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Highlights
- Based on the proof-of-believability (PoB) concept, IOST is a decentralized blockchain network.
- IOST is developer-friendly and uses the widely used programming language, Javascript.
- The native token of the IOST platform, the IOST token, is used to support the proof-of-believability concept.
Cryptocurrencies have become mainstream over the past couple of years. The virtual currency industry is expected to boom further as more countries could follow El Salvador's suit and adopt cryptocurrencies as a legal tender.
On September 7, El Salvador adopted Bitcoin as a legal tender and now Ukraine has passed a law legalizing cryptocurrency. With crypto acceptance increasing, cryptocurrency exchanges may even outperform stocks markets if the current momentum continues for a few more years.
Apart from Bitcoin, other cryptocurrencies, also known as altcoins, have gained momentum since the beginning of this year. In this article, we will be taking a closer look at an altcoin called the IOST token.
What is IOST crypto?
Based on the proof-of-believability (PoB) concept, IOST is a decentralized blockchain network. The network claims that it is ultra-fast and it was created to meet the security and scalability requirements of decentralized finance (DeFi) infrastructure.
Due to its next-generation algorithm, IOST claims it can handle high traffic volume, which is essential for achieving mass adoption of the blockchain. In addition, the IOST network doesn't charge transaction fees and it can handle up to 8,000 transactions per second without compromising the security of the blockchain.
IOST is expected to reach up to 100,000 transactions per second. As the IOST blockchain is decentralized, there is no requirement for a single server and users can power the network through individual computers.
The blockchain network is developer-friendly and uses the widely used programming language, Javascript. IOST aims to develop decentralized alternatives to applications like Facebook and Amazon.
The native token of the IOST platform, the IOST token, is used to support PoB and serves as a medium of exchange for all transactions.
Also Read: Algorand rises amid crypto crash. What is ALGO's price prediction?
© 2021 Kalkine Media Inc. Source: CoingGecko
IOST token's price movement and prediction
Priced at US$ 0.0807 per token, the IOST token has surged by 40.55 per cent in the last 24 hours and the one-day trading volume has catapulted by 352 per cent to $ 3,233,400,622, according to CoinMarketCap.
According to the data from CoinGecko, the IOST token has surged by 1068 per cent in the last twelve months and 75.5 per cent in the past week. The native token has a circulating supply of 22,739,587,629 and has a maximum supply of 90,000,000,000 IOST tokens.
If the present momentum continues, the IOST token could reach US$ 0.10 per token by the end of this year.
Bottom line
Altcoins have gained investors’ attention as Bitcoin is quite expensive and the second-largest cryptocurrency Ether also demands a heavy investment.
Also Read: What is Propy crypto? What is PRO token's price prediction?
As there are many altcoins available in the market, it is advisable to research well before investing.
