After the appearance of Bitcoin, developers started creating alternative crypto coins. The other great innovation I must admit was the DApp platform in Ethereum. This was a breakthrough since developers had the chance to make their dreams into a reality. The platform allowed the creation of application right on the Ethereum network with the chance to control and even develop your own ‘small government’ within the Ethereum platform. This made it possible for creation of new crypto coins based on the Ethereum platform.
One of the few cryptocurrencies that started off as being based on the Ethereum platform includes IOS Token (IOST). In this article therefore, we are going to talk about the ins and out of this cryptocurrency to give you a better understanding of how it functions.
How IOS Tokens Work
IOS token is a cryptocurrency platform that was started in Singapore in the efforts of trying to deal with some of the challenges faced in the cryptocurrency world. The crypto has been termed by many as one of the few blockchain systems that is secure and actually works. The founders of this cryptocurrency were more focused on the scalability issue and a high performance transaction throughput as some of the challenges that need improvements.
This cryptocurrency was started with three co-founders;
Terrence Wang – He has over 5 years of research experience in the cryptocurrency and distribution algorithm. He developed CoinLang at Princeton, a higher level functional language for Bitcoins.
Jimmy Zhong – he is the founder of multiple successful VC backed startups
Ray Xiao – He is an investor and adviser of multiple startups in New York and Beijing
Apart from the 3 co-founders, the IOST team has twelve employees and 4 advisers. Ryan Bubinski, a co-founder of code academy has a spot in the advisory council of this platform. This clearly shows you that the IOST team features the brightest brains in the cryptocurrency world. In addition, the company has made partnership with great companies which include;
- FIBIG capital
- Nirvana Capital
- AlphaCoin Fund
- Danhua Capital
- Banyan Capital
The token has promised to increase the speeds of its transactions to about a hundred thousand transactions per second. If the developers are able to make this come true, it will put this coin far ahead of the big cryptos such as Ethereum and Bitcoin. Innovation and upgrades of the previous versions of cryptocurrencies is imminent. It’s only a matter of when.
The term IOS means Internet of Service. The platform offers solid infrastructure for all kinds of service providers online. The platform uses Proof of Believability as a consensus mechanism in its functions. In this system, each node is authenticated basing on their past behaviors and contribution. This additionally, increases the fairness in the platform as well as the decentralization of the cryptocurrency. This algorithm randomly distributes data to different nodes in the blockchain.
The original proof of work in the Bitcoin platform has undergone challenges especially since it requires high amounts of electricity to run the machines. Additionally, the inefficiency of electricity can also undermine the blockchain’s capacity. That is why, most of the altcoins are trying to develop alternative ways to mine in a way that will be more effective than that of Bitcoin’s. For instance, Ethereum is using a proof of stake algorithm that is more capable and less taxing.
However, IOST takes its consensus to the next level with the Proof of Believability. The IOS tokens increase their network scalability by dynamically partitioning the platform into smaller sub spaces through the stochastic process which is bias-free and secure. This new algorithm is trying to make improvements on the blockchain’s capacity hence meeting the growing demands of services. Some of the methods this platform uses to increase its scalability include;
Scaleout – This is the best partitioning state for multiple groups that are capable of being handled in parallel
Atomix – High end protocol that instills consistency among the transactions in cross shards
Bias Resistant Distributed Randomness (BRDR) – This is an effective and innovative secure way of introducing randomness that is unbiased into the IOST system.
In some way, the IOST platform can be considered as an enterprise based on the blockchain system. The platform also considers smart contracts, decentralization and the hall marks that create the blockchain system as some of the basic priorities.
This coin is a bit different since it was launched through an ICO (Initial Coin Offering) that was meant to bring public funds from institution and investors in general. The company only conducted a private token sale. However, the tokens were only available to the investors of this coin. Additionally, the tokens were not made available to other countries like USA, China and Korea.
Purchasing IOS Token
For now, the IOST cryptocurrency is based on the Ethereum platform meaning it is an ERC-20 token. When the blockchains will be ready, there will be a conversion ratio of 1:1 of the Ethereum tokens to the introduced tokens. The IOST coins are also available in a number of exchange platforms which includes; Kucoin, Binance, Huobi pro, Cobin Hood, CoinSwitch among others.
Wallets of IOS Token
Since the IOS token is still Ethereum based, some of the wallets that support Ethereum can also support IOS tokens. It is always a good idea to take your time and learn how safe a given wallet is before placing your cryptos in it. With that in mind, here are a few options you can consider;
- Ethereum Mist DApp
- Legder wallet
In conclusion, based on some of the sentiments of the cryptocurrency enthusiasts, it is safe to say that IOS token might be a blockchain platform that brings together all the ideas of scalability & speed through sidechains. The project has so far attracted some of the big fish investors which will lead you to think about investing in this crypto too. However, the future is still bleak and we hope that with time it will clear up.