Protocol upgrades and Google Cloud integration will raise EOS prices 245% in 2021

EOS price reached its highest level since 2018 after protocol upgrades and partnerships with big names attracted institutional investors.

Today (April 17th) EOS price rose to a new high of $ 8.7 and the current structure of the market suggests that the price could go higher.

EOS first made headlines during the 2018 ICO madness when its parent company Block.one raised record $ 4 billion funding to develop the EOSIO software, and This Altcoin has nearly tripled in value in the past three months .

Data from TradingView shows that EOS price has risen 245% since trading at $ 2.43 on Jan. 27 and hit a multi-year high of $ 8.7 as of January 17th (April 17th).

EOS / USDT – 4 hour chart | Source: TradingView

The three reasons for the price increase of EOS since the end of January are the introduction of the new EOS PowerUp model, the release of the EOSIO test network from Block.one and the announcement of a partnership with Google Cloud to promote the integration of the distributed ledger technology with Cloud computing and warehouse.

Protocol improvements fuel the rise of EOS

The momentum for EOS took off seriously in January when consensus was reached on integrating a new EOS PowerUp model to improve resource allocation.

Congratulations #EOS. Consensus has been reached and the new PowerUp model is live which improves resource allocation. Let us further strengthen EOS. https://t.co/sVkcg2XsfE

– block.one (@block_one_) February 24, 2021

“Congratulations to EOS on the consensus and the new PowerUp model in action that improves resource allocation. Let us further strengthen EOS. “

The PowerUp model is the EOS network’s solution to the problem of transaction fees, which is currently one of the main problems facing the Ethereum network.

As part of the new model, users can pay a small fee to activate their account for 24 hours with CPU and NET bandwidth that can be used to meet trading requirements, or they can send their unused tokens to a percentage of the generated Receive improvement fees through the public EOS blockchain.

Network congestion increases with increasing global acceptance. Networks that offer acceptable solutions to high transaction costs and latency concerns can attract more users looking for a smooth user experience.

The rally is ignited by a new test network

One of the most important impulses for EOS and its community came on April 1st when Block.one announced the release of its official EOSIO test network.

Ready to test your #EOSIOhackathon Project? In a sandbox, experiment with the latest stable version of the #EOSIO with our test network. #EOSIOTools https://t.co/9exrJOGtNm

– block.one (@block_one_) April 1, 2021

“Are you ready to test your EOSIO Hackathon project? Testing in the sandbox with the latest stable version of EOSIO with our testnet. ”

According to the project’s website, some of the features included in the new test network include a distributed network with multiple nodes, one-click blockchain account creation, an embedded EOSIO explorer (embedded system is a term for a system), autonomous systems that work in embedded in an environment or a higher-level system, which are systems that integrate both hardware and software to serve specific problems in many industrial sectors, control automation, monitoring and communication) and contain snapshots that allow rapid synchronization of EOSIO -Testnet nodes enable to ensure high uptime.

The new Testnet version is one of the most significant versions of Block.one since the protocol was first introduced in 2018, and gives community members who are concerned about the departure of Block.one’s Chief Technical Officer and EOS inventor, Dan Larimer, make in January 2021, trust.

The momentum for the protocol gradually picked up in March due to an ongoing hackathon that resulted in a surprise Testnet release on April 1 and sparked a significant bull run two weeks later.

Working with Google Cloud brings more fuel to the rally

EOS gained further momentum on April 2 when Google Cloud released a discussion about its partnership with EOSIO and how it is helping to revolutionize the way distributed ledger technology is integrated with secure cloud computing.

We help @Block_one_ develop and operate their distributed ledger technology with the scalability and reliability of our network, innovation in confidential computing and market leadership in #WHO / #ML and data analysis. Learn more ️ https://t.co/hfJd5BbpmM

– Google Cloud (@googlecloud) April 2, 2021

“We help Block.one to develop and operate their distributed ledger technology with scalability and reliability in our network, innovation in confidential computing and leadership in AI / ML and data analysis.”

Google Cloud is also one of the key partners in the aforementioned hackathon and aims to develop applications that will redefine the future of cloud and blockchain-based systems and help increase the transparency of the blockchain with the speed and security of a cloud Connect solution.

Such a positive relationship with a platform under the aegis of Google has given EOSIO a boost, and the EOS Grayscale Trust filing in late January means institutional investors can easily access this growing ecosystem.

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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According to Cointelegraph

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