The crypto market is on the decline again. Over the past seven days, the Bitcoin price has fallen by almost 11.8%. The EOS course, on the other hand, shows a good performance. Over the past seven days, the price has increased by almost +17%. In this article we will discuss possible scenarios for the further development of the EOS course.
What is EOS?
EOS is a delegated Proof of stake (DPoS) blockchain that was launched in mid-2018. The project relies on smart contracts and can process a high number of transactions per second (TPS). This is achieved by a finite number of nodes (21) that generate the new blocks. EOS has had the most successful ICO to date, taking over $4 billion in the process.
EOSIO is a protocol based on the delegated Proof of stake consensus mechanism behind the smart contracts. The number of block producers is limited to 21. There are several networks built on the EOSIO protocol.
EOS works with a resource model. Everyone who wants to use EOS acquires a share of the network resources. Users can then use them as they wish. The resources are called liquid in the form of the EOS tokens themselves. If you want to convert EOS into resources, you have to lock (stake) them. If you want to liquidate the resources again (de-staking), you have to wait 3 days. The nodes are paid up to rank 89 with an annual inflation of 1%.
EOS price: RSI gives strong positive signals
At the time of writing this article, the EOS rate is $ 1.53. The EOS course has experienced a high flight in the last few days. Although the bears have prevailed at the daily level on the 200-day moving average, the market capitalization has increased by 9.5% and is currently at $ 1.65 billion.
While the crypto market is currently in a consolidation phase, EOS is more in a bullish mood. Due to brisk buying momentum, the EOS price reached a monthly high this week.
It is to be expected that EOS will remain relevant in the next few years as one of the most flourishing crypto projects on the market. In addition, the features of EOS are increasingly in demand by blockchain developers around the world, which will certainly help to push the EOS price further upwards in the next decade.
On the daily chart, the RSI indicates that buyers are now optimistic and will soon move the EOS price above the resistance at $ 1.6.
Price prediction: why is the EOS price rising?
EOS Global is currently working with various blockchain projects that require fast transactions and a straightforward DApp platform. EOS enables the fast execution of transactions at exponential speed with a maximum of 2 million transactions per second.
The EOS price recently rose after the company reached an agreement with investors who believed that the project violated US securities laws because it did not register EOS as a security with the country’s Securities and Exchange Commission (SEC). This agreement has an impact on Block.one, the company responsible for the development of the EOSIO blockchain, which has already invested $ 4 billion in more than 100 projects in the crypto world, including raising funds for the further development of the EOSIO network.
Block.one has decided to make $ 27.5 million in compensation payments, which have already been conditionally approved by the US District Court for the Southern District of New York. According to the main complaint, Block.one issued ERC-20 tokens to U.S. investors to fund EOSIO’s expansion without reporting the sale to the country’s financial regulator.
EOS Foundation draws conclusions
This week we are revealing the highly anticipated EOSIO rebrand, and next month, $EOS will activate its v3.1 consensus upgrade (hardfork).
🧵 Here’s what you need to know about #TheNewEOS. 🧵
– Yves La Rose (@BigBeardSamurai) August 15, 2022
Also, the CEO of the EOS Foundation, Yves La Rose, tweeted that the company will rename the blockchain before the implementation of the hard fork, which is scheduled for September 21. La Rose stressed that the company block.one was fired last year and took over the management of the network. Nevertheless, you can not change the code of the blockchain, because the intellectual property is with a block.one of the affiliated companies.
To circumvent this restriction, the EOS Foundation will initiate a hard fork of the blockchain, which will allow the company to gain full power over all upcoming changes and further developments of the network. Regarding the possibilities of blockchain, La Rose said that the rebranding of EOSIO and the hard fork of EOS is a crucial component of regeneration and marks the beginning of a new chapter.
