If blockchain wants to serve popular applications that hundreds of millions of people use on a regular basis, it is important for them to be able to process numerous transactions quickly and safely. And this is where the Internet of Services Token project with the IOST token comes into play. His team is creating a blockchain that can handle large volumes of transactions. If the crypto community had a concept of leaders in terms of smart contract platforms, then IOST would definitely be among these guys.
What is IOST?
IOST is a separate full-fledged blockchain network and ecosystem with its own nodes, wallets, and consensus Protocol. The company was founded by Jimmy Zhong, Terrence Wang, Justin Li, ray Xiao, Sa Wang, and Kevin tan. All of them are graduates of the most prestigious universities in the world.
The main stages in the company’s life
- Beginning of 2017-start of IOST development.
- January 2018-public sale of IOST tokens and raising more than $ 31 million.
- February 2019-launch of the Iost network mainnet called Olympus v1. 0.
- May 2019-IOST releases the OnBlock web platform, which allows anyone to interact with decentralized applications on the IOST network using a simple email address or mobile phone.
What is the peculiarity of the IOST network?
The essence of IOST is much easier to understand in comparison with the nearest competitors. For example, with the most popular platform with smart contracts, Ethereum, as well as EOS and TRON-scalable platforms with support for smart contracts. The biggest difference is that IOST can process up to 100,000 transactions per second.
For comparison, Ethereum processes only 20 transactions, TRON 2 thousand, and EOS – 4 thousand transactions. To achieve these speeds, the IOST team created a new ecosystem architecture for online services. By the way, like the ERC20 tokens on Ethereum, the IOST platform has its own token standard for implementing tokens on the blockchain. It’s called IRC20.
How is the IOST token issued?
The IOST blockchain provides for the issue of 21 billion tokens. Each year, token issuance increases by 2 percent, which allows you to reward official and partner nodes. Additionally, 1 percent of the tokens are intended to reward those who help in the development of THE Iost ecosystem.
Initially, IOST was a token with the ERC20 standard during the ICO. However, since the launch of the mainnet, coin owners have been able to exchange their old ERC20 tokens for new IRC20 tokens in the IOST network. You can purchase IOST tokens on major exchanges such as Huobi and Binance.
Why DO Iost tokens need?
The IOST token can be used for payments between users and platforms, as well as for transaction fees for using the system.
Iost already has decentralized applications. This is impressive, if only because the blockchain is very young compared to the same Ethereum or Tron. Currently, the most popular dApp applications on the Iost blockchain are gambling applications, games, and exchanges.
The team had great ambitions to attract more than 100 million users. To do this, they will need to continue to promote the use of decentralized applications, as well as build partnerships with various organizations.
To create the “world’s first scalable and decentralized blockchain project”, the IOST team will have to continue to cooperate with exchanges and attract developers and enthusiasts who are ready to support the work of nodes and develop the ecosystem.
IOST it is a place in the where you can make payments with cryptocurrencies. Digital currencies are becoming more and more popular in many parts of the world including in . In the field of blockchain
software there are more and more places where they accept payments in cryptocurrencies. If you live in , then crypto payments are already available in your area. One of these places – IOST. This venue belongs to the category blockchain
software and it is located at the address: Boathouse, 101, East Drive, Flatbush, Brooklyn, Kings County, New York, 11215, United States of America email: phone number: . Supported digital currencies services and available cryptocurrencies that are accepted here:
IOST is a place in where you can spend bitcoin and pay using another cryptocurrency. Evaluate all the advantages of crypto payments with IOST, take an active part in the mass adoption of cryptocurrencies and the approach of the crypto revolution!
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