With Bitcoin fees at all-time highs and then Ethereum having trouble with the load caused by those nefarious Crypto Kitties, the market seems to have finally figured out that Proof-Of-Work maybe isn’t the best way forward when it comes to scaling crypto technology for adoption of the masses.
In the last 3 weeks we have seen some pretty massive bids for the most established Delegated-Proof-Of-Stake coins which users here on Steemit should already be quite familiar with. Let’s have a quick look at 3 of them - STEEM, EOS and bitShares.
STEEM
Everyone reading this should already be familiar with STEEM and how it works. It is a Crypto which is designed to be used as part of a social media platform. Just 3 weeks ago it was around $1 USD per STEEM and today it has hit another record high of $3.88. That is a very impressive gain of 288%
EOS
Still under development, EOS is being designed to be a blockchain for hosting decentralised applications in direct competition with the powerhouse Ethereum. Unlike ETH though, it will have very good performance due to using Delegated-Proof-Of-Stake instead of Proof-Of-Work so it’s not hard to see that the potential of EOS is enormous. 3 weeks ago EOS was priced at around $2.80 USD and it hit a high this week of $12.83. Another impressive gain of 358%
bitShares
One of the original DPoS coins bitShares was designed to target the financial side of things with a decentralised exchange and price-stable currencies that are backed by bitShares as collateral. It also allows users to create their own virtual assets and trade them on the platform. It’s taken a while for bitShares to take hold and it has had a chequered past, but in the last 3 weeks it has gone from about $0.14 USD to a new high today of $0.65. Yet another impressive gain of 364%
Are you seeing the common theme here yet?
288%, 358% and 364% in just 3 weeks!
I admit that a lot of alt-coins have rallied over the last 3 weeks but this out-performance by the most prominent DPoS coins is not just impressive, it is signalling the fact that the market is finally figuring out that PoW coins don’t have the scalability for mass adoption and crypto market participants are looking to DPoS as an alternative.
This past couple of weeks has been fun to watch. I may have sold the majority of my cryptos but I still hold a few vested STEEM and a smidge of bitShares. I’ve been expecting Bitcoin to correct heavily and am concerned that it might bring down the rest of the market, but really I’ve been waiting for the right buying opportunity for these DPoS coins. I might have missed the boat but I guess that’s what you get for playing it safe and fighting the FOMO!
Regardless of my own missed timing of the market, I am very pleased to see some of these great DPoS coins finally getting the support they deserve.
Images and Credits
https://coinmarketcap.com
http://assimilationsystems.com
http://3.bp.blogspot.com
https://media-exp2.licdn.com