Global blockchain market seems to witness the introduction of new platforms, with corporate influence on it reportedly increasing. The EOS blockchain, which is an open-source smart contract platform, has shaped itself into a way to back different transaction structures. Market reports suggest that EOS blockchain provides backing for industry-grade decentralised applications (dApps).
Developed by Block.one, a blockchain software company, and unveiled in 2018, EOS’ initial coin offering (ICO) was able to clock $4.2 billion worth of Ether (ETH) during a period of 12 months, which started on June 26, 2017, and ended on June 1, 2018. According to CoinCodex, a cryptocurrency data website, EOS’ ICO is considered to be one of the largest crowdfunding events in history. The website further stated that one billion EOS tokens were sold during the period, at a 0.00327 sale price per EOS token.
“I believe EOS is a blockchain platform made to facilitate smart contracts and dApps. Compared to other blockchains, EOS’ Proof-of-Stake (PoS) consensus mechanism can enable faster transaction processing and scalability,” Sumit Ghosh, co-founder, Chingari, a Web3.0 application, told FE Blockchain.
Going by market studies, EOS blockchain’s scalability feature can enable execution of thousands of transactions per second. Insights from LeewayHertz, a software development company, mentioned that EOS can deliver web facilities such as EOS smart contracts, cloud storage dApps, user authentication, among others. The blockchain also permits the reduction of associated transaction costs and energy requirements around them. It’s been found that EOS blockchain’s parallel processing, which refers to the method of separately running programs, can offer organisations features such as horizontal scalability, asynchronous communication, and interoperability.
“By improving scalability, EOS can allow transactions to be processed within a timeframe, enhancing the potential for running applications and logic on-chain. EOS aims to enable adoption and utilisation of blockchain beyond simple transfers and smart contracts,” Rajagopal Menon, vice-president, WazirX, a cryptocurrency exchange, highlighted.
As on June 23, 2023 (4.45 pm, Indian Standard Time), CoinMarketCap, a crypto price-tracking website, mentioned that EOS token’s value stood at $0.691, along with a $757 million market capitalisation. As per CoinGecko, a cryptocurrency data aggregator, for June 23, 2023 (4.51 pm, Indian Standard Time), EOS token’s price clocked a 9.04% price hike with regard to the last seven days. Platforms such as Gate.io, Bitforex, DigiFinex, WhiteBIT, among others, endorse trading of EOS tokens. For 2023, EOS token’s value is expected to clock a minimum value worth $0.74 and maximum value of $0.88, at a $0.77 worth average value, in accordance with Changelly, a cryptocurrency exchange. With regard to 2025, TradingBeasts, a crypto education portal, has predicted that EOS will reach a maximum price of six dollars per token.
“By implementing supply chain management, EOS has potential to automate project processes and improve asset maintenance, accountability, and innovation. This can contribute towards a safer and trusted construction environment, benefiting all stakeholders involved,” Satya Kaliki, CTO, Infra.Market, a construction solutions company, concluded.
