CRYPTO NEWS AGREGATOR
Tue, Dec 7, 2021 8:39 PM by Max E.

Rolling Stocks: IOST Crypto, Price Movement, Pros And Cons

IOST Cryptocurrecy review, IOST Price

The IOST cryptocurrency is a digital token of a network built on the Ethereum blockchain. The abbreviation IOS stands for the Internet of Services. 

The startup was launched by a close-knit team of 50 employees from North America, as well as from Asia and Europe. Plus, at each stage of the project implementation, they were provided with comprehensive support by no less experienced consultants (many of them had previously worked on the ZCash cryptocurrency). The list of founders include:

  • Terrence Wang, creator of ClinLang – a higher-level programming language for Bitcoin;
  • Jimmy Zhong, the author of several successful startups, among the first to believe in Ethereum and Bitcoin;
  • Ray Xiao, founder of numerous startups in New York and Beijing;
  • Bosch Lee, Senior Partner at Mobike who has worked with Goldman Sachs & Morgan Stanley. 

The development of IOST began in January 2017. A year later, in January 2018, the project was officially launched. Its launch was not preceded by an ICO and only accredited registered investors could buy coins. The sale of IOSTokens ended on January 3, 2018. 40% of IOST was sold for  $31.3 million. The start turned out to be very successful – in the first month after the launch of trading, the IOST price went up three times.  

What Problems Does The IOST Blockchain Solve?

The existing scheme of interaction with online providers is imperfect. There is always a risk of fraud, breach of data confidentiality, and commissions are high. Other developers have already tried to solve these problems, in particular, Syscoin, Steemit, EOS and a number of others. The common disadvantage of these solutions is that they are either highly specialized or have low bandwidth. 

The IOST founders set themselves the task of creating a platform where developers will be able to create and launch applications that are in demand among users of the blockchain ecosystem. For this, a system is being created that will support the operation of all popular programming languages. The IOStoken platform will provide the ability to conduct decentralized data exchange between users and suppliers of goods and services. 

IOST is based on Efficient Distributed Sharding technology, which allows you to divide the network to perform specific tasks and combine nodes into a single working environment. This makes the platform as efficient and productive as possible.

IOST Innovative Solutions

The developers have introduced several innovative solutions that had not previously been encountered in blockchain projects: 

  • Proof-of-Believability (PoB) is a trust-based consensus algorithm. It takes into account such parameters as the balance of tokens on the account of the user (node) and his behavior;
  • EDS (Efficient Distributed Sharding) protocol allows the pointwise division of procedures into constituent elements. This allows to speed up the process of solving problems and increase network throughput while improving its scalability. 
  • Micro State Blocks – the blockchain periodically creates checkpoints, i.e. points through which new or damaged network nodes can quickly "catch up" the rest. This minimizes storage costs due to a decrease in resource consumption when storing the database;
  • Atomix is ​​a protocol that allows transactions to be conducted through shards.

Advantages of these solutions’ implementations include: 

  • unlimited scalability;
  • flexibility – you can use smart contracts written in almost any programming language;
  • extremely high speed, this is achieved by splitting the network into separate fragments. According to the developers, the speed can reach 100,000 transactions per second, so that regardless of the load on the network, transactions will be confirmed almost instantly;
  • feedback between the consumer and the developer is provided.

IOST Cryptocurrency

IOS tokens can be used:

  • for exchange for other cryptos or fiat money;
  • to pay commissions within the network;
  • to increase the level of trust: the weight of a node's vote depends on how many tokens are on the account..

It is impossible to mine IOST tokens – a consensus algorithm is used that excludes such a possibility. You can get coins by:

  • participating in the development of the network;
  • buying them on a crypto exchange.

IOStoken cryptocurrency is represented on many trading platforms. You can buy it on BigONE, Binance, Cobinhood, DDEX, Ethfinex, fex, Huobi, IDEX, Koinex, Kucoin, Kyber Network, Lykke Exchange, OKEx, OTCBTC and Vebitcoin. Most often, the coin is presented in a trading pair for BTC and ETH, but on some platforms (Huobi and OKEx) it is traded against USDT, and Ethfinex and USD. 

IOST Price Prediction

Based on an in-depth analysis of past IOST price data, the IOST price could hit a low of $ 0.057 in 2022. The maximum IOST price level in 2022 could be $ 0.068, while the average price throughout 2022 will be $ 0.059

IOST: Advantages And Disadvantages  

The pluses of the project include: 

  • Reliability. The IOST blockchain conducts all transaction operations stably, without failures and delays. 
  • Scalability. With the increase in the number of users, the network bandwidth increases, allowing several million operations per second. 
  • Low storage requirements. The IOStoken blockchain reduces the amount of information required to record a transaction and validate it. 

Among the disadvantages, two factors can be noted: 

  • Launching a project without holding a public ICO. Only a few private investors could take part in the pre-sale of tokens. 
  • The network does not have reliable protection against cyber attacks. Developers solve this problem by bringing in industry experts. 

IOST Prospects 

In general, the cryptocurrency is quite technologically advanced compared to its rivals. IOST is the next step in overcoming technical limitations. Several interesting algorithms have been implemented that reduce delays in confirming transactions and make it easier to work with this crypto.

Although it is not yet as popular as Ethereum, IOST looks more sophisticated in some respects and processes more transactions than the Ethereum blockchain. The IOST cryptocurrency looks quite promising as a tool for long-term investments.

FAQ 

Is IOST a good investment?

IOST has partnerships with 16 blockchain companies. The project's cryptocurrency is represented on most crypto exchanges. These factors contribute to the rise in the price of the token. Experts believe that IOST is a profitable investment option in the long term.

What is IOST used for?

The IOSToken (IOST) project is creating a blockchain called the Internet of Services (IOS) aimed at processing smart contracts with high scalability and bandwidth. IOST is the cryptocurrency at the heart of the IOST blockchain. 

What is IOST in Crypto?

IOST is a high-speed, decentralized blockchain network based on the consensus of the next generation Proof of Believability (PoB) algorithm.

How can to get IOST in the USA?

For people based in the United States, the IOST acquisition process is very simple. It is enough to find a regulated crypto exchange, deposit funds on the platform and decide on the number of IOST tokens that you want to buy.

Where IOST can be stored?

The safest way to store IOST is via a hardware wallet. It is a physical device in which private keys are stored offline, outside the Internet, and are invulnerable to online attacks.

The following IOST wallets are available: 

  1. Ledger Nano S Hardware Wallet
  2. Ledger Nano X Hardware Wallet
  3. Trezor One Hardware Wallet
  4. Trezor Model T Hardware Wallet
  5. SafePal S1 Hardware Wallet
  6. CoolWallet S Hardware Wallet
  7. CoolWallet Pro Hardware Wallet
  8. DCENT Biometric Hardware Wallet
  9. Security-Arts Quantum Hardware Wallet
  10. ShiftCrypto BitBox02 Hardware Wallet

The content of this article is for informational purposes only and should not be construed as investment advice. We ask you to do your research. This text is not a guide to action. The author's opinion may not coincide with the opinion of CoinJoy.

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