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While cryptocurrencies have seen a sharp dip in their values in the past few months, this has been an industry decline EOS price jumped 30% to close at $ 9 on Wednesday. The sudden appreciation in price led the cryptocurrency to hit a market capitalization of more than $ 6.6 billion Cardano and Litecoin afterwards in the process. EOS now ranks fifth in all cryptocurrencies by market capital.
This upward trend appears to be linked to eosDAC airdrop, whose blockchain snapshot will be released on the 15th of this month, which marks the 300th day of EOS First coin offer (ICO). On that day, all wallets that have at least 100 EOS cryptocurrency tokens stored in them will receive a corresponding amount of eosDAC tokens, which will be transferred to the EOS mainnet, which is due to be launched later this year. Merchants who have fewer than 100 EOS tokens will also receive eosDAC tokens, but will have to complete the process manually.
This is nothing new as cryptocurrencies tend to appreciate in value before a drop of air. However, as soon as the blockchain snapshot locks the air drop balances, the price correction follows. So it wouldn’t be a surprise if the EOS price rally came to a halt next week.
The decentralized autonomous community (DAC) works according to a constitution that is encoded in intelligent contracts in the blockchain. This is a unique way to bring the community together as a unit and is only achieved through EOS software. The DAC is under the control of token holders and board members who vote to conduct community operations.
According to the eosDAC website, core principles of community include fairness, excellent service delivery, support for EOS communities worldwide, openness, transparency, independence and electoral fraud prevention.
“The EOSIO software developed by Block.one will enable the first highly scalable intelligent contract blockchains, with transaction fees covered by low token inflation. This enables the development of truly scalable decentralized applications and online / on-block companies that do this can be owned by their communities. “
Instead of using the proof of work algorithm like common currencies like Bitcoin and Ethereum, EOSIO blockchains use the Delegated Proof of Stake algorithm, in which the EOS token holders of the community vote in 21 main block producers and 100 reserve producers. Block producers need massive infrastructure to manage enterprise-class decentralized applications and must be formidable entities with the ability to scale. Block producers are paid by the limited inflation of the EOS tokens in circulation.
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