Saturday, September 18, 2021

Protocol upgrades and Google Cloud integration lift EOS price 245% in 2021

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On April 16 EOS worth soared to a brand new excessive at $8.49 and the present market construction for the altcoin suggests there’s room for additional upside.

EOS initially made headlines in the course of the ICO craze of 2018 when its dad or mum firm Block.one raised a report $4 billion in funding to create the EOSIO software program and up to now three months, the altcoin has almost tripled in worth. 

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Information from Cointelegraph Markets and TradingView exhibits that since buying and selling at a low of $2.43 on Jan. 27, the worth of EOS has climbed 245% to set a multi-year excessive of $8.47 on April 16.

EOS/USDT 4-hour chart. Supply: TradingView

Three causes for the rally within the worth of EOS since late January embody the launch of the brand new EOS PowerUp mannequin, the discharge of the brand new EOSIO testnet by Block.one and the announcement of a collaboration with Google Cloud to advance the mixing of distributed ledger know-how with cloud computing and storage.

Protocol enhancements energy up’ worth momentum

Momentum for the EOS token started to select up in earnest in January as approached reaching consensus on integrating the brand new EOS PowerUp Mannequin which is designed to enhance useful resource allocation.

The PowerUp Mannequin is the EOS community’s resolution to the problem of transaction charges, which is at the moment one of many main points dealing with the Ethereum (ETH) community.

Underneath the brand new mannequin, customers have the selection of paying a small payment to energy up their account for twenty-four hours with CPU and NET bandwidth that can be utilized to meet transaction wants or they’ll deposit their unused tokens to obtain a share of the facility up charges generated by the EOS public blockchain.

As community congestion will increase as world adoption rises, networks that supply acceptable options to excessive transaction prices and latency considerations are prone to entice extra customers on the lookout for a clean consumer expertise.

New testnet ignites the rally

One of the crucial important sources of momentum for EOS and its group got here on April 1 when Block.one introduced the discharge of its official EOSIO Testnet.

In response to the challenge’s web site, a number of the options included within the new testnet embody a multi-node distributed community, one-click blockchain account creation, an embedded EOSIO explorer and the inclusion of snapshots that allow the fast syncing of EOSIO testnet nodes to make sure excessive uptime.

The brand new testnet launch is likely one of the most important releases to return out of Block.one because the protocol was initially launched in 2018 and offered a lift of confidence for group members who have been involved in regards to the January 2021 departure of Block.one chief technical officer and EOS creator Dan Larimer.

Momentum for the protocol was percolating in the course of the month of March on account of an ongoing hackathon that led as much as the shock launch of the testnet on April 1 and ignited a major worth rally over the following two weeks.

Google Cloud collaboration provides rocket gas to the rally

EOS received an added enhance to cost momentum on April 2 when Google Cloud posted an article discussing its collaboration with EOSIO and the way it’s serving to revolutionize the mixing of distributed ledger know-how with confidential cloud computing.

Google Cloud was additionally one of many foremost companions within the aforementioned hackathon and had the goal of serving to “construct functions that redefine the way forward for blockchain and cloud-based methods” which helps to mix the clear nature of blockchain with the velocity and safety supplied by cloud options.

Having such an lively relationship with a platform below the Google umbrella has given EOSIO elevated validity and the submitting of an EOS Grayscale belief in late January signifies that institutional buyers now have a neater technique to achieve entry to this rising ecosystem.

The views and opinions expressed listed here are solely these of the creator and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer includes danger, it’s best to conduct your individual analysis when making a choice.