Investors diversifying their portfolios with cryptocurrency assets tend to gravitate towards Bitcoin and Ethereum, which are undoubtedly the most well-known. However, there are over 5,000 digital assets on the crypto market today. And while the market can appear overwhelming, many cryptocurrencies, such as IOSToken, offer the chance to support and gain from the growth of businesses that are at the forefront of blockchain technologies.
IOST is a project, and token, centered around the Internet of Services (IoS) – a service-oriented ecosystem – that aims to instill a high throughput and scalable blockchain to cater for a decentralized economy and the future of online services. Here’s everything you need to know about IOST and its future applications.
IOST Coin Review: What Is IOSToken?
IOST stands for “Internet of Service Token.” and is sometimes written as “IOSToken.”
IOST originated in 2017 and officially launched about a year later, boasting itself as an “ultra-fast, decentralised blockchain network based on the next-generation consensus algorithm “Proof of Believability” (PoB),” a consensus mechanism that enables high throughput while maintaining network security by assessing validator reputation and IOST stake.
The core rationale of IOST is that previously existing blockchain solutions don’t offer a robust enough solution to scalability, security, and decentralization and should, therefore, be improved upon.
IOST uses innovative new blockchain developments to address many of these concerns while building what many believe to be one of the most scalable blockchain solutions around.
The IOST project is backed by some incredibly renowned venture capital firms like Nirvana Capital and Sequoia Capital.
How Does IOST Work?
Unlike other peer-to-peer networks such as torrents, blockchain tends to slow down with mass adoption—and that’s a problem.
If blockchain will power large-scale networks and process many more transactions, then the technology must be able to keep up.
IOSToken aims to deliver 100,000 transactions per second. It does this by employing quite a few novel technologies, arguably, the most innovative is Efficient Distributed Sharding, or EDS. EDS divides the network into subspaces by randomly assigning nodes to work together. The end result is a system that runs more efficiently.
The “Proof of Believability” consensus algorithm, which IOST runs on, is the project’s attempt at establishing high levels of security and speed using network reputation-based factors.
Within the PoB system, each node has a “believability score” This score is based on factors like the amount of IOST tokens held, the number of positive reviews of the node, and the node’s previous history.
The algorithm also includes a “fairness” component. It assigns data to various nodes to improve the decentralization of the blockchain protocol.
Other features include a bias-resistant randomness mechanism and a fast-grade commit protocol for shard consistency.
The end result? IOST is a platform designed for speed and scalability, without sacrificing security.
What Can You Do with IOST?
Now that you’ve seen how IOST works, you might be wondering what you can do with it.
The IOST team has suggested they want to be the standard for blockchain within the Internet of Services. For that reason, it’s designed for optimal performance in service-oriented environments.
It could, theoretically, power everything from small business to a global retailer. Its scalability features make it perfect for enterprise applications. The continuing development of the platform points to more functionality for business too.
The platform also has room to grow. Right now, future plans include the addition of decentralized applications. Those features will be crucial to a more generalized global application of the platform.
That said, as far as what you can do with IOST right now, there isn’t a whole lot it can be used for other than trading and HODLing.
If you’re thinking about investing, then you’ll be glad to know you can store this token in any Ethereum-compatible wallet. This includes Mist, MEW, and more.
Where Can You Buy IOST Coin?
IOST was initially available only to private investors. That changed, though, when the token was listed on Binance.
Quickly, IOST went on to become one of the most traded coins by volume on the exchange. At that time, the IOST team didn’t have working prototypes.
After a short run-up, IOST lost value on the markets. Investors were cautioned on the currency since it appeared to be quite volatile at first. Since then, though, IOST seems to have gained some measure of stability. It currently ranks around the top 100 currencies.
Today, some of the most popular places you can buy IOST include the following:
The stability may speak to the confidence investors have in the project and the team behind it. IOST’s technology does seem promising, but adoption will be key. More functionality is also important, so future developments on the platform could also push value higher.
As with any cryptocurrency, many factors play into current market valuations. Using unbiased rating systems make it easier to determine the true value of any currency out there.