowing it.
ETH are a million years away of actually handling daily transactions we see today. To be able to be “the one protocol” it will need to handle several millions tx a second. Currently we are at 30 something a second.
Another funfact is that; EOS already hold more ETH than the Ethereum foundation. and the ICO has just started.
All that being said; The EOS token we see today holds no real value, it has NO purpose as stated in their whitepaper.
Cons of EOS
EOS seems shady, irresponsible, and extremely dangerous to the crypto ecosystem.
I know there is tons of promise around the EOS project and it has a strong team, but I can’t help but question their decision to structure their ICO the way that they did.
The EOS Token sale will be conducted on a continuous distribution model for 1 year. 1,000,000,000 (one billion) EOS tokens will be minted at the start of the sale. These tokens will be split into different rolling windows of availability.
The tokens for a window will be split proportional to all contributions made during the window period.
For example 20 EOS are available during the window Bob contributes 4 ETH Alice contributes 1 ETH Bob contributed 80% of the total contributions and gets 16 EOS Alice contributed 20% of the total contributions and gets 4 EOS At the start of the sale, 20% of the total minted tokens (200,000,000 EOS) will become available during a 5 day window.
The remaining 800,000,000 EOS will then be split evenly into 360 one-day windows of 2,222,222.222222 EOS tokens each.
369 days after the creation of this contract the EOS ERC-20 token will be frozen and non transferrable.
This whole structure feels incredibly shady and manipulative to me. Essentially they will be selling an unproven token to the public priced entirely on future promises, and pitting prospective investors against one another to drive the cost of tokens up. The fact that tokens will be traded on exchanges immediately also offers market liquidity, essentially creating a never-ending demand for the tokens once the initial price is set by the initial 5 day window, or the “floor”. As long as EOS continues to feed positive news and hype to the public, there will be no reason for people to sell at below the floor price.
Early investors will feel pressured to keep the price above what they paid, and every day will basically be an arbitrage opportunity for people to buy EOS tokens from the contract at a price cheaper than what’s being bid on the exchange to make a profit, which will most likely cause more competition in the smart contract and drive the price up even further.
I’ve done some pretty extensive analysis of past ICOs in order to better my own chances, and I am one of the few who got into the BAT ICO, along with many others. Through all of my efforts I have developed some pretty clear metrics and different data points for determining the approximate demand for a particular token at ICO time.
Based on my analysis, I think the EOS ICO already has enough attention and draw to be on a similar level to BAT, which as everyone knows, sold out in the first 3 blocks. BAT was most likely the most hyped and anticipated ICO in the history of ERC-20 tokens, and EOS seems to be in a very favorable position to being the next ICO on that level.
Let’s say for the sake of example, that EOS will have a similar demand to BAT. Based on the raw BAT transaction data I pulled, roughly 709k Ethereum was sent to the BAT token address within the first 10-15 minutes of the ICO start block. 709k ETH at the current price of writing ($283.42) would put the total amount raised for the first window at over $200m. This would set the price of each EOS token at a “floor” of a little over $1 each.
Assuming there is continued interest in the token, and people continue to buy into the promise and potential of “the Ethereum killer” (I suspect people will continue diving headfirst into this due to the promises made by their vague and ambitious whitepaper with its many bold claims), they would very likely go on to raise over $1 billion in ETH over the course of the year, putting them at roughly 5x the net worth of the Ethereum Foundation right out of the gate.
If they truly believed in their own idea and its future success, why not do the same thing as what Ethereum or other ICOs did by holding onto a significant portion of your their coins with the belief that they would appreciate over time, rather than selling all or almost all of it and exposing the crypto space to that level of risk just to secure an unreasonable amount of funding up front? Why would ANY crypto project need to raise more than a couple hundred million for initial development and operations up front, let alone over a billion?
This is one of the reasons why ICOs simply raise what they need to operate- if the project goes well, everyone wins, and they not only add value to their own pockets, but to the entire ecosystem as a whole as well. If they fail, well, they don’t get to walk away with a billion dollars.
I really hope I am wrong, but there are so many red flags with this ICO that I felt like I couldn’t just stand by without posting about it. This whole thing feels a bit devious and nefarious to me, and it makes me sick to my stomach.
EOS is being hyped up as “the Ethereum Killer”, and I agree, it does actually have huge potential to be kill Ethereum, but not by having better tech. Instead it would be by tarnishing the crypto sector so severely when the scam falls through and there is Bernie Madoff level news coverage on this, making new investors not want to touch crypto with a 10 foot pole.
This all sounded pretty good to me so I checked out the Telegram channel, the whitepaper, and then looked into the github. I was surprised to see only 2 real contributors on the repo (Dan himself and Nathan Hourt). With only 152 commits I assumed it was just very early days and that they had a long way to go, but I kept thumbing through commits until I saw the commit msg on this one:
“Remove cruft, rename BitShares -> Eos”
Definitely feels weird.
Then last night I was watching Vlad on Bitcoin Uncensored and Chris DeRose made a passing jab (for whatever that’s worth) about Dan spinning up cryptos, cashing out and leaving the community to clean up the mess.
I don’t think many people realise what they are offering. Block.one (EOS) will not be launching the blockchain. It won’t be Dan Larrimer who will be launching the blockchain. What they are doing is providing software (which they are essentially just copy paste large parts of bitshares, steem by making it open source (they have said the development would only take a couple of months) and selling it via ICO. It’s then up to someone else to want to create the blockchain using the software and they optionally have the right to use the EOS tokens for the first block for which people can claim their tokens back.
As its open source technically anyone could just launch their own token anyway using the code and not have anythign to do with EOS tokens and create their own ICO
From their slack channel: When the distribution on ethereum (of 1 billion ERC-20 Tokens, which we are calling EOS), finishes, it will be frozen in place. After that time, any blockchain launched using the EOS.IO software, which is being developed by the block.one team, can use that distribution as the very first block.
Once that first block is launched and the blockchain starts to propagate, people will be able to claim their ownership of the tokens on that blockchain (probably also called EOS, but who knows?), using the private key that held the ERC-20 tokens at the end of the distribution
i would also link to their terms and conditions but appears the link is no longer available but have copied important sections below. Feel free to google
EOS TOKENS HAVE NO RIGHTS, USES OR ATTRIBUTES
The EOS Tokens do not have any rights, uses, purpose, attributes , functionalities or features , express or implied, including , without limitation, any uses, purpose, attributes, functionalities or features on the EOS Platform. Buyer should not participate in the EOS Token Distribution or purchase EOS Tokens for investment purposes. EOS Tokens are not designed for investment purposes and should not be considered as a type of investment. Within forty eight ( 48 ) hours from the end of the EOS Distribution Period, all EOS Tokens will no longer be transferable and the EOS Token Contract will prevent all further transfers and public key mappings. At this point , the distribution of EOS Tokens will be complete . Buyer acknowledges,
understand s and agrees that Buyer should not expect and there is no guarantee or representation or warranty by Company that: ( a ) the 5 EOS.IO Software will ever be adopted; ( b ) the EOS.IO Software will be adopted as developed by block.one and not in a different or modified form; ( c ) a blockchain utilizing or adopting the EOS.IO Software will ever be launched; and ( d ) a blockchain will ever be launched with or without changes to the EOS.IO Software and with or without a distribution matching the fixed, non transferable EOS Token balances.
Furthermore, EOS Tokens will not have any functionality or rights on the EOS Platform and holding EOS Tokens is not a guarantee, representation or warranty that the holder will be able to use the EOS Platform, or receive any tokens utilized on the EOS Platform, even if the EOS Platform is launched and the EOS.IO Software is adopted , of which there is no guarantee , representation or warranty made by Company .!The FOMO on not catching the next episode of crypto blastoff is real, but this one worries me.
Introduction to EOS
EOS іѕ a blосkсhаіn-bаѕеd, dесеntrаlіѕеd ореrаtіng system, dеѕіgnеd tо ѕuрроrt соmmеrсіаl-ѕсаlе dесеntrаlіѕеd applications by providing all оf the nесеѕѕаrу соrе funсtіоnаlіtу, enabling buѕіnеѕѕеѕ tо build blockchain аррlісаtіоnѕ іn a wау ѕіmіlаr tо web-based аррlісаtіоnѕ supporting transactions and currency exchange. 20% of thе EOS tоkеn ѕuррlіеѕ were ѕоld for about $185M in ETH оvеr thе fіrѕt 5 days of thе 341-dау lоng tоkеn ѕаlе. 10% аrе reserved fоr blосk.оnе. Thе structure оf thе token ѕаlе іѕ such thаt thе remaining 70% of EOS tоkеnѕ wіll be рrоduсеd аnd sold at market vаluе.
When EOS was created and who did it
EOS іѕ an Ethеrеum-lіkе blосkсhаіn tесhnоlоgу, сrеаtеd bу Dаn Lаrrіmеr. Thе ICO of thіѕ рrоjесt ѕtаrted оn Junе 26, 2017, аt 13:00 UTC. Dan Lаrrіmеr hаѕ also created twо vеrу ѕuссеѕѕful рrоjесtѕ: Bitshares аnd Steem.
How EOS works
EOS іѕ ѕіmіlаr to a dесеntrаlіѕеd ореrаtіng system, іt mеаnѕ thаt developers can buіld their own аррlісаtіоnѕ. Owning EOS соіnѕ is a сlаіm оn server rеѕоurсеѕ. A dеvеlореr needs tо hаvе EOS соіnѕ tо use thе EOS blockchain. However, dеvеlореrѕ wіll nоt ѕреnd thе coins to use thе ѕеrvеr rеѕоurсеѕ; they juѕt need to prove thеу hold them.
This ореrаtіng ѕуѕtеm is hоѕtеd on servers (data centres) whісh in rеturn are also blocked рrоduсеrѕ. Block rewards in EOS аrе thе incentive fоr thеѕе ѕеrvеrѕ tо hоѕt EOS applications. The applications runnіng оn thіѕ dесеntrаlіѕеd OS wіll be аblе tо communicate with еасh оthеr; thеrе are also mеаѕurеѕ to “firewall” аррlісаtіоnѕ. Aррlісаtіоnѕ uѕе very common funсtіоnѕ ѕuсh аѕ uѕеr/раѕѕwоrd, uѕеr іntеrfасеѕ, bасkеnd/dаtаbаѕе mаnаgеmеnt. Thіѕ means that аррlісаtіоnѕ саn ѕhаrе frameworks оr lіbrаrіеѕ whісh mаkе dеvеlорmеnt faster, mоrе ѕесurе and lеѕѕ tесhnісаl.
Pros of EOS
EOS’s plan іѕ tо bе used bу thе mainstream. It is built tо bе ѕсаlаblе and upgradeable. It is only a matter of time untіl mаіnѕtrеаm adoption; ѕо EOS bеіng a coin thаt іѕ buіlt to handle thе mаѕѕ аmоunt оf vоlumе that wіll соmе аlоng with mаіnѕtrеаm uѕе is a bіg advantage. Also having thе ability to be іntеrореrаblе with оthеr chains is a рluѕ.
EOS hаѕ Dan Larimer bеhіnd іt. He has ѕеt оut аnd completed hіѕ раѕt wоrk, and is devoted to developing and supporting EOS.
Cons of EOS
Thе соnѕ fоr EOS аrе nоt dіffеrеnt fоr аnу other cryptocurrency. There іѕ a lot оf work thаt іѕ unрrоvеn thаt lауѕ аhеаd. There іѕ also thе соmреtіtіоn thаt іѕ рrеttу stiff. Yоu аlѕо hаvе to hаvе dеvеlореrѕ want to uѕе аnd bе incentivised tо uѕе the platform.
EOS still needs tо be рісkеd uр bу the mainstream which is a very daunting task. It wіll bе hard tо gеt big business tо dесіdе to move оvеr tо іtѕ OS аѕ орроѕеd to mаkіng thеіr оwn оr uѕіng thеіr аlrеаdу еxіѕtіng one.
Missed the initial bitcoin wave? Try smaller cryptocurrencies like stellar and neo, says strategist Tom Lee
Other cryptocurrencies will gain value this year, marking the start of the “Great Crypto Rotation,” says Bitcoin Bull Tom Lee.
“The rotation we’re referring to is among the smaller alt-coins and the large platform tokens,” Lee says.
Other coins offer different functionalities.
But Lee still expects bitcoin to reach $25,000 by year end.
Bitcoin bull and Wall Street investor Tom Lee said this year is the beginning of the “Great Crypto Rotation.”
“We think 2018 is going to be a story about rotation,” Lee told CNBC on “Fast Money” Monday night. “But the rotation we’re referring to is among the smaller alt -coins and the large platform tokens.”
Lee, who is co-founder and head of research at Fundstrat Global Advisors and one of Wall Street’s earliest investors in bitcoin, points to alt-coins, or smaller coins with a market cap of less than $3 billion, that have rallied more than 300 percent in the last four years, as evidence of the crypto-rotation trend.
“That generally marks a peak and then we start to see rotation into large cap-quality tokens,” said Lee, who pointed out that in January 78 percent of small caps tokens rallied at least 300 percent in the last three months. “We’re starting to see this move into the top 10 tokens and that should actually help large caps rally.”
While bitcoin has been the market leader in digital currency, the popular cryptocurrency took a hit earlier this month when it lost more than a third of its value, plunging from its December high of $19,500 to less than $10,000. Meanwhile, other cryptocurrencies have done quite well during the same period.
Alt-coin raiblocks, which has a market cap of less than $3 billion, is up nearly 600 percent. Other cryptocurrencies with higher market caps, including stellar, neo, ripple and ethereum, have also outperformed during the same period.
The rotation of cryptocurrencies allows investors who missed the initial wave of digital currency investment with bitcoin to invest in other digital currency assets, Lee said. And while bitcoin’s specialty is “digital gold,” other digital coins dive into the larger crypto market, offering other options, such as that of payment systems.
In a note Lee said his firm considers bitcoin’s fluctuating prices, “very healthy given the strength of the gains seen in 2017.”