What is I/O Coin (IOC)?
Future of IOC Cryptocurrency and know how to buy IOC

#1: What is a IOC coin?

Bitcoin’s popularity gave rise to a myriad of currencies similar to it. However, most ended up being rehashes of the same old Proof of Work (PoW) or Proof of Stake (PoS) concepts, while only a few tried to develop new and innovative ways of utilising and enhancing the blockchain technology.

IOC: The Basics

  1. The I/O coin (IOC) is one such innovative cryptocurrency that lays emphasis on privacy and security while offering a wide range of features based on the blockchain technology.
  2. These features range from DApps (Decentralised Applications) to secure messaging services.

IOC Development

  1. I/O coin was launched on 23rd July 2014. It was developed by a group of experts on blockchain security and cryptocurrency, its lead developer being Max Antonenko and Project Manager / Developer being Joel Bosh.
  2. IOC had a fair launch, which means that there was no Initial Public Coin Offering (IPCO), giveaway, or pre-mining done for IOC. Thus, the coin distribution for I/O Coin is much more transparent and fair than many other altcoins. This means there is no danger of the developer, or any single user, secretly hoarding a significant number of coins.
  3. IOC was developed initially to work on the Proof of Work (PoW) algorithm, during which over 16 million I/O coins were mined. Afterwards, it switched to a more environmentally friendly hybrid between PoW and PoS, developed specifically for the IOC blockchain by its developers

 

#2: What are the benefits of I/O Coin?

IOC Technology

  1. All 16 million IOC coins were mined during a two week mining period when the coin was launched. The hashing algorithm used was X11. Thus, there was no IPO or pre-mining of coins. After this period, I/O coin switched from PoW to a PoS based concept. IOC employs a volume-controlled blockchain, with a maximum cap of around 22 million IOC coins.
  2. Since the PoW concept requires the user to repeatedly calculate hashes to validate transactions, it becomes an immense burden on the network and is environmentally detrimental.
  3. PoS instead relies on the user proving ownership of their coins. It uses the concept of coin age, where older and larger sets of coins have a greater chance of signing the next block. PoS is much faster and environment-friendly than PoW, and can be orders of magnitudes more cost-effective, which puts IOC a step ahead of pure PoW based cryptocurrencies like Bitcoin.
  4. The custom algorithm used by I/O coin was codenamed “CiPher”, a derivative of the PoS algorithm.
  5. In return for staking their coins, users receive an incentive of approx 4% annually. All fees paid by businesses and people to use I/O Digital services, such as their fully encrypted messaging service, are also redistributed back to active stakers, on top of the 4% rate.
  6. The open source blockchain of I/O coin is currently being upgraded to support fully private, confidential, and decentralized peer-to-peer digital transactions. Using an innovative new technology, coined DIONS (Decentralized Input Output Server) by the developers of IOC, I/O Digital aims to provide a host of services, ranging from completely secure and encrypted document encryption, a secure and encrypted messaging service, to anonymous (stealth) transactions, secure online identities, and much more.

Key Features

  1. Decentralised Input Output Name Server (DIONS) - By far the most unique feature of I/O coin, this technology has been specifically developed by I/O Digital, to provide a wide array of features using the blockchain technology, including fully encrypted and private messaging services and file storage, support for Decentralised Applications (DApps) which run on a peer-to-peer network, data or file transfer, human-readable aliases to help with transactions, secure online identities, and much as development continues.
  2. Intuitive and innovative HTML5 wallet - With the aim of making IOC as beginner-friendly and easy-to-use as possible, a user can access their HTML5 based wallet on the go, from anywhere in the world. It provides a single place from where users can make IOC transactions, send fully encrypted messages, use secure and private file storage, stake their I/O coins, and more using the DIONS technology, all with a user-friendly UI.
  3. File Storage and Transfer - The DIONS technology provides users with the option of storing files in a fully secure manner along with encryption. It also allows transfer of ownership of files.
  4. Decentralised and encrypted Messaging Platform - A secure, and fully encrypted messaging platform using the AES256 standard, with the ability to create groups coming soon.
  5. Decentralised Aliases - An IOC wallet address can be assigned a unique, human-readable name, to ensure easier, faster and user-friendly transactions and exchange of services, files, or messages.
  6. Stealth Addresses - This innovative feature allows transactions to take place completely anonymously for the first time, with no trace or logging of the sender or receiver in any public blockchain.
  7. Chameleon - This technology aims to facilitate interaction between various separate peer-to-peer networks in order to increase interoperability with a central provisioning system.

 

#3: How to Buy & store I/O Coin?

How to buy and store IOC

  1. The I/O coin wallet can be downloaded for different platforms via its official website. The HTML5 based wallet is intuitive and easy to use, allowing users to access the entire host of features I/O Coin and the DIONS technology have to offer.
  2. IOC coins can be earned in exchange for services rendered or products supplied between users in the I/O Coin network.
  3. Active stakers in the network get an incentive of around 4% annually, in exchange for helping keep the network secure.
  4. IOC can be bought and traded on a variety of exchanges, including Bittrex, YoBit, NLexch, and Qiex, with Bittrex being the largest by volume.

CoinSwitch

While cryptocurrency exchanges provide you a platform to buy or sell the IOC cryptocurrency, CoinSwitch, the largest cryptocurrency exchange platform, comes in to help you make the right decision by allowing you to see the real-time prices for IOC on multiple crypto exchanges. With support for more than 140 coins and 45,000 pairs of cryptocurrencies, you can choose whichever pair you want with your token and compare the prices at exchanges. This way you can choose the best deal for you!

What’s more - with CoinSwitch, you do not rely on a separate IOC wallet from the exchange to store your IOC cryptocurrency. Instead, all transactions happen to and from your own personal private wallets.

 

#4: What is the future of I/O Coin?

Price Graph

Also Read: Complete Analysis of I/O Coin | Live I/O Coin (IOC) Price Charts And Predictions

  1. IOC has been recently enjoying a boom in popularity, and I/O Digital (the non-profit organisation in charge of curating I/O Coin) has been shortlisted for the "Best Blockchain Technology Developer 2018" award[1].
  2. The I/O coin has been slowly gaining popularity among users due to its unique offerings and robust development.
  3. Along with its innovative features, active and talented developer team, and a strong user network, I/O coin is definitely here to stay for a long while.

Price History

Date

Open

High

Low

Close

Volume

Market Cap

Jun 01, 2018

0.897498

0.910841

0.824868

0.892684

24678

15028500

Feb 01, 2018

3.12

3.18

2.42

2.64

217677

51420100

Oct 01, 2017

3.5

3.64

3.32

3.39

226794

57325200

Jun 01, 2017

0.786221

0.849375

0.736536

0.814573

17671

12843600

Jan 01, 2017

0.365338

0.379601

0.358444

0.373347

2203

5955560

Aug 01, 2016

0.127639

0.129329

0.114292

0.11944

8520

2076650

Feb 01, 2016

0.016852

0.016911

0.016012

0.016074

1

273439

Aug 01, 2015

0.02162

0.022276

0.020956

0.022263

49

349951

Feb 01, 2015

0.003492

0.004385

0.003283

0.003292

1787

56376

Sep 01, 2014

0.024604

0.029269

0.024238

0.028636

7072

394085


#5: How is I/O Coin different from other cryptos?

  1. I/O Coin is is a trend-setter instead of a trend-follower among cryptocurrencies. Unlike most other altcoins, instead of following along the paths of giants such as Bitcoin or Ethereum, IOC has always strived to innovate new and exciting applications for, and improve, the blockchain technology upon which all cryptocurrencies are based.
  2. Another difference is the extensive set of features available through the I/O blockchain and the DIONS technology, which is not present in any other major cryptocurrency like BTC or ETH. Thus, I/O coin provides users with a suite of useful tools and service like fully encrypted messaging services, in order to increase usability and propagate the usage of I/O Coin among the general public.
  3. The developers of I/O coin have all publicly identified themselves, with I/O Digital being a registered non-profit in the Netherlands. This sets them apart from other altcoin dev teams, who are more often than not, shrouded in anonymity, like the infamous Satoshi Nakamoto, credited with the development of Bitcoin. It also increases their reliability and helps users to place their trust in IOC.

 

#6: Should you invest in I/O Coin?

While investing in any cryptocurrency is subject to their highly volatile nature, IOC might just be the sleeping giant of 2018. With its robust set of features, rapid development and update cycle, innovative approach, and active community, I/O coin is definitely a worthwhile contender for investing opportunities.

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