It has become evident that most of the current blockchains are not ready for a mass-scale adoption. Speed is a feature where leading blockchains like Ethereum and Bitcoin struggle. This is where IOST steps in. The network’s main aim is to deliver unmatched speed to enable the adoption of the blockchain technology. IOST’s goal is to be able to process up to 100,000 transactions per second. Although it has a long way to get there but with the target being already set, there is nothing stopping the team from working towards it.
What is IOST?
IOST is Internet of Services token. The cryptocurrency had been under works since 2017 and was launched in 2019. In late 2019, it also released a web-based platform OnBlocks which allows users to utilize smart contracts easily. IOST was founded by Terrence Wang, Jimmy Zhong, Justin Li, Ray Xiao, Sa Wang and Kevin Tang. The development team has a proven track record in their fields and comprises of some of the top talent.
IOST is a fully-fledged blockchain with its own nodes, wallet and consensus protocol. It is a complete ecosystem with a focus on speed. The cryptocurrency is also known as Ethereum’s rival based on the similarities between both the networks.
The unique selling point of IOST is its consensus algorithm. Where the debate between Proof-of-Stake and Proof-of-Work is widespread, IOST takes matters into its own hands by proposing a new kind of consensus protocol altogether. The network employs what is known as the Proof-of-Believability protocol. To take things to the next level, IOST has pioneered a blockchain architecture that stands unparalleled. It utilizes novel and existing technologies like sharding, Distributed Randomness Protocol, Micro State blocks and much more. All of these technologies are embedded into the network to enable it to deliver its ambitious goal of unmatched speed.
What is the future of the cryptocurrency?
IOST has been bullish in the recent timeframes as the cryptocurrency has embarked on a steep uptrend. At the time of writing, the cryptocurrency stands at a price level of $0.066 with the price having increased by more than 10% in the past twenty-four hours alone. The unique proposition of the network makes it a good long-term investment.
According to the estimates of Wallet Investor, the cryptocurrency will be trading hands at $0.089 in a year’s time while it is expected to reach $0.20 in five years’ time; hence, a 200% increase can be expected in five years. Digital Coin Price predicts the price of IOST to be at $0.23 by 2026.
