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EOS Price Pumps to $14 Following EOSIO 1.0 Release & $50 Million Fund Announcement

Block.one today officially released the EOS blockchain, EOSIO 1.0, with the company also partnering with SVK Crypto to launch a $50 million fund that will be used to assist projects that will be developed on the EOS platform.

The launch of the EOS blockchain has seen the price of the currency spike from the $12.34 it was trading yesterday to around $14. The EOSIO network is an open source software that will make it easy for businesses to quickly and efficiently construct and deploy “high-performance and high-security blockchain-based applications.”

According to the information provided by Block.one, the EOS blockchain has some very interesting features such as:

  • Free Rate Limited Transactions
  • Low Latency Block confirmation (0.5 seconds)
  • Low-overhead Byzantine Fault Tolerant Finality
  • Optional high-overhead, low-latency BFT finality
  • Smart contract platform powered by Web Assembly
  • Designed for Sparse Header Light Client Validation
  • Scheduled Recurring Transactions
  • Time Delay Security
  • Hierarchical Role Based Permissions
  • Support for Biometric Hardware Secured Keys (e.g. Apple Secure Enclave)
  • Parallel Execution of Context Free Validation Logic
  • Inter Blockchain Communication

The release of the EOS platform has seen the price of the cryptocurrency rise by 16% over the past 24 hours, and is now trading around the $14 region, with some analysts expecting its price to even go higher over the coming days.

Moving forward

In order to encourage the adoption of the EOS platform, Block.one has partnered with London-based SVK Crypto, with the aim of starting a launching a $50 million fund for projects that will be hosted on the network.

The main aim of the fund is to “accelerate the growth and development of the EOSIO blockchain ecosystem”, with the funds to be put into “projects that are building on the EOSIO blockchain platform, with a focus on decentralized applications (DAPPs) for social media, data ownership, data control, technology platforms, supply chains and logistics.”

The co-founder of SVK Crypto, Hugh Cochrane said;

Block.one has created the world’s most powerful infrastructure for decentralized applications and is the most forward-thinking company driving growth in the blockchain space. SVK Crypto is thrilled to partner with Block.one to establish a fund that enables developers to thrive. We look forward to helping to produce innovative game-changing DAPPs in the coming months and years.

While commenting on this latest development, Block. one CEO Brendan Blumer noted;

Working with a market-leader such as SVK Crypto is a positive step as we grow the impact and footprint of the EOSIO developer ecosystem. This fund further strengthens our top-notch roster of VC partners focused on identifying and fostering projects that are building a decentralized, open future.

Block.one’s Brian Mehler expressing his excitement about the launch of the platform and the partnership with SVK, he stated;

We aspire for our funds to be global leaders in blockchain venture investing. The teams at SVK Crypto and Block.one bring together broad leadership in the VC and funds space with blockchain expertise and exceptional go-to-market drive. This fund gives blockchain entrepreneurs and innovators reason to be excited about developing on EOSIO.

With the rise of the EOS price to the $14 region, it will be expected to test the next resistance which stands at $16.

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Nicholas Holden

A chemical engineer who got obsessed with cryptocurrecnies. Holds small fortune in BTC, PVX and MIOTA. Nick's regular trading in the crypto space makes him come across exclusive news around the industry. Email: nick@blockpublisher.com or email the editor at editor.news@blockpublisher.com

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