IOST Coin Guide: Full Analysis

/IOST Coin Guide: Full Analysis

IOST Coin Guide: Full Analysis 2018-05-24T15:11:29+00:00
IOST Coin Guide: Full Analysis

Quick inner navigation:

  1. What is IOST?
  2. What is the IOST Token?
  3. IOST Value Growth
  4. Buying IOST

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 embraced 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.

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.

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).

Buying IOST

In case you are interested in buying IOST, here are the steps you need to take. After discussing those we will inform you about some of the online cryptocurrency exchange platforms, which will enable you to purchase IOST.

  1. First, you need an IOST wallet. IOST is an ERC20 token, thus can be stored on any ERC20 compatible wallet like MyEtherWallet with ledger Nano S, if you want to keep it very safe.
  • If you want to easily manage your ERC20 tokens, go to MyEtherWallet website, then create a wallet using a hard password only you remember. For extra safety, combine it with a ledger nano s device.
  • Mist is also another Ethereum wallet that is used by those who prefer using desktop wallets. It supports ERC-20 tokens and also the token contracts. However, it is risky to store funds in a desktop wallet since desktops can be hacked. Therefore it is necessary to take precautionary measures just to be safe. For example, when setting up a wallet, you should put a strong password and also store funds in a hardware wallet.
  1. Find the exchange platform who suits you below and the currency e.g. ISOStoken.
  2. Register on the exchange.
  3. Log in to the exchange and you will find IOS crypto. Transfer money to the exchange. You first must buy bitcoin or ethereum on another exchange and then transfer them to IOS.
  4. Select the market of your choice, whether it is a fast sale or quick buy. After selecting, you buy your chosen currency.
  5. After purchasing, transfer the coins to your IOST wallet.

Binance >>

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 >>

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 >>

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.

KuCoin >>

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 youre 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.

The Conclusion

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.

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