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EOS (EOS) Just Moved A Step Closer To Killing Off Ethereum (ETH)

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EOS Image

EOS (EOS) is the number nine ranked cryptocurrency by market capitalization right now, priced at $12.36 for a capitalization of a little over $7.6 billion. Over the last 24 hours, we’ve seen a large spike in volume, with the coin trading more than $2 billion across its primary exchanges since this time yesterday and looking set to reach if not exceed this number heading into the middle of this week.

Anybody who has spent a bit of time in the space will likely already be familiar with what EOS is trying to achieve – the company behind the token has developed a platform that it expects will overtake Ethereum as the primary decentralized application technology globally over the next few years.

This is one of those claims that seems outlandish at first glance but, when you look at the technology that underpins what EOS has developed, and, at the same time, when you look at the milestones that the company has achieved to date, the claim goes from being outlandish to being one that a large portion of the space cannot afford to ignore.

There’s also something else we like about this one.

Take a look at the chart below.

EOS Daily Chart

EOS Daily Chart

It’s very rare that you see this sort of neat bullish setup on a cryptocurrency chart – at least, that is, on the wider time frames. In the equities markets, a chart like the above EOS chart would have shorter-term traders chomping at the bit to pick up an exposure at current depressed prices in anticipation of the coin continuing to record fresh higher highs and higher lows as part of its overarching upside trend.

Combine this with the above-mentioned volume spike and things become even more attractive.

But that’s not all.

Block.One, which is the company behind the EOS technology, just announced the creation of a fund to exclusively invest in opportunities leveraging EOS.IO software. This is the first announcement for the company’s EOS VC partnership program to stimulate EOS.IO innovation and, importantly, it comes as part of a partnership (as in the company is seeding the fund in collaboration with) TomorrowBC. Think you’ve heard that name before? You probably have. Derek Rundell, a managing partner of Eric Schmidt’s venture firm, TomorrowVentures, is the Managing Partner of TomorrowBC.

We already know that Schmidt, billionaire and Executive Chairman of Alphabet, is a big fan of the potential of blockchain technology and that TomorrowBC is seeding a fund with Block.One creates a direct link between the Google billionaire and the company EOS technology.

That’s big news for any company but for one that’s positioned as Block.One is, it’s a very important development. It’s a strong validation of the technology but, beyond that, it’s also an indication that EOS might finally be making good on its potential and stepping on Ethereum’s toes in this sector.

Keep in mind that the EOS technology is in its early iteration right now, with the EOS.IO Testnet having been launched at the start of last month.

With that said, decentralized applications are being built on the Testnet as we speak and, as each of these completes and builds out the EOS ecosystem, the company behind the technology is only going to attract increased attention in the sector.

And as we know all too well, it doesn’t take much in terms of mainstream coverage to really get a coin moving in this space.

Bottom line: not only is this one technically poised for a run based on the above-illustrated chart but it’s making strides fundamentally to position itself a real force in the cryptocurrency revolution.

We will be updating our subscribers as soon as we know more. For the latest on EOS, sign up below!

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.


Image courtesy of Block.One

Bitcoin

Blockchain technology outshines Bitcoin and Gold during global pandemic

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As the popularity of cryptocurrencies such as Bitcoin begins to level up with investments made in metals such as Gold, together they have both made significant advantages for investors who have taken a leap to invest in them.

However, thanks to the pandemic and the dynamic shift in investing and the economy, many investors have seen fluctuating losses and gains thanks to the uncertainty of the current business world. 

Many investors that backed companies who have exposure to blockchain technology have seen an approximate amount of 54% return on investments over the past year. This is even after considering how hard the global tech market and companies have been hit since the beginning of the pandemic.

What is blockchain technology?

Blockchain technology was first introduced as a supportive technology for Bitcoin. A blockchain is a simple, unchangeable and un-hackable digital ledger that holds transactions in little blocks attached to a chain. The transaction is duplicated and distributed across the entire network of systems on the blockchain, making it available for everyone on the network to see. 

Each block in the chain contains various transactions which are recorded on the participant ledger every time a transaction takes place. The database is decentralised and is managed by multiple participants known as Distributed Ledger Technology (DLT).

Although blockchain technology was birthed from Bitcoin and was widely adopted for the use of cryptocurrencies, the way it works and its security has made…

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Bitcoin

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

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Cryptocurrency

The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.

The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.

Musk’s Tweets also impacted Dogecoin’s price

Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.

He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.

Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.

But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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