What is IOST (IOST)?

What is IOST (IOST)?

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IOST is a blockchain network that is ultra-fast, scalable, and safe. The project is based on a proprietary next-generation consensus mechanism known as Proof of Believability (PoB). IOST is the brainchild of Jimmy Zhong, Terrence Wang, Justin Li, Ray Xiao, Sa Wang, and Kevin Tan.

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Our objective, led by a team of seasoned professionals and supported by leading investors, is to create the core infrastructure for online services that can satisfy the security and scalability requirements of a decentralized economy.

 

Component IOST (IOST)
Technologies Proof of Believability, Micro-State Block, Efficient Distributed Sharding, TransEpoch, Atomix
Market Capitalization $525.1 Million+
Open-Source Yes
Consensus Mechanism Proof of Believability (PoB)
Smart Contracts Yes
Founders/Authors Jimmy Zhong, Terrance Wang, Justin Li, Ray Xiao, Sa Wang, Kevin Tan
Launch Date 2018
Circulating Supply of Coins 18,099,719,631 IOST
Maximum Coin Supply 90,000,000,000 IOST
Mining-based Coin? No
Is IOST a Stablecoin? No
Does IOST have a burn rate? Yes
Does IOST have a Whitepaper? Yes, the white paper can be viewed here

 

Evolution and Development of IOST

One of the most significant challenges confronting blockchain technology is that it seems to slow down with broad usage rather than accelerate like torrents.

Ethereum is an excellent concept, but it would collapse under the weight of the workloads handled by Google and Amazon. IOST, which stands for Internet of Services, is a China-based solution to the blockchain's scaling challenge that made headlines in 2018.

Jimmy Zhong, Terrence Wang, Justin Li, Sa Wang, Ray Xiao, and Kelvin Tan, co-founders of the IOS Foundation, created IOST as a creative new approach to operate decentralized applications.

By combining fast distributed sharding, a node-to-shard protocol dubbed TransEpoch, Proof-of-Believability (PoB) verification, and microstate blocks, and it promises to produce the corporate blockchain consumers need.

Although IOST lacks Ethereum's brand awareness, it achieved significant advancements in crypto and blockchain technologies in 2018 and 2019. Indeed, the project claimed processing more transactions than Ethereum's blockchain by mid-April 2019.

An overview of IOST's history and development is as follows:

  • Early 2017 – IOST development begins.
  • IOST token sale generated more than $31 million in January 2018
  • February 2019 – Olympus v1.0, the IOST mainnet, goes online.
  • May 2019 – IOST introduces OnBlock, a web-based platform that enables anybody to connect with decentralized apps on the IOST network simply by logging in with an email address or mobile phone number.

 

What makes IOST unique?

IOST's consensus algorithm, Proof-of-Believability (“PoB”), incorporates a decentralized committee election procedure while retaining the advantages of scalability and resilience to censorship.

IOST's architecture guarantees that most nodes are eligible to create blocks and that nodes with additional votes are allocated a better likelihood of producing a block.

To achieve this, IOST does not just rely on vote results for selection. Instead, IOST has a point=based system called Servi that works to elect and rotate committee members.

Additional distinguishing characteristics include the following:

  • Microstate Block (“MSB”) refers to a unique way for validators to reduce their storage and bootstrapping costs.
  • Efficient Distributed Sharding (“EDS”) is still being developed. It refers to a sharding technique that achieves suitably big and bias-resistant shards using what is known as a mix of user randomness scavenging mechanisms as well as a cryptographic sortition-based leader election.
  • TransEpoch is still in development. This feature ensures the assignment of validators to shards during epoch shifts while preserving transaction operability.
  • Atomix is currently in development. It is a two-step inter-shard atomic commitment protocol that ensures transaction atomicity in Byzantine environments.

 

Three important distinguishing points between IOST and its rivals are as follows:

  • Validator process: there is a daily rotation of more than 1,000 block producers that form part of a rotating committee.
  • Increased throughput: Using its PoB Consensus Mechanism and up to six shards, IOST has already achieved between 7,000 to 8,000 TPS on testnet, outperforming ETH, NEO, and Cardano.
  • IOST is developer-friendly: the IOST development team has prioritized providing a speedier virtual machine and SDKs to make it simpler for developers to build on top of the platform using JavaScript, Python, or Go.

 

What are the main uses for IOST?

IOST is the IOST network's native asset. Several applications for the IOST coin include the following:

  • Payment for services and items that are provided by the IOST platform service providers and merchants.
  • Payment of fees and commissions which are associated with the execution of native smart contracts.
  • Transaction processing and resource sharing, including storage space.
  • A payment that serves as compensation for participating by contributing network resources to the protocol.
  • To facilitate the exchange for other IOST network tokens which are issued by other parties.

 

What is the future potential for IOST?

The future potential for IOST is that it can become increasingly popular in DeFi across several industries. This is attributable to its 100,000 TPS in addition to its unique technological advancements, including Proof of Believability, Micro-State Block, Efficient Distributed Sharding, TransEpoch, Atomix, and more.

Price analysis on IOST

IOST was initially launched in 2018, and its price analysis over the past four years are as follows:

 

  2018 2019 2020 2021 to date
IOST Price High $0.126 $0.018 $0.008 $0.08
IOST Price Low $0.003 $0.004 $0.002 $0.005
Market Cap $861.22M $218.46M $126.77 $1.44B

 

Price prediction on IOST

The monthly chart demonstrates that after the initial coin offering boom, IOST traded horizontally for an extended period. From the start of 2022, market acceptability and a sideways trend will be changed to a positive trend because of continuous advances within the IOST ecosystem.

The price fluctuated between $0.00420 to $0.09313. The first three months of 2022 provided investors with a 100%return. The price forecast for 2022 is positive, and the coin is now trading at $0.05624. Bulls will gradually enter, making IOST a good buy.

By mid-year, the IOST price is likely to exceed $0.0784. The upward trend may boost the IOST price to an all-time high of $0.089 this year. IOST price data reveals that the currency has typically traded in the $7 to $8 region during the last year.

 

Which wallets are the best option for storing IOST?

The best digital wallets for IOST tokens include the following:

  1. IWallet Chrome
  2. TokenPocket Wallet
  3. Cobo Wallet
  4. Huobi Wallet
  5. Pure Wallet

 

1. IWallet Chrome: IWallet is a comprehensive desktop-based wallet that supports the mainnet of IOST. Users must create an account on the mainnet before they can use this wallet.

Once users have an account, they can install the plugin and gain access to a variety of applications.

  

2. TokenPocket Wallet: TokenPocket is a favourite among many crypto users and enthusiasts. It is a simple and user-friendly wallet. An advantage is that it is a light client, which means that users need not download the entire blockchain for it to function.

Users can access several innovative features with this application, including sending and receiving funds, browsing DApps, and more.

 

3. Cobo Wallet: Cobo's vision is to provide an all-in-one solution for digital asset storage, as well as a dependable storage system and payment environment.

Cobo's headquarters are in Beijing, and the company places a premium on dependability and security. Cobo also provides a mobile wallet, which is widely regarded as one of the top IOST wallets for iOS.

 

4. Huobi Wallet: Huobi Wallet is a safe, multi-chain and lightweight mobile app and wallet that enables users to manage their digital assets. The newest upgrade to the app has a more professional user interface and the ability to make rapid transfer payments directly from the home screen.

 

5. Pure Wallet: Pure Wallet is a safe, off-chain multi-currency wallet that facilitates the maintenance of various private keys and aspires to become a one-stop investment management platform for cryptocurrency users.

The integration with IOST occurred after the mainnet's debut, which will contribute to the development of a developer-friendly environment.

Best Bitcoin Wallets are the same as IOST wallets.

Where can you buy IOST?

IOST can be bought, sold, and traded on the following crypto exchanges:

  1. Gemini
  2. BitFinex
  3. Gate.io
  4. Crypto.com
  5. KuCoin

 

 1. Gemini: Gemini may be the greatest option for those interested in dipping their toes into the crypto waters. Its simplicity and ease of use come at the expense of a higher price structure, which may be acceptable while users learn the ropes before advancing to its lower-cost spot trading choices.

 

PROS CONS
Gemini has a user-friendly platform  There is a convoluted fee structure for trading options other than spot trading
The user interface is simple and easy to navigate There are high fee charges
The exchange is available across the world  
There is a decent selection of crypto coins offered  
The maker and taker fees are reasonable  

 

2. BitFinex: BitFinex is a globally renowned crypto exchange that is known for its low trading fees. BitFinex is well-known because of its association with Tether, which has drawn the attention of regulators to the exchange.

BitFinex offers a large ecosystem of digital assets in addition to a variety of trading opportunities, including demo trading, margin trading, and more. The exchange accommodates both beginner and professional traders regardless of their trading style.

 

PROS CONS
Low and competitive trading fees There is a history of issues with regulators
The exchange offers several trading options The exchange is not available in the United States
There are advanced order types offered  
The platform provides demo trading  
There is an innovative and robust mobile trading app offered  

 

3. Gate.io: Gate.io provides customers with access to over 600 different currencies, making it a better option for sophisticated crypto traders looking for less prevalent altcoins. Gate.io is an innovative platform that offers a variety of trading possibilities and trading alternatives.

 

PROS CONS
The platform offers a wide range of digital assets There is a complex interface that is not suited for beginners
There are lower trading fees with higher trading volumes  
The exchange is sophisticated and offers different trading options  
There are several advanced trading tools offered  

 

4. Crypto.com: Crypto.com offers a diverse selection of over 70 digital assets. In addition, the exchange also has unique incentives such as a cryptocurrency rewards debit card for customers looking to maximize coin-based earnings.

The exchange is innovative and has a high trust score, ensuring that clients are kept safe and that they are given an immersive trading experience.

 

PROS CONS
Users who have high account balances in CRO can benefit from several discounts on trading costs The trading fees are much higher for investors with low-volume trading and investors
The exchange also offers additional benefits such as up to 8% back on debit card spending  
Margin trading is offered  
There are extremely high cybersecurity ratings  

 

5. KuCoin: KuCoin is one of the largest crypto exchanges that accommodates both beginner and professional traders. There are low fees charged on trades, and users have access to a wide range of coins to choose from.

 

PROS CONS
The exchange is known for its low fees The exchange is not licensed in the United States
There is a large customer base There are limited payment methods offered
There is a wide range of coins offered  
Users can earn interest on their crypto holdings  
The exchange offers advanced trading features  
There are dedicated customer support  

You can buy IOST safely from these cryptocurrency platforms.

Does IOST use coin burns?

Yes, IOST uses coin burns. In 2019 the official Twitter account for IOST announced that the mainnet token burn had been initiated, and during the first round, 2,170,000,000 tokens had been destroyed, which was more than 20% of the circulating supply at the time.

After this round, there were several others as follows:

  • Second Round – 5,135,325,031 IOST was burnt on March 8
  • Third Round – 1,554,755,204 IOST was burnt on March 13
  • Fourth Round – 2,082,946,604 IOST was burnt on April 10
  • Fifth Round – 494,671,677 IOST was burnt on April 26 and 29
  • Sixth Round – 155,474,906 IOST was burnt on May 8
  • Seventh Round – 123,805,116 IOST was burnt on June 19
  • Eighth Round – 7,350,000,000 IOST was burnt on March 12, 2020

 

What is IOST’s largest Competitor?

IOTA is the largest competitor of IOST.

IOTA (MIOTA) is a decentralized ledger technology that enables the recording and execution of interactions between machines and devices connected to the Internet of Things (IoT).

Tangle, IOTA's primary invention, is a network of nodes used to confirm transactions. Tangle, according to IOTA, is more efficient and speedier than traditional blockchains used in cryptocurrency.

IOTA aspires to become the de facto standard for device-to-device transactions. According to the ledger's creators, it serves as a public and a completely permission-less core for the Internet of Things, enabling interoperability across numerous devices.

 

What is the Staking Process involved with IOST?

To guarantee network security, PoB imposes an entrance barrier on potential block producers. This threshold has been set at 0.02% of the network's available votes in the current version.

 When a network node receives enough votes, it can start transmitting a transaction. This will allow the node to become a candidate and allow them to participate in the committee creation and block production processes.

While voting results do not directly affect the composition of the committee, they do have a proportionate effect on the Servi acquisition rate.

  • Each round, 17 committee members are appointed for block production in the present edition. Each round is comprised of the following three steps:
  • Servi will be distributed according to each candidate's vote total.
  • The top 17 nodes, as determined by Servi, will convene in control of the next round's block production.
  • Each chosen committee member's Servi balance will be lowered by the value of the 17th node. In other words, the 17th node's Servi will be reset to zero, while the remaining 16 nodes will lose the same amount.

 

What can IOST smart contracts do?

A blockchain may be thought of as a synchronized state machine that runs throughout the network. A smart contract is a piece of computer code.

This computer code functions on a blockchain system and can change the state machine by using transactions. Due to the blockchain's properties, the smart contract's call can be assumed to be sequential and globally consistent.

Smart contracts can accept as well as carry out transactions inside the block to retain ensure that the variables of the contact are maintained. This applies throughout the blockchain, and to provides irreversible evidence.

IOST successfully implemented multilingual smart contracts. The development team of IOST is currently opening JavaScript (ES6) with the v8 engine.

In addition, there are local “Golang” VM modules implemented that can handle high-performance transactions. However, this is currently only possible for native system contracts.

An IOST smart contract consists of smart contract code and a JSON file that describes the ABI. This is segregated in a proprietary namespace and storage, with external entities only able to view and read the storage content of such a contract.

Each transaction consists of numerous transactional activities, each of which is an ABI call. Each transaction generates a unique serial number on the chain, avoiding double-spend attacks.

 

Is IOST a Good Investment?

Yes, IOST is a good investment.

IOST is an extremely ambitious project that can provide more efficient solutions than programmable blockchains such as EOS, Ethereum, NEO, and others.

However, IOST is competing with well-established projects as well as hundreds of other niche blockchains that serve one purpose, enterprise adoption.

Key factors that IOST depends on to survive the competitive field that could help it come out on top include:

  • IOST has unique technology that can increase the overall security and the scalability of blockchains, smart contracts, and other components. This can be achieved using Sharding technology and a Proof of Believability consensus method.
  • IOST is designed for business usage and can handle the high loads generated by technology firms such as Amazon, Facebook, and Google.
  • Partnerships are critical to IOST's success, and because of its unique technology, IOST should not have an issue in collecting partnerships.

 

What is the supply and distribution of IOST?

The circulating supply is 18,099,719,631 IOST, and its maximum supply is capped at 90,000,000,000 IOST. 

 

Is IOST a viable Alternative Coin?

Yes, IOST is a good alternative coin.

  • Hacking – The IOST ecosystem is free of any hacking events
  • Security – The project uses extremely robust security protocols.
  • Transaction speed – IOST can achieve between 7,000 and 8,000 TPS during its testnet and up to 100,000 thereafter, according to the dev team.
  • Technology – IOST uses some of the most innovative technology, including Proof of Believability, Micro-State Block, Efficient Distributed Sharding, TransEpoch, Atomix
  • Potential Investment – Because of its unique technology, IOST is a good investment option that could generate decent returns.
  • Future Uses – Because IoT and blockchain technology are increasingly seeing adoption, IOST can become a viable project used across industries.

Any cryptocurrency that isn't Bitcoin is referred to as an altcoin.

What are the differences between IOST and Bitcoin?

Bitcoin is a prominent payment network and a digital currency that can be used in the same way as fiat currency for purchases from retailers and merchants that accept it as an alternative payment.

IOST is a fast, scalable, and completely secure blockchain-based network. The project aims to be an underlying infrastructure for online services across industries to construct a decentralized global economy.

 

  Bitcoin IOST
Price change 20/21 +400% -100%
Market Cap $800 Billion+ $525.1 Million+
Past Hacks None None
Popularity Very High
Altcoin Rank #1 – Original Crypto #133

 

What are the differences between IOST and Ethereum?

Ethereum and IOST differ in one major way, and that is the throughput. IOST could already process between 7,000 and 8,000 TPS during its testnet, and currently, it claims to process 100,000 TPS, which is much faster than Ethereum's 10 – 15 TPS.

Ethereum is a massive blockchain, and it is still the main platform where developers go to create and launch DApps and smart contracts, but IOST has innovative technology at a fraction of the price.

 

  Ethereum IOST
Price change 20/21 +880% -100%
Market Cap $460 Billion+ $525.1 Million+
Past Hacks None None
Popularity Very High
Altcoin Rank #2 #133

 

What are the differences between IOST and Dogecoin?

Dogecoin is a medium of exchange with a different objective to IOST, seeking to remain the most popular meme coin on the Internet, gaining support from many influential figures such as Elon Musk.

When compared to other cryptocurrencies, Dogecoin is on a path of its own; with the support of its loyal online community and no specific roadmap ahead, Dogecoin cannot be compared to other cryptocurrencies.

Meanwhile, IOST has its sights on being part of a new, robust digital economy that is connected by innovative blockchain technology, IoT, smart contracts, and other unique technologies. IOST is a blockchain platform designed for enterprise-level internet service providers.

 

  Dogecoin IOST
Price change 20/21 +7,300% -100%
Market Cap $22 Billion+ $525.1 Million+
Past Hacks None None
Popularity High
Altcoin Rank #12 #133

 

What are the differences between IOST and NEO?

IOST is typically more useful than Neo and is likely to keep this advantage far into the future, even if NEO is higher up in the altcoin rank. IOST uses more innovative technologies that make it difficult to compare against other smart contract-based projects.

IOST coins are more costly to transmit than NEO currencies. However, IOST transactions are much quicker due to its exclusive technology.

 

  NEO IOST
Price change 20/21 +160% -100%
Market Cap $1.70 Billion+ $525.1 Million+
Past Hacks None None
Popularity Medium
Altcoin Rank #69 #133

 

What are the differences between IOST and NFTs?

Nonfungible tokens (NFTs) are digital assets that each have a unique value, with no two NFTs holding the same characteristics or value as another. IOST, on the other hand, is fungible, which means that one IOST has the same value and characteristics as another IOST.

 

What are the differences between IOST and Solana?

Solana is a direct competitor to Ethereum because of its size, the number of developers and projects, and its usability. Solana has higher utility, while IOST is unpopular in comparison.

Solana can process up to 50,000 TPS which is half lower than what IOST claims to process, at 100,000 TPS. However, IOST has a very long road to reach the same altcoin ranking as Solana.

 

  Solana IOST
Price change 20/21 +9,300% -100%
Market Cap $54 Billion+ $525.1 Million+
Past Hacks None None
Popularity Very High
Altcoin Rank #5 #133

 

What are the differences between IOST and Cardano?

Cardano, in addition to Solana and other blockchains, is known as another Ethereum killer because it competes directly with the second-largest cryptocurrency in the world by market capitalization.

Cardano is an innovative project with a significant number of real-world applications. While IOST uses innovative technologies, Cardano is unique and the first academic peer-reviewed project, amongst other factors.

 

  Cardano IOST
Price change 20/21 +2,100% -100%
Market Cap $42 Billion+ $525.1 Million+
Past Hacks None None
Popularity Very High
Altcoin Rank #7 #133

 

Is IOST banned in China?

Yes, all cryptocurrency transactions and cryptocurrency services of all kinds have been banned in China since September 2022.

 

What is Proof of Believability?

Proof of Believability, or PoB, is the proprietary consensus mechanism that was developed by IOST. This consensus mechanism ensures high transaction throughput speeds while it simultaneously ensures that all network nodes remain compliant.

The consensus mechanism uses factors such as the token balances of IOST users, a reputation-based token balance, user behaviour, and network contributors to keep nodes compliant.

Every node on IOST has a believability score that is determined by the amount of IOST that the node holds, the number of Servi tokens that they have earned, the number of positive reviews, any previous actions, or transactions that the node made.

This unique consensus mechanism depends on a mechanism associated with the Byzantine Fault Tolerance system in addition to Atomic Commit protocols, microstate blocks, and dynamic sharding.

This ensures that all transactions are quickly executed and that they are safe. PoB can effectively reduce storage requirements and reduce the costs involved with processing power.

 

What is the difference between PoB and PoW/PoS?

PoS uses a particular algorithm to evaluate transactions and construct blocks based on stakes. Unlike Proof of Work, where miners are paid for solving complex mathematical puzzles, Proof of Stake rewards the person who has the highest locked currency (or stake).

PoS is regarded as secure, but it has a few faults. The major fault of the PoS algorithm refers specifically to its weakened subjectivity.

This factor allows many chains to exist simultaneously, increasing the chance that certain attacks such as Nothing-at-Stake and Long-Range can occur, amongst others.

PoB is a recent consensus mechanism that was developed by the IOST team in 2018 to validate blocks based on a node's historical behavior and contributions.

This keeps a blockchain decentralized while keeping it safe and scalable. It introduces a new sub-token called Servi, which is only rewarded to excellent performers and cannot be sold.

It creates and verifies a node's “believability score.” This eliminates many issues that both PoW and PoS struggle with. It also means that PoB is much more lightweight and eco-friendlier than PoW.