EOS (EOS) is set to enter the exciting moment the community has been waiting for. The state of the art V1.1.0 EOSIO release is set to attain the platforms’ speed and scalability making a good choice for decentralized applications. After the developer team failed to commission the Mainnet in June as planned, holders on EOS have every reason to smile.
Dan Larimer, the CTO block.one says that the creation of the EOS protocol as informed by Bitcoin failure to address key issues to meet the consumer ever increasing demand. Consumers are after transaction speeds. Dan Is involved in several other platforms and has founded blockchain based social network; Steem, Bitshares, a decentralized exchange and EOS.
Mike Novogratz, a successful trader, billionaire and head of Galaxy Digital has said that EOS potential cannot be underestimated since it is structured to support enterprise applications and currently, the platform is underutilized.
“It’s already doing 5,000 transactions a second. It should be doing 50,000 transactions per second in a few months.”
Novogratz has sited the EOS (EOS) delegated-proof-of -stake as on reason EOS can do much better that its current performance. He added that the platform has few block producers and when their computing power is put together, it stands out of the competition.
EOS (EOS) and Galaxy Digital Relationship
Galaxy Digital has invested heavily on EOS maker block.one in a bid to support other firms that on the ecosystem. In a recent interview the billionaire disputed the notion that EOS centralization might end up hurting the coin reputation but instead argued that the processing power is the driving force behind the ecosystem:
“The EOS ecosystem is built on a blockchain that’s called ‘delegated proof of stake’. And so, instead of having many, many staking agents, they pick 20. And because it’s just 20 and those 20 have big computing power behind them, the EOS blockchain will be much, much, much faster than the other blockchains.”
He also added that:
EOS is the first blockchain where commercial application can be built and experimented with. Lots of people find that very appealing. EOS’s critics say it’s not decentralized enough and that’s very fair debate, back and forth, that you can participate in. I believe that there will be markets for many different blockchains. We’ll see over the next three, perhaps four to five years which blockchains that other projects want to build on and which ones consumers value and place their trust in.”
Low Key EOS (EOS) Mainnet Launch
Several weeks ago EOS launched their Mainnet and contrary to the expectations of EOS holders, it did not spur the coin price and value. Instead the coin only triggered the coin sell-off at the $8 mark. However the anticipated increased transaction speeds is set to boost the price to the $15 handle as seen during the pre-launch session.
To achieve increased transaction speeds and scalability, a lot needs to be done on the EOS ecosystem and the next two years will be an exciting period for the project team and the community. The current EOS price could turn out to be a placeholder.
EOS (EOS) Price Recap
It is no doubt that the EOS price is headed to the support zone after a rejection at $9.25. This could spell a downtrend back to the $7.05 support level despite the moving average succumbing to the bear pressure. However, with the good news from Dan Larimer and Novogratz, the coin might scale new high in a short term rally.
The star of the month of July has been quite promising with institutions showing a comeback interest and this has seen many Altcoins revert to their green trading ways. However, EOS has been in the red the 24-hour trading session dropping 1.36% and 5.15% to the dollar and Bitcoin respectively to trade at $8.14.