What is IOST token
IOST (Internet of Services Token) is the native cryptocurrency of the IOST blockchain, a decentralized platform designed to support the development and deployment of high-performance dApps (decentralized applications).
IOST is used as the primary means of payment for transactions, smart contracts, and other activities on the IOST network. It also plays a role in the network’s governance, as holders of IOST tokens can participate in voting for the validation of new blocks and the election of block producers.
IOST aims to offer a scalable and secure infrastructure for the development of enterprise-grade decentralized applications, with a focus on providing high throughput, low latency, and a low transaction fee environment. The project is supported by a team of experienced developers and advisors, and has partnerships with various industry players and institutions.
The history of IOST token
The IOST project was founded in 2017 by a team of blockchain experts and entrepreneurs, including Jimmy Zhong, Terrence Wang, Ray Xiao, and Sa Wang. The team had previously worked together at other blockchain projects, such as Meituan-Dianping, one of China’s largest online-to-offline (O2O) service platforms.
IOST conducted an initial coin offering (ICO) in January 2018, raising over $20 million in funding from investors such as Sequoia Capital, Matrix Partners China, and ZhenFund. The IOST token was issued on the Ethereum blockchain as an ERC-20 token, before migrating to its own blockchain in February 2019.
Since then, the IOST project has been focused on developing its blockchain platform and expanding its ecosystem of partners and dApp developers. It has achieved several milestones, such as reaching over 1 million registered users in September 2019, launching its mainnet in March 2020, and partnering with various institutions and enterprises, including IBM, Huobi, and the Chinese government.
The IOST token has been listed on multiple cryptocurrency exchanges, including Binance, OKEx, and Huobi, and has maintained a stable presence in the top 100 cryptocurrencies by market capitalization. As of May 2023, the IOST token has a circulating supply of over 13 billion tokens and a market capitalization of approximately $1 billion USD.
How IOST token works
IOST token works as the native cryptocurrency of the IOST blockchain, which is designed to support the development and deployment of high-performance decentralized applications (dApps). Here are some key aspects of how the IOST token works:
- Transaction fees: IOST tokens are used as the primary means of payment for transactions on the IOST network. Whenever a user initiates a transaction on the network, such as sending tokens or executing a smart contract, they need to pay a small transaction fee in IOST tokens. This fee is paid to the nodes that validate and process the transaction on the network.
- Smart contract execution: IOST tokens are also used as a means of paying for the execution of smart contracts on the network. Smart contracts are self-executing programs that can automate various processes, such as financial transactions, voting systems, or supply chain management. Whenever a smart contract is executed on the IOST network, the user needs to pay a fee in IOST tokens to cover the computational resources used by the network.
- Staking and voting: IOST tokens play a role in the network’s governance, as holders of IOST tokens can participate in staking and voting for the validation of new blocks and the election of block producers. Staking involves holding a certain amount of IOST tokens in a special wallet, which helps to secure the network and earn rewards in the form of more IOST tokens. Voting involves using staked IOST tokens to vote for block producers who help validate transactions and maintain the network’s integrity.
- Incentives: Finally, IOST tokens are used as incentives to encourage participation and adoption of the IOST ecosystem. For example, dApp developers can receive IOST tokens as a reward for building and deploying their applications on the network. Users can also earn IOST tokens by participating in various activities, such as staking, voting, or referring new users to the platform.
Can IOST token be trusted
Like any other cryptocurrency or blockchain project, the trustworthiness of the IOST token and the IOST blockchain depends on several factors, such as its technology, security, governance, and adoption.
In terms of technology, the IOST blockchain is built on a high-performance consensus algorithm called Proof-of-Believability (PoB), which is designed to provide fast transaction processing, low fees, and high scalability. The PoB algorithm combines elements of Proof-of-Stake (PoS) and Proof-of-Work (PoW) mechanisms, and is secured by a decentralized network of nodes and block producers. The IOST blockchain has also undergone multiple security audits and stress tests to ensure its robustness and resilience against attacks.
In terms of governance, the IOST network is decentralized, meaning that no single entity or authority controls it. Instead, the network is governed by a consensus mechanism and a set of rules and protocols that are enforced by the network participants. The IOST token holders can also participate in the network’s governance by staking their tokens and voting for block producers and validators.
In terms of adoption, the IOST ecosystem has grown steadily since its launch, with over 300 dApps built on the network and partnerships with various institutions and enterprises, such as IBM and the Chinese government. The IOST token has also been listed on several major cryptocurrency exchanges and has maintained a stable presence in the top 100 cryptocurrencies by market capitalization.
Overall, while no cryptocurrency or blockchain project can be guaranteed to be 100% trustworthy, the IOST project appears to have a strong foundation and a promising future, backed by a team of experienced developers and advisors, a growing ecosystem of partners and developers, and a focus on delivering high-performance and scalable blockchain solutions.
How to get IOST token
There are several ways to get IOST tokens, depending on your preferences and circumstances. Here are some common methods:
- Buy on cryptocurrency exchanges: The easiest and most common way to get IOST tokens is to buy them on a cryptocurrency exchange that supports the token. Some popular exchanges that list IOST include Binance, Huobi, OKEx, and BitMax. To buy IOST on an exchange, you typically need to create an account, deposit funds, and then place a buy order for IOST using the exchange’s trading interface.
- Earn through staking: Another way to get IOST tokens is to participate in the network’s staking and voting mechanism. By staking a certain amount of IOST tokens in a special wallet, you can help validate transactions on the network and earn rewards in the form of more IOST tokens. The amount of rewards you earn depends on the amount of tokens you stake, the length of time you stake them, and the network’s overall performance.
- Receive as payment: If you provide goods or services to others, you can also receive IOST tokens as a form of payment. For example, if you are a freelancer, you can offer to accept IOST tokens as payment for your work. You can then hold or sell the tokens as you see fit.
- Participate in airdrops: Some blockchain projects and ICOs distribute free tokens to early adopters or community members through a process called airdrops. To participate in an IOST airdrop, you typically need to sign up for the project’s mailing list, join their social media channels, or complete certain tasks or surveys.
- Mine through IOST nodes: If you have the technical skills and resources, you can also mine IOST tokens by running a node on the IOST network. This involves setting up a dedicated computer or server to validate transactions and create new blocks on the network, in exchange for a share of the block rewards. However, mining IOST tokens requires a significant amount of computing power and may not be profitable for individual miners.