What is Internet of People (IOP)?
Future of IOP Cryptocurrency and know how to buy IOP

#1 – What is IOP?

IOP: The Basics

  1. “Internet of People” (IOP) is a decentralised platform on the blockchain in which data is not stored or in the control of any single server. It aims to be an internet “for the people, of the people”, rather than one in which people unwittingly sacrifice their privacy.
  2. IOP aims to eliminate the middlemen during any transaction or activity happening online (not just the financial type), giving users complete control over their private data and information.
  3. Information sharing is allowed on the network, but only with the consent of the user, and the user is rewarded with the platform’s native token, IOP, for it.
  4. It also has a feature enabling device-to-device connection without the need for a central server to route the connections, ensuring privacy and a trustless connection.

IOP Development

Luis Fernando Molina Source: Twitter

  1. Internet of People was first created by a community who follows the famed mathematician Fermat, called the Fermat Community. They are a group of pioneers in the tech field, with aims to change the world.
  2. The founder of the IOP project was Luis Fernando Molina, who, along with Lan Tschirky, its main angel investor, is not involved with the project anymore after the Fermat Community and IOP community split ways in June 2017.
  3. The IOP website now lists around 21 developers, managers, leaders and graphic designers as part of their team, and another team of “Local Chapters” which are doing their best to develop IOP in their respective regions like Germany and Netherlands.

 

#2 – What are the advantages of IOP?

IOP Technology

  1. IOP uses a rare combination of the Proof of Work and Proof of Stake consensus systems, along with an old hashing algorithm called SHA256, the same basic technology as Bitcoin.
  2. The SHA256 algorithm, a cryptographic algorithm which converts data into text, uses almost unique 256-bit digital signatures which must be proven through either one of the Proof systems.
  3. IOP tokens can be mined from even the simplest of devices, including a PC, Raspberry Pi or a smartphone, not needing powerful hardware or sophisticated equipment.

 

#3 – How to buy and store IOP?

How to buy IOP

Although a relatively old coin, IOP is only available in 7 exchanges currently, including Bittrex, Upbit, BiteBTC, C-CEX, Trade Satoshi, CREX24 and Bleutrade. You can buy IOP coins in exchange for Bitcoin, Ethereum, Litecoin, DASH, etc.

A few of these exchanges like CREX24, C-CEX and Upbit also support fiat currencies like USD, EUR, KRW, JPY and CNY.

  1. The exchanges mentioned above are only platforms on which you can trade IOP, but they often differ in terms of the price of the coins, though not by much. CoinSwitch will help you decide which to choose by displaying the prices, all at the same place. The largest cryptocurrency conversion platform around, it supports more than 140 coins and 45,000 pairs of cryptocurrencies. You can choose any pair you wish with the IOP token you wish to buy, and CoinSwitch will facilitate the comparison at different exchanges.
  2. What’s more - with CoinSwitch, you do not need wallets on the exchange you’re buying from. Instead, all transactions can happen to and from your very own private wallets, the benefits of which we’ve spoken about here earlier.

IOP Storage

  1. There are few wallets which store IOP coins, none of them being hardware wallets.
  2. IOP’s desktop wallet is called IOP Core, compatible with Windows, Mac as well as Linux operating systems.
  3. There is also a smartphone wallet available for IOP, compatible only with Android for now. Coinomi is another Mobile Wallet which supports IOP, compatible with both Android and iOS devices.

 

#4 – What is the future of IOP?

Market Cap and Global Acceptance

  1. The maximum possible supply of IOP coins is 21 million, which is distributed as follows:
    1. 10% of the entire supply is pre-mined, distributed among the founders, investors and early contributors to the IOP project.
    2. The remaining 90 % is being distributed among contributors through contracts voted by the entire community, and miners who perform long-term work in the community.
    3. Estimates state that the coins’ issuing will be completed by 2095, at the earliest.
  2. IOP’s market cap is 2.95 million USD as of June 2018, with a circulating supply of close to 3.5 million IOP coins and its individual price at 0.817 USD.
Also Read: Complete Analysis of Internet of People | Live Internet of People (IOP) Price Charts And Predictions

Price History

Date

Open

High

Low

Close

Volume

Market Cap

Jun 25, 2018

0.778062

0.829498

0.765432

0.808624

1,04,925

27,43,320

Jun 01, 2018

1.31

1.33

1.29

1.32

7,30,296

46,25,510

May 01, 2018

2.5

2.5

2.39

2.48

7,73,313

87,98,020

Apr 01, 2018

1.36

1.39

1.24

1.34

1,51,874

48,12,700

Mar 01, 2018

3.39

3.86

3.29

3.73

17,51,060

1,11,63,500

Feb 01, 2018

4.47

4.47

3.23

3.51

3,31,414

1,47,43,700

Jan 01, 2018

7.05

7.35

6.56

7.16

12,61,900

2,32,40,400

Dec 01, 2017

3.35

3.93

2.89

3.71

24,24,580

60,78,300

Nov 01, 2017

2.85

3.19

2.58

2.72

11,44,770

51,72,900

Oct 01, 2017

5.08

5.71

4.48

4.48

39,86,530

92,20,890

Sep 01, 2017

0.753037

0.941122

0.753037

0.870439

1,05,581

-

Aug 01, 2017

0.57684

0.654123

0.503408

0.503638

14,925

-

Jul 01, 2017

1.71

1.82

1.52

1.54

19,324

-

Jun 01, 2017

3.74

3.82

3.45

3.67

3,284

-

May 01, 2017

4.06

4.72

3.84

3.84

24,157

-

Apr 01, 2017

5.97

6.37

4.68

5.86

1,221

-

Mar 01, 2017

7.08

7.32

5.81

7.28

5,057

-

Feb 01, 2017

3.78

4.36

3.59

4.36

3,725

-

Jan 01, 2017

3.1

3.11

2.75

2.81

217

-

Dec 01, 2016

1.79

3.63

1.79

3.54

2,312

21,233

Nov 29, 2016

2.9

2.9

1.3

1.47

1,663

32,882

Trends so far

  1. Surprisingly for a cryptocurrency close to two years old, IOP’s individual price hasn’t faced too many sudden changes. From its initial value of around $ 1.5 during its launch in November 2016, it experienced ups and downs until it reached a minimum of $ 0.47 in September 2017. It then climbed to its peak of around 11 USD in January 2018, only to reduce to its current value of 0.817 USD as of June 2018.
  2. Its low circulating supply, as well as its value being below $1, give it a remarkably low market cap for a currency that’s been around for almost 2 years. Global market cap rankings put the IOP coin even lower than the top 500 cryptocurrencies - its rank is 669 currently.
  3. Its ideology of a decentralized internet where data and information sharing is purely in the hands of the user, happening directly between the user and the entity needing the data rather than through online middlemen, makes it a cryptocurrency with tremendous scope for development.

 

#5 – What makes IOP different from other cryptocurrencies?

  1. Goals of decentralizing the internet and eliminating middlemen are not new to the crypto world. However, most cryptocurrencies with this goal prefer to stick to one part of the centralized world, like payments, organisations, or apps.
  2. IOP, on the other hand, focuses on the internet as a whole, having use cases in both payments as well as dApps.
  3. It allows data sharing, but only with the users’ consent, and rewards the sharer generously for his/her data. The absence of a centralized server makes it impossible for data to be misused, or used in any way without the consent of the users.
  4. You don’t need a server or sophisticated hardware to participate in the network, or even to mine IOP coins. In fact, IOP nodes can be run on even a simple home PC, a Raspberry Pi or even a mere smartphone, making it accessible and simple to use for the public.

 

#6 – Should you invest in IOP?

  1. IOP’s figures are pretty discouraging for a currency with such huge dreams. A cryptocurrency which stands practically nowhere in the global market cap rankings doesn’t really seem very appealing to put money in.
  2. However, in an age of excessive activity on social media, where everything from our whereabouts to our likes and dislikes is open to misuse, an internet “of the people, for the people” is a breath of fresh air. Hearing about scandals all over the media related to information leaks and misuse of private data makes us want this “Internet of People” to develop into a full-fledged network for everyone to use.
  3. Returns or not, IOP’s ideology seems like one good enough to invest in. It also doesn’t hurt that the coins cost pretty less right now, and buying a few is not likely to rob you of your savings. Of course, with data privacy and security arising as the need of the hour, it’s also very likely that investing in IOP coins will get you returns, at least in the long term.
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