IOST, an acronym for "Internet-of-Services Token," is a next-generation decentralized blockchain for high throughput transactions. The IOST network aims to provide a self-operating, trustless network that maximizes participants' value and facilitates sub-second transaction settlements, security, and scalability.

IOST is the native token of the IOST network.

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What Is IOST

IOST is a decentralized blockchain aiming to create the world’s fastest blockchain infrastructure and meet a decentralized economy's scalability and security needs. To achieve its goal, IOST uses the latest "Proof-of-Believability" consensus algorithm.

The IOST founders believe that the Proof-of-Believability algorithm enjoys certain advantages over the Proof-of-Work and Proof-of-Stake algorithms. The founders claim that the "Proof-of-Believability' algorithm enables high transaction speed without compromising network security, unlike the Proof-of-Work algorithm. It also addresses the issue of scalability better than its counterparts.

Team IOST raised $35.0MM (~ 35,000 ETH) via a private token sale in December 2017, and its mainnet was launched in February 2019. Since then, multiple decentralized applications have been built on the IOST network.

IOST can also be called a "Blockchain as a service Product" with the following key features: 

• Proof-of-Believability (PoB)
• Micro State Block (MSB)
• Efficient Distributed Sharding (EDS; under testing)
• TransEpoch (under testing)
• Atomix (under testing) 

For more information on the above features, check the IOST whitepaper.

IOST Coin

The native asset of the IOST blockchain is the IOST token. The IOST token provides security and privacy protection to the network, and the IOST coin supports the PoB consensus algorithm. Users and developers need IOST coin or IOST token holdings to pay for transaction fees within the IOST crypto network. IOST coin is the primary currency for users to pay for services on the platform.

The highest price for IOST was $0.129829 on Jan 24, 2018, and IOST had an all-time low of $0.001603088735 on Mar 13, 2020.

IOST Founders

IOST blockchain was launched in 2018 as a group project by crypto enthusiasts, including Jimmy Zhong, Terrence Wang, Justin Li, Ray Xiao, Sa Wang, and Kevin Tan.

Jimmy Zhong is the IOST CEO and co-founder. He is the founder of multiple successful VC-backed/exited startups and an early BTC/ETH adopter & miner. Zhong has a Bachelor’s degree in Mathematics and Computer Science from Emory University. After co-founding the IOST blockchain, Zhong co-founded Dora, a technology-driven company (Series B) focused on developing intelligent kiosks/hardware and blockchain technologies. He is based in Mountain View, California, United States.

Terrence Wang is the co-founder and CTO at IOST. He is based in San Francisco Bay Area. Wang was a software engineer at Uber and Microsoft and developed CoinLang, a higher-level functional language for Bitcoin. He graduated from the University of Chicago, where he studied Computer Science, and boasts a Master's degree from Princeton University.

Justin Li is the co-founder and Chief information officer at IOST. He worked as an Associate at Goldman Sachs, Analyst at Morgan Stanley & Deloitte, and Senior Strategic Associate at Mobike. Li holds a Bachelor's degree in Applied Mathematics and Computer Science.

 

Ray Xio is the co-founder and Chief Operations Officer at IOST. He is the founder/co-founder of three VC-backed companies in New York, Beijing, and worldwide.

Sa Wang is the co-founder and Chief Marketing Officer at IOST. He worked as CMO/Marketing Advisor at several internet companies in China and the US and founded Pokee and MemorybySa Event. Sa Wang is based in Beijing, China.

Kevin Tan is the co-founder and CDO at IOST. He holds a Computer Science Gold Medal (National Olympiad in Informatics) and Gold Medal (ACM/ICPC Regionals).

IOST has had over 17 individual investors since its launch in 2017. The latest deal is pegged at around $40m.

How Does IOST Work

The IOST blockchain runs on a Proof-of-Believability algorithm developed by the IOST team in 2018. The PoB validates blocks based on a node’s past behavior and contributions, akin to the Chinese Social credit system where incentives are accorded to well-behaved citizens. The PoB consensus mechanism implements a new sub-token called Servi, which is awarded to good actors and is non-tradable.

Validators are randomly and algorithmically selected, allowing the proven validators to participate along with the new ones.

The IOST team claims it can reach up to 100,000 transactions per second. 

Where Can I Buy IOST

Below we'll present you with a simple and straight-to-the-point procedure to acquire IOST coins:

IOST Supported Exchanges

You can buy IOST on many crypto exchanges such as Bittrex, Okex, Huobi, CoinEx, Livecoin, Binance, and Bitrue. Select a crypto exchange with the features you need, such as low trading fees, an easy-to-use interface, and 24-hour customer support. Also, remember to check if the cryptocurrency exchange supports fiat currency and your preferred payment methods, such as a credit or debit card, another cryptocurrency, or a bank transfer.

Buy IOST With Bitcoin or Ethereum on Binance 

Binance is one of the largest cryptocurrency exchanges, well-known for its wide range of available assets and high trading volumes. Binance has IOST trading pairs with BTC, ETH, BNB, and USDT, but you can deposit any of the exchange’s supported currencies to trade your way to IOST.

Find an IOST Supported Wallet

Once you’ve completed your IOST purchase, the next step is to select a crypto wallet to store your coins safely. Common examples of IOST-supported wallets include Jetstream, Guarda, Tokenpocket, I Wallet Chrome, etc.

You can also visit our CoinStats blog to learn more about wallets, cryptocurrency exchanges, portfolio trackers, tokens, etc., and explore our in-depth buying guides on how to buy various cryptocurrencies, such as How to Buy Bitcoin on Cash App, What Is DeFi, How to Buy Cryptocurrency, etc.

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