What is IOST?
This blog post will cover:
- What is IOST?
- Where did IOST come from?
- What are the advantages of IOST?
- What are the disadvantages of IOST?
- How to buy IOST on SimpleSwap?
What is IOST?
IOST stands for the Internet of Services. It's a new type of blockchain that was meant to solve scalability issues. IOST was presented as a blockchain which is immutable to fraud and has no censorship or third party interference. So from the very beginning it was meant to find answers to the most important requests.
IOST has one significant peculiarity that differs it from the most part of competitors. It works on the "Proof of Believability" protocol. This technology was created by the IOST team. The main feature of this protocol is that each node is evaluated by contributions it made in the past. The main aim of the IOST is extensive adoption of the blockchain technology. The developers believe that the Proof of Work protocol prevents wide usage of the blockchain. So the team invented their own methodology that should allow users to adopt the technology easier, as well as increase the productivity of the system itself.
IOST platform covers several areas, such as technology, marketing, project investment, and commercialization.
Where did IOST come from?
Initially IOST was based in China. The first time the world heard of it was in 2018. In the beginning IOST was created as a new way to run dApps.
There were several co-founders: Jimmy Zhong, Terrence Wang, Justin Li, Sa Wang, Ray Xiao, Kelvin Tan. The ICO happened in December 2017 - January 2018 and raised $31 million. The launch happened in February 2019.
What are the advantages of IOST?
- Promising project
IOST seems to be able to find solutions to some of the Crypto World problems, and promote cryptocurrency to the masses.
- Proof of Believability
It makes the network more productive.
- Investors like it
In spite of the fact that there is no public token pre-sale, institutional investors actively buy-in.
- Available price
Even though the first investors to buy-in are the institutional ones, the price allows everyone to participate.
What are the disadvantages of IOST?
- No backing
Some people may see as a disadvantage the fact that IOST does not have any backup assets.
Nowadays there are more and more new innovative projects appear. All of them are trying to present some solutions to current problems. The competition is very high.
How to buy IOST on SimpleSwap?
Let’s say you want to buy IOST. What should you do? We suggest you go to the SimpleSwap homepage and follow the instructions below:
- Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
- Select IOST in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
- Enter the Recipient’s Address. IOST will be sent to this address. Be careful and make sure you use the correct address.
- Check all the information you have entered. If everything is correct click the Exchange button.
- You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.
This is everything you need to know to buy IOST.