EOS is a cryptocurrency which has been in the news for quite some time now. The currency has been around for a very short time as it started off in July 2017. With a market cap of $8.4 Billion – investors and traders have shown immense faith in the cryptocurrency. EOS has now climbed up to rank #9 in the list of top 10 currencies by market cap. What is even more incredible is the fact that it has done it in a relatively short period of time!
The success of EOS, however, could be a potential threat for Ethereum! Ethereum, which differentiates itself as a platform which allows running decentralized apps on its network now faces a competition from EOS. Over the next few years, EOS intends to take over Ethereum as the largest such platform for running decentralized apps.
Another testament to the fact that EOS is a strong contender in the markets is the way it was relatively unaffected by the market slowdown. While it did face a small dip where the price dropped to $11.8 – the cryptocurrency has since bounced back to $13.5 which isn’t that bad considering it has grown in value over the past one month. It is one of the few currencies which is currently valued higher than what it was 4 weeks ago.
Going by how quickly they have risen to popularity and the kind of technology that they are working on – Ethereum should be taking this threat seriously. Another reason that gives EOS an edge is the fact that Block.One – the company behind EOS, just announced a fund to invest into the development of EOS.IO software.
More importantly, TomorrowBC is a company which is a part of contributing to this fund. The managing partner of TomorrowBC is Derek Rundell, who is also a managing partner of Eric Schmidt’s TomorrowVentures! Eric Schmidt is a well know name in the world of technology as the Executive Chairman of Alphabet! This creates a possible link between the Google parent and EOS – giving it a much greater edge compared to many other cryptocurrencies.
Google in the past has shown immense faith in blockchain technologies and this investment might be a part of their long-term strategy. Ethereum must take notice of this development and take the competition seriously.