EOS Ecosystem Ever Expanding as dApps Rise, But Price Still Sliding


A recent tweet by Block.one has highlighted that the EOS ecosystem is expanding with an increasing number of blockchain companies using the EOS public blockchain for their projects.

A graphic posted by Block.one shows several projects from various niches including Healthcare & Fitness, Voting & Governance, Data Services, Privacy & Security, Identity, and Communication that the EOS blockchain has added to its ecosystem since its launch.

Will EOS take over Ethereum?

Both Ethereum and EOS are known for hosting Decentralized Applications, or dApps. Ethereum is the second most popular blockchain network and cryptocurrency after Bitcoin. It’s blockchain was made live in July 2015, and by May 2018, it had 35 million unique addresses, according to figures on Etherscan. The smart contracts platform is expected to power 2,000 dApps by the end of 2018.

EOS is a relatively new blockchain protocol in the crypto-sphere. It’s ICO, which began in June 2017, went on for a year and ended in June 2018. The ICO raised over $4 billion without a live product, thus becoming the most successful ICO to date according to the funds raised. Prominent names including Peter Thiel, Bitmain, Louis Bacon, Alan Howard, and Mike Novogratz’s Galaxy Digital have invested in the platform.

Among EOS’s strong points is scalability. The team claims that the platform can support thousands of commercial-scale dApps, and allows for inter-blockchain communication. The blockchain uses Delegated Proof of Stake (DPoS) protocol for verifying transactions which allows it to compute millions of transactions per second. The platform also boasts of flexibility, which enables it to “Freeze and Fix Broken Applications”. The platform doesn’t have transaction fees, but it requires new accounts to pay for RAM.

According to StateOfTheDApps, the top 5 EOS dApps according to Daily Active Users are BetDice, PRA Candy Box, EOS Knights, EOS Lucky Games, and EOSBetDice. BetDice and EOSBetDice are betting platforms, while EOS Lucky Games is a collection of EOS-powered gambling games. EOS Knights is a mobile game based on EOS where users save a village from goblins. PRA Candy Box claims to be the world’s largest bounty offering platform where users complete certain tasks in exchange for free access to a variety of digital coins.

On September 20, Goldman Sachs-backed cryptocurrency infrastructure, Circle, announced that it was going to add EOS to its platform “Invest”, along with 3 other crypto assets. This addition will allow EOS to be bought individually on the platform, or as a part of Circle’s “Buy the Market” feature, which aims at enabling investors to gain exposure to a diversified cryptocurrency portfolio which features a variety of tokens listed on the platform.

Recently, the Block.one team announced that they have solved EOS’ scalability issues, which will make it the most scalable and highest performing blockchain platform in the world.

None of this, however, has had a positive effect on immediate EOS price since it is currently down 3.5% from it’s weekly high, down 12% from its level this time last month, and almost 40% down over the past three months.

 

Image from Shutterstock

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