IOST Blockchain: A Comprehensive Overview and Future Outlook

Introduction to IOST

IOST, which stands for "Internet of Services Token," is a blockchain platform developed by the Singapore-based IOST Foundation. Launched in 2018, its mission is to drive blockchain adoption to levels comparable to credit card usage. IOST also refers to the platform's native cryptocurrency.

This innovative project employs a next-generation consensus algorithm called Proof of Believability (PoB), designed to deliver high processing capacity while reducing transaction costs. Its growing recognition is evidenced by increasing support on Japanese cryptocurrency exchanges and notable endorsements, such as professional fighter Mikuru Asakura's publicized investment success with IOST.

Often categorized as a "third-generation blockchain," IOST aims to solve persistent challenges faced by earlier cryptocurrencies.

IOST Basic Information

Information as of July 2024

Key Features of the IOST Blockchain

IOST distinguishes itself in the crowded blockchain space through four core features.

High-Throughput Consensus Algorithm

IOST’s blockchain utilizes a unique consensus mechanism known as Proof of Believability (PoB). Compared to traditional models like Bitcoin's Proof of Work (PoW) or Proof of Stake (PoS), PoB is engineered for superior processing power and enhanced decentralization.

A significant advantage of this high-throughput algorithm is its resilience against the "scalability problem," where networks become congested, causing delayed transaction times as user activity increases. PoB prevents the monopolization of block validation by distributing the processing workload across many users, which inherently accelerates the overall network speed.

Adoption of JavaScript for Development

A key feature facilitating IOST's growth is its use of JavaScript as its primary programming language. As one of the world's most popular languages, widely used in web development and game creation, JavaScript lowers the barrier to entry for developers globally.

This approach encourages a broader range of engineers to contribute to the IOST ecosystem without needing to learn a new, proprietary language, as is often required by platforms like Ethereum. This accessibility fosters the development of more DApps (decentralized applications), which can further improve the network's decentralization, processing speed, and cost-efficiency. As an open-source project, IOST benefits from continuous and active development.

Planned Ethereum Compatibility

In March 2022, IOST announced the "Entoroverse" project, an initiative aimed at achieving compatibility with the Ethereum blockchain. This project will create a bridge allowing for the free transfer of tokens between the IOST and Ethereum networks.

The long-term vision includes application integration, potentially allowing users to run familiar Ethereum-based DApps on the faster, lower-cost IOST network. The successful execution of Entoroverse could be a major catalyst for the expansion of the IOST ecosystem. The project also encompasses other developments like Wasm integration and developer support programs.

Strong Ties with Japanese Enterprises

IOST has cultivated deep relationships with numerous Japanese companies, universities, and research institutions. These partnerships focus on joint research and development to advance blockchain technology adoption across various sectors.

The project has partnered with entities like Dream Factory Worldwide Inc., elDesign Inc., and Kindai University. Furthermore, IOST's joining of the Japan Blockchain Association in 2021 signals its commitment to expanding its presence within Japan. The technology is already being applied in diverse Japanese fields, including healthcare, power systems, NFTs, and education.

IOST Price Analysis and Market Performance

Historical Price Movement

An analysis of IOST's price chart from its 2018 launch reveals a significant spike immediately after its debut, which also marked its all-time high. This surge coincided with the broader "Bitcoin bubble" period.

However, following the bubble's collapse, the token's value experienced a substantial decline, hitting a low around ¥0.22 in 2022. A market resurgence in 2021, driven by factors like high Ethereum gas fees and pandemic-era monetary policies, pushed IOST's price to a high of approximately ¥9. Since then, the price has fluctuated with a general downward trend, stabilizing around ¥1.2.

2024 Price Prediction from Analytical Sites

According to the technical analysis of IOST prices expected in 2024, the minimum cost of IOST will be $$0.0122. The maximum level that the IOST price can reach is $$0.0148. The average trading price is expected around $$0.0125.

As of early 2024, IOST's price was approximately $0.007417 (¥1.17). Many predictions for the year are optimistic, with some analysts suggesting a Potential ROI (Return on Investment) of over 60%, indicating it could be a favorable time for acquisition.

Future Potential and Outlook for IOST

The future trajectory of IOST depends on several key factors, presenting a mix of opportunities and challenges.

Growing Japanese Demand Through NFT Integration

IOST's focused development in the NFT (Non-Fungible Token) space positions it well to capitalize on Japan's expanding digital asset market. NFTs use blockchain technology to assign unique, verifiable ownership to digital assets like art, music, and collectibles, creating entirely new markets for digital data sales.

With an increasing number of Japanese companies entering the NFT space, IOST's underlying technology has a significant opportunity for wider adoption. Several Japanese NFT marketplaces, including those for "RIZIN FIGHTING FEDERATION," "TOKENLINK," and "tomonity," already utilize IOST's blockchain. Widespread NFT adoption could positively impact the value of the IOST token.

Diversified Development and Real-World Application

IOST is not limited to the financial crypto sector. Its ongoing development and real-world implementation across fields like healthcare, power trading, and education (through free university workshops) enhance its utility and value.

The broader the functional use cases of a cryptocurrency, the greater its potential value. As more services are built using IOST's technology, its popularity and price could see corresponding growth. Expansion beyond finance is crucial for IOST's long-term success.

Ecosystem Expansion via Entoroverse

The Entoroverse project is central to IOST's growth strategy. A major step was the April 2022 establishment of a substantial fund to support the development of an Ethereum Virtual Machine (EVM) compatible environment on IOST.

This cross-chain bridge aims to enable seamless token transfers and application integration. If successful, Entoroverse could significantly expand IOST's ecosystem globally, creating strong potential for price appreciation. The project's progress is a key indicator of IOST's future valuation.

Competitive DApp Platform Landscape

While IOST's use of JavaScript makes it an accessible platform for DApp development, it operates in a highly competitive field. It competes with other established DApp platforms like Ethereum (ETH), EOS, NEO, Lisk (LSK), Tron (TRX), and NEM (XEM), many of which have higher market capitalizations.

This crowded landscape means that while DApp development on IOST holds promise, it faces significant competition for developer mindshare and user adoption.

Potential Listings on More Exchanges

Future listings on additional domestic and international cryptocurrency exchanges could provide more stable investment demand and liquidity. New exchange listings often cause short-term price increases. Broader availability, especially on major overseas platforms, could draw more attention to IOST as a DApp platform and potentially drive its price upward.

Influence of the Broader Cryptocurrency Market

Like most altcoins, IOST's price is influenced by the overall trends of the cryptocurrency market, particularly Bitcoin's performance. Major industry news, such as the U.S. SEC's approval of Bitcoin Spot ETFs in early 2024, often causes market-wide rallies, which IOST tends to follow.

Therefore, monitoring general cryptocurrency market news is as important as tracking IOST-specific developments. 👉 Explore more strategies for tracking market trends

How to Purchase IOST

Acquiring IOST involves a standard process through a cryptocurrency exchange.

A Step-by-Step Guide:

1. Open an Account on a Supporting Exchange: Choose a reputable cryptocurrency exchange that supports IOST trading and complete its account registration and verification process.
2. Deposit Funds: Transfer Japanese Yen (or another base currency) into your exchange account. Ensure you have sufficient funds, accounting for potential price fluctuations during the order process.
3. Check the Current Exchange Rate: Before purchasing, analyze IOST's current price and recent chart movement to identify a favorable entry point.
4. Execute the Purchase Order: Enter the amount of IOST you wish to buy and confirm the order. The tokens will be credited to your exchange wallet upon completion.

Frequently Asked Questions

Can I set up a recurring investment (DCA) for IOST?
Yes, several Japanese cryptocurrency exchanges, including Coincheck, OKCoin Japan, and Bitpoint, offer automated recurring purchase plans for IOST. The minimum investment amount and frequency options vary by platform, allowing you to choose a plan that fits your budget for a low-risk investment strategy.

Does IOST conduct airdrops?
IOST has a history of conducting multiple airdrops in the past, with partners like Binance (2018) and DappRadar (2019). While future airdrops are possible, they are not guaranteed. Announcements of airdrops can often lead to short-term price increases, so staying informed is beneficial.

What is a node in the IOST network?
A node is a computer connected to the cryptocurrency's network. The IOST network features two node types: Partner Nodes, which contribute to the ecosystem's development but do not generate blocks, and Servi Nodes, which are responsible for block production (similar to mining). While anyone meeting the requirements can run a Partner Node, only Partner Nodes are eligible to become Servi Nodes. Both can earn rewards for their contributions.

What are IOST's all-time high and all-time low prices?
IOST reached its all-time high price of approximately ¥14 shortly after its launch. Its all-time low is around ¥0.22. This represents a difference of about 63x. Its price in 2024 remains at a relatively low level, leaving room for potential future growth.

Which exchanges are recommended for IOST staking?
In Japan, exchanges like OKCoin Japan and CoinTrade offer staking services for IOST. The annual yield (APY) can vary significantly depending on the exchange, the amount of IOST staked, and the lock-up period. It's important to research the current terms on each platform.