On April 16, the price of EOS rose to a new high of $ 8.49, and the current structure of the alternative foreign exchange market indicates that there is potential for further growth.
EOS originally made headlines during a hectic ICO in 2018, when parent company Block.one raised a record $ 4 billion to create the EOSIO program, and its altcoin value has nearly tripled in the last three months.
Data from Cointelegraph Markets and TradingView show that since trading at $ 2.43 on January 27, the EOS price has risen 245% and reached a multi-year high of $ 8.47 on April 16.
4-hour EOS / USDT chart. Source: TradingView
Three reasons for the EOS price increase since the end of January include the launch of the new EOS PowerUp model, the release of Block.one’s new EOSIO test network and the announcement of a partnership with Google Cloud to improve distributed ledger integration. Cloud computing and storage technology.
Protocol improvements provide price momentum
The momentum for the EOS token began to pick up speed in January as consensus approached to include a new EOS PowerUp model designed to improve resource allocation.
The PowerUp model is the EOS network’s solution to transaction fees, which is currently one of the biggest challenges facing the Ethereum (ETH) network.
Under the new model, users can choose to pay a small fee to maintain their accounts for 24 hours using CPU and raw bandwidth that can be used to meet the needs of transactions, or they can insert unused tokens as a percentage of energy . Commission generated by the public blockchain EOS.
As the network load increases with increasing global distribution, networks that offer acceptable solutions to high transaction costs and latency issues are likely to attract more users who want a convenient user experience.
New test network fuel rally
One of the most important sources of momentum for EOS and society came on April 1, when Block.one announced the official launch of EOSIO Testnet.
According to the project’s website, some of the features of the new test network include a distributed multi-network, one-click blockchain account creation, built-in EOSIO explorer and snapshot insertion, which quickly synchronize high-time EOSIO test nodes.
One of the most important releases of Block.one since the first launch of the protocol in 2018, has given confidence to community members who are concerned about Block.one’s departure in January 2021. EOS creator Dan Larimer.
The momentum for the protocol gained momentum through March due to an ongoing hackathon that resulted in a surprising test network release on April 1 and increased prices over the next two weeks.
Collaboration with Google Cloud will add rocket fuel to the rally
EOS received an extra boost on April 2 when Google Cloud published an article discussing the partnership with EOSIO and how it helps revolutionize the integration of distributed ledger technology with hidden cloud computing.
Google Cloud was also an important partner for the said hackathon, and the goal was to help “create applications that redefine the future of blockchain and cloud systems” by helping to combine the transparent nature of blockchain with the speed and security of cloud solutions.
This active relationship with the Google-sponsored platform has increased the vitality of EOSIO, and the introduction of the EOS Grayscale Trust at the end of January means that institutional investors now have an easier way to access this growing ecosystem.