What is IOStoken (IOST)?
Future of IOST Cryptocurrency and know how to buy IOST

#1 – What is IOST?

IOST: The Basics

  1. IOST is a decentralized “Internet Of Services” platform based on the blockchain that is scalable and secure. Its Proof of Believability (POB) consensus mechanism, Efficient Distributed Sharding (EDS) technology and ultra-high Transaction process system (TPS) bring out its unique scalability factor that helps this crypto make its mark and stand out from the rest.
  2. Created by highly qualified experts who are the co-founders of IOST - Terrence Wang, Jimmy Zhong, Ray Xiao, Bosch Lee and Kelvin Tan, this cryptocurrency was first sold in January 2018 during an ICO that was only available to institutional investors. The company furthermore has received investments from ZhenFund, Sequoia, Matrix Partners, Banyan Capital and many more.

 

#2 – What are the benefits of IOST?

IOST Technology

  1. Promising an estimated 100,000 transactions per second, IOST targets scalability and high transaction throughput as tangible measures for improving the blockchain. The infrastructure favours online service providers with an easy interface to perform complex and secure transactions at scale because of a number of its cutting edge technologies:
    1. EDS (Efficient Distributed Sharding)
    2. PoB (Proof of Believability)
    3. HUDS (Hyper Universe Distributed System)
    4. FTFS (Fair & Transparent Feedback System)
  2. IOS Token employs a few methods for scalability including:
    1. Scaleout which facilitates perfect partitioning state for multiple groups handles in parallel.
    2. Atomix which refers to fast grade commit protocol to enforce consistency among cross-shard transactions.
    3. BRDR (Bias Resistant Distributed Randomness) provides users with an innovative, secure and effective way for transactions - it divides the network homogeneously so that they can introduce balanced randomness into the IOS network.  

Transactional Processes

  1. On the IOST blockchain, you can consider all іntеllіgеnt IOT dеvісеѕ to be nоdеѕ within thе nеtwоrk. All tесhnісаl functionalities оf thе network ѕеrvе аѕ nеtwоrk mаіntаіnеrѕ, ѕеrvісе providers аnd rulе еnfоrсеrѕ known as “first-class nodes”.
  2. Dеvісеѕ that аrе unable to perform аѕ fіrѕt-сlаѕѕ nоdеѕ, (for e.g. duе tо resource соnѕtrаіntѕ) those саn run аn IOS lіght client uѕіng Sіmрlіfіеd Payment Vеrіfісаtіоn (SPV) for verification of trаnѕасtіоnѕ.
  3. Еvеrу nоdе hаѕ a unіquе іdеntіtу factor that еnѕurеs the іt саn bе еffесtіvеlу rеgіѕtеrеd, dіѕсоvеrеd, and рrосеѕѕеd through thіѕ ѕуѕtеm.
  4. Meanwhile, uѕеrѕ can іntеrасt wіth thе IOS blockchain using an account соntаіning thе personal іnfоrmаtіоn оf the uѕеrѕ, іnсludіng thеіr dіgіtаl аѕѕеtѕ аnd оthеr rеlаtеd іnfоrmаtіоn. 

 

#3 – How to buy and store IOST?

How to buy IOSToken

  1. Part of the Ethereum blockchain, the IOST cryptocurrency is an ERC20 token. There will be a 1:1 conversion rate of ERC20 tokens to the new blockchain, when the native IOSToken blockchain is ready. It can be purchased via common exchanges like CoinSwitch, Houbi and Binance, as well as KuCoin that recently announced that it was trading IOST.
  2. There is no specific way to buy IOST with fiat currencyt. Therefore, the easiest and most efficient way is to first purchase Litecoin, Ethereum or Bitcoin on other cryptocurrency exchanges.
  3. Once you have purchased your Litecoin/Bitcoin or Ethereum, you can use CoinSwitch, best cryptocurrency exchange to convert these to IOST. 

IOSToken Storage

There are innumerable wallets available for the storage of IOST since it is an ERC20 token (this also means that IOST mining is not supported). Any Ethereum wallet is therefore going to work just fine as an IOST wallet. Some popular ones are:

  • TREZOR
  • Ledger Blue
  • Exodus
  • Ledger Nano S

MyEtherWallet (MEW) is amongst the most popular of them all.

 

#4 – What is the future of IOST?

Also Read: Complete Analysis of IOStoken | Live IOStoken (IOST) Price Charts And Predictions

  1. IOST’s goal is to provide a high transaction throughput for its network. It is an innovative altcoin and comes with secure blockchain tech that provides for in-built horizontal scalability.  
  2. IOST began trading at $0.023. By January 16, the market cap was zero while the volumes traded were $98 million. The growth of the coin has been enormous in terms of the price and trading volumes. The volume was $618 million and market cap as of 25th January, 2018.
  3. As stated earlier, this is a very new cryptocurrency and it has not gone through the normal full market motions. The price surged to reach a high of $0.136 between  January 24 and 25, 2018.

Date

Open

High

Low

Close

Volume

Market Cap

Jun 01, 2018

0.044227

0.045566

0.042736

0.044940

36,825,900

371,504,000

Apr 01, 2018

0.024110

0.024654

0.019743

0.021811

28,005,200

202,527,000

Feb 01, 2018

0.056332

0.068181

0.048717

0.054420

127,018,000

382,724,000

Jan 16, 2018

0.023525

0.029004

0.019169

0.026628

98,024,200

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#5 – How is IOST different from other cryptocurrencies?

  1. Just like IOSToken, there are many more cryptocurrencies making their way into the market. So the question is, what makes IOST different from the others in the crypto market?
  2. This project doesn’t only work on the basis of Proof of Work (PoW) or Proof of Stake(PoS). It has introduced a new mechanism called “Proof of Believability” which makes it more energy efficient.
  3. This coin costs just a couple of pennies. Its low price is proving to be an additional advantage as compared to its competitors - even though that may be purely psychological.
  4. There are many other blockchains under development that claim to be able to handle millions of transactions per second without much energy usage-- unlike Bitcoin or Ethereum. As of now, Proof of Believability is going as neat as a pin on the roadmap!

 

#6 - Should you invest in IOStoken?

  1. The ERC20 IOST crypto coin has shown some interesting movements since its launch. Within 6 months, the price has doubled - indicative of a bullish sentiment in the market. As a cryptocurrency and ICO investor however, you may want to have to look at all the possible aspects and invest wisely.
  2. But its rise over 6 months is overshadowed by its rapid rise right after launch. When the coin was released to the public on January 16, 2018, its value was $0.02 per token. Eventually, by January 25, 2018, the coin was going for $0.096104 USD per token i.e 380% increase in its value just within a week.
  3. Much like IOTA, your eyes should be on this token if IoT is an industry you’re bullish on.
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