Could EOS Be A Millionaire-Maker Coin?
EOS has been a good performer coin for its early investors. Is it too late to jump in?
EOS is a unique cryptocurrency that gained much popularity and heavy media coverage for its record-breaking ICO (Initial Coin Offering). EOS kickstarted 2021 at a price level of $2.60 and sits at $5 as of writing. It has returned 86.35% year-to-date.
There has been a significant rise in investor interest in EOS, and analysts predict that if EOS continues to rise in its value, there is a good chance that it could be a millionaire-maker coin.
Before getting into EOS’s potential as a viable investment, let’s see the factors that drive its value, EOS's unique characteristics, and price rally over the years.
What is EOS?
EOS is a third-generation cryptocurrency, initiated into the market in 2017. It is a unique user-friendly platform, designed to enable developers to build decentralized applications (dApps). EOS is the cryptocurrency token based on its actual network known as EOSIO.
EOSIO is a unique cryptocurrency that stands out from the first and second-generation cryptos in terms of scalability, transaction speed, and flexibility. It can handle a massive number of transactions per second compared to Ethereum and Bitcoin.
The EOSIO functions as an operating system for decentralized applications, just like Ethereum. It has some of the most popular services and functions that dApp developers require to simplify the entire dApp programming process.
The developers of EOS say that its unique protocol has the security of Bitcoin, the ease of programming of Ethereum, and scalability that exceeds Ripple, making it one of the most impressive cryptocurrencies in the market today.
EOS was launched by Daniel Larimer, who has also created several blockchain-based platforms like Bitshares and Steemit. Currently, it is owned by the Block.one organization. The whole team is working towards more developments on the network.
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Is EOS A Millionaire-Maker Investment?
EOS took a different approach to market its record-breaking ICO. The ICO officially started on June 26, 2017, and lasted for an entire year. About 1 billion tokens were distributed, as ERC-20 tokens by Block.one during the year following the launch.
The marketing strategy that the developers chose was a huge success. It secured over $4 billion during this event which was used for the completion of the EOS blockchain and ecosystem. The EOSIO blockchain was non-existent at the time of its initiation. Therefore, the developers choose Ethereum’s blockchain to issue the token and raise funds.
EOS had a tremendous start. There was a high surge in its price levels from its inception. Within just a couple of years after its launch, the price of EOS surged remarkably, hitting an all-time high of $22.89 on April 29, 2018. Eventually, it was established as a well-rounded blockchain platform known for its transaction fee removal.
Crypto analysts predict that EOS could be the next millionaire-maker coin as it has some smart features, such as the cloud storage tool included with the EOS development package. As a part of its all-inclusive approach, EOSIO facilitates dApp developers with server hosting and cloud storage.
Because of all these critical components, the EOSIO ecosystem provides the fastest-growing dApp protocols today. As of writing, EOS has a market cap of $6,120,386,034, securing the 22nd position in the CoinMarketCap ranking.
EOS has the potential to be a millionaire-maker, considering the significant growth that the cryptocurrency is predicted to experience over the next couple of years.
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Factors That Could Make EOS A Millionaire-Maker Coin
Various factors affect the price levels of EOS coins, making it a viable option for investors to secure a wealthy future. These are a few factors that drive EOS coins in the market today.
High Transaction Speed
The significant advantage that EOS has over its competitors is its higher transaction speed with fewer costs. Thanks to its distributed proof-of-stake (DPoS) mechanism, the blockchain network supports millions of transactions per second.
Compared to the first and second-generation cryptocurrencies, EOS is highly scalable in terms of transaction per second. It can seamlessly outperform major credit cards such as Visa.
An Efficient Consensus Mechanism
Despite using a highly power-efficient consensus protocol like Bitcoin, the EOS developers use a less energy-intensive network -the delegated Proof-of-Work consensus mechanism. It makes EOSIO an efficient and desirable blockchain network.
EOS uses a delegated Proof-of-Work protocol, along with BFT (Byzantine Fault Tolerance), which makes it one of the most secured blockchain networks of all time. Needless to say this also tremendously boosted the value of EOS in the market.
Upgradable And Transparent Smart Contracts
By deploying a standard transaction, all the smart contacts in the EOSIO are easily upgraded. Eventually, the process of upgrading the rules also becomes easy for block producers as it is also easy to upgrade the system contracts that set rules.
It is also highly transparent as users can view and audit all the upgrades they pass through the smart contract transaction. This feature gives users clear visibility on upgrades, when it was upgraded, and recent contract changes.
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Could EOS Be A Millionaire Maker?
EOS is indeed the perfect foundation for dApp developers. Additionally, the EOSIO project also aims to enhance the experience of users and businesses. Along with delivering less friction and greater security for consumers, it also unlocks flexibility and compliance, for enterprises.
The dedicated team of Block.one is still working hard to add further innovations and developments to the platform. With its increased efficiency and scalability it has a band of dedicated investors. Considering all these factors, EOS could be a millionaire-maker coin in the coming decades.
A Final Word
EOS has one of the most significant trading volumes, and its market capitalization is also growing exponentially. The cryptocurrency is extremely popular with both cryptocurrency enthusiasts and investors who think that EOS can become the next millionaire-maker investment.
If we look at the price history of EOS, we see that the price has remained relatively stable and has maintained a positive trend. Several price predictions support EOS's growth potential.
Although most technical analysis and price forecasts predict that EOS will be bullish over the next few years, cryptocurrency markets remain relatively volatile. EOS's price could be affected by market sentiments that could change at any time, resulting in a severe loss for investors.
Cryptocurrency assets are notoriously difficult to predict, so it is prudent that you consider all factors and research well before investing in EOS or any other cryptocurrency.
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