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EOS at the Center of a Crypto Showdown?
Bitcoin and Ethereum at the center of crypto regulatory controversy is clear. This article is for those who wonder if EOS really belongs in the same conversation?
Function Over Everything Else
Functionality can go a long way when it comes to swaying crypto skeptics. After all, it's hard to start a good conversation following a $50 transaction fee.
A Top 4 Coin. EOS was once as highly visible as any other blockchain. While it did fall out of the spotlight, it initially held a top 5 coin position. It did so with zero-cost transaction fees. Bitcoin Cash and other top twenty coins can be traded with minimal transaction fees. Still, EOS’ visibility is more robust. It's also widely regarded as the most active blockchain.
Aggressive Development. Dapp developers on EOS deliver more often than other blockchains that often rely on promises of a better future. The EOS ecosystem alone far outshines other blockchains. It’s years ahead of the rest of the crypto-space in terms of progressing toward a blockchain-based internet. That’s without considering the greater EOSIO ecosystem.
A Healthy Ecosystem. WAX is the most active blockchain right now. That is, in terms of its use case as an NFT market. Had its market cap placed it in the top 50 and development were more diversified, WAX at the center of the crypto showdown might be worth discussing. Do note that WAX is not as intimately tied to EOSIO development as the EOS mainnet. WAX's extended ecosystem is still in its infancy.
More from Around the Ecosystem
EOS has a built-in name service that’s more user-recognizable than numeric keys for completing transactions.
EdenOnEOS' mission is to bring fractional democracy to the masses.
The EOS Foundation recently popped into existence- and in a huge and profound way.
Take them all together and its not surprising that the community hasn’t been this excited since maybe its Dawn.
Bridging the Gap Between Conventional Networks
All these reasons are enough to tab EOS as central to the success, and future development of, cryptocurrencies and blockchain technology. That’s even without exploring the following:
US infrastructure bill being paid with crypto
Putin mandate for crypto-holding officials
Bullish’s nearly $10 billion focus on BTC, ETH, and EOS
U.S. Policy. For a dive into the crypto section of the US infrastructure bill, read my article A Familiar Story: How New Crypto Regulation Reminds of Turbulent Air Transportation. There you’ll find the words of congressman Tom Emmer describing the issues he and other Representatives have about the bill that passed in the Senate:
… concerns about the Senate infrastructure bill being paid for by our crypto industry.
Much of the debate stems over broadly worded sections of the bill. For some time leaders in the crypto industry have called for clearer regulations.
Russian Policy. Russia has been one of the most inhospitable nations toward cryptocurrencies. Most corporations envision a future with blockchain. However, many large organizations seek to alter the technology in an effort of limited participation. Putin's recent announcement to investigate officials who hold crypto is another foolish attempt at controlling a free market. Bitcoin proved that it's open source technology and unique cryptographic solution is needed, successful, and resilient to attack from any financial entity.
Bullish Growth. Liquidity is probably the greatest obstacle inhibiting the growth of EOS. This is why Bullish’s nearly $10 billion venture that begins with BTC, ETH, and EOS at the core is so important. EOS’ price relative to BTC has already shown gains. Sustained, it would undoubtedly mean greater opportunities for the mainnet and overall ecosystem.
Coinbase’s Reserve. In response to regulatory 'crackdown', Coinbase, one of the largest crypto exchanges, has set aside $4 billion dollars. This level of asset allocation for legal battles is deemed necessary for those entities wishing to lead the innovation of blockchain technology. B1 made a similar legal effort leading up to the launch of Bullish.
That’s a lot of money to bring to a fight!
CONCLUDING THOUGHTS ON EOS AS A CENTRAL CRYPTO INFLUENCE
In the coming weeks, there’s sure to be a lot of interest directed EOS’ way. Both mainnet development, like EdenOnEOS and the EOS Foundation, as well as platforms launching within the greater ecosystem, like Voice and Bullish, make for a promising future. EOS is sort of coming to a point of nexus.
It's an exciting time in crypto all around. One that can only end in better digital networks focused on users. The degree to which still remains to be seen. Right now, EOS is shining as the best opportunity.