EOS Price Hits Yearly Low; 87% Losses Since $4 Billion ICO

EOS (EOS) struck a new low on Tuesday, reverting to a price not seen since November of 2017. Unlike most coins and tokens which peaked in December-January, EOS reached its all-time high in April of this year, marking the culmination of a year-long ICO in which $4 billion was raised.

That means the coin’s 87% plunge has occurred in just over six months, and leaves the market cap around the $2.5 billion mark as value continues to depart the asset.

EOS/USD Price Continues to Fall

EOS fell a further 11% from Monday through Tuesday, dropping from a coin price of $3.26 to $2.90. The drop to $2.90 is the lowest EOS valuation since last November, and one suspects it may have come a lot sooner were it not for the big ICO boost in the spring of 2018.

That puts EOS on 26% losses for the week, and 49.7% losses since the beginning of the market carnage which erupted three weeks ago.

Despite the coin’s monumental fall over the last six months, the EOS blockchain’s creators, Block.one, continue to develop the product, and recently unveiled update proposals in the form of EOSIO v1.5.0.

EOS Updates

The latest batch of updates to be put forward for the blockchain – wrapped up in EOSIO v1.5.0 – focus on security, speed and scalability, according to the latest development update. As per the Medium blog post, the newest update has introduced Multithreaded Signature Verification, and the effects could be expected to be seen immediately when syncing nodes:

“One of the most important updates in this release is focused on our ongoing efforts to improve the performance of EOSIO, keeping it among the fastest public blockchains on the market. Multithreaded Signature Verification introduces efficiencies in key recovery, which is now managed on separate threads via a thread pool in the controller when applying a signed block. Primary performance increases will be noticed during block propagation and when syncing a new node.”

EOS Hackathon

Block.one recently put up $500,000 for developers to come up with something that would:

“…align interests among stakeholders and / or drive more value back to users…”

The winning team, NouGit, were awarded first prize for their contribution which was described as a

“Git repository — essentially a system for tracking and co-ordinating changes to source-code in files and software — that is decentralized and incentivized.”

According to Block.one’s release notes for the hackathon event, the winning contribution from NouGit will:

“…provide a way for open-source projects to create monetary value for themselves and not Microsoft and IBM…”

EOS hackathons continue into December, with the next event scheduled to take place in Cape Town, South Africa.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.