Since its inception in January 2018, the IOST token has succeeded to climb all the way to the top, and it holds 48th place. The quick progress and recognition it received contribute to the credibility and image of the IOST services.
The project aims to build a secure and scalable blockchain. It combines a client-server mechanism and a cryptographic sortation to achieve turbocharging making the shards large and bias-resistant. The plan is to attract as many developers as possible and become the leading choice for decentralized apps.
Most of the cryptocurrencies nowadays are based on the Proof-of-stake, Proof-of-work, or a hybrid consensus algorithm. Instead, IOST has decided to build a personal Proof-of-Believability protocol. The protocol works by inspecting the running nodes to monitor their behavior.
Even though IOST is only now beginning to gain a reputation in the West, in 2018 it was named the Best Public Blockchain Technology at the annual blockchain conference in China, Beijing and the founder of IOST Jimmy Zhong received the award for Best Blockchain CEO.
The performance of the token in the crypto markets is promising a bright future. The current market chart indicates that the IOST price is up by 2.86% in the last 24 hours, trading at $0.04 USD.
Earlier in May, the IOST price reached the $0.076 mark.
IOST is headed to greater heights once the team announces the release date of the MainNet later on this year.