Without entering the main network, relying solely on white papers and various marketing propaganda, it successfully raised more than $4 billion. Surprisingly, most people have not even seen this virtual currency in person, have not experienced its use, and have not even seen its wallet interface, but people still pay money like crazy to buy it.

However, since its launch, the project has seen a six-year price decline, and the decline is quite severe, but many people continue to pour into the market to try to buy low and sell high. This shows how rich and enthusiastic investors are in the cryptocurrency circle. This virtual currency is like EOS, which is known as the next superstar after Bitcoin. In the cryptocurrency circle, although only 10% of people own Bitcoin, only 10% of people do not own EOS.

Although these descriptions may be a bit exaggerated, they are enough to illustrate the popularity of EOS among the public. Why do so many people invest in EOS? The reason is that its marketing and publicity are very effective. At that time, people were relatively naive, and the endorsement of Mr. Li, the richest man in China, plus the selling point of "Blockchain 3.0" was enough to attract many eyeballs. More importantly, the price of EOS was relatively low. For only $6, you can get a project that claims to beat Bitcoin and Ethereum. Who can not be attracted?

Fundraising Stage

From June 25 to 30, 2017, EOS launched the first phase of crowdfunding, with a fixed exchange ratio of 1ETH to 306 EOS, and the price at the time was about US$6 per EOS.

The second phase lasted from July 1, 2017 to June 2, 2018, with 2 million tokens released every day, and the exchange ratio was determined by the amount of ETH raised on that day. By the end, EOS had raised about 7 million ETH, which was about $42 billion based on the price at the time. The initial financing scale far exceeded that of well-known companies such as Google and Twitter. Calculated at the current ETH price, the crowdfunding market value is as high as $12.6 billion.

In fact, the team at that time converted all the funds raised into Bitcoin and made a lot of profit! In fact, EOS was already online on many exchanges in July 2017, and it could be purchased directly on Yunbi.com at that time.

EOS’s Peak Moment

Surprisingly, it happened before it was on the main network, when it was just a token on Ethereum, its price reached its all-time high. On April 1, 2018, the price of EOS was at a low of around $5, and then rose to its all-time high of $23 on April 29 in less than a month, an increase of 460%. With this unprecedented increase, as well as various super node campaigns, the entire cryptocurrency circle fell into a state of near-crazy chaos.

In mid-April, all major exchanges listed EOS and hyped up various success stories of EOS. Almost 99% of the entire cryptocurrency circle bought EOS, and many of them were fully invested. Everyone dreamed that EOS could rise to hundreds or even thousands of dollars like Ethereum, but it encountered a major setback and continued to fall from $23, and the glory disappeared in an instant.

Frequent security breaches

On May 29, 2018, 360's Vulcan team discovered a series of high-risk security vulnerabilities in the EOS blockchain platform. These vulnerabilities have an epic impact and can completely control virtual currency transactions. Some vulnerabilities can even remotely execute arbitrary code on EOS nodes, which means that attackers can directly control and take over all nodes running on EOS through remote attacks. The person in charge of the EOS network said that they will not officially launch the EOS network until these problems are fixed.

Difficult mainnet launch

On May 26, 2018, EOS nodes around the world jointly issued a joint statement to launch the only EOS main network. Then a vote was held from June 10 to 13, but the voter turnout was quite low, only 3.6% at 11 a.m. on the 13th, far below the 15% activation requirement. On the same day, the world's largest exchange Bifnex came forward to promote the vote, followed by gateio, Huobi, etc., who also expressed their support for the voting process. Finally, driven by Li Xiaolai's bigone exchange, at 1:50 a.m. on June 15, 2018, the EOS voter turnout finally exceeded the activation threshold of 15%, and the EOS main network was officially launched.

The beginning was not satisfactory

However, once EOS was launched, people found that it was not as good as they imagined. Only a small number of applications were available, and the operation was relatively complicated, and the processing speed was not as good as advertised, which disappointed many developers. Even though the company raised more than $4 billion, they seemed reluctant to invest more money to support the EOS ecosystem, perhaps because they had made enough money and did not want to take any more risks.

three phases

EOS came to Beijing on May 20, 2017, and EOS leader Wang conducted promotional activities in China, attracting many fans. At that time, Wang was one of the hottest KOLs in the cryptocurrency circle, with hundreds of thousands of real fans, and he talked about the prospects and future of EOS.

In the short term, EOS has gone through three major phases:

Phase 1: Node election. This phase has made the EOS community more active than ever before. Community building is crucial to the development of blockchain projects.

The second stage: the development of DAPP, accompanied by various DAPP candy airdrops, similar to the market of Bitcoin fork last year. Holding EOS is like holding a laying hen, which continuously produces profits for you.

The third stage: Various Ethereum applications are migrated to the EOS main chain. With the emergence of DAPP applications based on the EOS main chain, the third stage will usher in greater development.

At present, the circulating market value of Ethereum is close to 400 billion US dollars, while the market value of EOS is only nearly 80 billion US dollars. It is only a matter of time before EOS surpasses Ethereum. After going through three stages, the price of EOS may reach 500 yuan, and if the market speculation is intense, the price may be higher.

Conclusion

However, six years later, the price of EOS is only $4 today, far from the promises made during its previous highs, but countless people continue to pour into the market, dreaming that the price of EOS will reach a peak of $500.