The cryptocurrency EOS emerged following a highly successful $4.4 billion ICO that was held to fund the development of a next-generation blockchain platform. Read on to learn everything you need to know to get started with EOS, from its record-breaking crowdsale to how you can invest in the cryptocurrency as an investor.
What is EOS?
EOS is a cryptocurrency built on EOSIO, a blockchain network that enables developers to build decentralized apps (DApps) using common programming languages like C++.
The aim of EOS is to make it as easy as possible for developers to build blockchain applications.
Block.one is the company behind the EOS platform. The company’s co-founders who launched EOS in 2018 were software programmer Daniel Larimer and entrepreneur Brendan Brumer.
Larimer left Block.one in December 2020 but has recently reunited with the project in a technical capacity. He has rejoined the venture to provide technical contributions in the form of the Mandel upgrade. It will give the EOS Network Foundation (ENF) control of the codebase. Currently, it’s controlled by Block.one.
EOS Key Metrics
|Market Cap Dominance||0.12%|
|Market Cap Rank||#58|
|All-Time High||$22.71 on Apr 29, 2018|
|All-Time Low||$0.50 on Oct 23, 2017|
Source: CoinGecko as of 16 02 2022
The 4 Billion Dollar ICO: A Brief History of EOS
EOS raised a whopping $4.4 billion in a record-breaking ICO, making it the largest token sale to date. This figure makes Ethereum’s $18.3 million ICO seem rather small. Interestingly, the developers issued the tokens on the Ethereum blockchain during the ICO. At the time, EOSIO was still nonexistent.
Since making headlines with its multi-billion-dollar crowdsale, EOS has gone through several rough patches, such as a $24 million SEC fine and community disagreements about the direction of the blockchain.
Still, EOS has remained strong and maintains a committed community that’s keen to focus on what the project can deliver to the crypto space: scalability and efficiency. EOSIO features low fees and fast transaction speeds.
The growing concern of the amount of energy used by proof-of-work (PoW) based cryptocurrencies makes EOS stand out for its energy efficiency. The crypto network’s delegated proof of stake (DPoS) consensus mechanism uses less energy, making the network energy efficient than many of its peers.
Some of the key investors of the EOS ICO were hedge fund magnates Louis Bacon and Alan Howard and PayPal co-founder Peter Thiel. These investors, among others, are also supporting Bullish, a new crypto exchange that Block.one created in 2021.
EOS Adoption is Growing
User uptake is a significant factor driving the value of EOS. The more people are using and building on the blockchain, the more likely the value of its token will increase.
According to data on EOS Authority, there are currently 4.8 million EOS wallets in existence. The data shows that the number of EOS wallets has increased by 2.39% over the last 30 days and over 100% year-on-year. This is an indication that more people are holding EOS, signifying a growing interest in the cryptocurrency.
Demand can be driven by speculation but also by the need for a scalable blockchain and lower transaction costs. The EOS blockchain processes 10,000 transactions per second and has managed to eliminate transaction fees. These are very attractive features that both developers and users desire.
Opportunities & Challenges
Following its successful ICO, EOS had its fair share of ups and downs that highlight the cryptocurrency’s opportunities and challenges. Let’s take a look!
- EOSIO provides a developer-friendly platform that anyone can start building on without needing to learn a new programming language.
- EOSIO offers scalability, efficiency, and high throughput.
- The network uses an environmentally-friendly consensus protocol.
- Support by several notable investors.
- Disagreements between ENF and Block.one have hindered the development of the EOS ecosystem.
- The delegated Proof of Stake (dPoS) protocol could lead to centralization of control.
EOS’s Historical Price Performance
Let’s take a look at its historical price performance to see how EOS has performed in the past.
2018 – EOS’s all-time high can be traced back to April 29, 2018, when it hit $22.89 following its highly successful year-long ICO.
2019 – As the “crypto winter” took its hold on the crypto markets, the price of EOS dropped to under $2 in 2019 before reaching its yearly high of $8.54. EOS ended the year trading around the $2.50 mark.
2020 – In early 2020, EOS rallied to a high of $5.35 before the outbreak of the pandemic crashed the price to a 2020-low of $1.84.
2021 – In May 2021, EOS reached a high of $14.88 after Block.one announced the launch of a new crypto exchange called Bullish. However, the price of EOS could not maintain that positive moment and closed the year around the $3.00 mark.
Introducing the Iconic EOS ETP
Iconic Physical EOS ETP (Ticker: IEOS) is an exchange-traded product (ETP) that tracks the price of EOS. Each share in the ETP gives the holder a claim on a predefined amount of EOS (1 note = 1 EOS at launch).
- Physically backed by EOS stored in cold storage with additional third-party insurance.
- Competitive management fee of 0.95% p.a.
- Listed and traded on Euronext Paris and Amsterdam.
- No lending/staking of assets.
|Product name||Iconic Physical EOS ETP (“IEOS”)|
|ISIN / WKN||DE000A3GWSL2 / A3GWSL|
|Underlying||CMBI EOS Index|
|Product Structure||Physically replicating|
|Index Provider||Coin Metrics Bletchley Indexes (CMBI)|
|Issuer||Iconic Digital Assets AG|
|Administrator||State Street Bank International GmbH|
|Security Trustee||Bankhaus von der Heydt GmbH & Co. KG|
|Custodians||Coinbase Germany GmbH|
|Market Maker||Flow Traders B.V.|
|Authorized Participant(s)||Flow Traders B.V.
Jane Street Financial Ltd.
DRW Europe B.V.
Bluefin Europe LLP
|Launch date||31 March 2022|
About Iconic Funds
Iconic Funds is the bridge to passive and actively-managed exposure to crypto. Iconic Funds, via its subsidiaries, offers crypto asset ETP’s, diversified index funds, and alpha-seeking strategies for investors.
Our mission is driving the adoption of crypto assets. As the bridge for investors to gain exposure to Crypto Assets, Iconic’s licensed and regulated vehicles offer investors a menu of investment choices ranging from passive index exposure to actively-managed strategies. Iconic Funds removes the technical risks of crypto investing by offering investors trusted and familiar means to invest in crypto at industry-leading low costs.
The marriage of state-of-the-art technology, innovative investment products, and uncompromising professionalism places Iconic at the vanguard of crypto asset management.
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This article represents solely a non-binding preliminary information which serves exclusively advertising purposes. It is not a prospectus in the sense of the Regulation (EU) 2017/1129(Prospectus Regulation) and the German Securities Prospectus Act (Wertpapierprospektgesetz – WpPG). It does not constitute an offer of securities for sale in the United States and the securities referred to in this notice may not be offered or sold in the United States absent registration or an exemption from registration.
The price of an investment in an Iconic ETP may go up or down and the investor may not get back the amount invested. The price performance of cryptocurrencies is highly volatile and unpredictable. Past performance is hence no guarantee of future performance. You agree to do your own research and due diligence before making any investment decision with respect to securities or investment opportunities discussed herein. The approval of the prospectus should not be construed as an endorsement of the securities offered or admitted to trading on a Regulated Market. These are not extensive risk considerations. Prospective investors should read the prospectus before making any investment decision in order to fully understand the potential risks and rewards of deciding to invest in the securities. The prospectus is available at https://deutschedigitalassets.com/ieos-iconic-physical-eos-etp