Blockchain technology aims to host mainstream applications used by millions of people. However, to achieve this, they need to be able to process millions of transactions quickly and securely. This is where Internet of Services Token (IOST) blockchain comes in. The team is creating a blockchain that can handle real usage and volume. Read this article of Zatrun.com to learn why IOST coin is claiming to be the main target for the future of decentralised application (Dapp) world.
What is IOST and How Does It Work?
IOST aims to be a full-fledged blockchain network with its own nodes, wallets and consensus protocol. It operates at ultra-fast speeds through a combination of unique technologies such as “Proof of Believability (PoB)” and “Efficient Distributed Sharding (EDS)”. Additionally, unlike other major blockchains, it does not compromise on security while doing so. The blockchain is currently one of the most popular networks in the market.
Through PoB consensus mechanism, platform provides security and efficiency of transactions on the network while maintaining its open-source and decentralised architecture. The team aims to significantly increase the system’s efficiency while guaranteeing security.
The platform also supports the development of decentralised applications, thus serving as a fully-fledged Ethereum rival. Dapps in the ecosystem are produced extremely fast and at a low cost.
Understanding IOST involves comparing it with its nearest competitors. Ethereum, EOS and TRON are among the most popular smart contract platforms for developers. The biggest difference is that project can handle up to 100,000 transactions per second, compared to Ethereum’s 20, Tron’s 2,000, and EOS’s 4,000. The platform achieves this high speed through the PoB mechanism.
Is It a Good Investment?
IOST coin is the native cryptocurrency of the blockchain platform with the same name. Initially, the token was an ERC-20 cryptocurrency based on Ethereum. However, since the launch of the main network, its owners have exchanged their old ERC-20 tokens for new mainnet altcoins. The coin can be used for payments between users and services, and for paying gas fees. It can be purchased on major exchanges such as Binance.
IOST has many Dapp users, which is impressive considering that it is still a relatively new blockchain compared to its competitors. Gambling, games, and exchanges are currently the most popular Dapps, and the project is the 156th largest blockchain platform with a market value of $225 million.