IOST Price

What Is IOST?

Featuring blazingly fast speeds, IOST is a public blockchain platform that made its mainnet debut in March 2019. Its mission is to become the "underlying architecture for online services that meets the security and scalability needs of a decentralized economy".

IOST utilizes an energy-efficient consensus algorithm called proof of believability, or PoB. Unlike proof of stake (PoS), where the main factor being considered is the user’s proportion of stake in the network, PoB rewards nodes based on how reliable they are.

IOST's PoB is designed such that "honest" nodes who contribute to the network are more likely to be selected as block producers. This incentive system makes IOST more secure and scalable than some of its peers.

IOST Price

IOST’s glory days can be traced back to the 2017–2018 crypto bull run when it hit an all-time high of over $0.12.

Generally, the price of IOST has moved in tandem with the rest of the cryptocurrency market. There were, however, a few instances in which IOST outperformed the market. For instance, in late January 2021, IOST surged by over 20% while the rest of the market was in a correction. When the larger market flatlined in March 2021, IOST again jumped in value by over 20%.

The price of IOST is currently hovering just under $0.009.

What Is IOST Used For?

IOST is the native token used to power the IOST network. It can be used to pay for transaction fees, and to fuel smart contracts and decentralized applications (DApps) built on the IOST blockchain.

By staking their tokens on the network, IOST holders help validate transactions on the network and can earn rewards in IOST as well. The number of rewards they earn depends on the number of IOST tokens they stake, as well as the duration for which the tokens are staked.

To date, IOST has partnered with several big-name companies, such as Microsoft, Huobi and OKX. These partnerships are intended to help increase the adoption of IOST and its technology.

IOST Tokenomics

IOST tokens are capped at a maximum of 21 billion. The current circulating supply of IOST stands at 18.59 billion tokens. Its market cap is approximately $200 million.

Notably, an annual inflation rate of 5% applies to IOST tokens. This means that the number of additional IOST tokens created each year will be 5% of its current supply. Over time, the inflation rate will gradually decrease until it reaches 0%.

Here is how IOST is distributed:

• Private token sale — 40%
• IOS Foundation — 35%
• Community — 12.5%
• Team — 10%
• Early investors and advisors — 2.5%

Who Is the Founder of IOST?

IOST was founded by a team of experienced blockchain engineers and researchers from Google, Alibaba and IBM. Jimmy Zhong, the CEO of IOST, has a background in software engineering and product management.

Read more: IOST: Tackling the Blockchain Trilemma with IOST's PoB

How to Store IOST

IOST can be stored in hot wallets (online wallets), such as PC and mobile wallets. When it comes to PC wallets, iWallet and Jetstream are good options. You can also go for mobile wallets, such as Huobi Wallet and Cobo Wallet.

For cold wallets (offline wallets), products available include Ledger Nano X, Trezor Model T and Ledger Nano S.

In general, cold wallets are preferable to hot wallets, although a combination of both can be used for maximum security and convenience.