EON cryptocurrency price became a topic of discussion with the main net launch of EOS. With its launch, they started airdropping different tokens to their users.
Among them, the most valuable is EON. Some people even refer to it as the most expensive and valuable crypto candy in the world. Due to these speculations, it became a subject of discussion and is becoming popular with the passage of time.
What Is EON?
EON is a comparatively new cryptocurrency that was first launched in 2017. It is a token issued by the Exscudo cryptocurrency exchange. It is unique from other cryptocurrencies as the primary objective of this currency is to create a decentralized financial system.
This refers to a system that represents a global payment network. Under this network, people would be able to send or receive payments by simply using their phone numbers.
Exscudo can be defined as the financial ecosystem aimed at meeting the next generation’s needs and bringing a revolution to the financial ecosystems. It integrates cryptocurrencies in the financial world to create a diverse platform for all relevant users, including traders, investors, and institutions. It also serves as a liquidity center for cryptocurrencies. All services of the company are connected to EON for improved security.
As defined by the official website, it is referred to as a blockchain operating system. The EON platform employs different elements to create a comprehensive ecosystem.
It facilitates investors, traders, financial institutions, and other buyers and sellers to efficiently carry out their exchange activities. The variety of tools available on the EON platform helps them perform their financial activities.
How Was It Formed?
In 2017, a group of entrepreneurs got together to make a breakthrough in the financial system by establishing a decentralized platform. They all previously worked at PayPal and had extensive experience in the digital financial system.
They wanted to provide people with a convenient platform to send and receive money. Their main aim was to eliminate the high transaction fee that is usually incurred during online transactions.
Characteristics of This Platform
EON quickly became the talk of the town due to its unique characteristics. Following are some of them.
- EON follows a unique problem-solving approach toward existing shortcomings in the current blockchains. Another important area they aimed to work on is to enhance privacy and security. They enabled this with their Proof of Stake consensus mechanism.
- The word EON represents the EOS system and the added network building feature. It is often written as EON= EOS+ Network. This means it has all the EOS features and a secure and strong network also.
- It builds the payment network on blockchain for increased efficiency and security of the payment system. It utilizes fiat coins that are stabilized algorithmically by its digital currency. This enables it to create a network that enables programmable payments on a single platform. It synchronizes the workload with the network load to the cloud system. The transactions are made secured in real-time.
- EON works on a secure and transparent system with complete confidentiality. Instead of attracting venture capital, the company opted for an ICO. This made the crypto community their stockholders. Every coin holder is allowed to start its own nodes in the blockchain. They can deposit coins also to earn the resulting commission on them.
- EON cryptocurrency price covers all these characteristics but varies according to market forces. As per records, the company has a total supply of 5,000,000,000 EONs to date.
- By December 2020, the company had served more than 2 million users transacting around $299 billion safely.
- It aims to solve the biggest issue of the low TPS rate for all cryptocurrencies. It was realized to make 100,000 TPS soon with enhanced performance and security.
- It has an efficient research and development team to improve blockchain constantly. It also launched the EON editor, which was an a cloud-based editor. It provided users and developers with a reliable working environment. It was ideal for users who faced problems creating their own products on blockchain as allowed by the company.
- Efficient telecommuting through its collaborative writing tools. The real-time collaboration is done in a shared development environment.
- Since the system is decentralized, it does not store all users’ money in the same spot as banks do. Instead, they employ a distributed storage system to enhance the security of transactions. This allows them to maintain the privacy of their users with minimum risk of any security breach.
- Besides having an industry structure, it also provided cloud storage, P2P, DNS, and blockchain. It all enables it to provide creative freedom to its users. EON creates value for users in everything they do.
- The strong network computing power enables it to multitask. They solve problems for around 4000 TPS through a single transaction. This added efficiency results in added EON cryptocurrency prices also.
EON Cryptocurrency Price History
Since the launch of the EON coin in January 2018, its value has been increasing. It reached its highest value point in August 2018 when it hit $0.50 per coin. It maintained this peak position for some time and then witnessed a gradual decline in value. This trend continued till February 2019, when it reached the lowest point of $0.10 per coin.
After this point, it witnessed a steadily increasing value trend. According to the last record, the EON cryptocurrency price was $0.0016 per coin.
EON aims to become the largest remittance company in the world. To achieve this aim, the company has raised funding from several investors. It includes names such as Ribbit Capital, Union Square Ventures, and Andreessen Horowitz.
The Future of EON Cryptocurrency
The shadows of doubt surrounding the future of cryptocurrencies have started to vanish. It now makes sense that cryptocurrencies are here to stay and prevail globally. It might take over the traditional banking system and revolutionize our financial practices. Instead of fiat money, we might use cryptocurrency to purchase products and services all around the world.
It would include buying high-value items such as property, cars, valuable jewelry, heavy machinery, or routine objects such as clothes, food, and medicines. However, EON could not secure a strong place in the market to become the future of cryptocurrency.
Since EON was a famous blockchain project, it had a high potential to gain popularity among the masses. EOS already had many investors in the market. This provided EON with a high probability to reach users through airdrops. Working on increasing its liquidity could have made it a viable investment option for investors.
Another concern for the team members was to make it listed on exchanges. It was a challenging task, but proper planning and execution could have made this goal achievable. In the beginning, EON was listed on Coinw and Coinoah. It was expected that it would soon make it to several popular platforms. The company also had plans to get listed in the mainstream exchanges in 2018.
They planned to reach 1 million TPS within a year through effective management of their system. Although they achieved some of their goals during the early years, they soon witnessed a declining trend and suddenly became inactive.
Why Is EON Cryptocurrency Price Untraceable?
Soon after gaining popularity in the cryptocurrency market, EON disappeared from the stage. There is no evidence of why or when it became inactive. Traders were looking forward to its growth and their investment in this cryptocurrency, but it mysteriously became inactive. This is the reason why you might be unable to trace EON cryptocurrency prices on different markets where it was earlier traded.
In addition, the official website of EON is also not accessible. It might have been taken down intentionally or unintentionally. There are possibilities that all of this might have been the result of a hacker attack.
A hacker might have attacked the website, and altered or broken the key, due to which it suddenly became inactive. There are rumors that it happened because the company was unable to issue new coins.
They suggest that the hacking resulted in the loss of digital wallets and the keys to blockchains. Due to this, the company had to step back from its function. The increased transaction per second rate enables the fulfillment of several requests at a time.
Another possibility is that it might have become a dead coin. A dead coin in cryptocurrency is the term used to refer to digital assets that have become inactive, abandoned, lack funding, less liquid, or turned out to be scams.
Why Could EON Cryptocurrency Price Not Save It?
If you search a website tracking dead or deceased cryptocurrencies, you might find an EON listing there. It had been dead and floating in space with other dead crypto projects. The reasons for its inactivity identified by such websites are mentioned below.
Inactive development refers to when there have been no updates about the coin’s development in the past six or more months. There had not been any updates about EON for the past few years, due to which it is listed as dead. It is assumed that the team has terminated updating and developing the coin.
Twitter proves to be a key source of information and updates about any cryptocurrency. The company’s Twitter had been inactive for more than a year. There had been no update about the EON cryptocurrency price and other factors.
Although it alone is not considered a clear indicator of a coin’s death, it can become a warning sign that a coin might become dead. It indicates that the team had not been focusing on the maintenance of social media platforms.
Low Trading Volume
The low trading volume of a cryptocurrency indicates that people are no longer interested in purchasing or selling it. This might be threatening to some as an indicator of a possible scam.
Unfortunately, EON witnessed quite a low trading volume indicating that only a bunch of people were using it. Others did not consider it a valuable asset to hole and trade. It became a reason for the death of the coin.
Not Indexed by Popular Platforms
The popular crypto trading platforms have set quality standards for listing a cryptocurrency. They only list those currencies that are credible enough and have a high potential to thrive in the market.
EON was not listed on credible platforms. This indicates that it might have failed to meet its quality requirements. It became a leading factor in its death since traders do not trust unindexed cryptocurrencies.
Not Enough Exchange Listings
Being listed on exchanges is also crucial for cryptocurrencies to gain popularity and trust among the public. A popular coin must be listed on more than three exchanges. EON cryptocurrency did not qualify for this standard as it was either listed on three or fewer exchanges. This indicates that it failed to gain enough adoption among the masses. This leads to making a coin dead.
Another factor included in this area is the quality of trades. A coin must be listed on merit and not against the exchange of money. If a currency meets the numeric requirement but fails to prove merit, it is still considered dead.
As mentioned earlier, the company’s website is no more active. Its domain name can be found listing on domain hosting websites. This indicates that the response team had not been maintaining the website anymore. When the period of inactivity exceeds a certain limit, the coin is considered dead. The same happened with EON cryptocurrency.
These are the major reasons mentioned by one of the websites that lists EON as a dead coin. There might be some other factors also. Dead coins are highly risky to trade. You must avoid investing in such coins or trading them even if you find them listed on some website. If you report a dead coin, you might qualify to earn some money from the websites.
EON cryptocurrency price fluctuated throughout its period of activity. Like any other cryptocurrency, it showed a volatile valuation and pricing. With some exceptionally high and unexpectedly low gains, it suddenly became inactive, leaving traders confused.
Had it been active, it might have become one of the most popular among other currencies. Before you buy a cryptocurrency, always make sure that it is not a joke coin, is credible, the company has a long-term plan and is listed on some exchanges.