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

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IOSToken

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

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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