The fantastic climb in price for the youngest of the top-ten cryptocurrencies by market cap, EOS, has sent the coin-market into a frenzy of speculation lately. With the release of their main net due June 2nd, participants in the space are hodling this crypto-come-lately with the hopes of a new blockchain rivaling the likes of Ethereum. And it may do just that. However, when evaluating the specifics behind the jargon of whitepaper doublespeak commonly found littering the websites of overvalued cryptocurrencies, there may be a few good reasons to take your gains, assuming you haven’t just bought into this shot-in-the-dark lottery ticket of a product.
EOS (which stands for nothing, and whose founders encourage others to create the meaning behind the abbreviation) has indeed met key elements of their roadmap in the first quarter of 2018. With the successful tests of Dawn 1.0 – 3.0, the developers behind the tech are looking to capitalize on their momentum with the release of EOSIO 1.0, creating a unique blockchain for developers, dapps and the scalable transactions necessary to dominate the space. And while the chatrooms on your favorite social media sites are filled with the voices of overly enthusiastic nerds believing they’ve found the one-crypto-to-rule-them-all, you have the right to remain skeptical going forward.
Despite the words of EOS enthusiasts who insist on an unproven ability to scale on demand (sometime in the future), the EOS team plans on releasing EOSIO 1.0 with the ability to handle a measly 1000 transactions per second (according to their website). And while that by itself should be considered a fantastic accomplishment in the decentralized world, it is still too small to be considered worthy of the recent price increase. Unless the team comes out with a breakthrough in processing speeds incredibly soon after the release, I expect the price of this crypto-coin to have a hard time sustaining the gains leading up to their main net drop.
Another reason to remain skeptical of the team’s delivery has everything to do with timing. The unfortunate timing behind the chosen date of June 2nd puts the EOS blockchain squarely behind another strong competitor in the space. I’m talking, of course, about Tron (TRX). Tron (TRX), Justin Sun’s brainchild, is set to release its own blockchain two days ahead of the EOS main net. Coming strongly off of its own doubling in fiat value, the Tron community is filled with exuberance from an onslaught of exciting developments. From the constant realization of new partnerships (expanding its user base to over 100 Million people) to the hiring of extremely talented developers, Tron (TRX) is ready to go head to head with any blockchain competitor that dares raise their head above the water line. And while EOS has a few talented people behind their tech as well, they don’t look at all ready to go toe-to-toe with this champion of decentralization.
While EOS struggles to keep up with stronger and faster competitors, the price of their coin will likely sink with the expectations of their user base shortly after the hype of their main net wears off. And while I have no doubt that this newest player on the block-chain will innovate their way into the hearts of investors for years to come, the current valuation will likely have a hard time sustaining the gains realized over the past few weeks. And in anticipation of a stagnating or indeed sinking value after the release of EOSIO 1.0, this skeptical reporter has an abbreviation or two for the three-letter namesake given to this newest crypto-darling. My favorite so far: Every One Short.
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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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XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
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. One of the ways to have a successful trading…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…