IOST is an ERC-20 token on IOS - a next-generation blockchain technology with a service-oriented ecosystem.
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What Is Internet of Services?
IOST is an ERC-20 token on IOS - a next-generation blockchain technology with a service-oriented ecosystem. The platform allows the developers to deploy large-scale dApps and promises an estimated 100,000 transactions per second. It also focuses on scalability and high transaction performance as tangible measures to improve the blockchain.
The project offers accessible and anonymous services with high transaction speed, all with the help of its native coin. The IOST token serves as a means of exchange for transactions and commission fees. In addition, this cryptocurrency is essential for calculating a user's credibility score. The accounts with the highest number of IOST tokens and the best reviews are more likely to be selected as the next validators of the newly generated blocks. There are also rewards for users who vote for the nodes of their choice to govern the platform network. Therefore, IOST tokens are mainly used for payments, commissions, and credibility. IOST has a fixed supply of tokens and can’t be mined.
Pros and Cons of Internet of Services
Advantages of IOST
IOS aims to provide a blockchain accessible to a wide range of service providers and users, ranging from independent small business owners to corporate services. The IOST development team is formed by a group of qualified experts, seeking to make business-class decentralized services possible, all with the help of its native cryptocurrency. In addition to an excellent team, IOST also has numerous partners and investors. It was featured in press and trusted sources, which inspires confidence in the project and its coin. Finally, IOST currently has a place within the top-100 cryptocurrencies.
Disadvantages of IOST
Despite its favorable position, IOST currently has a tendency of its price decreasing. The dApps field which its native project is involved in has been overly saturated with similar projects for a long time. Hence an abundance of competitors for IOST which will need to come up with its own unique features that will differentiate it from the rest. The token had an ICO that was only available to selected investors and not the general public. The project was already criticized in the past for lacking a working prototype. Questions have been raised whether the project is yet another repetitive dApps project going nowhere. One can only hope that the project proves its critics wrong and becomes the next big thing in blockchain technology, as it claims.
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