What Is Iost (IOST) How It Works & Where To Buy It?

Iost is an innovative blockchain project that has been around for several years. It is most notably known for its unique value proponents and consensus mechanism. The project aims to offer users solutions to adverse issues.

IOST is the native utility and governance token of the Iost protocol and is utilized to power the blockchain network.

The IOST token is currently the 111th largest cryptocurrency by market capitalization.

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How Iost (IOST) Works

IOST is short for “Internet-of-Services Token”, and it is a blockchain that is pioneering blockchain payments and online services with lightning-fast and secure transaction finality.

The Iost platform uses a unique consensus mechanism called proof-of-believability (PoB) to achieve these enhanced functionalities. The IOST coin is used to power all the actions in the network and essentially acts similarly to ETH in the Ethereum Network.

The Iost team comprises some of the finest and most experienced blockchain figures and the project is backed by some notable companies. The team’s vision is huge, and the community supporting Iost is incredibly confident in the ability of the Iost ecosystem to revolutionize the blockchain space.

IOST released its mainnet in 2019, and it provides a safe smart contract development environment that is more efficient, affordable, and stable than Ethereum, the most popular blockchain with smart contracts.

Users could initially complete up to 8,000 transactions per second on the blockchain (TPS). However, the project currently asserts that it can process 100,000 TPS by utilizing “efficient distributed sharding” and “micro state blocks” scalability solutions. The confirmation of a transaction, in essence, often takes less than 0.5 seconds.

Decentralized apps (dApps) designed to handle significant real-world utility can be hosted on the IOST blockchain. Although there are concerns about performance, these aren’t significant factors. Additionally, the network doesn’t sacrifice security. Consequently, developers can access tools and resources to help with dApp development by simply staking the native IOST token.

Costs associated with development are drastically reduced as a result. The platform enables programmers to design and publish their DeFi products using JavaScript, which is one of the most well-known programming languages. This structure makes it much easier for traditional Web2 developers to get started with blockchain development.

Additionally, persons seeking more information and a detailed overview of Iost can read the Iost whitepaper.

What Is Iost (IOST) Used For?

The IOST coin’s primary purpose is to maintain the network’s security and privacy. Essentially, the IOST coin is tasked with the integral role of enhancing the innovative PoB consensus method.

Additionally, to pay for transaction fees within the IOST crypto ecosystem, users and developers will need to use either IOST coins or IOST tokens. IOST coin is the predominant form of payment accepted by users on the site for services.

The Iost network is flourishing, and several developers and network contributors are joining the protocol to aid in its growth. The Iost foundation is prioritizing the development of the technology, infrastructure, and utility of the Iost protocol.

Furthermore, many individuals participate in swing and arbitrage trading. These types of traders aim to capitalize on price fluctuations in cryptocurrencies; these typically occur when there are significantly high trading volumes. These types of trades can be very profitable, but they’re also incredibly risky.

Where To Buy Iost (IOST) Token

IOST has been a popularly traded cryptocurrency for several years. The Iost ecosystem is growing exponentially, and the project is reaching more users around the world.

IOST tokens are commonly traded on most centralized crypto exchanges. Before you’re able to purchase IOST, you’ll need to deposit fiat money onto an exchange; sequentially, IOST tokens will then be credited to your digital wallet on the exchange.

The crypto exchanges below are amongst the safest place where you can buy, sell and store tokens.

IOST token holders often opt to transfer their tokens to a digital wallet. Sequentially, they can easily connect their wallets to various decentralized platforms and make use of various yield-generating DeFi products.

It is recommended that users move their tokens away from centralized exchanges since doing so allows them full control over their crypto assets and private keys.

None of the abovementioned information is investment advice.

About Iost (IOST)

How long has Iost (IOST) existed?

IOST was initially launched in 2017 after the project IOST token sale. The IOST price in the token sale was 1 IOST = 0.01 USD.

Since its listing on several global exchanges, the IOST token has performed well and has become among the most popular blockchains that meet growing security and scalability needs. Recently, the Iost Foundation announced its intention to keep growing its ecosystem.

The success of the IOST token sale raises multiple questions regarding why the token isn’t a top project today – many believe that the project was overhyped and isn’t on par with blockchain projects that have emerged since.

What’s controversial about Iost (IOST)?

The crypto industry is notoriously under-regulated globally. Before investing, users should always use discretion and learn as much as possible about the fundamentals of cryptocurrencies and blockchain.

Let’s take a look at the top controversy surrounding Iost (IOST):

IOST Supply – The token supply of the protocol is extremely high, and this number deters most individuals. A hard token supply typically indicates that a token is not scarce, and most people refrain from investing in such blockchain projects.
Furthermore, the project’s circulating supply is low, indicating a significant risk because when a large number of tokens are dumped on the market, it will result in negative price action if there isn’t sufficient buying pressure.

How many Iost (IOST) Tokens are there?

At the time of writing, Iost (IOST) has a circulating supply of 18.59B IOST (21% of the total supply)

The total supply of Iost (IOST) is 18,588,745,668

The max supply of Iost (IOST) is 90,000,000,000

Can Iost (IOST) be mined?

Iost tokens can’t be mined. The blockchain uses a proof-of-believability consensus mechanism to secure its network and doesn’t support any mining on the chain. The proof of believability (PoB) mechanism ensures that nodes are responsible for helping the network achieve high transactional throughput. Additionally, PoB is more energy-efficient than traditional proof-of-work consensus mechanisms.

Furthermore, users can earn yields on their IOST tokens by participating in DeFi products such as staking, liquidity pools, and farming on decentralized platforms.

To use these DeFi products, users need to store their IOST tokens in a digital wallet that they can easily connect to whatever decentralized platform they choose. Pancakeswap is among the most popular decentralized exchanges. It’s secure and has cheaper transactions because it is built on Binance’s Build-and-build chain (BNB Chain).

Some centralized exchanges allow users to earn yields from staking their IOSt tokens.

What is the market cap of Iost (IOST)?

The market cap of Iost (IOST) is: the total amount of coins in circulation x the current market price of IOST.

Iost (IOST) Market Cap = 18.59B IOST x $0.0135 = $250 million (111th largest market cap)

IOST is currently one of the top 150 cryptocurrencies by market capitalization.

Biggest Competitors Of Iost (IOST)

Even though IOST has made a name for itself in the crypto space, several competing projects offer the same services to customers. The protocol has grown significantly since its launch, but to take advantage of the development and investment opportunities in the cryptocurrency industry, it must continue to be incredibly inventive.

Iost’s biggest competitors are:

What Are The Future Plans of Iost (IOST)?

Iost will focus strongly on expanding its user base, boosting the overall utility of its native token, and bringing several unique, valuable DeFi goods into its ecosystem. The team will also concentrate on expanding the project’s presence by having the IOST token listed on new exchanges.

In addition to bringing in more consumers to its native platforms, the protocol will try to increase the security and efficiency of its decentralized products. The IOST cryptocurrency has rapidly gained popularity in the cryptocurrency market, and the project aims to increase the amount of IOST that institutional and individual investors purchase.

Pros And Cons Of Iost (IOST)

Pros:

High Transactional Capacity and Speed – The IOST blockchain technology, built with its unique consensus algorithm, is incredibly fast and powerful compared to many traditional blockchains. The decentralized blockchain network (IOST mainnet) can process up to 8,500 transactions per second, and IOST claims that transactions typically take less than half a second to be processed.
Listed On Major Exchanges – Users can trade IOST on most major exchanges, including Binance, HTX, and KuCoin.

Cons:

Large token supply & Low Circulating Supply – The token supply of IOST is incredibly high compared to other blockchain projects and this is one of the main reasons why many retail investors don’t invest in a project. Additionally, the circulating supply of the project is very low which poses a potential risk to investors.
The main issue with a low circulating supply is that it indicates a potential price decline when more tokens enter the market (if there isn’t sufficient demand) and the negative price action risk is what deters several investors.