IOS token

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Discover IOS token's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is IOS token?

IOSToken (IOST) is a cryptocurrency designed for the Internet of Services, aiming to provide a scalable and secure infrastructure for online service providers. It uses innovative technologies like Efficient Distributed Sharding and Proof of Believability to achieve high transaction speeds and ensure node security. IOST is the native token for the IOS network, used for transactions, commission fees, and calculating node believability scores.

How is IOS token used?

The IOS token (IOST) is the medium of exchange on the IOS network and plays a significant role in a node's believability score. Users can earn IOST by validating transactions and contributing computing power for services such as smart contract execution. The token is used for various purposes, including:

  1. Transaction Validation: Users can earn IOST by validating transactions on the network.
  2. Computing Power Contribution: Contributing computing power for services like smart contract execution also rewards users with IOST.
  3. Node Believability Score: IOST is a factor in calculating a node's believability score, which is crucial for the network's consensus mechanism.
  4. Election Voting: IOST is used in the network's election voting system, where users are incentivized to vote through rewards.
  5. Payment for Fees: IOST can be used to pay fees on the network or as a peer-to-peer payment method.

Overall, the IOST token is essential for the functioning and scalability of the IOS network.

How do I store IOS token?

To store IOST tokens, you can use various wallets that support the Ethereum network, as IOST is currently an ERC20 token. Here are some options:

  • MyEtherWallet: A popular online wallet that supports ERC20 tokens like IOST.
  • MetaMask: A browser extension that allows you to manage your Ethereum-based tokens, including IOST.
  • Mist: Another Ethereum-compatible wallet that can store IOST tokens.
  • TokenPocket Wallet: A multi-chain digital wallet that supports IOST and other cryptocurrencies.
  • COBO Wallet: A wallet that allows you to stake your IOST tokens along with other cryptocurrencies.
  • Huobi Wallet: A multi-currency wallet that supports IOST and other cryptocurrencies, available for both iOS and Android.
  • PureWallet: A multi-cryptocurrency wallet that supports IOST and other cryptocurrencies.

These wallets provide a secure way to store your IOST tokens until the native IOST blockchain is ready, at which point you can convert your ERC20 tokens to the new blockchain.

How to buy IOS token?

To buy IOStoken (IOST) tokens, follow these steps:

  1. Choose an Exchange: Select a reputable cryptocurrency exchange that supports IOST trading and operates in your country. Some popular options include Binance, KuCoin, Gate.io, HTX Global, and MEXC.

  2. Create an Account: Open an account on the chosen exchange by registering via their website or mobile app. Verify your email address and identity to comply with Know-Your-Customer (KYC) regulations.

  3. Deposit Funds: Deposit funds into your exchange account using methods such as credit cards, debit cards, wire transfers, or Bitcoin. Ensure the exchange supports your preferred payment method.

  1. Buy IOST: Navigate to the exchange's "Buy Crypto" section and select IOST as the cryptocurrency you want to purchase. You can either buy IOST directly or first purchase a stablecoin like USDT and then use it to buy IOST.

  2. Store or Use: Once you have bought IOST, you can store it in your exchange wallet or transfer it to a personal crypto wallet. You can also trade IOST for other cryptocurrencies or stake it for passive income.

Remember to carefully consider your investment experience, financial situation, and risk tolerance before investing in cryptocurrencies.

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History of IOS token

IOSToken (IOST) was founded in January 2018 by Terrence Wang, Justin Li, Ray Xiao, Sa Wang, Jimmy Zhong, and Kevin Tan. The project gained significant support from prominent investors, including Node Capital, Zen Fund, Nirvana Capital, Alpha Coin Fund, Huobi, Sequoia, LinkVC, Matrix Partners, INBlockchain, Metropolis VC, and SEQUOIA.

IOST raised 35,000 ETH through a private token sale in December 2017. The mainnet was launched in February 2019. Since then, the platform has developed multiple decentralized applications built on the IOST network.

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How IOS token works

The Internet of Services Token (IOST) is the native cryptocurrency of the Internet of Services (IOS) blockchain platform. It serves as the medium of exchange on the network and plays a crucial role in the platform’s consensus mechanism and node believability scores.

Consensus Mechanism: Proof of Believability (PoB)

IOST utilizes a unique consensus algorithm called Proof of Believability (PoB). This mechanism validates nodes based on their past contributions and behavioral patterns. Nodes are assigned a believability score, which determines their likelihood of being selected to validate new blocks. The believability score is influenced by factors such as the amount of IOST tokens held, the node’s performance, and community feedback.

Node Selection and Block Validation

Nodes with higher believability scores are more likely to be chosen to validate new blocks. When a node is selected, it receives a reward in the form of IOST tokens. This incentivizes nodes to maintain a high level of performance and contribute positively to the network. The PoB mechanism ensures that the network remains decentralized and secure by randomly distributing data to various nodes, preventing any single node from dominating the validation process.

Efficient Distributed Sharding (EDS)

IOST also employs Efficient Distributed Sharding (EDS), a technology that dynamically partitions the network into subspaces. This allows the platform to handle a high volume of transactions efficiently, with the ability to process up to 100,000 transactions per second. EDS ensures that the network can scale to meet the demands of large-scale applications without compromising security or performance.

Token Usage and Supply

IOST tokens are used for various purposes, including:

  • Payments and Commissions: IOST tokens are used to pay for transactions and commission fees on the network.
  • Credibility: The amount of IOST tokens held by a node influences its believability score, which affects its chances of being selected to validate new blocks.
  • Node Incentives: Nodes are rewarded with IOST tokens for validating blocks and contributing to the network.

The total supply of IOST tokens is capped at 21 billion, and they cannot be mined. The tokens were distributed during a private ICO event, with allocations to the IOS Foundation, community building, the team, and investors.

Storage and Trading

IOST tokens can be stored in any wallet with ERC20 support, such as MyEtherWallet or Ledger Nano S. They can be traded on various exchanges, including Huobi, Binance, and OKEx, with the largest trading volume being with Bitcoin.

In summary, the IOS token (IOST) is a critical component of the Internet of Services blockchain platform, facilitating transactions, node validation, and the overall security and scalability of the network.

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IOS token's strengths

IOST (IOStoken) has several strengths that contribute to its potential as a scalable blockchain platform:

  1. Proof of Believability (PoB) Consensus Algorithm: IOST utilizes the PoB algorithm, which is designed to improve scalability and security by considering factors such as the share of contributions, the number of IOS tokens, the activity of participants, and their visibility. This consensus mechanism allows for high transaction speeds while maintaining network security.

  2. Efficient Distributed Sharding (EDS): IOST employs EDS technology, which dynamically splits the network into subspaces, significantly reducing the workload and improving system performance. This innovation enhances network scalability.

  3. Multi-Stage Data Updates: The platform uses multi-stage data updates, ensuring stable and error-free transactions. The Atomic Commit algorithm maintains the system in a consistent state, preventing system failures.

  1. Micro State Blocks: IOST organizes distributed computing systems using Micro State Blocks, which enable parallel processing of data on multiple computing nodes. This approach enhances the efficiency of the network.

  2. Accessibility and Transparency: IOST is built on open-source principles, providing a transparent and permissionless system for all users. Users can participate in node running, transaction validation, and access services without hidden requirements, and their behavior is tracked and rewarded with tokens.

  3. Scalability and Speed: IOST aims to achieve high transaction speeds, with a block time of 0.5 seconds and a capacity of 8,000 transactions per second (TPS). This makes it suitable for large-scale applications.

These strengths position IOST as a promising platform for decentralized applications and services, offering a scalable and secure infrastructure for the Internet of Services.

IOS token's risks

The risks associated with the IOST token (IOST) include:

  • Market Volatility: Cryptocurrencies, including IOST, are highly volatile, and their prices can fluctuate rapidly. This volatility can result in significant losses if not managed properly.
  • Risk of Loss: Trading in IOST involves the risk of losing capital due to market fluctuations.
  • Manipulation Risk: IOST's price can be manipulated by large investors or market participants, which can impact its value.
  • Regulatory Risks: Changes in regulatory environments can negatively impact the value of IOST.
  • Security Risks: IOST, like other blockchain platforms, is vulnerable to security breaches and hacks, which can compromise user data and the integrity of the network.

It is essential for investors to conduct thorough research, set realistic expectations, and manage risks effectively to minimize potential losses when investing in IOST or any other cryptocurrency.

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Did IOS token raise funds?

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IOS token’s team

  • Terence Wang: Co-founder of IOSToken, with experience in enterprise management and blockchain projects.
  • Jimmy Zhong: Co-founder of IOSToken, with a strong background in blockchain development and business management.
  • Kelvin Tan: Co-founder of IOSToken, contributing to the project's technical and strategic direction.
  • Ray Xiao: Co-founder of IOSToken, bringing expertise in blockchain technology and project management.
  • Eugene Kem: Author at Coin Bureau, providing insights and reviews on IOSToken and other blockchain projects.
  • IOST Team Members: Over 50 members spread across Asia and North America, with diverse professional backgrounds from top-tier companies such as Google, Microsoft, Uber, Oracle, Kraken, and BCG.

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