The increasing institutional adoption and retail demand for cryptocurrencies have caused investors to look for digital assets that are on their way to make the next big bull case. Many industry experts have reasons to believe that EOS is going to boom in 2021.
EOSIO (EOS), a user-friendly platform for building decentralized applications (dApps), is working to overcome the hurdles faced by traditional blockchain platforms such as Ethereum. So, what are the factors driving EOS to be a winning cryptocurrency in 2021? Let us have a look.
Looking At 2021: Is EOS Price Set For A Massive Year?
After kickstarting 2021 at $2.60 price levels, EOS is currently trading at $4.87 at the time of writing, marking a whopping 70.3% price surge. In 2017, EOSIO held one of the longest and most successful initial coin offerings (ICO). Soon after that, EOS reached an all-time high value of $22.89 on April 29, 2018, displaying an impressive, promising start.
Don't Miss: EOS Price Prediction Forecast
EOSIO stands out from the competition (Ethereum, Cardano, NEO, etc.) with its ability to handle a massive number of transactions per second, the absence of direct fees, token-holder governance for chain maintenance as well as enhanced usability for all users.
Keeping in mind the asset’s market cap, price value, market trends, and recent advancements in the blockchain network, let us see some of the factors why EOS is going to explode.
Several reasons back up the prediction that EOS is going to explode in 2021. Here are a few among them.
#1: Unique Features
Within just a couple of years after the launch, EOSIO (EOS) established itself as a well-rounded blockchain platform and became well-recognized for transaction fee removal. EOSIO’s scalability is one of the platform’s key features.
The blockchain network claims to support millions of transactions per second (TPS), thanks to its distributed proof of stake (DPoS) mechanism.
EOS features a comprehensive permission system in a bid to create custom permission schemes for different business situations.
One can split the authorities needed to invoke an EOS smart contract function across multiple accounts with various authority weights. This feature allows devs to build cutting-edge dApps without having to reinvent the wheel.
EOS is also a less energy-intensive network compared to others partly due to DPoS.
#2: Transparent, Upgradeable Smart Contracts
All the smart contracts on EOSIO, including the system contracts that help set the rules for the platform, can be upgraded easily through a standard transaction via a smart contract.
This makes the process of upgrading the rules a seamless process for block producers. For users, all upgrades pass through a smart contract transaction, which they can view and audit easily and reasonably quickly. With this feature, people get visibility on what was upgraded, when it was upgraded, and the new contract changes.
EOSIO is possibly the best and only example of a usable smart contract upgradeability feature, which has attracted a multitude of block producers, dApp providers, and end-users. Needless to say, this has helped boost the price of the token significantly.
#3: Uncompromised Security
EOSIO is one of the most technically superior projects in the blockchain space. It employs its own custom Delegated Proof of Stake (DPoS) consensus methodology, with a BFT (Byzantine Fault Tolerance). These two work in unison despite both layers existing independently within the large EOSIO software stack.
EOSIO features many advanced attributes such as the EOS Virtual Machine, NodeOS, and EOSIO smart contracts that interact with several protocol elements. Instead of employing a Proof-of-Work (PoW) consensus model used by blockchains such as Bitcoin, EOSIO enables validators to verify blocks in a particular order.
The advanced BFT-DPoS consensus model helps the popular blockchain network maintain stability, security, scalability, and transaction speed at all times.
Recent Advancements in the EOS ecosystem
1) EOS on the Ethereum Blockchain
A startup called pNetworks has recently rolled out a new token on the Ethereum network pegged to EOS. The token, dubbed p EOS, will aid the flow of EOS tools to the Ethereum network. This is likely to cause an increase in the adoption of EOS as people can now use the token on the decentralized apps of Ethereum and push the prices of EOS higher.
Check Out: EOS vs. Ethereum
2) Block.one-LACChain Partnership
Block.one (EOS creator) has recently partnered with LACChain, an initiative of the Inter American Development Bank. With the help of LACChain, EOS aims to enhance the utilization of blockchain technology in the Latin American region. Block.one successfully raised a whopping $4 billion to fund the project, which entails creating EOS software.
EOS: Where It Stands Now
Block.one held an initial coin offering (ICO) for EOS back in 2017 and raised a total of $4.02 billion. At the time, 1 billion tokens were created - and, out of those, block.one retained 10%, 20% were sold off during the ICO event, and the rest have been issued through a constant sale. The total EOS token supply grows by 5% per year.
EOS’s infinite supply (due to its yearly increase) means that the tokens have not yet reached valuations at the levels of other famous cryptocurrencies like BTC or ETH. When the demand for EOS tokens increases (for instance, due to the impacts of EOS.IO 2.1), the market price would increase subsequently.
Currently, EOS has a circulating supply of 952,153,923 and is trading at $4.81. The platform boasts a market cap of $4,582,480,664.
Read More: What Will Drive EOS Price In 2021?
Why EOS Is Going To Explode This Year: The Bottom Line
With a solid team and growing token in place, the EOS project has all the resources needed to explode in 2021.
EOSIO is an excellent platform for building decentralized applications by engineers and developers. Based on the prevailing trends, EOS appears to have emerged as a true winner of blockchain technology and strives to provide extensive benefits for a variety of business needs.
Considering everything, EOS is likely to keep heading up and could explode tremendously in 2021, according to current data.
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