Protocol upgrades and Google Cloud integration lift EOS price 245% in 2021

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On April 16 EOS worth soared to a brand new excessive at $8.49 and the present market construction for the altcoin suggests there may be room for additional upside.

EOS initially made headlines throughout the ICO craze of 2018 when its dad or mum firm Block.one raised a document $4 billion in funding to create the EOSIO software program and prior to now three months, the altcoin has almost tripled in worth. 

Information from Cointelegraph Markets and TradingView exhibits that since buying and selling at a low of $2.43 on Jan. 27, the worth of EOS has climbed 245% to set a multi-year excessive of $8.47 on April 16.

EOS/USDT 4-hour chart. Supply: TradingView

Three causes for the rally within the worth of EOS since late January embrace the launch of the brand new EOS PowerUp mannequin, the discharge of the brand new EOSIO testnet by Block.one and the announcement of a collaboration with Google Cloud to advance the combination of distributed ledger know-how with cloud computing and storage.

Protocol enhancements energy up’ worth momentum

Momentum for the EOS token started to select up in earnest in January as approached reaching consensus on integrating the brand new EOS PowerUp Mannequin which is designed to enhance useful resource allocation.

The PowerUp Mannequin is the EOS community’s answer to the difficulty of transaction charges, which is at the moment one of many main points dealing with the Ethereum (ETH) community.

Below the brand new mannequin, customers have the selection of paying a small price to energy up their account for twenty-four hours with CPU and NET bandwidth that can be utilized to meet transaction wants or they’ll deposit their unused tokens to obtain a share of the ability up charges generated by the EOS public blockchain.

As community congestion will increase as world adoption rises, networks that provide acceptable options to excessive transaction prices and latency considerations are more likely to entice extra customers on the lookout for a easy consumer expertise.

New testnet ignites the rally

One of the crucial important sources of momentum for EOS and its neighborhood got here on April 1 when Block.one introduced the discharge of its official EOSIO Testnet.

In keeping with the venture’s web site, among the options included within the new testnet embrace a multi-node distributed community, one-click blockchain account creation, an embedded EOSIO explorer and the inclusion of snapshots that allow the fast syncing of EOSIO testnet nodes to make sure excessive uptime.

The brand new testnet launch is among the most vital releases to come back out of Block.one for the reason that protocol was initially launched in 2018 and supplied a lift of confidence for neighborhood members who have been involved concerning the January 2021 departure of Block.one chief technical officer and EOS creator Dan Larimer.

Momentum for the protocol was percolating throughout the month of March resulting from an ongoing hackathon that led as much as the shock launch of the testnet on April 1 and ignited a big worth rally over the subsequent two weeks.

Google Cloud collaboration provides rocket gasoline to the rally

EOS received an added increase to cost momentum on April 2 when Google Cloud posted an article discussing its collaboration with EOSIO and the way it’s serving to revolutionize the combination of distributed ledger know-how with confidential cloud computing.

Google Cloud was additionally one of many major companions within the aforementioned hackathon and had the goal of serving to “construct purposes that redefine the way forward for blockchain and cloud-based techniques” which helps to mix the clear nature of blockchain with the pace and safety provided by cloud options.

Having such an energetic relationship with a platform below the Google umbrella has given EOSIO elevated validity and the submitting of an EOS Grayscale belief in late January implies that institutional traders now have a neater solution to achieve entry to this rising ecosystem.

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