Cryptocurrency, Featured

EOS’ ICO Token Sale May Affect Ethereum Value In Market

There have been several debates on whether Ethereum’s value will be impacted or not by the advent of EOS. Ever since its inception took place, the ETH Blockchain has been enjoying sort of a monopoly in the crypto space. Some experts wonder whether all that will change after the launch of the ICO from the EOS.

The Ethereum platform and its coin have been enjoying several advanced functionalities, which its competitors could not match earlier. However, ever since EOS was launched, it has given a new definition to the smart contract space as it has challenged the status quo established by Ethereum.

To put it simply, the EOS network succeeded in improvising the limitations that the Ethereum platform faces, that are primarily speed and scaling issues. The biggest issue on the Ethereum Blockchain is its scalability. The challenge has been so glaring that the founder of the network, Vitalik Buterin has also admitted its presence.

Buterin had also mentioned that he is trying to find out new ways of overcoming it. The scalability of Ethereum is extremely low. In fact, the platform can only perform a maximum of fifteen transactions every second.

It is a terrible performance as opposed to the payment processor for Visa that can take care of as many as fifty thousand transactions every second. On the other hand, the EOS network is equipped to handle up to 1,000 transactions every second, thus boasting a significant enhancement over the Ethereum, Bitcoin Exchange Guide reported.

 Ethereum’s Market Cap Value Goes Down

Meanwhile, the Ripple cryptocurrency outperformed Ethereum on September 21 but lost its number two rank shortly afterward since both the crypto assets experienced price corrections after the sudden upticks.

Ethereum’s market cap value got hit again on September 26 as Ripple managed to surge ahead of it for the second time. Ripple had managed to become the second largest digital currency by market cap once again, albeit temporarily, Cointelegraph noted.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Pala Sen is an avid follower of fintech, travel and health updates, current affairs and entertainment news from all across the world and writing is a passion for her. She had been previously associated with the corporate world for several years and holds a degree in MBA and a postgraduate software diploma called GNIIT from NIIT.

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