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Everything You Need to Know About Iost (IOST) coin

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Cryptocurrency traders and investors are constantly seeking new opportunities within the industry, and that usually involves keeping track of numerous coins with great potential. However, there are always new ones that continue to emerge, as well as older ones who are making a comeback.

One such example is the IOST (IOST) coin, which recently reached the top 100 list of largest cryptos by market cap, although, at the time of writing, it once again left it, currently being ranked as the 102nd-largest coin with a market cap at $950 million.

With the coin holding great potential to continue to grow and become one of the top-ranking cryptocurrencies, we decided to review it and see what it has to offer.

What is IOST?

IOST coin is a cryptocurrency that power the IOST blockchain. IOST blockchain, on the other hand, is described as an ‘ultra-fast decentralized blockchain network based on the next-generation consensus algorithm called Proof of Believability (PoB).’

The project has an open-source infrastructure, and it was designed to be scalable and secure, with the idea of serving as a backbone for online services in the future. As for its PoB algorithm, it was created to ensure that transactions on the IOST network will be efficient and secure.

IOST team developed the project because they were concerned about the big companies not being able to embrace blockchain technology in a customer-facing environment due to many projects’ inability to scale. Obviously, large companies have millions, sometimes even dozens, or hundreds of millions of clients, and if they were to shift to the blockchain, they would need to employ a chain capable of meeting demand.

IOST team created an IOST network in order to meet this challenge. The project is fairly similar to development platforms such as Ethereum, EOS, and TRON, with the latter two being significantly more scalable than Ethereum itself. However, IOST took things even further, and so in a situation where Ethereum can process approximately 20 TPS, TRON around 2,000 TPS, and EOS around 4,000 TPS — IOST can handle as many as 100,000.

Unleashing the power of the blockchain

IOST was founded by a team of proven founders, and so far, it has attracted a number of world-class investors. It aims to unleash the power of the blockchain, as its website says, and bring a scalable, efficient, secure, permissionless, neutral, decentralizes, and immutable solution for businesses.

The project’s ecosystem has pretty much everything that is required for the project to be perfectly self-sufficient, with its own nodes run by the community members — around 491 at the time of writing. The project is always looking for new nodes to join, which is why it developed a Node Partners Program, seeking out those who are interested in helping build the IOST ecosystem while earning rewards, sharing profits, and shaping the future of the project.

Registration and voting are fully open and will be forever. Meanwhile, the project offers a pretty good deal, with low cost, zero barriers, no node cap, and high rewards for participants.

At the time of writing, the project claims to have 559,900 accounts, and it has processed over 609 million transactions. It also has 1188 contracts created on its platform. And, of course, in the heart of it all is its native cryptocurrency, the IOST coin.

IOST coin’s performance

IOST is not a particularly young coin, given that it was launched in mid-January 2018. This was a rough year for cryptocurrencies, and most projects that launched in 2018 saw a rather unfriendly market right off the bat.

But, those that survived have proven their worth and were able to see strong growth once the bulls returned to the industry.

For the IOST coin, this was in 2021. Originally, when it launched in 2018, the coin’s price was $0.045 and riding the last wave of the bull market that dominated in 2017, the project managed o skyrocket to an all-time high of $0.1365. However, as soon as the bear market hit, the project sank to $0.020, only to surge again in mid-May, during a temporary recovery.

Back then, it reached $0.070 before crashing again and eventually hitting its bottom at $0.003 by the end of the year. This is pretty much where the price remained between 2019 and 2021, with a few instances of growth when smaller rallies started taking the entire crypto market up.

The situation truly started to change for IOST around January 7th, 2021m when it skyrocketed from $0.006 to $0.080, making this leap between January 7th and April 18th. In mid-May, when the market corrected, most coins lost nearly 50% of their prices, with some losing even more. IOST itself crashed to $0.017, which was still far above its bottom. However, come September 2021, the coin managed to make a recovery and once again go back to $0.080.

It dropped once more once the month started approaching its end, and between September 22nd and right now (October 12th), the coin has been fluctuating between its new support at $0.050 and a resistance at $0.065.

As time went by, however, the coin’s fluctuations started getting smaller, indicating that its price is slowly stabilizing for the time being, although this is likely to be disrupted with the new trend, be it bullish or bearish.

Those who may want to obtain IOST coins can keep them in the project’s native wallets, which are a vital component of a public blockchain. The wallets provide an interface for users to interact with their coins, but also all kinds of dApps that are available and ready to be explored.

Notable events and partnerships

Other than that, it is also worth noting that IOST recently partnered with NFT-Japan Inc, supposedly to compare notes on technology and further develop blockchain-based products, as well as to boost their ecosystem. Apart from this new partner, IOST also got a new node operator — NFT-Japan INC-operated RIZIN FIGHTING COLLECTION (RIZIN FC).

Before that, IOST also partnered with Moonstake, a top staking network that has attracted plenty of attention in the DeFi sector. This partnership took place in May of this year, while in July, it was reported that IOST’s technology topped the 24th CCID Global Index for the 4th consecutive time.

In other words, the project is offering a lot more than just empty claims, and it has proven 4 times in a row that it has the technology to back it up.

Conclusion

The sudden popularity of the project and its coin does not come as a surprise. After all, IOST is targeting major companies that have a need for a competent blockchain partner that would help manage transactions for them, and right now, as crypto adoption is exploding among retail and institutional investors alike, it is very likely that demand for such projects will start to surge. In other words, the IOST coin could soon see huge demand as these companies start adopting the project and increasing demand for IOST coin.

Of course, there are never any certainties in the crypto industry, but sometimes, events tend to line up quite clearly and point towards likely results, which seems to be the case with IOST, as well. To learn where to buy this project visit our How to Buy IOST guide.

Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.

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