EOS Price Soars, As Product Tries To Catch Up
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The cryptocurrency market is showing signs of life once again, and EOS is out front. The now-fourth biggest cryptocurrency based on market cap has advanced 23% in the last 24-hour period to $3.47 and is currently neck-and-neck with Litecoin (LTC), whose value has ballooned 111% since year-end 2018.
Today’s gains reflect support from the EOS community and could have something to do with Block.one, the creator of EOS, recently providing greater clarity on the roadmap. Block.one CEO Brendan Blumer addressed some of the community concerns on social media, reminding them in a message entitled “Great Things Take Time” that there is more ahead than meets the eye.
Great Things Take Time
Block.one achieved one of the last blockbuster ICOs, having raised some $4 billion before there was even a working software product. While investors were willing to take the team’s word at the time, they’ve become impatient as the market downdraft has persisted. It seems the EOS community would like to see more technology from the Block.one team, especially during a bear market in which tensions are high.
Since November 2018, the EOS price is down 30% despite today’s gains. This has been a source of frustration in the EOS community, which is not a unique situation in the blockchain world.
In his message, Block.one’s Blumer addressed some of these concerns in as transparent a fashion as he could, asking for more patience while the Block.one team builds products:
“Great things take time; parallel teams need to be built to deliver new products without sacrificing the progress of existing business units, and that means hiring new people which comes with time limitations that can’t always be shortcut with capital.”
Meanwhile, Blumer said that the community expectations for Block.one to deliver protocol upgrades, mainstream consumer apps, and an “optimal” decentralized governance structure have been “unrealistic.” It was this hype, however, coupled with the Block.one team’s marketing of the EOSIO blockchain that initially stirred up demand for the project.
William Mougayar, tech investor and author of “The Business Blockchain,” tells Crypto Briefing that this is a reflection of the standard “modus operandi” for EOS and Block.one, which he regards as more centralized than some other blockchain protocols when it comes to its flagship products. He added:
“There was some obvious sugar coating in the CEO’s statement, as it punctuated how B1 sees things,- they see themselves delivering and the community receiving. Contrast with the Ethereum ecosystem where a thousand flowers bloom, decentralized innovation thrives, and the market decides which best products are to get adopted. “
One of the core products that the EOS community is waiting for is an official iOS wallet for Apple devices. Block.one’s Blumer also addressed these grumbles, saying:
“After much consideration, we wanted to release the wallet in a way that empowered all existing EOSIO wallets, and didn’t compete with them; we landed on a solution we’re excited about.”
Block.one is currently working with a “leading hardware manufacturer” to deliver greater security for all EOS wallets and EOS assets, Blumer said. Despite any delays, Blumer says Block.one has “no issues with Apple,” apparently quieting speculations within the EOS community.
While this could be exciting news for the EOS community, it only seems to have added to the short-term ambiguity that investors are feeling. Will there be an EOS hardware wallet, and if so, what does this mean for the future of a downloadable wallet?
These are questions that will likely be answered in time. Meanwhile, the EOS price gains suggest that Block.one’s attempt to bide their time is working, for the time being.
The author is invested in digital assets, but none mentioned in this article.