Proof of Stakes based projects
has been a major trend in the cryptocurrency space. Well known cryptocurrencies like EOS, DASH,
and TRON make use of POS.
The year 2019 is expected to be
the major timeline for several other POS projects, which are all set to be
launched this year.
As a part of the consensus
mechanism of the network, the participants have to prove that they own a
certain number of coins.
The overall supply for the staked
coins has already reached 47% with EOS. Per calculations from Diar, EOS is the
most staked coin in terms of dollars with $1.8 billion in USD. DASH is the next in the line, with $309
million in stakes in Cosmos. The funds
of DASH are worth $4 billion.
The open source digital currency
DASH run by master nodes is worker friendly as they provide for rewards and
recognition for the miners. Built on the core code of Bitcoin, DASH is expected
to trade to a peak price range at $161.94 this year. In 5 years, it is
predicted that DASH might touch $700. At the time of reporting the news, DASH was
trading at USD 91.88.
The mainnet launch of EOS met
with hiccups due to low staking issues, and now they represent half the staked
value in the POS blockchain.
The EOS has an overhead
resistance at $3.8723, and its failure to break out of the resistance level is
not an excellent sign. The bearish trend
will likely sink the digital currency down to the 50-day SMA. A range formation
is expected for EOS in the near term.
MIT is currently working on a
cryptocurrency type that is based on PoS.
ETH the largest of the Altcoins in terms of market cap will be transferring
to the protocol by 2021.
Technically, ETH is all set to
continue with the upside risk in a familiar range. It recovered from the $132
support level and traded above #$134 versus the dollar. The upside continues to be capped despite the
price clearing the resistance levels at $135 and $136. The price is likely to drop back to $135 near
the $138 level.
Currently, the price is at the
$137 resistance level. Selling might
pick up at $137 and $138 levels. The
next significant resistance is expected to be at $140. The $140 price range prevented profits on
several occasions. There is a concern if
Ethereum will fall hard from this price level.Considering the use cases of different tokens,
several nations prefer smart contracts than BTC.