The IOStoken is part of the Ethereum blockchain, making it an ERC20 token. It’s a cryptocurrency that revolves around the Internet of Services and aims to bring structure for new online providers.
IOStoken
The token is also the medium of exchange on the IOS network and is a large factor in a node’s believability score. Users can earn IOStoken (IOST) by validating transactions and contributing to the computing power for services. It’s an innovative token that comes with secure blockchain technology to provide horizontal scalability.
The developers of the token are able to increase the system’s output whilst ensuring top security is guaranteed. IOStoken also stands out from other other cryptocurrencies because of its high TPS, as well as its highly developed blockchain and privacy protection. During the token’s ICO, the price was $0.01 with a total supply of coins of 21 billion. At the time of writing, the market cap of IOStoken is $123,615,577 USD.
IOST
IOST is the ultra-fast, decentralised blockchain network based on the next generation consensus algorithm called Proof of Believability (PoB). The network is led and developed by a team of founders and backed by world-class investors. IOST’s mission is to be the underlying architecture for all online service providers and meet the security and scalability needs of a decentralised economy.
By using the consensus algorithm PoB, IOST is able to create an ultra-fast network while ensuring the ease of use and security required for mainstream adoption. PoB also allows for the decentralisation of nodes where thousands participate in block production and transaction validation each day.
The network estimates a promising 100,000 transactions per second and targets scalability and high transaction throughput as concrete measures for improving the blockchain. The complex infrastructure favours large online providers with its easy interface, allowing them to perform secure and byzantine transactions at scale.
IOST Election Voting
The IOStoken is used for the network’s election voting system. The voting system is used to determine the future of the network and help drive IOST’s success and development. To encourage users to vote they are incentivised in two ways.
The first incentive is the ‘Early Bird Voting Rewards’. When a user stakes and votes in the ECR20 election, they will receive an annualised 25% return on their token amount, however, this was only ran until the Mainnet launched. The second incentive is called ‘Voting Dividends’ and this is where token holders who vote partner nodes will receive an ongoing 50% share of that partners’.
Where to buy IOStoken
Users are able to buy IOStoken on Binance, OKEx or Huobi with either BTC or ETH. However, it is best to use the trading pair as Bitcoin on all three exchange as it has the largest trading volume this way.
Where to store IOStoken
Because IOStoken is an ERC20 token meaning you can store it in any Ethereum supported wallet. MyEtherWallet is a great Ethereum wallet option, but if you prefer hardware wallets then the Ledger Nano S may be better suited.
Conclusion
The team at IOST has recognised that, without suitable scalability, all multinational corporations and online providers may not be able to deploy blockchain to service their customers at a high level. Because of this, the team propose the Internet of Services Token as a means to reach these ends.
IOST also noticed their PoB consensus algorithm will ensure the security and efficiency of all transactions on the network.
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.