EOS has been pretty quiet recently. Best known as the first major cryptocurrency to beat it’s previous crypto boom all time high later on in the year, EOS has shown strength and the capacity to grow, away from the general trend of the markets. The reign of EOS came as the EOS coin offering (arguably the longest ever ICO) came to an end. This, led to a bunch of hype and a drive for investment that saw EOS exceed $20.00 for the first time ever.Now, valued at around $6.00, you could say that we are a little way off seeing EOS reach a new all time high any time soon. So, since the sudden demise of EOS, the project has been quiet, up until this week which saw the announcement of a new referendum. As of yesterday, EOS has made gains of around 55% over the past 7 days and, at the time of writing, EOS is up 15%. What’s happened?This sudden growth within EOS has been kickstarted by the platforms decision to launch a new voting system. This of course fits perfectly in line with EOS’ democratic and decentralised nature.According to CCN:
“Speculators seem to have driven the latest EOS rally after taking cues from the blockchain project’s decision to launch their long-planned referendum system. The EOS blockchain currently has an account which has $35 million worth of tokens in it. The rulebook says that these funds can only be allocated for the development of EOS blockchain project. But so far, the team had not built a system that can decide how to allocate the sum. On the top of that, the wallet funds expect to grow to as much as $200 million in the next 12 months thanks to a pre-built system that increase the total EOS token supply every year by 5 percent.”
“The EOS referendum system is a step forward in the direction of building a democratic decision-making process. While not everybody is happy with the proposal, fearing one-toke-one-vote system would get centralized by people with higher amount of tokens, the announcement itself has proven strongly bullish to the EOS token value.”
As a result of this, EOS is flying high and could continue to do so for the rest of the week. We aren’t certain that this is enough to pull EOS back into territory above $10.00, however, it is pointing EOS in the right direction to make this sort of progression once more. Tied in with a bullish market, this could have quite a big impact going into September.ReferencesCCN
Adrian is an avid reader who first stumbled across Crypto after reading 'The Basics of Bitcoins and Blockchains' by Antony Lewis in 2018. Since then, Adrian has immersed himself within the industry, and has a real interest in Enterprise Blockchain solutions.
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