IOST, an innovative decentralized network, offers a set of wallets, nodes, and functionality that contribute to higher scalability achieved with the help of the proof-of-believability consensus protocol.
What Is PoB (Proof of Believability)?
Proof-of-Believability (PoB) is a consensus protocol that was developed by IOST. It allows for fast transaction throughput speeds while also guaranteeing that nodes assure compliance. It does this by taking into account a number of criteria, notably IOST token balance, reputation-based token balance, network activities, and user interactions.
For new investors wondering “what is Proof-of-Believability,” in Proof-of-Believability, every node will be assigned a “believability score” depending on the following criteria:
- The amount of IOST incurred by the node
- The number of Servi tokens acquired
- The number of favorable reviews on the node
- The node’s prior actions/transactions
Proof-of-Believability uses a fast-grade Byzantine Fault Tolerance mechanism, microstate blocks, the Atomic Commit system, and a configurable sharing framework to reliably and swiftly verify transactions. When compared to the usage of a Proof-of-Work (PoW) protocol, the employment of PoB can result in a reduction in the amount of storage needed, as well as cheaper expenses associated with processing capacity and setup.
Node validation is gained through past contributions and behaviors. Servi is a non-tradable token system that evaluates reputations by awarding tokens to individuals who contribute to the system. These Servi tokens are taken into consideration when choosing a validator.
IOST’s major advantage is the highest level of scalability that has numerous practical applications. At the same time, IOST’s developers elaborate on maintaining the proper degree of reliability and stability of their technological decisions. IOST refers to the Internet of Service Token, and IOST’s functionality is suitable for many Internet of Service applications. IOST can be compared with such blockchain projects as Tron and EOS because all of them try to offer more scalable and flexible solutions as compared with other altcoins. However, IOST’s developers have successfully reached the highest scalability standards: 100,000 transactions per second, while Tron and EOS can successfully process only 2,000 and 4,000 transactions per second. The efficient distributed sharing allows IOST to integrate different transactions in a manner that will combine the maximum scalability with low costs for users.
IOST’s current price equals $0.03002 with the circulating supply of 18.59 billion. Its maximum supply is 90 billion, implying the high rates of the total supply growth in the following years. IOST’s current market capitalization is about $557.98 million, making it the 119th largest cryptocurrency in the market. IOST reached several historical peaks: $0.13 during its early stages of growth in the beginning of 2018 and $0.07 in April and September of 2022. After the rapid correction associated with the overall crypto market recession, IOST tends to restore its market positions within the past month. The project’s development contributes to the restored interest among investors and crypto enthusiasts.
Figure 1. IOST’s Daily Active Users as Compared with the Industry Leader Ethereum;
Data Source – Moralis Academy
Investing in IOST: Pros and Cons
As a result of its lack of volatility, the IOST cryptocurrency is regarded as a secure kind of digital currency in the market. Despite not having a high trending rate as compared with other cryptocurrencies, it provides more stability than any other cryptocurrency. Therefore, if you are seeking a cryptocurrency that delivers a steady income, IOST may be a good option.
Here are the pros and cons of IOST to help you make an informed decision:
Pros Of IOST
- It is extremely fast and facilitates commercial transactions.
- It eliminates the risk of price fluctuation and offers daily traders a stable foundation.
- The IOST is really stable.
- It is an open-source network with enhanced resilience and robustness.
- It facilitates corporate transactions and establishes the foundation for future online services.
- IOST offers a comprehensive decentralized blockchain network.
- It touts itself as an ultra-fast, customizable network for corporate networks.
- It is built on Proof-of-Believability and has a methodology for trustworthy consensus.
- IOST facilitates the integration of blockchain systems into transactions.
Cons Of IOST
- Compared to other cryptocurrencies, IOST’s growth is very moderate, yet it may be a smart long-term investment.
- It faces intense competition on the market from cryptocurrencies with a higher yield and more value.
Our IOST Price Prediction For The Long Term
Figure 2. IOST/USD; Data Source – CoinMarketCap
The current IOST price is $0.013527 with a 24-hour trading volume of $14,271,317. The overall market capitalization is $251,446,130, and there are 18,588,745,668 IOST coins in circulation. In 2018, the highest price at which IOST coins were exchanged was $0.1365. However, the IOST price reached an all-time low of $0.001562 in March 2020.
After the initial coin offering, the IOST token traded sideways for an extended period of time, according to monthly chart data. With the ongoing changes occurring inside the IOST ecosystem, market acceptability and a sideways trend will be transformed into an upward trend beginning in 2022.
The long-term IOST price prediction derived from our comprehensive IOST price study suggests that IOST’s future holds a great deal of promise for investors. The price forecast for 2022 is bullish. By the end of 2022, the price of IOST is expected to reach $0.0333, according to our IOST price prediction. Eventually, bulls will enter the market, making IOST a profitable investment. According to an analysis of the IOST price, the average IOST price for the year is $0.0302.