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Will EOS Overtake Ripple?

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For the past several weeks, EOS has been one of the most talked about cryptocurrencies on the market. In spite of a drop in price over the weekend, EOS remains the fifth-largest digital token by overall market cap, with a total value of just under $10 billion as of this writing. The new token and ecosystem has revolutionized decentralization; even as investors in the currency’s lengthy ICO have squabbled over how to maintain and grow the EOS system, the coin has generated massive amounts of hype and anticipation. One question on the minds of many investors is just how high EOS can fly. Will it be able to overtake long-standing leaders in the cryptocurrency space, such as ripple or ethereum?

EOS’ Unique Advantage

EOS is a decentralized smart contract-enabled platform which has presented itself as a solution to many preexisting flaws in blockchain technology. With a blockchain verification algorithm that can support transactions at the rate of 100,000 per second, EOS could be equipped to grow in scale at a rate unforeseen by previous blockchain networks. Coupled with the claim of non-existent transaction fees, it’s easy to see why EOS has received so much attention.

EOS’ Prospects Relative to Other Cryptocurrencies

Analysts have speculated that EOS may be able to outpace leading digital currencies thanks to its network. It has often been compared to ethereum directly, as it also focuses on dapps and smart contracts. Already, some outside companies have wagered on EOS to become the new leader in this regard; Bitfinex, the cryptocurrency exchange platform, announced earlier in the year that it would establish a decentralized exchange to be based on the EOS blockchain, known as EOSfinex. Bitfinex CEO J.L. Van Der Velde explained that his company hoped to “leverage EOS.io to further advance the field of high performance and trustless on-chain exchange,” according to Global Coin Report.

For the time being, EOS has experienced some launch and growing pains. However, supporters believe that the new cryptocurrency ecosystem is just getting going and that the possibilities are endless. As EOS navigates the launch process, the remainder of the cryptocurrency world will see just how far EOS can climb.

Investing in cryptocurrencies and Initial Coin Offerings (“ICOs”) is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or ICOs. Since each individual’s situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author owns bitcoin and ripple.

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