Apr 17, 2021 07:27 UTC
Apr 17, 2021 at 07:27 UTC
EOS price success its uppermost level since 2018 after protocol upgrades & big-name partnerships entice institutional investors.
On April 16 EOS price flew to a novel high at $8.49 & the current market structure for the altcoin proposes there is room for additional upside.
EOS originally made captions throughout the ICO craze of 2018 when its parent company Block.one elevated a record $4 billion in funding to make the EOSIO software & in the historical 3 months, the altcoin has closely trebled in value.
Data from TradingView & Cointelegraph Markets displays that meanwhile trading at a low of $2.43 on January 27, the price of EOS has scaled 245% to set a multi-year high of $8.47 on April 16.
3 explanations for the meeting in the price of EOS since late Jan. comprise the launch of the novel EOS PowerUp model, the announcement of the novel EOSIO testnet by Block.one & the statement of a collaboration with Google Cloud to advance the addition of distributed ledger technology with cloud computing & storing.
Protocol developments power up’ price momentum
Momentum for the EOS token started to choose up in serious in Jan. as loomed attainment consensus on integrating the novel EOS PowerUp Model which is intended to recover resource allocation.
The PowerUp Model is the EOS network’s solution to the subject of transaction fees, which is now one of the chief issues opposite the ETH network.
Under the novel model, operators have the excellent of paying a small fee to power up their account for 24 hours with CPU & NET bandwidth that can be rummage-sale to achieve transaction wants or they can deposit their idle tokens to obtain a percentage of the power up fees made by the EOS public blockchain.
As network mobbing upsurges as worldwide adoption rises, networks that proposal satisfactory solutions to high transaction costs & dormancy anxieties are probable to attract more workers looking for a smooth operator experience.
Novel testnet ignites the meeting
One of the most important bases of momentum for EOS & its community originated on April 1 when Block.one proclaimed the release of its authorized EOSIO Testnet.
Rendering to the project’s website, approximately of the features comprised in the new testnet include a multi-node dispersed network, one-click blockchain account formation, an entrenched EOSIO traveler & the presence of snapshots that allow the quick syncing of EOSIO testnet nodes to safeguard high uptime.
The new testnet announcement is one of the greatest important releases to come out of Block.one meanwhile the protocol was first launched in 2018 & if a boost of confidence for community members who were worried about the Jan. 2021 departure of Block.one chief technical officer & EOS creator Dan Larimer.
Momentum for the protocol was infiltrating throughout the month of March owing to an ongoing hackathon that ran up to the surprise announcement of the testnet on April 1 & kindled an important price rally over the following 2 weeks.
Google Cloud collaboration enhances rocket fuel to the rally
EOS got an additional boost to price momentum on April 2 when Google Cloud posted an article deliberating its collaboration with EOSIO & how it is serving revolutionize the integration of dispersed ledger technology with intimate cloud computing.
Google Cloud was also one of the chief partners in the above-mentioned hackathon & had the goalmouth of serving ‘build applications that redefine the future of blockchain & cloud founded systems’ which assistances to syndicate the transparent nature of blockchain with the speed & security obtainable by cloud solutions.
Having such a lively relationship with a stage under the Google umbrella has given EOSIO augmented cogency & the filing of an EOS Grayscale trust in late Jan. means that institutional investors today have a calmer way to gain admission to this rising ecosystem.