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Highlights
- EOSIO (EOS) is primarily a twin blockchain-powered network designed to allow developers to build decentralised applications (DApps) more easily
- Launched by the duo of Dan Larimer and Brenden Blumer, the EOS crypto is thought to be similar to Ethereum, which allows the development of smart contracts and other DApps
- The token ranked number 49 is trading at US$3.04 with a trading volume of US$771,317,223 over a day.
EOSIO (EOS) is primarily a twin blockchain-powered network designed to allow developers to build decentralised applications (DApps) more easily. Developed by Block.one in 2018, the network's primary objective is to make sure blockchain adoption is faster, flexible, and forward-driven.
Launched by the duo of Dan Larimer and Brenden Blumer, the EOS crypto is thought to be similar to Ethereum, which allows for the development of smart contracts and other DApps. But unlike the token ranked second, EOS transactions don't require any fees.
EOS operates on the delegated proof-of-stake (DPoS) consensus, which offers a real-time voting and reputation system used in the blocks.
The EOS token has registered gains of over 41 per cent in the past 30 days, according to CoinGecko. On 30 March, it was witnessing a gain of 3.25 per cent over the past 24 hours, as of writing.
Also read: 3 biggest DeFi hacks that have rocked the crypto world
Why is EOS up?
Although the exact reason for the rally may not be deciphered, EOS, over the past couple of days, has surged over 20 per cent after Brock Pierce revealed that the EOS protocol could witness significant changes and development in the coming months. On 28 March, the token had zoomed up in volume, skyrocketing by over 391 per cent.
Besides a focus on providing a better user experience, the protocol has also been focused on offering greater security and lesser friction for the consumers. The protocol is designed in such a manner so as to provide a higher degree of configuration and creation. Besides, it claims good transaction speeds and sub-second time latency, allowing the protocol to support critical applications.
Also read: How is Gala Games faring after its VOX NFT drop?
How is the EOS token faring?
The token ranked was trading at US$3.04 at the time of writing with a trading volume of US$771,317,223 over a day. The token had a live market cap of over US$2,991,287,294, with 985,584,562 EOS coins in circulation.
Bottom line
Investors of the EOS token might be hoping the rally will persist for the next few days but, at the same time, it's also important to note that cryptocurrencies are subject to market risks, are very volatile and can swing in either direction.
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