Today we’re going to take a look at one of the biggest names in cryptocurrency: EOS.
It’s one of the most famous smart contract platforms, after a year-long token sale that raised $4bn dollars. Unlike Bitcoin, EOS transactions are fast and free.
But this futuristic blockchain might not be all it’s cracked up to be. The delegated Proof-of-Stake network has been plagued by problems, starting with a clumsy main net launch that was delayed several days by bugs. More ominously, the delegates have been accused of supporting one another—effectively monopolizing what is, in theory, a system of fair elections.
That might not be the end of Dan Larimer’s troubles. Earlier this week, Charles Hoskinson warned that the government would likely crack down on EOS for selling securities to Americans. Although the EOS token sale was off limits to Americans, the tokens were easily bought on secondary markets.
But that hasn’t stopped people from supporting EOS, and users say that EOS’ delegate system is still more decentralized than Bitcoin. EOS dApps currently handle millions of transactions per day—far more than Ethereum.
Regardless, EOS’s price action hasn’t been able to catch up with its fans. Even though it saw some gains this week after reaching 9-month-lows last week, the price remains below the daily Ichimoku cloud. With that, doors may have opened for further drops towards the 78% Fibonacci retracement level of 0.0003 in the new year.
Now I’d like to hear from you. Are you #TeamEOS? Do you think its price has bottomed out at recent lows? Will you be buying EOS if it dips again? Let me know in the comments and subscribe to get more updates.