Ever since the big crypto-hype that started in 2017, a lot of new currencies have surfaced, serving as an excellent example of this trend’s potential to take over in the modern businesses. With over 1800 of them around these days, it is hard for a new coin to claw its way up and become noticeable as a quality coin that is different than others, and worth investing in.
Still, some of them do manage to do just that, and the latest example of one such coin is definitely IOSToken (IOST). So, the big question is – what makes this token so special? This is something that we will try to answer today.
What is there to know about IOSToken (IOST)?
The first thing worth mentioning is that IOST is very, very young cryptocurrency, with only a few months of existence behind it. In the time following its launch, the token has made its way up to top 50 coins, and it currently holds the rank of 48, according to CoinMarketCap, with its price being at $0.044106 at the time of writing.
Many contribute its sudden success to the coin’s focus regarding the services it provides. These are monetizing services, which respond to popular demands that are part of the so-called “Internet of Services”. Basically, the crypto will help those offering various online services to get paid for performing them. They aim to create a strong and stable ecosystem that will make everyone’s life a little easier, and help people improve their business practices.
IOST’s plans for MainNet
This is a decentralized coin based on the blockchain technology, but one interesting thing is that IOST still doesn’t have its own network. It currently operates as an ERC20 type of coin, which means that it was created and launched on Ethereum’s network. Still, it does not plan to stay that way, and the team behind it has been working hard on creating a MainNet for their coin. The TestNet has already been launched and is being tested all the time, however, the launch of a MainNet is still in a relatively far future.
Originally, the MainNet was planned for Q4 of 2019. However, the team quickly realized that this might be a death sentence for their coin, so they moved it closer and is currently scheduled for the final quarter of 2018.
One of the things that have definitely had a large impact on this coin’s success includes its technology. Most other cases have their smart contracts using Proof-of-Stake and Proof-of-Work protocols, but IOST decided to approach the issue differently.
Its method was to develop a protocol called Proof-of-Believability, which basically means that the protocol will work in a way of inspecting operating nodes, in order to check their behavior, as well as the general contribution of its users. The algorithms are set to be completely random so that the protocol would guarantee fair judgment.
Apart from this, the token is also using HUDS (Hyper Universe Distributed System). This means that its network will be capable of hosting various service providers at the same time. This will open it up to many different services, no matter how big or small their businesses currently are.
The coin has the support of large investors
One of the things that smaller investors really hate is when a coin doesn’t hold a public sale. Instead, it decides to open its sale only to institutional investors, which means that the big and powerful will have an unfair advantage. This is exactly what IOST did, which may be the biggest reason why more people are still not aware of it.
This is pretty contradictory to the entire point when it comes to cryptos and decentralization since they were meant to return the power to regular people, instead of allowing all the privileges to the privileged. However, this situation still allows one important conclusion, and that is that the large investors see something in this coin. With such a support, it is safe to say that this coin probably has quite a future.
Obviously, its successful future is something that won’t happen overnight, especially with competition like BTC, ETH, XRP, and alike. Even its MainNet has yet to receive an official date, and then be launched. The token migration will follow soon after, and then, and only then, can this coin start considering the next step in its development.
This will not, and it should not stop it from entering various partnerships so that it will already have a large community when the fun truly starts. One downside might be that the coins belonging to those who have already purchased them will be locked until the MainNet officially arrives. They won’t be available for this time, but they also won’t be taken away by anyone. Instead, they will simply be held in escrow, and hopefully, be unlocked by the end of this year.
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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.
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