Home » Blockchain » What is IOST coin and how does it work?

What is IOST coin and how does it work?

by Financial Economy

IOST (Internet of services) is a Blockchain project developed with the aim of solving the existing problems of scaling, low transaction speed and high transaction fees. The project identified its customer base as all online service providers and users. Detailed information about what is IOST coin and how does it work, how to buy, which country’s coin is it, how much, etc. is in the continuation of the content. You can browse here for information about SAFEMOON coin.

What is IOST coin and how does it work?

IOST is a blockchain ecosystem with its own nodes and wallets, calling itself next-generation and ultra-fast. Having an open-source blockchain infrastructure, IOST is designed to be scalable. The ultimate goal of the project is to work as the backbone of online services. The project developers developed the proof-of-believability algorithm to ensure the reliability and efficiency of transactions on the network. IOST is the name given to the token used in the IOS Blockchain.

According to IOST’s own statement, the biggest difference between it and its competitors is; While Ethereum has 20, Tron 2 thousand, EOS 4 thousand transactions per second, IOST has the capacity to process 100 thousand transactions. The project was launched in January 2018 by Jimmy Zhong, Terrence Wang, Justin Li, Ray Xiao, Sa Wang and Kevin Tan.

Thanks to the EDS feature, the IOST network can be divided into dynamic and large shards. Thus, transactions on the network are distributed in an unbiased manner. Instead of the high energy consumption PoW protocol, the PoB protocol is used.

This system consists of two layers; the normal and believability layer. Each user has their credibility (blievability) values ​​based on their previous transactions. According to these values, the PoB distinguishes thousands of transactions and approves user transactions with high credibility faster. In a sense, as the user uses the system, the system can become faster for him.

Where to buy IOST? How much is the price?

The IOST price is around $0.024 as of July 6, 2021. IOST can be purchased from the cryptocurrency exchanges where it is listed. However, it is useful to choose a “reliable” exchange by doing meticulous research.

Note: The information contained in this content is for informational purposes only. It is not investment advice.

For information about crypto currency: https://en.wikipedia.org/wiki/Cryptocurrency

Related Posts

Leave a Comment