EOS Surges 12% As June 1st Arrives, Rumors About Crypto Social Platform Fester 10

EOS Surges 12% As June 1st Arrives, Rumors About Crypto Social Platform Fester

EOS Community Buzzing As June 1st Hits

That’s right, it’s June 1st, and the EOS community is absolutely buzzing. For those unaware, Block.one, the cryptocurrency firm behind the protocol’s ICO and much of its development, hinted earlier this year that on this date, something astounding was going to occur, calling the event B1June. The thing is, little is known about what exactly the firm is announcing.

In classic crypto fashion, however, the EOS digital asset has surged off this announcement of an announcement, posting a 12% gain in the past 24 hours. What’s more, the crypto is up almost 40% in the past week, outclassing most other digital assets.

EOS Surges 12% As June 1st Arrives, Rumors About Crypto Social Platform Fester 11

A recent report from German media, however, claims to have an answer to this pressing question. As first spotted by Decrypt Media, a report from Handelsblatt, a local business news publication, notes that Block.one will be launching a social media platform through EOS to purportedly rival Twitter. Decrypt reports that its sources have corroborated these rumors. Per Handelsblatt, though, which cited “financial insiders”, the platform will allow for users to be compensated for interacting with the community. It, according to the German paper, will be much like Facebook and Instagram but with rewards, and with EOS as the protocol backing it.

This confirms postulation made by CryptoGlobe. Its reporters earlier this month noted that Dan Larimer, a cryptocurrency pioneer that is now Block.one’s CTO, make clear allusions to the launch of an EOS-enabled social media site. Larimer purportedly made comments on Telegram like “We will not collect data like Facebook does”, “We will not sell data to advertisers,” among other quips.

This isn’t the only exciting announcement for the EOS community. Tether recently revealed that it will be launching its stablecoin on the Block.one-backed blockchain, following successful launches of USDT on Ethereum and Tron.

And, as reported by Ethereum World News previously, EOS is now supported on Coinbase’s consumer platform (mobile application and Coinbase.com). Users of the applications, whose count is in the millions, can now purchase the popular crypto asset, currently the fifth largest in circulation, along with sell, convert, send, receive, and store EOS.

This recent development comes just two months after Coinbase Pro, the startup’s professional trader-centric platform, revealed that it would be adding three crypto assets, Augur (REP), and Maker (MKR), and the aforementioned asset.

Title Image Courtesy of Eftakher Alam Via Unsplash