What is IOST blockchain and this Ethereum competitor's crypto?

4 min read | March 31, 2022 09:57 PM AEDT | By Ankit Sethi

What is IOST blockchain?

A decentralized network, IOST claims to have better transaction speed than competitors like Ethereum and EOS. It is stated to have a speed 8,000 transactions per second (TPS), with JavaScript programming language for developers of DApps. Unlike the proof-of-stake (PoS) consensus method adopted by many networks, IOST uses the PoB mechanism in which nodes keep on changing after every 10 minutes.

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This consensus method, IOST claims, reduces the entry barrier for new candidates, thereby preventing any concentration of power in the hands of a few nodes. The IOST network is said to support exchanges, wallets, non-fungible tokens (NFTs), metaverse, and DApps.

IOST crypto

IOST network has the native IOST token, which can be used by developers for staking that can provide them “free” resources. The maximum supply can be of 90 billion IOST tokens, of which close to 18.6 billion are in circulation.

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IOST crypto price

With a market cap of nearly US$ 900 million as of writing, IOST token featured in top 100 assets on the CoinMarketCap list. The price per token was nearly US$ 0.04.

IOST crypto started the year with a price tag of over US$0.03, but the price plunged to nearly US$0.02 by late-January. Over the past 24 hours, both the trading volume and price have appreciated, but since the token has remained volatile, IOST price prediction is not possible. A lot might depend on whether the developers of DApps find any advantage by using IOST services.

Data provided by CoinMarketCap.com

Bottom line

Within the crypto verse, multiple blockchain projects are targeting developers seeking distributed ledger services. Ethereum’s blockchain is arguably the most popular, with its ETH token’s market cap second only to that of Bitcoin’s. IOST is one of the networks claiming better speed and lower fees. IOST token has shown volatility in terms of price, but it has lately appreciated. How it performs in the longer term cannot be accurately predicted.

Also read: Ronin Network hacking: What is Ronin bridge & its RON token?

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