EOS has once again surpassed Litecoin (LTC/USD) as fifth largest cryptocurrency with market capitalization. On Friday the EOS price exploded by a stunning 20%, outpacing every other cryptocurrency in the top 10.
The surge follows an announcement by EOS developer Block.one that the first live release of the EOS.IO open source software is nearing completion.
EOS.IO is software that introduces a blockchain architecture designed to enable vertical and horizontal scaling of decentralized applications.
“The software provides accounts, authentication, databases, asynchronous communication and the scheduling of applications across multiple CPU cores and/or clusters. The resulting technology is a blockchain architecture that has the potential to scale to millions of transactions per second, eliminates user fees and allows for quick and easy deployment of decentralized applications,” the project says on its website.
Meanwhile, OK Blockchain Capital, a venture capital company owned by OK Group, has announced its enthusiastic support for the EOS network in the form of $100 million for projects that use it.
EOS last ousted Litecoin as fifth largest cryptocurrency on April 12. The cryptocurrency with a market capitalization of $8 982 439 836 is currently trading at around $11,16.
By Jade Olafson