Buy IOST: How to invest in IOST?
In recent years, the rise of blockchain technology has been unprecedented. IOST has emerged from this trend. IOST is a blockchain that manages to connect devices through a decentralised network. In this way, a smart house, for example, can be designed. The technology seems very promising.
IOST is also associated with a cryptocurrency called the IOST token. In this article we will take a closer look at IOST. We look at the origin, development, properties and buying and selling of the crypto. At the end, we will discuss whether it can be smart to invest in IOST.
How can you buy IOST?
IOST wants to make a platform available for IoS which stands for Internet of Services. With Huds, information can be stored securely and dApps and smart contracts make it possible to create services and products for the platform. A major advantage of IOST is that this blockchain technology is scalable, which is a major problem of bitcoin. This is why investing in IOST can work out well.
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What is IOST?
IOST is a decentralized blockchain network that allows remote devices to be connected and controlled. This is a decentralized way of realizing a smart home. For example, dishwashers, refrigerators, washing machines or coffee makers can be connected to it.
By using an app, all these devices can be controlled remotely. In addition, IOST technology is set to optimize usage. The technology does this by analysing user data. It is a system that has evolved from the Internet of Things (IoT) which makes the Internet of Services (IoS) possible. IoS makes the use of blockchain technology in the form of a service (such as IOST) realistic.
How did IOST come about?
IOST arose from the limitation of the first blockchain technologies. This limitation was mainly due to the fact that blockchains were not scalable. This kept transaction costs high. The moment a blockchain is scalable, more and faster transactions can be processed. This volume and speed in turn reduces the cost per transaction. This can make an investment in IOST more attractive.
According to IOST, the problem of scalability lies in the log that contains all the transactions. This now needs to be fully stored and constantly updated. Then, every entity within the entire blockchain system also has to participate in the transaction by providing consensus. The combination of these two features makes traditional blockchains unscalable.
What are the goals of IOST?
The goals of IOST focus on solving the scalability problems experienced by traditional blockchains. The solution offered by IOST is based on the decentralized exchange of products, as well as services. IOST makes use of ‘Efficient Distributed Sharding’ (EDS).
This means that the entities, which must provide consensus, are divided into smaller groups to create a smaller network. In this way, the entire network is not burdened with the transaction and scalability can be achieved. Besides EDS, IOST has also developed Believable First Consensus (BFC). Here the group of controlling entities of a transaction is grouped into ‘credible’ and ‘normal’ nodes. These are formed during the blockchain validation process. Consensus is reached by a combination of credible and normal nodes giving their consensus. In this way, up to 100,000 transactions can be carried out per second. This is many times higher than what blockchains are currently capable of processing.
This higher scalability makes IOST more widely applicable which can be a good reason to invest in the cryptocurrency.
What are the benefits of IOST?
- Scalability: The EDS and BFC developments mentioned above make it possible to make this blockchain technology scalable.
- Secure and reliable: through further development of the traditional blockchains, it is possible to create a network that is just as reliable and scalable. In this way, even more transactions can be carried out per second and at a low price per transaction.
- Global transactions: global decentralized transactions are made straightforward by IOST technology. Thus, the practical function of creating a smart home will appeal to many consumers.
What are the disadvantages of IOST?
Besides the many advantages that IOST offers, there is also a disadvantage. The EDS and BFC do increase the volume of transactions, but somewhat at the expense of control. With traditional blockchains, everyone in a network must give consensus, but this is not the case with IOST because of scalability issues. The system also becomes slightly more susceptible to fraud.
You can easily buy IOST crypto (the IOSToken) through an online crypto exchange. Holding IOSToken can be done through a hardware or software wallet. After creating an account on a crypto exchange you can deposit money. Once you have upgraded the account, you can immediately start trading IOSToken.
What should you look out for when investing in IOST?
When investing in IOST, it is advisable to keep it in a wallet. This is the safest way to hold crypto. The riskiest option is to hold crypto on an exchange. The exchange can be hacked by a cyber-attack, for example.
Your crypto coins may disappear, and you will not be insured for this. This is the disadvantage compared to regular banks that do offer such balance insurance.
Therefore, find out whether you want to use a software or hardware wallet. A hardware wallet offers the best security. It is a physical device with which crypto can be held, traded and managed.
To invest or in IOST or not?
Investing in IOST can be very interesting for the future. In recent years, blockchain technology has made great leaps and bounds and IOST may well become the next trend. If this technology becomes practical on a large scale, the value of IOST will increase dramatically. We never make any claims about what the possible future value of a financial unit will be.
IOST does show a lot of potential, so do your research on this technology before investing in it. The development of further blockchain technology will make it possible to carry out many thousands of transactions per second. In this way, much more data can be shared in the future.