As the sun shines on cryptocurrencies, EOS stands as one of the biggest gainers in the top ten so far in 2019 at the time of writing.
Launched in mid-2018, the smart contract platform, labeled the “Ethereum Killer,” could be set for its best year yet. While other projects run out of funds and struggle with technical hurdles, EOS is set to overcome its setbacks that plagued it last year.
Source: https://coinmarketcap.com/currencies/eos/ (18/02/2019)
The Long-Awaited EOSfinex Exchange
Midway through September 2018, we reported on Bitfinex’s launch of EOSfinex, a decentralized cryptocurrency exchange built on the EOS network. While there is still a long way to go development-wise, users might get the chance they’ve been waiting for to see what the new trading platform has to offer.
Testing for the exchange platform is expected to commence soon, with an “open public beta version,” otherwise known as a test net, set to be made public in the coming weeks, according to Bitfinex CTO Paolo Ardoino.
Despite facing heavy controversy over the years, Bitfinex is one of the biggest cryptocurrency exchanges in the market and has shown strong support for the EOS system. Bitfinex echoes this and is currently one of the 21 leading EOS block producers by votes.
RAM Solution Makes it Cheaper for EOS Application Developers, Giving EOS the “Hard Drive it Always Needed”
To build decentralized applications (DApps) on the EOS blockchain, RAM is needed to store the information on the network. As demand for RAM increases, so does its value. One of the features of EOS is that developers can purchase RAM directly using EOS tokens.
Staking your EOS tokens enables users to have access to the developmental resources the EOS blockchain has to offer.
Last year, it cost developers $65,000 in EOS to create Pandafun, a game that runs on EOS.
Fueled by speculators looking for the next big pump, the price of RAM per kilobyte (EOS/kb) began to explode. Adding to the problem was developers beginning to run out of storage capacity, stifling progress and slowing the adoption of EOS.
It was then that people realized a clear problem had arisen on EOS, as RAM was being used similar to how memory on a hard drive is used, long-term instead of for short-term functions.
According to eos.feexplorer, the current EOS RAM prices stand at 1 megabyte for 54.6 EOS or 1 kilobyte for 0.0534 EOS
Due in February 2019, LiquidEOS has formulated a potential solution to the RAM problem with vRAM and off-chain solutions, making the cost of RAM cheaper and more efficient. With the costs to build DApps on EOS reduced, there is now a greater incentive for programmers to develop using the scalable EOS protocol.
“vRam gives developers the opportunity to store their dApp data off-chain. Therefore, only utilizing EOS RAM resources when caching in-use data and cryptographic proofs of the latest version of the file. Another key point of vRam is it has the potential to reduce EOS RAM costs.” – EOS Reddit
“vRam allows for the migration of all relevant data from EOS RAM to IPFS files hosted by dApp Service Providers (DSPs), this gives EOS RAM the ability to only store in-use data. vRam gives developers the opportunity to store their dApp data off-chain.” – EOS News, Medium and LiquidApps
Off-chain solutions are utilized by blockchains such as Bitcoin, Ethereum, and others in the ongoing effort to scale-up.
Watch from 10:20 to hear about EOS and Blockchain scalibility.
EOS has the highest activity of any blockchain, according to block’tivity, and it carries huge expectations in being one of the leading platforms in the future. Since its launch in 2018, it has already pushed the capabilities of what many think blockchain technology can do. With further scalability and adoption, this is still one hot blockchain to keep your eyes on!
This is not investment advice; please always do thorough research and only invest what you are willing to lose, especially in times of uncertainty.