EOS Price Breaks $8 Barrier as Block.One Spends $25 Million on RAM
Coinspeaker
EOS Price Breaks $8 Barrier as Block.One Spends $25 Million on RAM
The biggest one growing altcoin is definitely EOS which price surged more than 15 percent taking the fifth place in front of the Litecoin. From $6.90 the Ethereum rivaling token surged to an intraday high of $8.05 before pulling back slightly. Daily volume for EOS has pumped to $5.2 billion and its market cap is now over $7 billion.
The Chinese have also given EOS a boost by ranking it above both Tron and Ethereum though these ratings are highly subjective. The FOMO is flying today as EOS reaches its highest price since July 2018.
Can EOS Hit the $8.2 Level?
In the past two sessions, there were solid gains in EOS and other cryptocurrencies (Bitcoin, Ethereum and Litecoin) against the US Dollar. EOS price formed a support base near the $5.770 level and recently surged above the $6.000, $6.500, $7.000 and $7.250 resistance levels.
The truth is, EOS is rising extremely high as a result of the recent news from Block.One. A while ago, Block.One started buying 10 percent of its stock back. Mike Novogratz was one who sold Block.One’s shares back to the company for $71.2 mln with 123 percent ROI. Other members of the list of companies who will be selling the shares back to the EOS parent company have not been disclosed.
EOS Scaling Bitcoin
The latest speculation circulating throughout the EOS community at the moment is that EOS could be a solution for Bitcoin’s Layer 2 scaling. The idea came from the CTO of Block.on Daniel Larimer and its CEO Brendan Blummer that both had mentioned numerous times throughout the year that EOS could be used to scale Bitcoin.
What if #Bitcoin could flow onto #EOS and transact nearly free and nearly instant, while becoming programmable and scalable
— Brendan Blumer (@BrendanBlumer) April 7, 2019
Everipedia Cofounder President and DecentralBank Cofounder CEO, Sam Kazemian said:
“If Block.one created even a small (relatively speaking) EOSBTC scalability fund, EOS could ironically be the most well funded, highest development activity, and promising BTC scaling technology overnight.”
$IQ @Everipedia $eos scales $btc pic.twitter.com/e77c1d7qNw
— Michael Blu 🎯 MBluCrypto (@mBluCrypto) May 27, 2019
He explains that it may be hard to understand, but any blockchain can act as a scaling solution to another by allowing transactions to occur on a faster chain and anchoring its settlement to the root chain for security guarantees during disputes/fraud/attacks. This is, in a rough sense, how Lightning itself works.
“The only feature left to build at this point is trustlessly swapping BTC into the EOS mainnet UTXO contract and back into Bitcoin’s layer 1 blockchain in such a way to preserve BTC layer 1 security guarantees. Once that step is implemented EOS will, unexpectedly to most, be the best bet that Bitcoin has in the near to medium term at effortlessly increasing its throughput to thousands of transactions/s.”
Who Needs RAM?
However, it seems that Block.one spent more than $25 million on RAM from their official B1 account.
NOTE: once RAM is purchased, it cannot be used to create new accounts. The RAM for a new account is purchased at the time of account creation.
This is for something BIG! 🚀 #B1June #EOS
— Rob Finch (@finchify) May 27, 2019
DApp developers need RAM, which, in this case, refers to general storage space in the EOS memory database. RAM is a precious resource to the development of dApps. Storage of application state will require a dApp developer to ensure there is enough RAM until that state is deleted. When RAM is insufficient for a dApp, some operations are unable to carry out and smart contracts cannot be deployed.
The design of EOS RAM allocation system is a crucial part of EOS ecosystem. The high price of EOS RAM may imply people’s upside expectation of EOS’ future, or may just indicate the disorder of speculation and impede EOS’ development. No matter what condition it is, in a decentralized world, what we should do is to keep optimize the mechanism together to make everything work more efficiently.
This weekend, one community, one place #B1June #EOSIO pic.twitter.com/IC7GLeM9uC
— Block.one (@block_one_) May 28, 2019
So, what will it be? A social network, new partnership, new wallet or EOSBTC scalability solution – we will obviously have to wait until June the 1st. Most likely, it will be all since Larimer said they will be giving more than just one announcement and, given the RAM purchase, we can probably bet on the BTC solution.
EOS Price Breaks $8 Barrier as Block.One Spends $25 Million on RAM
OhNoCrypto via https://www.ohnocrypto.com/ @Teuta Franjkovic, @Khareem Sudlow
