What is IOST crypto and why is it up 25% today?

Highlight:

• IOST is the 99th ranked crypto, according to CoinMarketCap with a market capitalisation of US$814 million.
• Trading volume in IOST has surged by 640% today.
• IOST claims that it can process up to 100,000 transactions per second compared to Ethereum’s 20, Tron’s 2,000 and EOS’s 4,000.

Despite weakness in the overall crypto market where bellwether cryptocurrency Bitcoin lost nearly 4% and Ethereum (ETH) fell over 3%, one crypto that defied the market trend and made all the buzz is IOST crypto. The 99^th-ranked crypto, according to CoinMarketCap, with a market capitalisation of US$814 million, is up nearly 25% in the last 24 hours. At the time of drafting, IOST crypto was trading at US$0.0430 per token with over a 640% rise in its trading volume, according to CoinMarketCap.

What is IOST?

IOST is a decentralised blockchain network and it claims itself to be "ultra-fast". It has an ecosystem of its own nodes and wallets that are based on the consensus protocol, which is also known as "proof-of-believability". To simplify things further, IOST stands for the Internet of Services token. It is an enterprise-level blockchain system for the internet of services and is intended for blockchain developers as well as service providers that are looking for reliable and fast infrastructure.

Launched by Jimmy Zhong, Terrence Wang, Justin Li, Ray Xiao, Sa Wang and Kevin Tan in January 2018, the project claims that decentralised applications (DApps) can easily run on its platform at high speeds of up to several thousand transactions each second (TPS). This is possible as IOST uses Sharding, a database portioning method.

Worth mentioning here is that multinational companies having a customer-facing environment cannot embrace blockchains unless and until they are scalable. IOST claims that its blockchain infrastructure is open source and is more scalable and secure. According to CoinMarketCap, IOST’s maximum TPS is 100,000 compared to Ethereum’s 20, Tron’s 2,000 and EOS’s 4,000.

Also Read: Over 500% rise in 10 days: Green Metaverse Token's (GMT) wild run decoded

IOST is also the native utility token of this platform and can be used for a variety of purposes on the platform itself. IOST has a total supply of 21 billion tokens. In an initial coin offering (ICO) held in January 2018, 40% of these 21 billion tokens were sold for US$31.3 million worth of ETH. Out of the remaining, 35% is with the IOST foundation, 12.5% was allocated to the development of the community, 10% is with the IOST team and 2.5% was dedicated to investors and advisors. 

The IOST token touched an all-time high of US$0.1365 in January 2018 and an all-time low of US$0.001562 on 13 March 2020, according to the data available on CoinMarketCap. Some of the popular exchanges in which IOST is listed are Binance, OKX, Upbit, Bybit, and DigiFinex.

Why is IOST crypto up 25% today?

So, what led to today’s rally in IOST crypto? According to a tweet this morning from its official handle @IOST_Official, IOST will list on the FTX trading platform today (April 1). Listing of any growing crypto on the FTX exchange holds significance as FTX is one of the largest crypto derivatives exchanges in the world, having over one million users and US$10 billion of the daily trading volume.

Also Read: Ethereum Classic (ETC) up 50% in 3 days: What’s powering the crypto rally?

Yesterday, IOST launched Project Entroverse, which aims to capitalise on the craze of Dapps on Ethereum and its network to ramp up the IOST ecosystem. The project could enable IOST to become a powerful and compelling interoperable blockchain network.

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