EOS, the revolutionary of Blockchain landscape, is experiencing the biggest fall at the moment in the crypto market. EOS is currently trading at $7.53 and has declined against USD by 1.99%. EOS is exhibiting major fluctuations and is on a continuing downtrend. The MACD can be traced in the bearish zone. EOS is known to have the potential to replace Ethereum with their novel technology.
EOS is a crypto coin that was born from Ethereum. They promise to provide the most powerful decentralized applications. Reportedly, it charges zero transaction fees and can facilitate one million transactions per second. The EOS protocol chose to use a different technique for conducting transactions. It devised a strategy to develop an operating system-like architecture for decentralized applications.
According to the EOS technical whitepaper, “The resulting technology is a blockchain architecture that may ultimately scale to millions of transactions per second, eliminates user fees, and allows for quick and easy deployment and maintenance of decentralized applications, in the context of a governed blockchain”
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This protocol gives them an upper hand against Ethereum blockchain. The ETH blockchain facilitates transactions which are expensive and has slow transaction speed. Ethereum uses proof of work[POW] software while EOS employs the Delegated Proof of Stake[DPOS]. DPOS system is based on the concept of a democratic approval system. Developed by Dan Larimer himself, DPOS system was developed as an improvement to the proof of stake system. It consumes less electricity and is less centralized.
These factors give EOS a vantage point over Ethereum. Reportedly EOS could replace the Ethereum blockchain. However, this hasn’t happened yet and the coin seems to be performing poorly in the crypto market. EOS maybe in its growing phase but a let down like this in its market performance could be damaging for its future prospects.
EOS is currently ranked 5th on Coinmarketcap and is gaining against ETH by 5.55%. At the time of writing, one EOS is equal to 0.01684 ETH. EOS has the right technology coupled with a great team of developers headed by the tech genius, Larimer. It certainly holds an advantageous position over Ethereum however, has to grow further to beat Ethereum, the second largest coin by market cap in the crypto market.
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