EOS Was Supposed to Be an Ethereum Killer – What Went Wrong?

Even some crypto players dubbed it the ‘Ethereum killer,’ but of course, skepticism started to appear on the scene. The now-smart contract platform sought to incorporate a delegated proof-of-stake (DPoS) consensus protocol, where there will be no user fees throughout the blockchain.

Nowadays, EOS price exchanges hands at $4.80, ranking in the 32nd place in terms of market capitalization, very far from some people’s expectations on the platform to kill the now-second world’s largest cryptocurrency by market cap. But what happened?

Block.one Role in The Saga

EOS early backers had their odds on Block.one, the software developer behind the EOS platform, as they expected the software firm to bring an added value to the coin. Instead, lots of EOS backers went frustrated over how Block.one separated itself from the administration of EOS, resting some sort of confidence towards the project.

Block.one was the pioneer in launching the ICO that made EOS a reality. In 2019, the firm had over $2 billion in fiat, and 140,000 in Bitcoin (BTC), with backers of the likes of Peter Thiel, PayPal co-founder. But, overall, there was no solid governance system created for EOS, bolstering, even more, the skepticism around the project.

But not everything is shady in the future of EOS blockchain and its platform. On-chain activity has started to pick up steam in favor of the bulls, as on a long-term perspective, the $4.00 level is still a critical demand area that keeps the buying force around the token alive.

Will We See EOS Price Reaching Soon a New All-Time High?

Of course, the road is still long to reach the yearly highs of 2021 hit in May at $14.90, but fundamentals around EOS are telling investors that, although the project is far away from being an ‘Ethereum killer,’ it remains alive as a must-watch altcoin in a crypto portfolio.

On August 19, the EOSIO market data – developed by AlgoTrader – was launched. The product gives free access to live market data throughout the EOS public blockchain. We can’t also forget that discussions around a possible EOS exchange going public in the New York Stock Exchange (NYSE) are also helping to boost the optimism around the project.

The exchange, dubbed Bullish, already has a private alpha version, implying that the plans are serious, and eventually, we might see a pick up in the bullish steam around the EOS price action. All the odds are on the table, and it’s a matter of time to see how things develop around the platform, considering the growing crypto adoption globally.

Leave a Reply

Your email address will not be published.

Related Articles
Read More

WTF Token Airdrop Event Leaves Bitter Taste For Users

Token Airdrop Gone WrongFees.wft is a platform which enables an individual to check how much they have spent on gas fees on the Ethereum blockchain. The service also shows the number of failed transactions, and the cost of such transactions. Meanwhile, on the evening of...
How Does Helium Work
Read More

Everything You Need To Know About Helium

The Helium network uses Internet-connected (IoT) devices for data exchange. Miners are providers of Helium Network coverage. Helium Hotspots utilize RF radio waves to provide coverage in exchange for Helium tokens. Its placement and antenna strength are key factors contributing to the earning potential of...