The IOST Network utilizes a proof of believability consensus algorithm to solve the issue of Scalability Dilemma. The PoB consensus ensures that the blockchain offers high transaction throughput without compromising the level of decentralization or security within its ecosystem. IOST's underlying blockchain technology achieves high scalability and high transaction throughput through efficient distributed sharding (EDS), a sharding technique that allows the network to process transactions in parallel.
The user-friendly blockchain also ensures gas-free transactions on its network, making it a far more attractive platform to use than current blockchain technologies such as Ethereum, which suffer from concerns related to high gas fees. Its design makes the decentralized technology accessible and capable of ensuring mass adoption by lowering entry barriers for decentralizing online services.
Since its mainnet launch in 2019, the IOST Network has experienced zero downtime since September 2022. This makes it far more robust and reliable than several more established blockchain networks operating in the cryptocurrency market.
The Internet of Services proprietary blockchain’s public testnet was launched on 30 June 2018. Its team of developers successfully launched the IOST Network mainnet in February 2019, six months ahead of schedule.
The IOS Foundation, the organization responsible for developing and maintaining the blockchain, was founded in 2018 in Singapore. Notable Internet of Services project investors include AlphaCoin Fund, ChainFunder, Consensus Capital, BitBlock Capital, Continue Capital, Fund, Sequoia Capital, Matrix Partners, and more.
The initial funding for the project was raised through a private sale held in January 2018. Twenty-one million IOST tokens were allocated as per the initial supply during this fundraising round, of which 40% were assigned to investors, and 60% of the total token supply was assigned to the project and its founders. The team raised $35 million worth of ETH in this round to start work on the underlying architecture for a decentralized economy.
The unique features of its blockchain technology have made the Internet of Services grow to serve over 500,000 users globally. Supported by more than 400 nodes operating across 20 countries as of September 2022, the IOST Network is well on its way to achieving its goal of becoming the preferred infrastructure for decentralized internet services.
As the native cryptocurrency of a blockchain network that promises high speed, scalability, and security, investing in IOST could be a good option. Adding tokens like IOST is a great way to diversify your portfolio, especially if you wish to invest in assets with high value.
The Internet of Services project drives mass adoption of decentralized technologies. It could turn more valuable amid the rising adoption of its technology by dApp developers and consumers. Such an uptick in its use could drive up the IOST price and make it a crypto asset worth investing in.
The Internet of Services price could also register an uptrend amid an improvement in the overall market sentiment towards cryptocurrencies. As the price of leading cryptos like Bitcoin and Ethereum tick upwards, tokens like the IOST could also generate higher buyer interest, supporting the IOST price statistics.
Although it is impossible to make an accurate IOST price prediction over any duration, based on its past performance, the Internet of Services price and market cap could experience volatility based on the following factors:
>>Adoption of its ecosystem by dApps and users - higher adoption boosts the IOST price and vice versa.
>>Changes in $IOST staking - higher staking activity increases the value of IOST Network and vice versa.
>>Market sentiment - positive mood supports the Internet of Services price and vice versa
As of September 2022, the IOST price remains well below its all-time high. Supporting fundamentals and sentiment among investors could see the price of Internet of Services token reclaim its highest price level and possibly head even higher to make new highs.
IOST is the native cryptocurrency of the ultra-fast Internet of Services ecosystem. It has the following uses:
Community members can stake IOST on the Internet of Services blockchain to contribute towards securing the network. The process of staking within this ecosystem is called voting. As an $IOST token holder, you can vote for an existing node on the network and lock your holdings on them in exchange for rewards in IOST crypto.
The IOST coin is a popular cryptocurrency to trade in the market or invest in. You can buy or sell Internet of Services tokens against other cryptocurrencies or hold it long-term if you believe in the future potential of the IOST Network. Check the live Internet of Services price, IOST market cap, circulating supply, 24-hour trading volume, and the latest crypto news before you trade IOST.
KuCoin offers you two options to conveniently grow your crypto holdings by investing in $IOST:
KuCoin Earn: Use this section to stake IOST via our platform. Lock your $IOST tokens over some time and put your tokens to work to generate a stream of passive income.
The IOST Network offers a blocktime of 0.5 seconds against Ethereum’s 15-17 seconds. It also enjoys a finality of 29.5 seconds, while the Ethereum network offers a transaction finality of 170 seconds.
What makes IOST Network faster than Ethereum and other leading dApp-supporting blockchains is its PoB consensus algorithm. All nodes in the network are classified into two categories: believable and normal. Believable nodes can process transactions quickly, while normal nodes are tasked with validating and verifying transactions.
The network utilizes efficient distributed sharding (EDS) with the Distributed Random Protocol (DRP) for achieving horizontal scalability. DRP uses non-interactive zero-knowledge (NIZK) proofs and publicly verifiable secret sharing (PVSS) to ensure scalability without worrying about malicious nodes taking over the blockchain’s operations and compromising its security even as the infrastructure scales.
Additionally, the TransEpoch node-to-shard transition assignment protocol lets the other nodes in the network continue to operate even as new nodes get added and download the blockchain’s historical data. Finally, the Micro State Blocks (MSBs) enable pruning of the blockchain’s storage for higher efficiency and throughput.
Voting is the process of staking $IOST on the Internet of Services blockchain. The IOST Network supports three kinds of staking or voting operations:
Any token holder who fills the node application can become a candidate node.
A candidate node gets upgraded to a partner node when they receive more than 2.1 million votes and passes the audit.
Servi nodes need a minimum of 10 million votes and should have functioned as partner nodes to contribute to the network’s security and fulfill specific requirements.
Here’s how to stake $IOST on the IOST Network:
>>Install the browser extension for the iWallet app - one of the official wallets for IOST tokens. Set up an account on the app.
>>Fund your iWallet with IOST tokens purchased from KuCoin and withdrawn into the wallet.
>>Head to this link: https://iostabc.com/producers to vote for Servi or partner node.
>>Review the available nodes and select the node you wish to vote for.
>>Enter the number of $IOST you wish to vote or stake to the node and click on Vote to process the order.
>>Confirm the transaction after reviewing all details.
>>Sit back and earn passive income from staking $IOST.
A more straightforward way to stake $IOST is through our KuCoin Earn service.
>>Visit this page and find IOST from the list of cryptocurrencies we support.
>>Review the latest APRs on offer, the tenor, and the type of staking program we offer.
>>Click on Subscribe to proceed.
>>Enter the number of IOST you wish to stake and confirm the transaction.
>>Earn rewards conveniently and grow your IOST holdings using KuCoin.