IOST

What is IOST (IOST)?

IOST has been creating or expanding upon its own proprietary blockchain, known as the Internet of Services (IOS), which focuses on smart contract processing that is both scalable and has a higher throughput.

The Genesis of IOST

Naturally, the whitepaper for IOST was the first to be published, and it did that near the end of 2017. Then, around six months later, in June 2018, the actual project was released on a public testnet. Its eventual release on the mainnet, however, didn’t happen until the following year, in February 2019.

The Founding Team

From what we have been able to gather, Jimmy Zhong and Terrence Wang, among a few other people, are its founders. All seem to have backgrounds in computer science.

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The Technology Behind IOST

Within this section, we will direct our attention to the technology that it has adopted to further its goals, i.e., what makes IOST work the way it currently does.

Proof of Believability (PoB)

IOST features a unique consensus mechanism going by the name of proof-of-believability (PoB).

Through this, every node within the network has been split into two fundamental groups. These include your normal or standard nodes, and the others are called “believable” nodes.

The difference between the two is that the latter is tasked with processing transactions, while the former is more concerned with verifying or validating those processed transactions through their samples.

Efficient Distributed Sharding (EDS)

IOST utilizes a sharding concept within the foundations of its database infrastructure. Sharding refers to the method whereby network nodes can be split into various groups, with each responsible for the validation of a certain number of transactions that are proportionate to the volumes they can handle. 

To put it another way, this is not unlike what can be found within torrent technology, with databases being split into shards and featuring distinct pieces of information.

How it Differs from Other Blockchains

Here, we will be seeing how IOST fares against some of its top rivals or competitors, mainly Ethereum and EOS.

Comparison with Ethereum

The primary distinction between the two here would be the TPS (transaction per second) rate. Unfortunately, even though we have progressed late into 2023, it seems Ethereum still has a while to go before it scales to the level that is being promised, despite its shift to PoS (proof-of-stake) last year. Currently, it seems like IOST can process significantly more transactions—up to approximately 10,000, in fact.

However, this difference in transaction speeds may be eradicated as Ethereum sees more updates. On the other hand, what might never change between the two is the fact that Ethereum’s ecosystem is much vaster. This gap is something that might never be bridged between the two, especially once Ethereum attains that much sought-after scalability.

Comparison with EOS

On paper, at least, EOS seems to have a substantially higher TPS rate. Unlike IOST, however, it uses a DPoS (delegated proof-of-stake) consensus mechanism. Still, from what we have gathered, EOS’s ecosystem seems to have more variety than what is currently being offered on IOST. So, overall, EOS, like Ethereum, although not to the same extent, might be a better alternative to IOST.

The IOST Ecosystem

Here, we will be looking a bit at its ecosystem and what it is composed of, delving into its decentralized applications, the partnerships it has accrued, and its community.

dApps on IOST

Its selection of decentralized applications is around 40, at least according to Dapp.com. However, if you try to search for its applications through the dApp explorers on its own site, the links do not seem to work properly. All in all, while the selection is decent, it should make navigating to them a bit easier, or at least update its links.

IOST Partnerships

IOST has managed to acquire several partnerships over the years, including the likes of Chainlink, Blockfolio, Covalent, and even Polkadot.

IOST Community

IOST does seem to have a large presence online, with its followers on Twitter numbering well over 250,000 and more than 50,000 on Reddit. However, whether or not it’s as active is another matter entirely.

A lot of profiles on social media tend to have a lot of followers but a disproportionate amount of attention or traction. So, while it may have a lot of followers, it could do with a bit more engagement on the community side.

Use Cases of IOST

Now, we will be directing our attention a bit towards some of its actual use cases.

Decentralized Finance (DeFi)

IOST claims to be a scalable blockchain, and it aims to reach a TPS rate of around 100,000, so the implications for DeFi (decentralized finance) should be obvious. In fact, it already has a few exchanges and its own wallet.

Gaming

Moreover, IOST has even included support for NFTs, which should make P2E (play-to-earn) or blockchain gaming possible. There are already quite a few games under its belt. However, the gaming library may not be as prominent as on other platforms.

IOST Token

Here, we will now take a look at its native token and how it is utilized within its own ecosystem.

Roles of Token

Like with any other blockchain network, the native token here serves an instrumental role within it.

It is essentially what powers the entire IOST network, serving as a medium of exchange for buying and selling assets and for securing its entire network while rewarding its users.

Tokenomics

Speaking of tokenomics, its price is currently worth around $0.007, with a market capitalization of over $132 million and a daily trading volume of around $2.5 million. As for its fully diluted valuation, that would be over $638 million.

Its maximum supply, on the other hand, is exactly 90 billion tokens, and its current circulating supply is slightly over 18.7 billion tokens, making it a highly inflationary token.

How to Stake

While IOST doesn’t use a PoS consensus mechanism, it still comes with its own unique approach to staking. Essentially, staking is called “voting” instead. Here, you vote for any particular node that you have favored and then lock some IOST tokens you own on them. When you do that, you are supporting that specific node, and you will then be eligible for a few rewards, which will vary.

How to Buy IOST Token on Binance

If you have been convinced of the quality of this network’s services and want to purchase its native token, then we will discuss how one can carry that out on Binance.

Signing Up and Verification Process

Signing up here should be pretty straightforward. Simply click on the link below to register using the Coin Labs referral code and input the necessary information.

As for getting your account verified, that may take a while. So, start by heading over to Binance’s verification page. Here, you will need to enter some personal details pertaining to your identity, like your full name, date of birth, etc., and then prove what you have entered is indeed correct by uploading photos of certain documents.

Two-Factor Authentication (2FA)

Before you deposit or withdraw on Binance, it is recommended to set up 2FA authentication here to amplify your account’s security. So, head over to the security page for your account and click on the relevant option.

Following that, you will need to download an authenticator application like Google Authenticator or Binance’s own authenticator application. After that, just follow the instructions already outlined by Binance to complete your 2FA setup here.

Funding Your Binance Account

Funding your Binance account essentially means depositing some funds, and to do that, start by going to its deposit page. Over there, select your token and network, which should then result in a deposit address being generated. Copy and paste this address on an external exchange or in your own wallet, and confirm the transfer of funds to Binance.

Finding and Placing IOST Order

Now that your account is properly funded, you can finally get some IOST tokens, which there are several ways of doing. Here, we will be looking at the spot trading option. So, head over to its spot trading page and search for a trading pair that has the IOST token.

Once found, go to the buy and sell section, choose the order type, adjust your order’s parameters, and place it. Depending on what you select, it may take some time to fill.

Transfer to a Secure Wallet

After acquiring your tokens, transferring them to a secure wallet comes next. Cold wallets tend to be the most secure form of storage within the cryptocurrency landscape, so we would recommend using them instead of hot wallets.

Future of IOST

What does the future hold for the IOST network as a whole? If you were curious about that, then we will cover a bit of that below.

Upcoming Developments

As far as its roadmap is concerned, it has mostly covered and implemented what it had intended to for 2023, and there are no upcoming developments mentioned in the roadmap for this year’s final two quarters.

Still, you can expect more partnerships later on, along with new decentralized applications being added every now and then. You can also check out its blog if you want to know more in that regard.

Market Potential

According to both CoinMarketCap and CoinGecko, its token’s rank within the market hasn’t reached the top 100 yet. The blockchain market in general tends to be more on the competitive end, as it is already saturated with several projects and tokens.

Therefore, determining whether or not certain projects have any market potential can be fairly difficult, and the same can be true here. Ultimately, whatever use you may derive from this platform and its applications is up to you to decide.

Conclusion

While IOST may have unique technological approaches within the blockchain sphere, with its PoB consensus and distributed randomness, as of now, it appears to lack the substantial global reach that could propel the platform to even greater heights.

We Coin-Labs.com provides only objective information about IOST.
Therefore, we are not responsible for the investment decision in IOST and the resulting loss.

IOST Basics

Here are some factors that investors should consider before investing in IOST.

Cryptocurrency Features	IOST (IOST)
Publisher or Developers	Jimmy Zhong, Terrence Wang
Headquarters (Registration Number)	Singapore
Symbol	IOST
Platform	PoB consensus algorithm
Published Date (CMC Registration)	2024-11-01
Max Supply	No limit

Reliability Score of IOST in 2024

These are indexes mesuring the investment reliability of IOST conducted by Coin-Labs.com.

Investment Reliability Rating Items	Scores and Current Status
Company Activation Rate	/ 10.0 CAR
Communication Rate	/ 10.0 CR
Technology Transparency Rate	/ 10.0 TTR
Development Participation Rate	/ 10.0 DPR
Listing Status on the World's Top 10 Exchanges	Listed on 5 Exchanges
Number of Available Pairs Worldwide	168 Pairs
Market Cap of the Cryptocurrency	174,937,372 USD (Rank #252)

The table above shows the result of investment suitability evaluation for IOST.
Check out how we evaluate cryptocurrencies on the crypto rating description page.

IOST Price

Here are the price and recent trading volume of IOST. (Data of 2024-11-02 00:35:00)

Price Items	Price and Trading Volume of IOST
IOST Price	0.005 USD
Price Change 24h	-0.87%
Price Change 7d	-6.18%
Trading Volume 24h	6,069,345 USD
Trading Volume Change 24h	9.51%

Cryptocurrency Metadata

You can check the development status and social media information of IOST through the links in the table below.

Metadata Source	URL
🌎 Official Website
📖 White Paper
🛰️ Source Code (GitHub)
🐦 Twitter
🤖 Reddit
🎺 Message Board

Where to Buy IOST

Here are the top ten world crypto exchanges where traders can buy IOST in 2024.

Top10 Exchanges	Listed Status	Page URL
Binance	Listed	https://www.binance.com/en/trade/IOST_BTC
Coinbase	Not listed
Kraken	Not listed
KuCoin	Listed	https://www.kucoin.com/trade/IOST-USDT
Bitfinex	Not listed
OKX	Listed	https://www.okx.com/trade-spot/iost-usdt
Huobi	Listed	https://www.huobi.com/en-us/trade/iost_usdt?type=spot
Bitstamp	Not listed
Bybit	Not listed
Gate.io	Listed	https://www.gate.io/trade/IOST_USDT

Frequently Asked Questions