EOS Primed to Become A Deflationary Currency - EOS News, Price Analysis. Friday, September 7
EOS Cryptocurrency News
EOS Primed to Become A Deflationary Currency
Most investors in tokens would want to know how such tokens will behave over time, especially with respect to price. This is why the most valuable coins have a control mechanism built into it to ensure that it doesn’t get permanently oversupplied and lose value, causing losses to investors.
EOS has put in plans to ensure that its internal economy makes the coin deflationary through lock ups and burning of tokens in the course of various activities in the EOS ecosystem.
As it stands, one EOS has a prorate share in the EOS network. This implies that when the Block Producers upgrade their hardware every EOS token scales with it. The network is also working on an economic principle that would make all resources like RAM to be sold within the network thereby ensuring that the token demand scales since it is the primary currency of the network.
According to Eosview in a Reddit post, the governance model of EOS ensures that staking of the token puts them out of circulation thereby increase the value its value. These and other mechanisms in the pipeline that ensures tokens are burnt during RAM trading makes the coin one with very high potentials of appreciating in the future.
A Million Transactions Per Second Network
The EOS whitepaper stated that the aim of the network is to build a capacity that would handle a million transactions per second. Although this target is still a long way off, the network has made steps of progress that will ensure its possibility in the near future.
The EOS Block Producer Benchmark tool has been built to enhance the performance of BP. This was accomplished through a collaborative research effort by EOS Mechanics.
Despite the Falling Prices EOS Still Has Support
EOS joined the free fall of coin in the past 24 hours although there seems to be a sort of stabilization after most digital currencies lost between 5 and 15 percent within a couple of hours. EOS is currently trading at $5.047 down 23 percent from its values of the past 24 hours. This is not really surprising considering that massive losses the coin market has incurred in the past 36 hours or so. Fortunately, the coin has some support left to ensure a safety net.
Interestingly, EOS has found support in the round numbers, not something that could be reported for all the other coins as we watch the trend of the price movement. For now the losses seem to have slowed and there is even a slight bounce from its lowest dip to $5.00 according to data from Coinmarketcap. We are presently looking at a sloppy hammer pattern and it is so very uncertain the direction it is heading. The best bet is to wait it out since there is still panic in the market.
In the past few days analyst had predicted that EOS was going to see a breakout, unfortunately, no one knew that the breakout was going to be in the negative direction. If it goes further south, the next support it’ll locate is at $0.41 having failed to sustain above the 50 day SMA.
EOS/USD Price Chart, Friday September 7th:
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