IOST (IOST) is a decentralized digital currency and the native cryptocurrency of the IOST blockchain platform. It is a powerful and versatile digital asset that facilitates transactions and supports the development of decentralized applications (DApps). With its advanced technology, IOST enables a vast network of participants to engage in seamless and efficient transactions.
What is the IOST token?
The IOST token, also known as IOST, is the native cryptographic currency of the extensive IOST blockchain platform. It plays a pivotal role in facilitating seamless transactions and incentivizes the expanding community of network participants. Serving as both a versatile medium of exchange and a store of value, IOST holds significant importance within the IOST ecosystem.
The IOST team
The IOST team comprises blockchain enthusiasts and industry professionals driven by a shared vision. Led by CEO Jimmy Zhong, who brings a strong background in computer science and finance, the team comprises individuals with diverse expertise in technology, business development, and marketing. Their collective goal is to develop a high-performance blockchain platform capable of supporting the widespread adoption of decentralized applications.
How does the IOST token work?
The IOST token operates on a simplified mechanism that can be summarized as follows:
- Consensus mechanism: IOST employs a consensus mechanism called Proof of Believability (PoB). This mechanism selects nodes to verify transactions based on their reputation and token holdings.
- Sharding and scalability: The IOST blockchain utilizes an efficient distributed sharding (EDS) technique. The network is divided into smaller subsets, or "shards," enabling concurrent processing of transactions and improving scalability.
- Transaction processing: When a transaction is initiated, a specific subset of nodes within the IOST network verifies and confirms it, ensuring its validity and security.
- Gas fees: Like other blockchain networks, IOST requires users to pay gas fees to facilitate transaction processing and resource allocation.
- Smart contracts: The IOST platform supports smart contracts, allowing for the execution of programmable agreements and decentralized applications, similar to Ethereum (ETH).
- Token utility: IOST tokens have various utilities within the ecosystem. They can be used for transaction fees, participating in network governance decisions, and incentivizing developers and users to contribute to the growth and development of the IOST platform.
IOST utility token
The IOST token serves as the utility token within the IOST blockchain ecosystem, offering various functions to its holders. IOST holders can actively participate in the consensus mechanism and block production process by staking their tokens, earning rewards in return.
IOST tokenomics
IOST's tokenomics framework is designed to support the operation and growth of the IOST blockchain. It follows a deflationary model that gradually reduces the circulating supply of IOST through token-burning mechanisms. The total supply and circulating supply of IOST currently stands at 18,708,894,189 tokens.
How to stake IOST token?
To stake IOST tokens, you can follow these general steps:
- Obtain IOST: Acquire IOST tokens using a cryptocurrency exchange that supports IOST trading.
- Set up an IOST wallet: Choose a compatible IOST wallet to store your tokens securely. Ensure that the wallet supports staking functionality.
- Delegate to a node: Identify a trusted node on the IOST network to delegate your tokens. Nodes are typically ranked based on their reputation, reliability, and staking rewards they offer.
- Initiate staking: Locate the staking or delegation feature within your selected wallet. Enter the desired quantity of IOST tokens you want to stake and choose the node you wish to delegate to. Confirm the staking transaction.
- Earn staking rewards: Once you have staked your IOST tokens, you can receive staking rewards from the node you delegated to. These rewards are typically distributed periodically based on the node's staking policies.
Distribution of IOST
IOST has a predetermined distribution plan to foster ecosystem growth and incentivize participation. The distribution breakdown is as follows:
- 40 percent for private sales
- 10 percent allocated to the team
- 2.5 percent for advisors and equity investors
- 5 percent for strategic sales
- 35 percent allocated to the treasury
- 5 percent for the community
- 2.5 percent allocated to business development and marketing
IOST’s future expansion plan
IOST has a well-defined expansion plan focusing on several key growth areas. The plan includes the following:
- Scalability and performance: IOST is committed to enhancing the scalability and performance of its blockchain by implementing technologies like Efficient Distributed Sharding (EDS) and continuously refining its consensus mechanism.
- Developer adoption and support: IOST aims to attract and support developers by providing them with user-friendly tools, comprehensive documentation, and attractive incentives.
- Global partnerships: IOST seeks to establish strategic partnerships with prominent corporations, institutions, and developers to expand its global presence and increase its acceptance worldwide.
- Community engagement: The IOST team greatly emphasizes community engagement and participation. They plan to implement various strategies such as community governance, voting mechanisms, and incentive programs to ensure the active involvement of community members in decision-making processes.
By focusing on these areas, IOST aims to drive its future expansion, enhance the platform's capabilities, and foster a strong and engaged community of developers and users.
