After a massive price spike earlier in the month which saw EOS rise to a market cap of $9bn and a price per token of $18.16, the coin has dropped back down over 10% to $11.79 on January 31st. Standing at #9 on the world’s market cap rankings, EOS announced significant upgrades to their infrastructure last week, which led to increased interest in the coin. The total market cap has also dropped to a more moderate $7,540,567,411.00.

The company which produces the EOS.IO software, Block-One, is run from the Cayman Islands by developer Dan Larimer. Last week Block-One also announced a joint venture with Galaxy Digital LP, a digital assets merchant bank headed by Mike Novogratz. The partnership aims to develop the EOS.IO ecosystem and to invest in projects that use its software.

EOS.IO is a blockchain-based architecture resembling an operating system, which enables both horizontal and vertical scaling of dapps (decentralised applications). This allows an almost instantaneous transaction speed of some millions per second, and should eliminate transaction fees and delays in confirmation. The project was launched with an ICO on June 26th, 2017 and functions on a DPOS system (delegated proof of stake).