As Tron (TRX) steals the spotlight with its own MainNet launch on the 31st of May, EOS (EOS) is also preparing for its own launch MainNet on the 2nd of June and at 22:59:59 UTC time. The current countdown available online shows that we are less than a week from the launch.
Back in Mid April, EOS managed to edge out Litecoin (LTC) from the number 5 spot according to coinmarketcap.com. This happened around the 11th of April, EOS jumped by 31% in value to trade at $8.76 and taking the number 5 spot from Litecoin. EOS has since held on to that position with a market capitalization lead over LTC that is now at $4.2 Billion.
The next contender for EOS on the list on coinmarketcap.com is Bitcoin Cash (BCH). The coin is holding on to the number 4 position with a market cap of $17.623 Billion at the moment of writing this. The gap between BCH and EOS is of a market cap worth $6.563 Billion. To catch up with BCH and edge the coin out of the number 4 spot, EOS will have to be valued at $20. EOS had reached this value and surpassed it on the 29th of April this year when it peaked at $21.46.
But many crypto-enthusiasts believe that EOS has its sights on a ‘bigger fish’ in the name of Ethereum. Many believe that EOS will be the Ethereum killer in terms of being the platform of choice for developers creating decentralized apps and even in terms of market capitalization. To note is that the Ethereum network has been hit by issues with regards to its security and scalability. The ETH network has been found to have over 34,000 vulnerable smart contracts with the most famous being the Parity incident that leftover $200 Million in ETH locked up indefinitely in a smart contract.
The Ethereum platform has also been recently clogged due to Crypto-kitties and other DApps such as Pepe the Farmer and Shrimp farming. The current backlog in transactions stands at over 27,000 in the Ethereum network and according to Etherscan.
This then gives EOS the chance to prove itself in terms of providing a secure and more scalable option to that of Ethereum. The current Technical Paper of EOS available states that EOS will be a new blockchain architecture designed to enable vertical and horizontal scaling of decentralized applications. This will solve the transactions per second issue seen in Ethereum. In terms of security, EOS has introduced a time-based security option where certain actions must wait a certain time before being executed.
The rest of the capabilities of EOS can be read on the whitepaper. Another option will be to wait for the MainNet launch on the 2nd of June that is sure to bring some action in terms of boosting the value of EOS in the markets.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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