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.
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)
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 transactionsโup 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.
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.
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.
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) | 2024-10-14 |
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 | 166 Pairs |
Market Cap of the Cryptocurrency | 174,937,372 USD (Rank #252) |
IOST Price
Here are the price and recent trading volume of IOST. (Data of 2024-10-14 11:24:00)
Price Items | Price and Trading Volume of IOST |
---|---|
IOST Price | 0.005 USD |
Price Change 24h | -3.02% |
Price Change 7d | -3.84% |
Trading Volume 24h | 4,428,675 USD |
Trading Volume Change 24h | 3.26% |
Cryptocurrency Metadata
You can check the development status and social media information of IOST through the links in the table below.
Metadata Source | URL |
---|---|
๐ Official Website | |
๐ White Paper | |
๐ฐ๏ธ Source Code (GitHub) | |
๐ฆ Twitter | |
๐ค Reddit | |
๐บ 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
What is the current price of IOST?
IOST price today is 0.005 USD. Furthermore, the price of IOST has fluctuated by -3.02% from 24 hours ago, and by -3.84% from a week ago.
Where is IOST listed?
Currently, it is listed on a total of 5 among the world top 10 exchanges.
What is the market cap of IOST now?
Currently, IOST has a market cap of 174,937,372 USD, which is ranking 252 among cryptocurrencies worldwide.
How much is the trade volume of IOST?
Currently, 21,315,000,000 IOST coins are circulating through 166 market pairs. As a result, in the last 24 hours, 4,428,675 USD of IOST coins were traded in the market.