Will the June Developments Lead to an EOS Price Rise?

Currently, EOS has the 5th largest market cap and has become one of the most prominent blockchain building platforms. The EOS project has just released its protocol Dawn 3.0. This new architecture has developed many new features that were not even considered in the original white paper. While working on the project, developers discovered the versatility and flexibility of the platform. Currently Dawn 3.0 can process around 1,000 transactions per second, which is only a fraction of the transaction speed its capable of developing in the near future. It is critical that EOS continues to develop efficient scalability because accelerated transactions are essential for the growing number of users building on the platform.

Another favorable feature of EOS is its interblockchain communication. This consists of the communication between blockchains. For example one blockchain developed on the EOS platform could be used for a social media application, and another could be used for a business. Interblockchain communication allows these blockchains to send data or communicate across the EOS platform flawlessly. Additionally, one blockchain will be able to approve the authenticity of an event on another blockchain with exceptional speed.

Transaction compression is another important feature of the technology. Transactions which consist of compressible data will be much faster and cheaper than transactions with incompressible data. This will also improve scalability.

One of the reasons EOS has seen a large increase this week is because the platform is transforming from an idea to an actual product. While the price of most ICOs heavily rely upon future gains and developer deadlines, EOS shows bright potential as it begins to expand its project in June. After this transition people will be able to start using the EOS platform to build blockchain applications. There are other interesting cryptocurrencies which offer interblockchain communication such as Ark.

There are also many dummy-proof features of EOS. For example, in Dawn 3.0, security delayed transactions will be included. Therefore, a sent transaction will be retractable for a determined time period, up to hours or a week. This will be applicable for accidentally sent transactions or if a hacker makes a faulty transaction. This feature allows a wallet owner the ability to cancel the transaction consensus within a given period of time.

Another dummy-proof feature of EOS is password recovery. This is a positive feature because it will be very good for those that are new to cryptocurrency. Above all, making crypto as easy to use as possible is a positive way to encourage adoption. Too often, the internet displays stories of people who own millions worth of Bitcoin but have lost their password, ultimately rendering their coins lost within the depths of the blockchain. EOS’s password recovery system will be more complex than just an email, but it will presumably save amateurs a lot of money.

EOS is still on the Ethereum network and is designated as an ERC20 token. In June, EOS will officially launch its very own platform and it will separate itself as with an independent blockchain. EOS will have its own main net which consumers will be able to use. It will be independent from the Ethereum network, and in the future may become a true competitor to other cryptos such as Lisk, NEO, and Ethereum. It is still undetermined whether or not the currency is over hyped, but it may have the potential to become a major player down the line.

Disclaimer: I am not a financial advisor. This is not financial advice. Please do your research independently and make object decisions. This article is intended to educate readers on the EOS June updates. Personality, I have no current position in EOS.