What is IOST and How Does It Work in 2024?

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IOST coin is a digital currency that has gained popularity for its ultra-fast transactions and scalability on the blockchain network it powers, called the IOST network.

In this comprehensive guide, we’ll explain what is IOST, how it works, and whether it has potential as an investment. By the end, you’ll have a good understanding of this unique cryptocurrency.

What is the purpose of IOST?

IOST coin

IOST was created by the Singapore-based IOST Foundation to be “the architecture for future online services.” The goal of the project is to provide an enterprise-level blockchain infrastructure that can support high transaction volumes at extremely low costs.

As the native cryptocurrency that powers the IOST blockchain, IOST tokens are used to pay transaction fees and for other essential activities like network staking and governance voting.

The IOST team believes their technology is robust enough for mainstream adoption by large corporations looking to integrate blockchain.

How does IOST work?

Under the hood, IOST uses a novel consensus algorithm called Proof-of-Believability (PoB) which allows the network to achieve blazing fast speeds over 8,000 transactions per second.

PoB works by establishing a decentralized committee of block producers that rotate responsibilities every 10 minutes through a points-based system.

At the protocol level, techniques like efficient distributed sharding and TransEpoch help IOST scale massively while maintaining security.

The network also implements threshold signatures, multi-party computation and other innovations to make transactions highly efficient. Smart contracts on IOST are written using JavaScript for maximum developer accessibility.

Now everyone can get crypto news very fast thanks to EXEcrypto, an website that tracks prices and alerts you to trends. This comes in handy for monitoring opportunities in volatile digital assets like IOST.

Does IOST have a future?

IOST token future

There are good signs that IOST could have real longevity and use cases. Major exchanges like Binance, Gate.io, and DigiFinex have listed IOST, giving it strong liquidity. Over 100 DApps have also already been built on the network, showing developer interest.

Large validator nodes run by professional firms help secure the network. And projects are always being funded through IOST’s Bluehill Foundation incubator and other grants.

With a committed team continuously improving the protocol, IOST seems poised to deliver on its goal of supporting real businesses on the blockchain.

When IOST launched?

IOST held an initial coin offering (ICO) from December 2017 to January 2018, raising over $35 million. The mainnet then officially launched in February 2019.

IOST began as an ERC-20 token on Ethereum before migrating to its own dedicated blockchain. Since launch, IOST has seen several network upgrades increasing overall capacity and features.

In just a few years it has grown to support a thriving ecosystem of decentralized applications across industries like gaming, social media and fintech. Continuous progress bodes well for the future of this emerging cryptocurrency project.

Is IOST a scam?

IOST coin scam

Most analysts do not consider IOST to have red flags common to cryptocurrency scams. The project is led by a team of proven entrepreneurs with experience at major tech companies.

Financial reports also indicate the funds raised have been judiciously applied towards R&D and business development. While not without risks as with any young blockchain project, IOST seems earnestly focused on designing a solution for real-world use.

The open governance model and third-party auditing help ensure network security and integrity. Savvy investors therefore don’t view IOST itself as a scam, though short-term price volatility remains.

Is it safe to invest in IOST?

As long as proper precautions are taken like spreading risk across diverse assets, buying and holding IOST can be a reasonably safe investment choice compared to more speculative crypto bets.

The price chart indicates IOST delivers slow and steady gains preferable to those seeking stability over explosive overnight riches. Security-wise, a reputable crypto exchange like KuCoin and a software wallet provide enough protection for most hodlers.

Of course, one must still understand normal market risks apply and past results don’t guarantee the future. But for a mid-to-long term hold, fundamentals suggest IOST offers as much upside as most established alternative cryptocurrencies.

Is IOST worth it? IOST Price 2024

IOST coin price 2024

IOST currently sits in the top 250 cryptocurrencies by market cap and has achieved a lot relative to when it launched. Considering the solid tech, partnerships and adoption so far, many expect IOST token value to rise substantially in 2024 and beyond as the network scales.

Even conservative price target models place IOST above $0.10 by next year. As long as the bear market doesn’t trigger an extended crypto winter, IOST is likely to 10x from current prices within the next 12-24 months.

It remains one the better investment opportunities in the technology layer for building decentralized applications and services. The future looks bright for this unique high-performance blockchain project.

Where to buy IOST?

The most popular exchange to get IOST is on large global platforms like Binance, Gate.io, and KuCoin where it enjoys good liquidity. Users simply need to deposit funds using any standard payment method after signing up, then place a market buy order for IOST.

It can then be securely withdrawn to a personal ERC-20 compatible wallet. CoinSwitch also offers bank account transfers, UPI and other localized fiat ramps ideal for Indian traders.

Purchasing a few hundred dollars’ worth of IOST to start is perfectly reasonable for a risk-adjusted investment. Staking returns and ongoing appreciation should see good long-term gains realized.

How to sell IOST?

Should one ever decide to dispose of their IOST holdings, the process is quite straightforward. Users can log into the exchange wallet where tokens are currently residing such as on Binance, select “wallet” then find IOST.

A sell order is created by selecting the pair like IOST/USDT and plugging in how many tokens to sell. Funds are deposited directly into user exchange balance once filled by a buyer. From there, the typical options exist like withdrawing to a linked bank account.

It’s always recommended to review recent market prices before committing a sell order to get best value. Proper record keeping also simplifies tax reporting for investment profits.

How to stake IOST?

IOST token stake

Like many other proof-of-stake blockchains, IOST allows token holders to stake their coins and earn rewards. This helps decentralize processing power across a wider pool of participants.

Tokens can be staked through wallets integrated with major exchanges, dedicated staking pools or through IOST’s own web wallet. Depending on the amount staked, average annual returns range from 5-10%, like Kraken IOST Staking

Staked funds can be withdrawn at any time, though a short lockup period applies. Overall this offers IOST enthusiasts an easy way to generate passive income from their portfolio holdings while supporting the health of the network.

How to mine IOST?

IOST utilizes the PoB consensus that does not rely on computationally-intensive mining. Therefore, it is technically not possible to directly mine new IOST tokens like with proof-of-work coins.

However, one alternative is participating as a validator node that processes transactions and gets paid fees and block rewards in IOST. This requires running specialized server software 24/7 and maintaining the technical qualifications.

But for those passionate about the infrastructure side, validator operations can supplement investment returns significantly over the long run. Just be sure hardware setups meet the network requirements.

IOST presents a unique opportunity within the cryptocurrency landscape due to its powerful but user-friendly technology.

For forward-thinking investors, it remains one of the more convincing long shots primed for serious gains. With major developments constantly ongoing, now is an ideal time to start exploring opportunities within this burgeoning blockchain ecosystem.

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