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Is IOST a good long-term investment or just another hyped crypto?

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IOST

IOST is the token supported by the Internet of Services (IOS) project. Much in the way that Ripple and Tron are, IOS includes a coin but it’s not only about the token, but about a full project that is trying to use the blockchain to change the world.

So if Ripple’s goal is to become the world’s means for real-time international transactions and Tron’s is to decentralize the web – what is IOS’?

It’s to develop a blockchain platform that allows for decentralized apps that will provide the network and infrastructure to create a service-oriented environment so that real-life services and goods can be transacted cheaply, safely and quickly. The thing these three projects have in common is that they aim to use the blockchain to affect everyday life everywhere, not just to provide a cryptocurrency to trade and to store wealth.

The fact that IOST has a clear purpose other than being a coin has turned it into one of the crypto market’s rising stars. But it’s had a very bumpy ride so far, at least regarding price performance.

In the beginning, it went up from 175 to 1100 satoshis and then it went back down to 200. Then there were the bullish weeks of April and early May which saw it recover to 800 satoshis. But this has everything to do with the market’s trend as a whole and very little with IOST itself.

IOST’s vital statistics are not that impressive. Cornmarket ranks it at 55th with a $223,152,720 capitalization which is a very far cry from digital assets as Bitcoin, Ethereum or even Ripple and Tron. However, IOST came live only this January, so when you take into account how young the project still is, its success is nothing short of remarkable.

The Internet of Services concept includes several other innovations. It doesn’t use the PoW or PoS algorithms to prove consensuses, which are the standards, but a new one called Proof of Believability which is developed and maintained in-house. The project also claims that their Efficient Distributed Sharding technology will improve scalability dramatically (which is the main criticism everybody has about Bitcoin and Ethereum).

This project and its coin are still running over the Ethereum blockchain and ERC-20 technology, but they have plans to launch a test net later this year that will allow them to become independent.

When Binance listed it, its price rose. Hubi and Zebpay are already trading IOST, and the rumor around is that Upbit will soon as well. But that hasn’t prevented something on a slump.

Unlike Ripple, Tron, Stellar or EOS, the IOS team has been rather silent recently. That seems to imply they’re just working hard to get the test net online and get ready as soon as humanly possible.

Among the few recent news related to IOST has been the Sequoia Capital announcement that they will be working closely with IOST in the research, development, and creation of useful decentralized apps. The project is called Theseus, and it aims to “to inspire and assist more developers, promoting the growth of the IOST blockchain developer community.”

Sequoia’s involvement with IOST points to the fact that IOST is looking for funds from financial institutions and venture capitalists instead of crowdfunding which is not going to make them very popular with the crypto crowd. Nevertheless, when a big institution chooses to invest in a blockchain project, especially one so young, you have to realize there must be something special about it.

The token got listed on HitBTC just recently and is about to secure another partnership too, this time with Gumi, one of the biggest game development companies in Japan (they wish to build dApp games using IOST blockchain).

Considering all the facts, it seems IOST will remain a not-that-good option if you’re in the market for a short-term and that things will stay slow. But the coin has shown great potential already and is on the steady-move in the market, so it’s worth watching in long-term. And of course, every time a new Main Net appears in the cryptosphere (remember the token aims to launch its very own Main Net this year) that changes dramatically. So we’ll have to wait and see.

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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 and read our full disclaimer.

Image courtesy of Pxhere.com

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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