Despite weakness in the overall crypto market where bellwether cryptocurrency Bitcoin lost nearly 4% and Ethereum (ETH) fell over 3%, one crypto that defied the market trend and made all the buzz is IOST crypto. The 99th-ranked crypto, according to CoinMarketCap, with a market capitalisation of US$814 million, is up nearly 25% in the last 24 hours. At the time of drafting, IOST crypto was trading at US$0.0430 per token with over a 640% rise in its trading volume, according to CoinMarketCap.
What is IOST?
IOST is a decentralised blockchain network and it claims itself to be “ultra-fast”. It has an ecosystem of its own nodes and wallets that are based on the consensus protocol, which is also known as “proof-of-believability”. To simplify things further, IOST stands for the Internet of Services token. It is an enterprise-level blockchain system for the internet of services and is intended for blockchain developers as well as service providers that are looking for reliable and fast infrastructure.
Launched by Jimmy Zhong, Terrence Wang, Justin Li, Ray Xiao, Sa Wang and Kevin Tan in January 2018, the project claims that decentralised applications (DApps) can easily run on its platform at high speeds of up to several thousand transactions each second (TPS). This is possible as IOST uses Sharding, a database portioning method.
Worth mentioning here is that multinational companies having a customer-facing environment cannot embrace blockchains unless and until they are scalable. IOST claims that its blockchain infrastructure is open source and is more scalable and secure. According to CoinMarketCap, IOST’s maximum TPS is 100,000 compared to Ethereum’s 20, Tron’s 2,000 and EOS’s 4,000.
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IOST is also the native utility token of this platform and can be used for a variety of purposes on the platform itself. IOST has a total supply of 21 billion tokens. In an initial coin offering…
