Why EOS?
Let me first start with few differences between EOS and ETH. When it comes Ethereum, the user has to pay a fee at the time of the transaction. This means that every single user of your dapp will first need to know what cryptocurreny is. Figure out how to download a crypto wallet. Create an exchange account and spend money to get some ETH. Figure out how to use metamask or Mist so you can interact with the ETH dapp.
In EOS, users can make transactions and interact with dapps for free - they dont even need to know anything about blockchain or cryptocurrency. They can use a dapp just like they use any other website. This is why EOS will make decentralized apps mainstream.
EOS is a very unique cryptocurrency, moderated by and often loved by a very unique community. As a cryptocurrency with its own identity, its own ideas and its own strategy for a decentralised future, it really stands out.
Block.one is a world renowned blockchain technology company and of course, are the publishers of the EOSIO software, which complements the EOS currency. Now, with companies as ZimbraX of Synacor and exchanges as NASDAQ planning to utilize EOSIO platform, it’s no secret that EOS is a force to reckon. Online commentators now dubs EOS as the “digital real estate”.
Firstly, the recent launch of EOSIO Dawn 3.0 proves that the project is on track to develop the much anticipated ‘most powerful platform‘ in the world of blockchain. With June less than one month away, the final EOSIO platform will give prominent platforms such as Ethereum and the Tron Mainnet – that is also slated to be released on 31st May – a run for their money and users. Moving forward, June will be a showdown of platforms and corresponding action in the markets.
This news has been taken very well by the community. Moreover, it helped the markets look good too. However, at the time of writing, EOS is oversold and is valued at $1O.77 but hopefully in time, we will see EOS move back up towards $18.00.
EOS failed to break out of the descending channel on May 21 and turned down from there. It broke below the 50-day SMA on May 22 and has followed it up with a break of the May 16 lows of $11.8210 today. There is minor support at $10 and below that at the 78.6 percent retracement levels of $9.6136. If both these levels break, the EOS/USD pair can decline to the bottom trendline of the channel at $8.
With prices breaking down of both the moving averages and the 61.8 percent Fibonacci retracement levels of the latest rally, the virtual currency has become negative. We shall change our view once price breaks out of the descending channel and sustains above it.
You need to keep in mind that Ethereum provides the platform in order to not only execute smart contracts but also provide decentralized the software and applications as well. The demand for decentralized softwares and applications is increasing day by day. This is one of the main reasons why the value of Ethereum is also increasing.
Also, the smart contract feature of the Ethereum platform is on the rise as well. More and more companies, as well as platforms, are thinking of using such smart contracts as well. Even the governmental agencies are thinking of using such smart contracts in order to provide better governance to the citizens as well.
Also, another advantage which Ethereum platforms have is that many of the ICOs are actually using the Ethereum platform as well. As a result, more and more companies are using the Ethereum token as well. This is not only increasing the demand but also increasing the value as well.
Developers have used Ethereum to create applications such as CryptoKitties, a blockchain-based game in which users breed virtual cats. Major firms including banking giant J.P. Morgan have also tested technology based on Ethereum.
Ethereum broke below the neckline of the head and shoulders pattern on May 22. Today, it has extended the decline, breaking below the 50-day SMA and the 50 percent Fibonacci retracement of the latest rally. There is minor support at $544.45, at the 61.8 percent Fibonacci retracement levels. The ETH/USD pair will become positive only above the $745 levels.
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