EOS Spikes After Mainnet Launch as Block.one Concludes Crowdsale

EOS prices surged on Saturday following the release of the highly anticipated mainnet software, which proponents say will deliver an operating system for large-scale decentralized applications.

EOS Price  Levels

The value of EOS skyrocketed more than 17% on Saturday, reaching a high of $14.33 on the major exchanges. The digital currency was last seen trading at $14.18, where it was on track for its highest settlement in over three weeks.

At present values, EOS is capitalized at $12.7 billion, making it the world’s fifth largest digital currency by market cap. Daily trading volumes exceeded $1.8 billion. Only bitcoin, Tether and Ethereum had higher turnover.

Huobi, Bithumb and OKEx are the biggest markets for EOS trades. Combined, they account for more than 35% of total transactions.

As CCN reports, EOS tokens were priced at a discount on South Korean exchanges. The opposite is usually true given that South Korea is one of the most expensive jurisdictions for crypto trades.

EOS led a broader crypto-market rally on Saturday, with the total value of all coins in circulation rising by nearly $14 billion to $343.7 billion

Mainnet Launch

Following a year-long crowdsale, Block.one has released version 1.0 of its new open source blockchain software. Dubbed EOSIO, the new code “enables businesses to rapidly build and deploy high-performance and high-security blockchain-based applications,” the company said on its official Medium page.

However, in the case of EOS, “launch” simply means disseminating the new software code. In other words, no network is being introduced at this time. It’s up to potential users to move the project forward,  This is in line with the company’s vision of providing a truly open source software.

The EOS platform will eventually rely on just 21 validators, or block producers, to verify each transaction. Hacked recently profiled ten EOS block producers that could potentially be voted into the top-21 validators.  Some of the more notable names include ONO, Liquid EOS, AntPool, EOSYS, Oracle Chain, Bitfinex and Huobi. A total of 180 companies have applied to become block producers.

EOS deposits and withdrawals have been frozen by digital currency exchanges during the mainnet token swap. Traders are still allowed to trade the limited supply of EOS tokens currently available on these platforms.

EOS has the distinction of being the biggest-ever ICO, raising $4 billion over a year-long crowdsale. That’s more than double the size of Telegram’s massive $1.7 billion intake, which was cut short and limited to private donors.

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.

Chief Editor to Hacked.com and Contributor to CCN.com, Sam Bourgi has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Avid crypto watchers and those with a libertarian persuasion can follow him on twitter at @hsbourgi