IOST

Overview of IOST

Internet of Services Token, or IOST, is a high TPS blockchain network platform that was founded in 2017. It is the native token of the Internet of Services (IOS) blockchain network, which is designed to provide infrastructure for service providers in its network. Founded by Jimmy Zhong, Terrence Wang, Justin Li, Ray Xiao, Kevin Tan, and Sa Wang, its aim is to offer a high-speed, secure and scalable infrastructure for online service providers.

IOST can be stored in different wallets like MetaMask, MyEtherWallet, and Ledger, and can be traded in various exchanges including Binance, Huobi, and OKEx among others. The token is used as a transaction fee within the IOS platform, for deploying smart contracts and other uses.

Pros and Cons

What Makes IOST Unique？

The innovation of Internet of Services Token (IOST) lies in its distinctive blockchain architecture known as “Proof of Believability” (PoB). Unlike the usual “Proof of Work” (PoW) or “Proof of Stake” (PoS) consensus mechanisms, this unique mechanism allows the network to achieve higher transaction speeds without compromising on decentralization; a notable hurdle for typical PoW and PoS systems.

IOST's PoB model functions by using a scoring system to identify 'believable' validators who get to validate transactions and add blocks to the chain. This is a departure from traditional systems where validators are chosen either through mining (PoW) or staking (PoS); both of which have their own limitations in terms of scalability or energy consumption. Hence, IOST's specific innovation solves the 'scalability problem' commonly associated with traditional blockchain platforms.

Another distinguishing feature is IOST's aim to provide robust infrastructure for service providers. While other cryptocurrencies function solely as a currency or store of value, IOST extends its utility by allowing developers to build and run complex applications on its blockchain platform. However, it should be noted that it is not alone in this and competes with other 'platform' cryptocurrencies like Ethereum or Cardano.

How Does IOST Work？

IOST is a blockchain platform that uses a next-generation consensus algorithm called Proof of Believability (PoB). This algorithm makes IOST one of the fastest and most scalable blockchain networks in the world, with a block time of just 0.5 seconds and a throughput of up to 8,000 transactions per second.

The IOST token is the native token of the IOST blockchain network. It is used for a variety of purposes, including as a medium of exchange, transaction fee, staking reward, and governance token. IOST tokens can also be used in decentralized applications (dApps), smart contracts, and decentralized exchanges (DEXs).

Exchanges to Buy IOST

IOST token is supported by numerous exchanges globally. Here are ten exchanges that support the buying and selling of IOST:

1. Binance: An internationally recognized exchange, it offers IOST trading pairs with Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and stablecoins like Tether (USDT).

2. Huobi Global: Huobi Global is another major exchange where users can trade IOST with pairs like BTC, ETH, and USDT.

3. OKEx: OKEx offers trading options for IOST with popular pairs including BTC, ETH, and USDT.

4. Bitrue: Bitrue also supports IOST and offers multiple trading pairs like XRP/IOST, BTC/IOST, ETH/IOST, and USDT/IOST.

5. KuCoin: On Kucoin, traders have access to IOST trading pairs with BTC, ETH, and USDT.

How to Store IOST？

The storage of IOST tokens requires a cryptocurrency wallet that supports the token. These wallets generally come in several types, such as web wallets, mobile wallets, desktop wallets, and hardware wallets.

1. Web Wallets: These are wallets accessible via internet browsers. Examples of web wallets that support IOST include Biss and TokenPocket. These wallets are user-friendly but might be vulnerable to online threats if not correctly secured.

2. Mobile Wallets: Mobile wallets are smartphone applications, convenient for accessing cryptos on the go. IOST is supported by mobile wallets like TokenPocket (iOS and Android) and iWallet (iOS and Android).

3. Desktop Wallets: These are programs installed on a computer. For IOST, a desktop wallet like iWallet (compatible with Google Chrome) can be used.

4. Hardware Wallets: These are physical devices dedicated to securely storing cryptocurrency offline. This type of wallet is considered the most secure. Ledger hardware wallet supports IOST.

Should You Buy IOST？

Purchasing IOST, like any cryptocurrency investment, entails a certain level of risk and should be carefully considered. IOST might be suitable for several types of buyers:

1. Technology Enthusiasts: Individuals interested in the technology behind IOST, particularly its unique “Proof of Believability” consensus mechanism, might be inclined to buy IOST out of a fascination with its technical facets and potential uses.

2. Long-term Investors: Those who believe in the long-term potential of cryptocurrencies, and the growth perspective of IOST, might find it an attractive addition to their portfolio. However, they should be prepared for price volatility and potentially long periods of market downturn.

3. Speculators: Cryptocurrencies, including IOST, are known for their price volatility, which might attract speculators seeking to profit from short-term price fluctuations.

4. Developers: Developers or companies interested in building applications on the IOST blockchain might need to buy IOST for transaction fees or network services.

FAQs

Q: What is the primary purpose of IOST？

A: IOST was developed as a high-speed blockchain platform, which provides infrastructure to service providers for the development and deployment of sophisticated online services applications.

Q: What types of wallets can store IOST？

A: IOST can be stored in various wallets types such as web wallets, mobile wallets, desktop wallets, and hardware wallets.

Q: What's the primary distinctive trait of IOST compared to other cryptocurrencies？

A: IOST is unique due to its high transaction speed and “Proof of Believability” consensus mechanism that ensures scalable and secure transactions.