What is IOST?
IOST or the Internet of Services Token is the native token powering the decentralized blockchain network of the same name. It’s based on the ERC-20 token standard. This means you can hold your IOST tokens in most crypto wallets that support Ethereum.
There is a max cap of 21,000,000,000 IOST tokens.
Just like the most cryptocurrencies, IOST price experiences volatility. If you want to delve deeper into the IOST price, check out the graph above.
What are the Main Features of IOST?
IOST is a trustless blockchain network based on the Ethereum blockchain. It advertises itself as a blockchain network that’s capable of handling large amounts of data. IOST aims to develop partnerships with large enterprises in cloud computing and digital marketing.
It operates using a Proof-of-Believability (PoB) consensus mechanism which is unique to IOST. PoB directly addresses the scalability problem without compromising security.
Besides PoB, IOST has introduced a wide range of blockchain solutions such as Micro State Blocks, Atomix, Distributed Randomness Protocol, TransEpoch, and Efficient Distributed Sharding.
One of the main purposes of this project was to introduce a type of blockchain infrastructure that’s both highly secure, easily scalable, and, most importantly, maintains a high throughput. IOST states that the network can process around 100,000 transactions each second. Whereas Bitcoin has a TPS of up to 7, TRON stands at around 2,000 while IOST’s direct competitor Ethereum processes up to 20 TPS.
With this in mind, it becomes apparent that the team aims to reach the point where the IOST coin can be used to accelerate the adoption of cryptocurrencies in large customer-centric companies.
Ethereum is the main direct competitor. IOST mostly stands out in terms of 100,000 transactions per second (TPS). This means that the IOST network can process around 100,000 transactions.
Don't forget to check the IOST price on the graph above if you're considering purchasing this cryptocurrency.
Who Developed IOST?
The IOST crypto project was launched in late 2017 and its headquarters are located in Singapore. IOST co-founders include Jimmy Zhong, Kevin Tan, Justin Li, Ray Xiao Terrence Wang, and Sa Wang. They are mostly graduates of Computer Science studies.
Jimmi Zhong is a successful entrepreneur who has sold one of his first companies for 40 million US dollars.
Besides IOST, Jimmy Zhong, Sa Wang, and Ray Xiao have also co-founded Dora which is an intelligent kiosk developer powered by AI.