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The digital cryptocurrency known as IOST (iost) is well-known for being incredibly fast. It has a network of decentralized blockchains and is fully functional. IOST cryptocurrency features digital wallets and a network.

IOST describes itself as an “ultra-fast,” fully fledged, and decentralized blockchain network and ecosystem with its nodes, and wallets, based on the “next-generation” consensus protocol dubbed “proof-of-believability.”

The goal of creating the IOST cryptocurrency was to serve as the foundation for upcoming web applications. The blockchain network is a highly secure, flexible open-source technology. It was established to facilitate commercial dealings and establish a reputation for itself amongst digital behemoths like Google, Facebook, and Amazon.

In this article, you will learn about IOST, a high-performance blockchain technology that enables scalability and extremely quick transactions. Explore its cutting-edge Proof-of-Believability consensus algorithm, which guarantees effectiveness and security. Discover how IOST is enabling developers to quickly and easily construct decentralized applications, promoting a more robust and inclusive digital environment. Examine how IOST can change how blockchain technology develops in the future.

Who Are the Founders of IOST?

Jimmy Zhong, Terrence Wang, Justin Li, Ray Xiao, Sa Wang, and Kevin Tan launched the project in January 2018. Zhong has founded other tech startups in the U.S. and China. After his university days, he returned to Beijing and co-founded IOST, among other projects.

Wang’s previous experience includes serving as an Uber software engineer. He holds a degree in computer science from the University of Minnesota and a master's in computer science from Princeton University.

Li previously worked as an investment banking associate at Goldman Sachs and as a data scientist at Mobike. He graduated with a degree in applied mathematics and computer science. Meanwhile, Tan was a co-founder at Ethercap, and he received a degree in computer science from Tsinghua University.

Xiao co-founded Dora, alongside Jimmy and Sa, an AI company focused on intelligent kiosks. He studied computer science and quantitative economics at the university.

What Makes IOST Unique?

IOST’s blockchain infrastructure is open-source and designed to be secure and scalable — all in the hope that it will serve as the backbone for online services in the future.

The team has developed a “proof-of-believability” consensus algorithm to ensure transactions on the network are secure and efficient.

One of the biggest challenges that IOST aims to resolve centers on how big companies may not be able to embrace blockchains in a customer-facing environment unless they are scalable. The Internet of Services Token is put forward as a way of tackling this problem.

How Do I Understand IOST?

The best way to do it is by comparing it to its nearest competitors: Ethereum is the most popular smart contract platform for developers. It can also be compared to EOS and TRON, which are highly scalable smart contract platforms with high usage.

To comprehend IOST, one must evaluate it about its closest rivals, which include Ethereum, the most widely used smart contract platform among developers, and EOS and TRON, extremely scalable and widely used platforms. The largest difference between IOST and its competitors is how it claims it can process up to 100,000 transactions per second compared with Ethereum’s 20, Tron’s 2,000, and EOS’s 4,000.

In order to reach these transaction speeds, the IOST team has created a novel blockchain architecture, that introduces and combines several innovations, including a distributed randomness protocol, efficient distributed sharding, transEpoch, atomix, proof-of-believability and Micro State Blocks.

How Many IOST (IOST) Coins Are There in Circulation?

IOST has a total token supply of 21 billion. An ICO was held in January 2018 where 40% were sold, raising about $31.3 million worth of ETH at the time.

The IOST Foundation has retained 35% of the remaining funds, while 12.5% went to fostering community, 10% went to the IOST team, and 2.5% went to investors and advisors.

How is the IOST Network Secured?

In order to compete with hundreds of niche blockchains, IOST relies heavily on its proof-of-believability protocol (PoB) and efficient distributed sharding (EDS) to improve the scalability and security of its blockchain.

IOST is built for enterprise use, so it claims to be able to handle heavy loads produced by big tech companies such as Amazon, Google, and Facebook. Partnerships appear to be key to the project’s success.

Where Can You Buy IOST (IOST)?

Several well-known cryptocurrency exchanges, including Binance, Coinbase, Huobi, OKEx, and KuCoin, let you purchase IOST. These sites provide a range of trading choices and intuitive user interfaces for buying it. For further security, make sure that after purchasing, you move your IOST tokens to a secure wallet.

The Future of IOST

Considering that IOST is still a relatively new blockchain platform in comparison to the other three "Big4" platforms, it is impressive that it hosts a large number of dApps. The most widely used IOST dapps are those for gaming, gambling, and exchanges.

The IOST team has enormous goals, and in order to achieve them, they will need to keep using dApps more and form alliances with other businesses. In order to build "the world's first scalable and decentralized blockchain project," they will keep collaborating with more exchanges and adding more developers and nodes to their ecosystem.

Conclusion

Like other cryptocurrencies, investing in IOST carries a high risk of volatility. Before making a purchase, investors should carefully evaluate their risk tolerance and the value of IOST, since it is subject to large fluctuations. To make wise investing decisions, people should speak with a financial counselor. To safeguard your assets, always use reliable exchanges and secure wallets.