What is IOST blockchain and what is this Ethereum competitor’s crypto?


The cryptocurrency market continues its volatile ride as we are about to enter the fourth month of this year. The total market capitalization was over $2.1 trillion at the time of this writing, according to CoinMarketCap, which tracks more than 18,600 assets.

Within the cryptosphere, there are multiple participants that provide blockchain network services and have their own native tokens. Arguably the most famous of them all is Ethereum, but others seem to be giving it a formidable fight.

Last year, the Sol token from the Solana network outperformed Ethereum’s ETH. But aside from networks like Solana, Cardano, and Polkadot, which are listed in the top 25 assets by market cap, there are other networks that claim to have a better consensus mechanism.

One such blockchain is IOST which uses the “proof of credibility” (PoB) method. Let’s know more.

What is the IOST blockchain?

A decentralized network, IOST claims to have better transaction speed than competitors like Ethereum and EOS. It is claimed to have a speed of 8,000 transactions per second (TPS), with JavaScript programming language for DApp developers. Unlike the Proof-of-Stake (PoS) consensus method adopted by many networks, IOST uses the PoB mechanism in which nodes keep changing after every 10 minutes.

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This consensus method, IOST claims, lowers the barrier to entry for new candidates, thus avoiding any concentration of power in the hands of a few nodes. The IOST network is said to support exchanges, wallets, non-fungible tokens (NFTs), metaverse, and DApps.

IOST cryptography

The IOST network has the native IOST token, which developers can use to stake and provide them with “free” resources. The maximum supply may be 90 billion IOST tokens, of which about 18.6 billion are in circulation.

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IOST crypto price

With a market capitalization of almost US$900 million at the time of writing, the IOST token was listed among the top 100 assets on the CoinMarketCap list. The price per token was almost $0.04.

The IOST cryptocurrency started the year with a price of over $0.03, but the price crashed to almost $0.02 at the end of January. Over the last 24 hours, both the trading volume and the price have appreciated, but since the token has remained volatile, IOST price prediction is not possible. Much could depend on whether DApp developers find any advantage in using IOST services.

IOST Cryptocurrency Price Fluctuation

Data provided by CoinMarketCap.com

Bottom line

Within the crypto verse, multiple blockchain projects are targeting developers looking for distributed ledger services. The Ethereum blockchain is arguably the most popular, with the market capitalization of its ETH token second only to that of Bitcoin. IOST is one of the networks claiming better speed and lower rates. The IOST token has shown volatility in terms of price, but has appreciated lately. Its long-term performance cannot be accurately predicted.

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