In case you haven’t heard yet, there’s a new coin on the block, and that coin is called IOStoken, otherwise known as IOST. The token was launched on January 16th, 2018. Another thing that makes this coin interesting, besides the fact that there is a new blockchain coin available for trading and purchasing, is the volume of this digital coin.
Apparently, although this coin is only 9 days old at the time of this writing, it is already rocking the crypto market. Is there any particular reason for this unexpected progress and if there is, what is it? Also, you are probably wondering what exactly ISOT stands for and what the idea behind the creation of this cryptocurrency is.
What is IOStoken?
In case you were wondering, IOS stands for the Internet of Services. If you have heard of the Internet of Things, you know that this term represents a sizeable digital market where physical appliances are connected to digital values like apps, contracts, or data in any acceptable form.
There are coins that are promoting this digital market, making business and economy a lot easier by enabling secure and straightforward transactions, orders, processing, exchanging data and so on.
IOStoken is promoting the Internet of Services, which is the future form of the Internet of Things. We all know that the Internet of Things make a lot of sense because we are focused on spending our hard earned money on things. So, by making a digital platform that will host different types of products, the IoT is creating a functional market that is made to enable easy, cost-effective purchases, also making everything you need more available and on-the-fly.
But, what about services? Are services as essential as products (things)?
Of course, services hold the same amount of importance as things. If you think about it this way, when you purchase, for example, a computer, you have bought a product. But what happens when that product gets broken and needs to be fixed? In case that you are not able to do it yourself, you will need to hire someone to do that for you. So, that means that you are going to need someone to provide a service of fixing your computer. That is how the Internet of Things conditioned the idea of the Internet of Services coming into consideration, and with it, only a couple of days ago, came the new token: IOStoken.
The token is a part of the Ethereum decentralized platform, but it exists as a partially separate decentralized platform known as the Internet of Services. This cunning novelty is probably one of many reasons why IOStoken is getting in popularity so fast even though this coin doesn’t exist for more than nine days.
At the moment it was launched and first hosted on Binance, this digital coin became the first coin on Binance by trade and by volume. In case you are wondering how come you didn’t hear about this coin being sold at the time, it was only 0.02$ per one unit, the reason for that is that the selling of this coin was held in private. The parties enabled to purchase this coin was the institutional investors the team behind this coin gathered to organize the IOStoken sale. In case you are an investor from the United States, Korea or China, for the reasons not stated, you also weren’t able to access the sale and buy IOStoken.
The idea behind IOStoken is to create a digital ecosystem based on the Internet of Services that would be hosted on Ethereum blockchain within a decentralized platform that is meant to sell and promote the market of digital goods and services. That way, people would be enabled to use IOST for purchasing the services they need. The process of purchasing would be based on smart contracts available within the Ethereum, so by using a certain amount of tokens to fit the price, buyers within the community would be able to get access to certain services during the time given in the contract.
This is a humble beginning of an era where service would become more easily available and reachable through online and digital communities based on blockchain decentralized platforms. This is especially beneficial because the service fees would be lower within such ecosystems, and the services would be more accessible to purchase with only two parties involved and with a complete absence of any third parties.
To conclude, it seems that, based on the volume IOST had within the sale on Binance from the day one, along with the pace this coin has when it comes to price increases, IOST is without any doubt the fastest growing coin we had on the market by far.
The reason for that might be the exclusively organized sales that were focused only on institutional investors, as well as the involvement with a neat novelty: the Internet of Services.
That is how we got a very interesting coin that managed to grow from 0.02$ per one unit to 0.09$ in only nine days, which adds a very hopeful tone to the overall beginning of IOStoken. In case this token would continue to grow at this pace, it could quickly reach 0.50$ per one coin by mid-February.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of coinmarketcap.com
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