Despite the red market zone across coinmarketcap, EOS managed to rank over Litecoin and Bitcoin Cash. The peak point comes after the freelance marketplace moves its major user accounts to EOS blockchain.
EOS Outperforms LTC and BCH
EOS is presently holding the 4th largest market capitalization – it has eventually overtaken Bitcoin Cash (BCH) and Litecoin (LTC) in terms of trading volume. Although the coin has lost 3.77% over the past 24 hours, it significantly overtakes other leading cryptos in its average trading volume.
In fact, the top cryptocurrencies, Bitcoin, Ethereum and XRP is also declining eventually but only two coins, (Binance Coin[BNB] and Tether [USDT] ) pops-up with green figures among the top 10 ranking.
Blockchain Powered Freelancing Platform Migrated 700,000 User Accounts onto EOS
While at one hand, EOS sided down Litecoin and Bitcoin Cash, on the other hand, over 700,000 user accounts from a freelance marketplace, Moonlighting has migrated onto the EOS Blockchain. It was announced on April 11 that Moonlighting is building a starting partnership with EOS developer Block.one’s Venture Capital fund Eos VC Fund and fintech incubator and VC fund FinLab AG. Henceforth the migration of Moonlighting’s 700,000 user accounts to EOS developer Block.one’s Eos.io protocol, a blockchain protocol to support dApps at scale.
Moonlighting CEO Jeff Tennery concerns about the partnership;
“We have been exploring blockchain protocols since the end of 2017 and [have] chosen EOSIO due to its ability to scale transaction processing, maintain low transaction costs and enable ease of user account management,”
In a lengthy crowdfunding process, Block.one had raised an estimated $4billion to develop EOSIO software which supports EOS blockchain. Addressing the Moonlighting’s move towards EOS, Paul Grotowski, COO of EOS VC said that;
“We believe that Moonlighting contains the three key traits you look for in a decentralized application: real customers, real traction and a bona fide use case for blockchain technology,”
Since blockchain is open source and secured with encryption, Tennery said that the hashed on the blockchain helps freelancers with ‘audit-ability and validity’. Nevertheless, Moon highlighting is reportedly securing the data using hashes and not copying it in plain text. Moreover, to decrypt the data, Moonlighting will use its won centralized database. While embracing the move, Tennery said that;
“The hashes on the blockchain provides audit-ability and validity to our freelancer profiles maintained off-chain,”
All-in-all, EOS’s blockchain hits with Moonlighting’s first step into crypto space – meantime, the cryptocurrency also flows significantly within a short span. Although the market is not running the highest graph or remarkable values, EOS’s market cap outperforms BCH and LTC in a short span.
What’s your stake on EOS defeating other cryptocurrencies? Let us know in a comment below.
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Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com