The blockchain received an initial support wave and its preliminary boot stage on the 8th June in a voting session with those interested to become “Block Producers”, the equivalent of Bitcoin miners.
Block.one, owner of 10 percent of the circulating 1 billion tokens, issued a proud statement about this historical event in the industry, saying: “Never before has a decentralized network of this size and scale been launched in such a short time.”
As reported earlier this month, Block.one released the v1.0 upgrade of the EOSIO protocol prior to the blockchain vote. The tool was released for the mass, providing developers with supporting documentation and aiming to enable people and business owners to level up their game and network-driven organizations to construct decentralized applications (DApps) on its servers.
Industry experts and analysts predict that EOSIO is a direct competitor of Ethereum (ETH) as a DApp-supporting blockchain organization. To strengthen their presence and image in the industry, Block.one announced a $50 million partnership investment fund with London’s SVK Crypto to empower EOSIO’s ecosystem. The announcement was made at the time of the release of the protocol’s upgrade.
At the beginning of the month, it was reported that the EOS reached a record-breaking crowd sale at $4 billion, making it the most significant Initial Coin Offering in the history of cryptocurrencies.
The coin’s price has been leading the market since its first day, striking up 7.5% to $10.89. Currently, with a market cap of $9.7 billion, EOS is ranked as the fifth-largest cryptocurrency.