Connect with us

Blogs

Why Is IOSToken (IOST) Among One of The Most Hyped Young Cryptocurrencies?

Published

on

IOSToken
READ LATER - DOWNLOAD THIS POST AS PDF

The digital currency IOSToken (IOST) which revolves around the internet of services was created as a marketplace ecosystem where any online service provider can convert their services into money. It’s an ERC-20 token meaning it was launched on the famed Ethereum network. As it progresses, it seems though IOSToken would soon become its own native cryptocurrency soon. This coin addresses the two most controversial problems associated with all other cryptocurrencies:

  1. Efficiency
  2. Scalability

There was absolutely no hype surrounding the pre-sale and public sale of this coin and though it first attracted only institutional investors, most traders and investors are now flocking towards it claiming it to be one of the best buys for this year. We shall delve into the details, to understand what makes IOSToken so special that it outperformed several other crypto giants in terms of gains during Q1.

IOSToken Technology and Aims:

  • Technology:

The project does not follow the same path as other rival currencies, which are either Proof-of-Work or Proof-of-Stake for enabling smart contracts. IOSToken team introduces a different ‘Proof-of-Believability’ which is found to be more energy efficient and could help in the spread of blockchain technology. The believability of a node is circulated based on the contribution and behaviors while the fairness is taken care of by randomness of algorithms.

  • Aims:

The foundation of the Internet of Services is all about developing a scalable and energy-efficient Blockchain that could enable mass adoption. They are building a blockchain platform which functions as a decentralized version of Alibaba and BitTorrent.  In due course, IOSToken plans to implement several blockchain breakthroughs that will allow online service providers to serve their customer base effectively. The technical innovations such as ‘Hyper Universe Distributed Systems’, ‘Efficient Distributed Sharding’ and above all PoB (Proof-of-Believability) used by IOSTokens allow seamless online hosting of services. To diminish the challenges faced and shortcomings of Proof-of-Stake consensus mechanisms, the IOS have proposed the idea of ‘Servi’ tokens that measure a user’s contributions. Servi has the following features;

  1. Non-tradable
  2. Self-destructive
  3. Self-issued

GitHub and Private Testnet

On March 29th IOST announced their GitHub and Private Testnet to the community which would be open source on 9th April. Being open-source the team has gained several new developers and blockchain experts in addition to their pre-existing devoted developer’s team. IOST has bravely invested a large amount of their budget for this new and worthy addition to their tech team. By the time of announcing their upcoming official GitHub and progress towards Mainnet, IOST has successfully completed deployment of private Testnet. The PoB consensus protocol was declared to have achieved almost 8k TPS despite being under test environment. The launch of public testnet is set to be at the end of Q2 this year.

Partnership with Chaitin Technology

On 6th April, IOSToken announced reaching a partnership agreement with a renowned information security company, Chaitin Technology. IOSToken is the first blockchain project that has partnered with Chaitin Technology. Their collaboration means that Chaitin Technology has become a network security technical support for IOST and will also lead future security testing services by IOST. According to their official announcement, the lead technology R&D team of Chaitin Technology will extend support in safety & stability of IOST systems and advance in the field of distributed system security. IOST has made it clear that it’s taking definite steps to maintain blockchain security and enhance their smart contract auditing to protect it from node attacks with the help of Chaitin Technology.

Token Lockup until Mainnet

IOST released information regarding their on-going activities in a weekly progress report that was posted on 9th April as promised. What caught everyone off-guard was that the entire token reserve of IOS foundation is now in escrow. The IOS foundation publicly announced locking up all tokens which were reserved for the foundation until the date of Mainnet launch. Around 7.3 Billion IOST which surmounts to almost 35% of the total supply was locked in the public wallet which can be monitored anytime. However, IOS team still hasn’t proposed or discussed any sort of plan regarding these locked-up tokens which are to be used closer to the launch of Mainnet.

Exchange Listings

One of the top reasons why IOS tokens have made people’s head turn is because it has been recently placed on worlds most traded and well-known cryptocurrency exchanges such as Bitfinex and Binance. When Bitfinex added support for best ERC-20 tokens including IOST, the price point leaped to $0.036 per token and since then IOST held its place in the green zone for the past 7 days. The listing also holds importance because Bitfinex has added the very first US dollar currency pair with IOST. The coin was voted and won the listing on Binance way back in the Q1 on January 25th when IOS market saw an uphill that caused increased the price of one IOSToken to $0.13 at the time of its launch.

Conclusion

At the time of writing, IOSToken rests at 49th rank on CoinMarketCap with a market capitalization of $260 Million while $42 Million worth of IOST has exchanged hands within the past 24 hours. Among other ERC-20 tokens, IOST has carved its own different path and is set to focus on future stability and sustainability of blockchain technology. It’s not certain if IOS will take its own powers back from the institutions of repute also there is no certainty regarding the launch of DApp will be completed. No one is certain if the ordinary investors will get on-board with IOST, but one thing is definite that this cryptocurrency is going to move the market by the end of this year despite the volatile nature of the present crypto market.

We will be updating our subscribers as soon as we know more. For the latest on IOST, sign up below!

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 Rogelio A. Galaviz C. via Flickr

Blogs

Reasons Why You Are Much Safer When Crypto Trading on Dexes

Published

on

DEXes
READ LATER - DOWNLOAD THIS POST AS PDF

While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.

During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.

Here are some reasons why you might want to consider doing the same.

1. True ownership of your coins

The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges

Continue Reading

Blogs

Crypto Billionaire Predicts Massive Price Growth by 2021

Published

on

crypto billionaire
READ LATER - DOWNLOAD THIS POST AS PDF

Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.

Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.

He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.

However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…

Continue Reading

Altcoins

TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level

Published

on

TokenRoll
READ LATER - DOWNLOAD THIS POST AS PDF

Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world.  Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon.  This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs.  One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos.  TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.

Problems with Centralized Casinos

The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model.  And online casinos are no different.  It still needs to be said that centralized casinos have proven that there is a great demand for online gambling.  The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative.  But industries are continually evolving and this one is no different.

A few of the problems facing centralized casinos include the following:

  • Little to no transparency
  • Consumer lack of confidence
  • Privacy concerns
  • 48-72 hour wait time for withdrawals

These are four monumental issues that need to be addressed quickly given the global growth of the market.  Casinos need to…

Continue Reading

Elite