🚀EOS +50% 📊Charts Charts Charts! — Cryptos for the Rest of Us
Markets on tear last night with Bitcoin spiking +14%/$1,000 in under an hour to breach $8,000 again. Looks like there’s an element of shorts being squeezed as margin shorts were at an all time high just before this. It remains to see whether this is the end of the bear market or we’re just in a little bull trap.
🚀 EOS +50%
What’s the Story?
EOS has spiked higher over the last couple of days trading up to $9 from $6 for a 50% gain. EOS is now the 5th largest cryptocurrency by market cap, leapfrogging Litecoin.
Why the Spike?
There is an airdrop coming on the 15th of April for EOS token holders. Airdrops are when new tokens are distributed to existing token holders. In this case each holder of 100 or more EOS will receive the newly created eosDAC token. This anticipation has caused the price of EOS to be driven higher.
EOS wants to be a decentralised operating system for software projects. This means that it wants other decentralised software applications (dApps) to be created on top of the EOS network, similar to Ethereum.
Part of the EOS vision is for Decentralised Autonomous Communities (DACs) to be formed.
A DAC is a type of organization which is owned by its members with all of its business logic controlled via code which anyone can inspect. The code sets in place the rules and the members can develop proposals and make decisions. A key feature of DACs is that have the ability to feed value back to all members who become part owners of enterprises rather than consumers. (Source-EOS website)
Simply put, a DAC is a way for the community to decide in a democratic way how the software should be developed.
eosDAC is the first such DAC to be built on EOS and is meant to act as an enabler for future dApps and DACs. eosDAC will set out to create tools and smart contracts that will help the EOS platform operate smoothly. A bit like building the core infrastructure so that new dApps and DACs can scale better.
It’s worth noting that the EOS blockchain is not yet live. It’s expected to go live in June 2018. Also, technically EOS is not a platform itself but the eos.ios software being launched by the team will enable the community to launch EOS blockchains in events similar to airdrops. It’s possible that multiple chains will be launched, although consensus should form around which chain is the ‘official’ EOS with the others becoming forks, like Bitcoin and Bitcoin Cash.
📊 Charts Charts Charts!
⚡ News Roundup
Modern Tech, a Vietnamese company has closed doors and disappeared after raising $660million in an ICO. At a glance, it seems like Yet Another Ponzi. They were offering 48% monthly returns and 8% referral bonuses to keep the pyramid growing. Apparently up to 32,000 people may have fallen victim to the scheme…
Lightning Labs just raised millions from Jack Dorsey and others to supercharge blockchain transactions
Lightning Labs, the company behind the lightning network that is meant to speed up Bitcoin transfers announced that it raised $2.5 million from a group of investors. Notable investors include payments company Square CEO Jack Dorsey (who’s also CEO of Twitter), Litecoin creator Charlie Lee, and Robinhood co-founder Vlad Tenev.
Golem is a crypto that allows people to monetise their computing power when not in use. This means that resource intensive projects don’t need to own their own supercomputers but can rent other people’s computing power to make complex computations. Golem was one of the first ICOs based on Ethereum and is now going into a live beta.
Rockefeller VC firm Venrock partners with crypto investor group CoinFund to help build blockchain-based businesses. This marks the latest entrance of a big name into the crypto space. Like many other institutional investors, they have decided to partner with an existing firm rather than enter the market directly.
No surprise, but the number of exchanges popping up around the world keeps going up. In the past Mt. Gox was a single point of failure for the industry so it’s probably a good thing that the market is more diversified. Like any new market, it’s likely to spawn a large number of entrants which will die out or get acquired as the market matures.
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Let me know what kind of stories you’re interested in. Do you prefer the deeper analyses or short summaries?