Daily Crypto Update-EOS Rises 19.91% in 24 Hours!
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Daily Crypto Update-EOS Rises 19.91% in 24 Hours!

EOS (EOS) has risen 19.91 percent in the last 24 hours. The cryptocurrency saw a low of 12.07 USD yesterday, June 1  and is now being traded at 14.18 USD.

What is EOS?

EOS.IO is software that introduces a blockchain architecture designed to enable vertical and horizontal scaling of decentralized applications (the “EOS.IO Software”). This is achieved through an operating system-like construct upon which applications can be built. The software provides accounts, authentication, databases, asynchronous communication and the scheduling of applications across multiple CPU cores and/or clusters. The resulting technology is a blockchain architecture that has the potential to scale to millions of transactions per second, eliminates user fees and allows for quick and easy deployment of decentralized applications.

EOS.IO software utilizes the only known decentralized consensus algorithm proven capable of meeting the performance requirements of applications on the blockchain, Delegated Proof of Stake (DPOS). Under this algorithm, those who hold tokens on a blockchain adopting the EOS.IO software may select block producers through a continuous approval voting system. Anyone may choose to participate in block production and will be given an opportunity to produce blocks, provided they can persuade token holders to vote for them.

Reasons for the Rise

The major reason for the rise of the currency is the release of Version 1.0 of the EOSIO software, the EOSIO Developer Portal is also live. The portal includes everything one need for onboarding with the EOSIO platform, including high-level documentation, SDK references, and basic and advanced guides and tutorials.

Other Major Gainers

The top ten cryptocurrencies that have gained considerably in the crypto market in the last 24 hours apart from EOS  are:

Aeternity (AE) has gained 13.29 percent, and Veritaseum (VERI) has gained 13.11 percent.

OmiseGO (OMG) has gained 12.62 percent, and Lisk (LSK) has gained 10.71 percent.

Decred (DCR) has gained 10.63 percent while BitShares (BTS) has gained 9.25 percent

Bitcoin Cash(BTH) has gained 8.23 percent, and aelf (ELF) has gained 7.80 percent.

Nexus (NXS) has gained 7.60 percent and the last cryptocurrency which made its way into the list of gainers is Loom Network (LOOM) with 7.49 percent.

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Madhuri Arora
A passionate writer and an avid reader. I love watching action and superhero movies. Love food, music, travel and games.