| The emergence of Bitcoin has made investors around the world aware of the opportunities brought by blockchain technology.The explosive growth of Bitcoin prices has attracted a large number of speculators into the area.Daniel Larimer,the inventor of the blockchain consensus algorithm DPoS in 2017,released his third blockchain project-EOS.After a full year of development,it was scheduled to go live as scheduled in June 2018.With 100 times the performance of the hottest public chain Ethereum and faster tokens' transferring speed,100 DApps were deployed on the 80 days,exceeding the total of Ethereum.But at that time,the number of accounts in the entire EOS mainnet was only 500,000,while the market value of EOS reached nearly 50 billion yuan,equivalent to the value of per account is 100,000 yuan.There is a lot of debate about whether there is a bubble in the price of EOS.The study of the strongest performance of public chain to understand whether there is a bubble and bubble cycle process is crucial for the future development of the entire blockchain industry.This paper conducts GSADF test on the EOS token price time series,in order to obtain the scientific and exact evidence of the existence or nonexistence of the EOS token price bubble,and accordingly provides suggestions for the current blockchain industry supervision.The empirical results show that there are two main bubble cycles in EOS price,from mid-November 2017 to early January 2018 and mid-April 2018 to early May 2018.EOS as the most powerful public chain in the blockchain industry,government needs to guide investors to view this technological change rationally and not blindly lead to bubbles and avoid risks.The existence of the bubble requires the regulatory agencies to give full play to the subjective initiative,respect the development of the industry,design effective supervision programs,guide the blockchain industry development in a healthy way,and provide instruction for investors to make rational investments. |
PDF Full Text Request