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IOST: Everything you need to know

IOST

Source: CoinMarketCap

For a long time now, we have been surrounded by virtual currencies and the rate at which its uses cases in day-to-day life are increasing is something that was never really anticipated and one of the major contributors to this huge success is the cryptocurrency industry.

The crypto world has been more than successful in luring in potential investors from all across the globe and has managed to make a name for itself in the global marketplace as well. Not just that, the said industry has had a surge in its overall growth and popularity recently, thus helping it to reach greater heights!

Having said that, I believe, most of you are already familiar with the basics of the industry but, if for some reason that is still not the case, let me help you with that first.

To begin with, cryptocurrencies as the name suggests is nothing but a form of online or digital currencies that can easily be made use of for a variety of purposes including the purchase and sale of goods and services as well as for the purpose of trade and exchange over cryptocurrency exchanges available over the web.

In technical terminology, cryptocurrency is a blockchain-based platform that is known to be decentralized to its very core. Being decentralized, the crypto world becomes more than capable of stepping outside the overall control and jurisdiction of central authorities and can work freely without any unnecessary government interferences as well.

In addition to this, when the industry was first introduced there were not many currencies to choose from and honestly, not many people were looking to be a part of it either as people back then were very skeptical with respect to the return on investments they could expect as well as the safety of their money too.

On the contrary, looking around today, it feels almost unreal to see how far the industry has managed to come, having pools of currencies available today for investors to choose from, with newer ones coming in with each passing day and tons of new investors joining in every hour.

IOST

Source: Reddit

Speaking of a lot of currencies available today in the marketplace, some of the most popular ones worth investing in includes Ethereum, Polkadot, Binance Coin, Bitcoin, PancakeSwap, Dogecoin, Cardano, EverGrow Coin as well as Baby Doge to name just a few of course.

Also, it is worth noting that, some of the major contributing factors for this extraordinary success of the industry include its negligible response time, the convenience it offers, ease of use, portability, intuitive nature, high-profit margins, real-time updates as well as the volatility of course.

Being volatile, it is important for you to be aware of the fact that, it is not always possible to predict the price changes and act accordingly as the price fluctuations in the crypto marketplace are almost immediate, thus leaving no time to plan. Therefore, whenever dealing in online currencies, keep in mind that, if the industry is providing you with an opportunity to earn huge profits and make quick money, if not done right, you could also end up having significantly huge losses as well.

Not just that, as per the chatter amongst some of the leading experts on the field, it has come to our notice that, crypto is rapidly progressing towards completely revolutionizing the global payment system and from where I stand, it looks like it has already started to do so as many merchants and businesses have started accepting crypto as an official mode of payment from their customers.

Now that you have a brief backstory about the crypto world, you will be able to have a much better understanding of what we have with us today, IOST. To know more, I suggest you read further!

Everything to know about IOST (IOST)

IOST

Source: Moralis Academy

IOST is nothing but simply a platform that is known to describe itself as an ultra-fast decentralized blockchain network and an ecosystem that is said to have its own nodes as well as wallets that are known to be based on the next generation consensus protocol dubbed as ‘proof-of-believability’.

In other words, IOST stands for Internet of Services token, which is an enterprise-level blockchain system for the internet of services. Not just that, the platform is said to have been focused on blockchain technology that is ready for mass adoption by just providing a blockchain as a service product.

In addition to this, as per the developers of the said platform, IOST was developed as a highly scalable platform and that decentralized applications (DApps) can easily run on it at high speeds of up to several thousand transactions each second (TPS). For this to happen, IOST uses Sharding, which is simply a database portioning method.

Before moving any further, it is probably worth noting that, IOST was founded by Terrence Wang along with Kevin Tan, Sa Wang, Justin Li as well as Ray Xiao back in January 2018. Also, IOST is also the native utility token of the said platform, which as a matter of fact can easily be used for a variety of purposes on the platform itself. Basically, the platform is intended for blockchain developers as well as service providers that are looking for reliable and fast infrastructure.

IOSt

Source: Tiendientu.org

Furthermore, as mentioned, IOST’s blockchain infrastructure is open source and is designed to be much more scalable and secure, all in the hope that it will someday serve as a backbone for online services in the future. Also, the proof of believability consensus mechanisms that we talked about earlier was developed by the team at IOST in order to ensure transactions on the network are efficient and secure.

Not to mention, one of the biggest challenges that the platform aims on solving in the crypto world is to resolve centers on how large companies may not be able to embrace blockchains in a rather customer-facing environment until and unless they are scalable. Having said that, the Internet of Services token is looking on putting forward a way of tackling this very problem.

Apart from this, one of the biggest differences between IOST and its competitors in the global crypto marketplace is how it claims it can process nearly 100,000 transactions per second as and when compared to Tron’s 2000, Ethereum’s 20 as well as EOS’s 4000.

Also, in order to reach these speeds, the team at IOST has developed a novel blockchain architecture, which is said to introduce as well as combine several innovations including TransEpoch, Randomness Protocol, Atomix, Efficient Distributed Sharding, and lastly, Proof-of-Believability and Micro State Blocks.

Now that we have talked much about IOST, some of you must be wondering, whether or not it is a good idea to invest in the platform? If that’s the case, then let’s find out, shall we?

Investing in IOST (IOST)

IOSt

Source: Currency.com

As of today, the price of IOST is about 0.047632 US dollars with a twenty-four-hour trading volume of 2,188,986,941 dollars. Not just that, in just the past twenty-four hours, the value of IOST has gone up by 37.35 percent, and with the current market cap of 885,422,082  US dollars, IOST is currently placed at the #94 position as per the CoinMarketCap rankings.

Also, it is worth mentioning that, the current circulating supply of IOST is 8,588,745,668 IOST coins, with a maximum lifetime supply of the token being about  90,000,000,000 IOST coins. In just the past week alone, the price of the platform has risen by 84.79 percent.

Reading so far, you must have gotten a fair understanding of the platform and by now, you should be able to figure out on your own whether or not investing in IOST is the right thing for you to do. Seeing what it has to offer when combined with its performance in the recent past as well as its plans for the near future, I certainly believe that IOST can prove to be a profitable investment in the near future, which is likely to provide you with higher returns and it is a possibility that your current investment may increase in value. But again, nothing can be said for sure!

IOSt

Source: Nomics

As mentioned at the very beginning, crypto is a highly volatile marketplace and is extremely uncertain. Thus, It is very important for you to understand the fact that just like any other currency in the crypto marketplace, IOST does have its own risks as well and you should invest only if you are willing to take those risks and bear any and all losses if at all necessary.

If you are wondering, where can you buy IOST? Let me help you with that. Currently, IOST is available on all major crypto exchanges but, some of the popular exchanges that have IOST listed on them include Upbit, Binance, OKX, Bybit as well as DigiFinex to name a few.  

In conclusion, what are your thoughts on IOST? Do let us know in the comments area below. To know more about various cryptocurrencies, do check out other articles we have on our website. Thank you for your time & if you found our content informative, do share it with your investor friends!

Also read: Top 10 Indian cryptocurrency projects in 2022 

 

 

 

 

 

 

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