About Internet of Services Token (IOST)weiss-badge

Overview

IOST or Internet of Services Token is a Proof-of-Stake (PoS) based cryptocurrency that focuses on blazing fast transaction speeds, the implementation of decentralised applications (dApps) and smart contracts. IOST will use sharding, a proposed solution to Ethereums scalability and speed concerns that has been in the works since 2015. The planned division of labour from network validators that accompanies sharding can vastly increase the time taken to process a new transaction but brings with it concerns over the centralisation of a network that is run by a few trusted validators. IOST plans to combat this by using Proof of Believability (POB).

Technology

In its current form, IOST is similar to Ethereum with a faster transaction speed. The developers have implemented a Proof of Believability (POB) consensus mechanism and Efficient Distributed Sharding (EDS) technology to improve scalability vastly. Believability of a node is calculated based on contribution and behaviours while network fairness is ensured with algorithmic randomness. Like Ethereum, users of IOST can create dApps and smart contracts on the network using several major programming languages. The speed of IOST should enable it to be highly scalable while running high throughput dApps without a hitch. IOST takes network governance seriously and has put a great deal of emphasis on ensuring that block validators and beneficiaries of newly generated have sufficiently contributed to the network. Further, IOST plans to reward members of its community with tokens when they come up with solutions to network problems.

Future Focus

The team has the ambition to take on other dApp/smart contract cryptocurrencies that have already launched their respective main nets including Ethereum, Neo and EOS to name a few. The super-fast transaction speeds and measured approach to network governance may be enough to cement IOST as a viable rival for the coins mentioned above. For more information regarding IOST visit their official website or read over their whitepaper. The official release of the IOST mainnet network is during the first quarter of 2019, with commercial applications coming later in the year.

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

POLI - internet banking

POLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

Buy Internet of Services Token (IOST)weiss-badge


Please note that you may experience a delay in receiving a custom order for this currency.

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Storing your coins with Wallets

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

Pay with POLI. Its fast!

POLI - internet bankingPOLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

About Bitcoin

Bitcoin (BTC) is a form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Transactions are stored on a distributed, immutable, online, public ledger known as a blockchain. Bitcoin was the first truly decentralised cryptocurrency which was created by a programmer under the pseudonym Satoshi Nakamoto and was released in 2009. The system is peer-to-peer, verified by network nodes and recorded in a public distributed ledger called the blockchain. Bitcoin can be exchanged for other currencies, products, and services with over 100,000 merchants and vendors accepting bitcoin as payment. Bitcoin can also be held as an investment. There are only a fixed number of Bitcoin will ever be mined (21 million), it’s not controlled by any one government or central bank, and there’s no such thing as quantitative easing or fractional reserve banking. These qualities make Bitcoin excellent as a store of value and a long-term safe-haven asset, similar to gold.

A Bitcoin success story that went viral on social media is Kristoffer Koch from Norway. Koch invested around $27 in Bitcoin in 2009 and then forgot about it for four years. He remembered about his Bitcoin wallet in 2013, which had then grown in value to $886,000.

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