There is a new cryptocurrency on the block. It’s called IOStoken (IOST), and it just launched on January 16th. Its first USD price on that day, according to CoinCheckup, was $0.02. At the time of writing, this coin is trading at $0.11 – and has pushed its way to be most-traded currency on Binance (by volume).
— IOStoken (@IOStoken) January 25, 2018
And, if that’s not enough, it was only added to the Binance exchange a few days ago:
— IOStoken (@IOStoken) January 24, 2018
This coin isn’t only the top dog today when it comes to volume, either. Its 24-hour price change is currently 59% – that makes it the highest gainer today on CoinMarketCap. Just behind it, in second place with a 51% boost over the last 24 hours, is Steem (STEEM).
So, what is this brand new coin about – and why is it dominating the rankings today?
The IOStoken sale was private
If you are seeing this crypto coin’s explosive growth today, you might be wondering: why didn’t I hear about this token sale? Well, there’s a reason for that. The IOStoken team made their token sale private – only institutional investors could participate. On top of that, if you are an investor based in Korea, China or the United States, then you weren’t allowed to buy in either.
Only the elites were able to jump on this train early, but if you bought in a week ago you could have scored IOST coins for about 3 cents apiece. That would’ve nearly quadrupled your investment.
What’s the concept behind this coin?
IOStoken is an ERC20 coin, built on top of the Ethereum network. It is the official cryptocurrency for a decentralized platform called the Internet of Services. It is an ecosystem that facilitates a way to exchange digital goods and online services. IOS is seeking to be a system where developers have more freedom to create better services for the global blockchain ecosystem.
Beyond the point of the platform, this ecosystem is pretty powerful. In terms of scalability, it has a lot more to offer than many top altcoins on the market right now.
Taking on Scalability
In the whitepaper for this blockchain venture, it is pretty clear that scalability will be this ecosystem’s big draw. Not only does it facilitate the exchange of online services as units of value, it also supports decentralized applications (dApps) – like Ethereum (ETH) and Cardano (ADA). But, unlike those platforms, IOST can handle millions of transactions per second.
They are able to achieve this thanks to a protocol they call Proof-of-Believability, which is more energy efficient than the current standard for a lot of coins:
“We designed the Proof-of-Believability mechanism to eliminate the need for an energy-hungry proof-of-work protocol, which stands as a barrier to blockchain scaling up for much wider use. Believability of a node is calculated based on contribution and behaviors; Meanwhile fairness is ensured with algorithmic randomness.”
Each node’s “believability” is connected to things like their IOS token balance, reviews from other users, behavior on the platform, and other factors.
From Amazon to small businesses, this platform can support it
The IOStoken ecosystem features something called Hyper Universe Distributed System (HUDS), which means that the platform can host a great variety of service providers. It’s a hosting system that enables all users to keep data across several nodes in the network. Independent small business owners can monetize and exchange their services, and massive enterprise services like Amazon can also take advantage of this technology.
With so many institutional investors privately jumping on board, there must be something to this technology. It could very well be the way that we all buy and sell online services and digital goods as blockchain becomes more mainstream – at least it boasts the scalability to achieve this.