What Is IOST?

Nov 23, 2022
4 min read

This blog post will cover:

  • About IOST (IOST)
  • Where did IOST (IOST) come from?
  • What are the advantages of IOST (IOST)?
  • What are the disadvantages of IOST (IOST)?
  • How to buy IOST (IOST) on SimpleSwap?


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 (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 (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 (IOST)?

  • No backing
    Some people may see as a disadvantage the fact that IOST does not have any backup assets.
  • Competition
    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 (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:

  • For example, you want to swap BTC for IOST. Select the currency you want to exchange (e.g. BTC) in the first drop-downlist. Then enter the amount you want to swap.
  • Select IOST in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
  • Click the Exchange button.
  • Enter the Recipient's Address. IOST will be sent. Be careful and make sure you use the correct address.
  • Create the exchange.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to IOST exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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