IOST or IOSToken began its journey amidst the market turmoil in January 2018. Since the beginning of this year, the crypto-world has been witnessing considerable ups and downs in the price and market capitalization of some extremely popular coins. Bitcoin, a name that stands out from this group of capricious currencies, is still recuperating from the gaping wound inflicted during the first quarter of this year. As the cryptocurrency market is immensely competitive by nature, one coin’s loss is always another coin’s gain. Therefore, the plummeting of Bitcoin’s price created a golden opportunity for a large number of coins that are beyond its purview. IOST (also known as the Internet of Service Token) certainly belongs to this group of cryptocurrencies.
Since its inception on January 15 of this year, IOST has been making inroads by toppling several big guns. One of the major reasons behind this phenomenon is the highly advantageous service that this coin offers. The sole purpose of this coin is to offer a highly scalable blockchain system with impeccable transaction speed which would make the internet more accessible to the traders across the globe. As the internet is the heart and soul of modern society, it didn’t take much time for IOST to grab the attention of potential investors. This coin is also very transparent as it releases weekly updates to keep its users conversant with the latest developments.
In this article, few of the major developments that took place in the previous week would be discussed to elucidate their combined effect on the future of this coin and its holders.
Major Technical Updates:
- Transaction Updates: As the pièce de résistance of IOST features is its scalability and transaction, the development team always puts their utmost care in improving and maintaining this system. During the previous week, IOST transaction system has undergone several changes. Various functions like network peer verification & execution, transaction initialization, response inspection, transaction commitment, and response assembly have been successfully completed and tested. Also, the endorsement of payload resolution and peer signature visa has been initiated along with debugging the entire system.
- Node Updates: The IOST team has been working on various aspects of IOST nodes for the last few weeks. Almost all of them came to fruition last week. The major completed node developments include implementation of data dissemination mechanism, end-user functionality, full sequence broadcast, peer link functions, implementing identity transfer protocol and delivery service, and many more.
- Ledger Updates: The IOST ledger has undergone some major upgrades as well in the past few days. The development of several modules including the state modules, state transition modules, modules sending order transaction generation blocks, and sorting service APIs have been successfully completed during the previous week and have been put to use subsequently. Besides this, the configuration blocks of access control and other policies have been executed successfully. Also, the validation process of various transactions has been completed thereby increasing the level of security. Furthermore, a functional library has been implemented in order to test and verify the entire lifecycle of each transaction.
Notable Partnerships and Listings:
Apart from the technical developments, the past week has been pivotal for the IOST community and circulation as the currency gets engaged in partnerships with a couple of reputed cryptocurrency exchanges – Zebpay and KKCoin. Zebpay is one of the top crypto-exchanges in India and there is absolutely no question about the credibility of the other exchange from Singapore, KKCoin. Both of these listings are likely to expose IOST to more potential traders residing in these two Asian countries. Zebpay is the second Indian exchange that listed this currency. As India is rapidly becoming one of the leading nations in dealing cryptocurrencies, this partnership is likely to bring lucrative outcomes for this coin.
Other Notable Updates:
Huobi Pro, one of the most eminent names among cryptocurrency exchanges issued HB10 on the 1st of June, 2018. HB10 is mainly an index product that would determine 10 of the most promising digital currencies available in the market based on parameters like technological ingenuity, market capitalization, and trading volume. IOST has managed to be a part of this prestigious list which is likely to magnify its popularity among traders considerably. It currently holds the fourth position on that list right behind Ethereum Classic, Dash, and Litecoin.
As far as the IOST community is concerned, the incessant growth continues with IOST participating in major meet-ups in China, Japan, and other countries of Southeast Asia.
Current State of IOST:
As of this moment, IOSToken holds the 50th position on Coinmarketcap with a market cap of approximately 348 million USD and price equivalent to nearly $0.04. As per the price charts, its growth in the past few days is considerably higher than that of Bitcoin.
Final Thoughts:
Within less than six months, IOST has managed to climb a long list of 1600 coins and acquire the position it is currently in. If the recent upgrades increase its efficiency and functionality as per speculation, the holders of this token can expect a major upsurge in the coming days. So, at the moment, it wouldn’t be a fatuous decision to hold onto this coin.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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