By
Bhushan Akolkar
April 19th, 2024
The EOS platform which offers a promising competition to Ethereum with several advanced features is likely to release the EOSIO 1.0 version by this June.
As crypto markets are showing minor signs of revival, there is one cryptocurrency which has been calling-the-shots on Wednesday. According to the data available on CoinMarketCap, EOS Price has shot northwards by a 31$ jump and is currently trading for the price of $8.37 with a market cap of $6.5 billion, at the press time.
On Wednesday, apart from EOS, other top 10 cryptocurrencies too were seen showing positive price movements, however, Bitcoin still struggled to cross the $7000 levels. On the other hand, altcoins like Ethereum, Ripple, Cardano, NEO were seen advancing by over 4% in its prices.
While it is still not absolutely clear as to what has caused EOS price to shoot significantly, but many attribute this price-jump to the “airdrop” token that has been circulating for some time in the past few days and whose blockchain snapshot is scheduled for April 15th.
In another update, a few days back, the team behind EOS released the EOSIO Dawn 3.0 on Github community. This caused many to anticipate that the final release of EOSIO 1.0 will take place in June, this year. The release of EOSIO Dawn 3.0 puts the EOS team on a forward track for living up to their promise of constant development which is seen positively by EOS believers and crypto-traders.
The EOSIO 1.0 is considered to be as one of the most powerful platforms for developing cryptocurrency and blockchain applications. The Dawn 3.0 hosts some new features which were earlier no listed in the Whitepaper but have been introduced as a development process to create a platform that will be flexible, effective and easy for developers to work while creating their own decentralized applications.
Moreover, the Dawn 3.0 also brings in improved scalability features that allow for future implementations without the need of undergoing a hard fork as in case of other digital currencies and blockchain platforms. One of another great feature of EOSIO is establishing the communication across different blockchains to make it easy for users to verify and authenticate events in the other blockchain. If implemented absolutely right, this is where the EOS platform can take a lead over its competitor Ethereum whose Smart Contracts have proven to be quite vulnerable due to communication bugs in different blockchains.
Apart from the functionalities, the Ethereum platform also comes with several other security features like protection against hardware failure, hacking attempts, lost hardware or passwords. Moreover, the platform also offers user-configurable time delay for the transactions taking place on the blockchain that can range from a few seconds to a few days. Under this delay, the transaction will be broadcasted on the blockchain for the set time wherein users can take measures like reset the account with higher permission levels like improve security and cancel the transaction.
The latest updates with Dawn 3.0 are aligned with the final vision of the EOS team. In its whitepaper, he abstract for EOS platform states: “The EOS.IO software introduces a new blockchain architecture designed to enable vertical and horizontal scaling of decentralized applications. This is achieved by creating an operating system-like construct upon which applications can be built. The software provides accounts, authentication, databases, asynchronous communication, and the scheduling of applications across many of CPU cores or clusters. The resulting technology is a blockchain architecture that may ultimately scale to millions of transactions per second, eliminates user fees, and allows for quick and easy deployment and maintenance of decentralized applications, in the context of a governed blockchain.”
The EOSIO software makes use of a consensus algorithm also known as the Delegated Proof of Stake (DPOS) which looks after meeting the performance requirements of the applications available on the blockchain.