Quick inner navigation:
What is IOST?
Internet of Services Token (IOST) is a token issued by the IOS (internet of Services) ICO. Internet of services (IOS) is one of the platforms of blockchain that enables developers to create decentralized apps that are large scale and capable of supporting many users. Therefore, the developers can find simpler ways of creating services for the blockchain ecosystem. It only needs to come together with other cryptos and work together to strengthen the blockchain ecosystem. The aim of the ICO was to create an infrastructure that will be designed for online service providers. In this article, we will concentrate on the IOST and try to get an in-depth understanding of it.
IOST was created by Terrence Wang, Jimmy Zhong, and Ray Xiao. The private sale of the tokens was completed in January 2018. The IOST coin is the currency used for transaction or commission fees, payments for merchant goods and services and for calculating the believability (they use Proof-of-Believability blockchain system). IOST cryptocurrency can also be used to pay validates in form of allowances for processing messages and smart contracts and also using some of the resources that are necessary for the ecosystem.
IOST is used by the IOS blockchain as a means of exchange for all the transactions carried out and the commission fees. If you are a member of the ecosystem you can use IOST via block validation, which is the process that involves the vindication of transactions.
IOStoken uses an Efficient Distributed Sharding (EDS) technology to make scaling better and to divide IOS network into smaller spaces through secure and accountable processes. It has partnered with several companies such as FunCity, GENESIS, DFund, Danhua Capital, Nirvana Capital, Fibig Capital and AlphaCoin Fund. You can acquire IOST through the community service by providing resources such as storage space and administering smart contracts.
After the launch of IOST back in late 2017, the company has launched its MVP in early 2018. Then the company has implemented and tested EDS along with PoB on the test net. Soon enough the company hopes to release the draft document of its IOS smart contract, deploy HUDS and start supporting modules with the purpose to test net. In 2019, the company plans to test and conduct a security audit for the IOS network. In 2019, the company also wants to launch its network client as well as its wallet. The official release of the IOS network is planned to take place in mid-2019, which will be followed by the launch of dApps to the network and optimization through the implementation of Machine Learning.
All in all, the efforts of the IOS team are mainly directed to one objective and goal, which is providing network infrastructure that can support an ecosystem focusing on services.
IOST Value Growth
IOST has grown and its popularity has also increased in the recent period of time.
IOST is based on Ethereum blockchain technology and the algorithm that it implements ERC-20 token type. Currently there is 6,794,109,922 IOST in circulation, meanwhile, the total supply of the token is 21 billion IOST.
The popularity of this token has increased especially when the IOS Token got listed on some well-known crypto exchange platforms such as Binance and Bitfinex. Another boost for the popularity of the IOST coin were the collaborations that the company has built with other businesses. One of the most outstanding ones that have affected the price of the coin was the collaboration with Chatlin. Despite the long path awaiting the company and IOST token, it has managed to build a pretty good market capitalization and has been listed in the top 100 coins in terms of the size of the market capitalization.
To give you a better idea of the IOST value growth let’s take a look at the numbers and see how they have changed over time. The highest pick that IOST has reached in terms of market capitalization was back on the 25th of January, 2018 as it hit to 927,368,827 USD and the price of IOST was at 0.136496 USD. However, later, on the 9th of March, 2018 the market capitalization of IOST has dropped down to 115,055,533 USD and as the price of the token was 0.016935 USD. As of the 15th of June, 2018, IOST is was worth 0.027225 USD and the market capitalization is at 228,693,360 USD.
What is the IOST Token?
IOSToken uses a protocol named PoB- Proof Of Believability- Which eliminates mining from the beginning. Believability nodes are calculated based on the contributions and previous behavior.
The users will be able to give their feedback after the service has ended. This will be enabled by FTFS since it has been created to make sure that all the feedbacks given after the service are reliable. The data storage services are the pillars of all ecosystems. The ecosystem gives a decentralized system that is secured, coherent, one that can be searched easily and uses low-cost methods of storing information. All this is made possible by the use of HUDS (Head Up Displays).
Before heading to buy IOST, please bear in mind that like the vast majority of other altcoins, IOST too, cannot be purchased with fiat currencies. In other words, in order to buy IOST you need to have well-known cryptocurrencies such as BTC, ETH or some others depending on the exchange platform you decide to purchase from. If you have BTC or ETH please feel free to proceed and move to the next section of the guide.
However, those of you who do not have BTC or ETH you can get some (according to the some of the IOST you are interested in buying). Within the frames of this guide, we will take the example of bitcoin and show how to buy it from the cryptocurrency exchange platform known as Cex.io. If you are not registered on this platform please get registered and verified by following the terms and the conditions of this specific platform. Then choose your preferred method of payment and deposit some fiat currency on your account. Once the fiat currency appears on your account you need to convert it into the cryptocurrency of your choice – in this case into bitcoin. Once you receive your bitcoins you can put in the public address of your wallet and store it safely there.
If you are interested in buying IOST coins then you should be aware of some essential factors. First of all, the most important part of the whole process is getting a safe cryptocurrency wallet that supports IOST. This is a very crucial step as if you fail to choose a good and a safe wallet the chances of losing your funds’ increase.
To give you a better idea, here are some wallets that support IOST and are worth considering.
MyEtherWallet, which is also referred to as MEW is a wallet designed for an ERC20 type of tokens. As an ERC20 type of token IOST can be stored on it as well. Many people refer to MyEtherWallet as an online wallet, however, the company claims that is not the case and that despite being a hot wallet MEW is not online. If you are seeking for a convenient, easy to use wallet the MEW can be a good choice for you. On the other hand, when it comes to the safety of the tokens, MEW maybe not the best one.
As a hot wallet, MEW is vulnerable to hacks and malware. Recently, the wallet has been hacked and a number of users have lost their funds. Therefore, even if you use MEW you are not advised to store large sums of IOST on this wallet.
IOST can also be stored on a cryptocurrency wallet known as Ledger Nano S. This wallet is known as one of the most secure cryptocurrency wallets that are currently available in the market. The wallet appears to be hardware cold storage wallet, which means it stores the tokens offline. The offline storage decreases the risks of hack and thefts. If you want to become a Ledger Nano S user, you need to purchase the device, which has a convenient and an easy to use design.
As an ERC20 type of token IOST is supported by other various ERC20 compatible wallets. Once you choose a safe and good enough wallet you are ready to proceed and move on the next level of the overall process.
After you set up a wallet and get BTC or ETH, it is time to find an exchange platform who which suits you below. Below, you may find some of the exchange platforms that list IOST.
After you set up a wallet, find an exchange platform who suits you below.
It focuses on providing users and the whole of cryptocurrency industry with services that are secure and services that can be relied on. It allows users to withdraw and deposit any time of the day wherever they are.
- Binance has users registered in more than 130 countries all over the world.
- The fees are 0.1% on every trade. These rates are among the lowest.
- It also requires verification since when opening an account,
- You are asked for details such as email address
- Your passport
- Your nationality
- A picture of yourself as proof that it is you. This is necessary for security purposes.
Huobi is a digital currency exchange platform that is located in Beijing, China. It enables millions of users all around the world to trade.
- It is a bit complicated, therefore; only investors with enough knowledge about it can use it.
- The fees are around 0.3% of all the currencies.
- It requires verification because you are asked for personal details such as;
- Your email address,
- Your nationality
- Your full names.
OKEX is registered under OKCoin. The company is located in China. Funds are stored online.
- Verification is required because if you do not have an email address, ID, passport and phone number, you cannot open an account.
- OKEX gives support to its customers because it allows them to reach them and give their opinions and also ask for clarification by sending them an email or through their website.
- The team takes the shortest time possible to reply to its clients.
- Fees vary from 0.00%- 0.04% for the trades between cryptocurrencies.
It is a type of cryptocurrency exchange located in Hong Kong. It runs as a crypto to crypto only therefore, it does not support any fiat currencies.
- The deposits are not charged any amount. The charges for a flat fee are 0.1% for every trade. Only trading and withdrawals are charged.
- KUCoin requires verification too since when opening an account you have to provide information such as an email address, phone number, a passport that should be valid and also your nationality.
- It does not offer margin trading, therefore, if you want to advance your trading, you have to select another exchange.
- It allows customer support the whole day
- The system security is not strong since it uses transfer encryption protocols.
Please note that if you want your coins to be safe, the best way of doing so is by moving your newly acquired IOST coin to your IOST wallet to keep them as secure as possible.
IOST has already brought investment from some of the big entities such as Sequoia, DFund and Nirvana Capital with a supply of more than 21 billion tokens. IOST is safe and useful, it allows the online service providers to give their customers better services, which is one of the most interesting bits about IOST. IOST could potentially be used as a model for the execution of the wide blockchain technology. This is something everyone is all looking forward to.
We hope you are now more informed about IOST and if you need more similar informative articles, you should visit our website more often. Thanks and see you next time.