Last week, EOS was at the very beginning of an ascending parallel corridor. However, the price of the token has jumped 55% over the past week amid the decision to roll out a new voting system. Such a breakthrough allowed EOS to break out of the barrier that had been keeping the token within a narrow framework for a long time.
The voting system itself, announced on August 27, is intended to help distribute the $35 million held in the eosio.saving account and intended for the development of the EOS blockchain project.
Block.one, the developer company platform, created an EOS.IO savings account at the very beginning of the project, in May 2017. Following the creation of the savings account, the EOS developers did not formulate any clear rules about the spending of the funds, other than the general direction of “developing the EOS blockchain project,” nor did they create a system for the actual distribution of funds.
In order to decide where the considerable sums will ultimately be used, the EOS team announced the implementation of a voting system that will allow the crypto community to make decisions regarding the distribution of funds. Most members of the EOS community support the new voting system, especially since we are talking about the distribution of almost $200 million. According to the developers, the amount in this account annually increases the number of EOS tokens stored by 5%, due to a system pre-built by the developers.
Despite the criticism and not a very good year for cryptocurrency in general, in fact, EOS is one of the few coins that can rise at the first signs of market recovery. This prospect allowed EOS to enter in the top ten favorites of investors.
In recent days, the market has shown clear positive dynamics and, naturally, reacted to the positive news by increasing the price of EOS by more than 21%. The token is currently trading at $6 with a market capitalization of over $5.350 billion, up 5.5% in the last 24 hours.
You May Also Like
Analysis of cryptocurrency pairs BTC/USD, ETH/USD, XRP/USD as of 10/17/2018
Market consolidation is ending; new impulse movements are possible today
How overvalued is Cardano (ADA)?
The Cardano (ADA) coin has been on the radar of crypto enthusiasts for some time. Since its inception, this unique project has been considered the best alternative in terms of scalability and proof-of-stake model for Ethereum (ETH). However, there are other coins with unique solutions to these problems that are considered undervalued. On the other hand, Cardano (ADA) is often criticized as an overvalued coin.
