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EOS is an important cryptocurrency that promises to do something unique in the niche. The developers of EOS state that it completely eliminates transaction fees, while also being capable of conducting millions of transactions every second.

This major innovation in the currency sphere was based on a white paper published in 2017. The open-source software associated with the project was released at the beginning of June the next year. One-billion tokens were distributed shortly afterwards, with over $1 billion having been generated in funding from this ICO.

EOS has undoubtedly adopted a bold market strategy, and this has catapulted the token into the forefront of the cryptocurrency world.

Where to Buy EOS?

EOS has become successful in a very short period of time, and this has resulted in a wide variety of digital brokerages and exchanges stocking the token. This means that users have a wide variety of choice when purchasing EOS, but this poses its own problems. While a wide variety of choice is undoubtedly a good thing, it is important for those purchasing the cryptocurrency token to choose a reputable broker. Customer service, safety, and security are always particularly important in the cryptocurrency niche, and any platform should be selected diligently in order to ensure that these qualities are delivered.

A Brief History on the Price of EOS

EOS has only been available for a relatively short period of time, but the cryptocurrency has ridden an intriguing price and trading rollercoaster during this period.

Key News for EOS

There is no doubting the key news that has impacted EOS over the last few months. The coronavirus pandemic has profoundly affected the entire financial system, and many investment mechanisms have been massively diminished as a result. The entire world financial markets have been operating in a bear pattern recently, and so it is interesting that cryptocurrencies have bucked this trend.

EOS is just one of the crypto tokens that has achieved this, increasing by roughly two-thirds in value during the coronavirus pandemic. The reason for this is that investors have been seeking alternative locations for money, while equities, bonds, and other commodities have floundered.

Elsewhere, it has actually been an eventful period for EOS, with Bobby Ong, COO of price aggregator site CoinGecko, noting that the centralised Chinese control of the EOS blockchain has loosened. This has been a major concern for EOS, but it seems that access to EOS tokens is becoming more democratised.

Block.one, the software publisher behind EOS, also recently released voting criteria, which will require those producing blocks to disclose their locations. This has been central in the inclusivity and diversity of EOS increasing and will be welcomed by the authorities and credible partners. This is probably bullish for the cryptocurrency going forward, although the news will be welcomed by all elements of the community.

Finally, a cryptocurrency investment fund has launched a class-action lawsuit in a U.S. court against Block.one. This is undoubtedly a major problem for EOS, as the lawsuit alleges that it has failed to deliver on its primary promise of decentralisation. This has undoubtedly been legitimate criticism of the EOS project, although whether it will carry legal weight remains to be seen.

So despite the increase in the value of EOS, and its attempts to diversify, this remains a challenging climate for the cryptocurrency.

EOS Timeline

  • February 2017Based on a whitepaper, the EOSIO platform was developed by the private company Block.one.

  • June 2017Block.one begins offering EOS tokens to the public, raising over $4 billion (a record for an ICO).

  • September 2017The original testnet, Dawn 1.0, is released. EOS price: $1.30.

  • December 2017The testnet version Dawn 2.0 is released into the public domain. EOS price: $3.24

  • December 6th, 2017Everipedia, a for-profit, wiki-based online encyclopedia, announced plans using EOS blockchain technology and work on an airdrop of a cryptocurrency called IQ to encourage generating information. The IQ tokens are intended to be exchangeable for Bitcoin. EOS price: $4.55

  • January 25th, 2018The testnet version Dawn 3.0 is released into the public domain. EOS price: $14.31

  • February 8th, 2018Mike Novogratz, CEO of Galaxy Investment LP, a cryptocurrency investment firm, and Block.one led a group of institutions that invested $30 million in Everipedia. EOS price: $8.51

  • April 29th, 2018The price of an EOS token hit an all-time high when it sold for $22.89. EOS price: $22.89

  • May 7th, 2018The testnet version Dawn 4.0 is released into the public domain. EOS price: $17.98

  • June 1st, 2018EOS is released as open-source software for the first time. EOS price: $12.31

  • September 2019Block.one agreed to settle U.S. Securities and Exchange Commission charges related to the $4 billion unregistered ICO for a $24 million penalty. The settlement did not require a restitution offering, registration of tokens, or any disqualifications. EOS price: $3.28

  • April 29th, 2020EOS gains 65% in value during the Covid-19 crisis. EOS price: $2.73

  • June 2020EOS is currently operating under version 1.8.1. EOS price: $2.81

Compare EOS With Fiat Currencies, Commodities and Cryptos

Although EOS was intended from day one to be a digital payment system, the escalation in its trading volume has meant that many investors have looked on it as a valuable commodity. This is common for the cryptocurrency niche as a whole and means that EOS has inevitably become compared with other cryptocurrencies, fiat currencies, and even commodities such as gold, silver, and oil.

So in this section, we will compare EOS to some other relevant investment vehicles, and see how it has compared to the competition.

Compare EOS With the US dollar

The US dollar is known for being the world's reserve currency, and this means that it is protected against some of the market conditions that impact on other currencies. The dollar is particularly robust in its performance, and it has maintained its stability during a coronavirus climate that has seen other currencies plummet in value.

However, with EOS having increased by 65% during the pandemic conditions, it has clearly massively outperformed the US dollar, as well as every other fiat currency.

Compare EOS With Gold

Probably the most natural comparison for EOS is with the precious yellow metal of gold, which is always viewed as a safe haven asset by so-called gold bugs. This safe-haven status has also been attached to cryptocurrencies such as EOS recently, so it is interesting to assess how the two commodities have performed against one another.

Firstly, gold has performed creditably over the last few months, increasing in value by approximately 20%. Of course, though, as we have already established, this is a significantly smaller inflation in price than the 65% increase is associated with EOS.

Gold has held up well during the coronavirus pandemic, but it has been outperformed by EOS.

Compare EOS With Crude Oil

Crude oil has experienced a time that can only be described as disastrous. With Russia and  Saudi Arabia engaging in an argumentative tête-à-tête during the calendar year, the price of oil has plummeted, even reaching a negative value at one point.

While the price of black gold has recovered somewhat since then, the trading conditions for crude have still been appalling. Indeed, EOS and oil have headed in completely opposite directions over the last few months. And there is little good news on the horizon for a while, considering that the coronavirus pandemic will massively impact on traffic and thus demand for the substance.

Compare EOS With Bitcoin

Bitcoin has been the market-leading cryptocurrency for the best part of a decade, and it is the token from which all other cryptocurrencies take their lead. This can be compared to the way that silver is said to trade off the performance of gold. 

It is therefore somewhat unsurprising that Bitcoin has outperformed EOS, with the hugely valuable market-leading altcoin increasing in price by nearly 100%. This is more than the 65% price increase associated with EOS, and it will be intriguing to see how the two tokens perform in the months to come, as what is expected to be a bull market continues.

EOS Future Price Predictions

As EOS becomes increasingly popular and prominent, so the amount of speculation surrounding the token similarly increases. Many investors and market observers are wondering what the direction of price discovery will be for EOS. Thus, it is both interesting and potentially profitable to examine the future performance of EOS, and assess what factors will impact on its price going forward.

EOS Price Predictions for 2020

There is no doubt that the coronavirus pandemic has been the dominant factor in financial markets during 2020. This crisis has created a bearish climate that has inevitably resulted in large swathes of investment categories diminishing in value. It can actually be considered somewhat miraculous that there hasn't been a dramatic stock market crash, even though the value of equities has significantly declined.

However, this hasn't been the case for cryptocurrencies, and EOS has increased by 65% in value over the last few months. This would seem to be bullish for the altcoin for the remainder of 2020, but it is also possible that some traditional investments will begin to make something of a comeback in the remaining months of the calendar year.

We also shouldn't discount the importance of technical issues, as EOS is facing a lawsuit, along with criticism that it has failed to decentralise satisfactorily. However, it is extremely hard to imagine anything having a more profound influence over the price discovery of EOS than the coronavirus pandemic in the remainder of 2020. And this would seem to be bullish for EOS.

EOS Price Predictions for 2021 

The current Covid-19 crisis will still be having an impact on the world financial system well into 2021. We can reasonably expect the impact to have diminished somewhat by next year, but it would be naive to assert that the coronavirus pandemic will have blown over completely. Clearly the impact of the almost entirely global lockdown will be quite stringent.

This would suggest that the bull market for cryptocurrencies and EOS will continue into 2021, as investors continue to seek alternative locations for their money. It should also be emphasised the EOS will definitely need to have dealt with its governance and decentralisation situations satisfactorily by this time, in a way that meets the desires of the market and its community.

Beyond 2021 for EOS

Beyond 2021, the decentralisation issue will become increasingly important, as competition in the expanding cryptocurrency niche intensifies. But the efforts of Block.one will also be vital. The company has recently outlined the criteria that it will use in order for block producing to be decided, and this needs to bed in and creates a convincing use case for EOS going forward.

Public acceptance of the token has been quite swift, but there has also been a good deal of criticism aimed at the cryptocurrency as well. It is vital for the image of the EOS project to be improved, as its price discovery will soon reverse if other tokens are deemed to be more ethical and effective.

There is no doubt that EOS has achieved a huge amount in a short period of time, and it could play a significant role in technology-driven markets. But the project needs to develop and evolve effectively if this is to be achieved.

EOS Price Conclusion

EOS shows massive promise and has already achieved a huge amount in elbowing in on the cryptocurrency market in such a relatively short lifespan. But both the viability and visibility of the project must be improved in the years to come if the active community that follows EOS is to stay around for the ride.

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Frequently Asked Questions

  1. The blockchain is the most important aspect of cryptocurrency, as it is used to record all public transactions. Without the blockchain, it would be impossible for cryptocurrencies to be managed efficiently and fairly, with this critical element of the platforms being used to provide transparency and ensure that private keys can be scrutinised.

  2. EOS is a digital payment system that would certainly meet any reasonable definition of money. EOS can be used as a unit of exchange, with both online and real-world retail outlets already accepting the tokens. The aim of EOS is to make the token into a real-world digital payment system that is widely adopted, and it can certainly be considered a legitimate currency and form of money already.

  3. This would very much depend on the circumstances of the individual. But there are several advantages of EOS over traditional finance and currencies.  Firstly, EOS is faster and cheaper to send than many other common forms of digital payment, meaning that it is becoming increasingly attractive to both merchants and retailers. This quality also makes it ideal for international payments, and this is becoming a focus of the cryptocurrency niche. EOS is also a valuable investment, meaning that those holding the coin can make a significant amount of profit over a period of time. EOS can also be used by those who cannot easily gain access to the traditional banking system, meaning that it has democratising potential.

  4. Smart contracts are used in order to create a legal contract with code, enabling the execution of specific agreement terms to be conducted between two parties. If that all sounds rather complex, it can be simplified by stating that smart contracts facilitate the exchange of currency on cryptocurrency platforms. However, smart contracts certainly are not limited to payments, and could be used in a wide variety of different ways in the foreseeable future.

  5. Mining is the absolute foundation of EOS and other cryptocurrencies, enabling users to create blocks on the blockchain, and effectively mint the currency. EOS mining is based on complex algorithmic equations, which are solved by powerful computers. When this is done successfully, miners are rewarded with tokens, and this is the real value of the EOS project. While this bears little resemblance to the mining associated with gold and other items buried under the earth, the term has been used in order to create an allegorical parallel with what are recognisable commodities.

  6. This is the great bone of contention with EOS, whether or not it has been decentralised effectively. The founders and development team of EOS asserts that holders of tokens can elect 21 block producers to process transactions, which distributes power effectively. This then effectively aligns the interests of all parties involved, and the makers of EOS indeed assert that there has been a significant effort to decentralise the core concepts of the project.

  7. There is no minimum amount associated with EOS.

  8. There are currently approximately one-billion EOS tokens in circulation. There are no current plans to place a limit on this figure going forward.

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