Cryptocurrency is one of those industries where things tend to change on a daily basis. Until a few days ago, few people had heard of IOSToken, yet it is suddenly among the top 50 currencies ranked by market cap. With so few people knowing what this project is all about, now is a good time to see what its team plans to do in the coming months and years. It is evident that unique cryptocurrencies and tokens can thrive, assuming they have the necessary vision and technology.
What is IOSToken all About?
As some people might have expected, IOS has nothing to do with Apple’s mobile operating system. Instead, it relates to the so-called Internet of Services, which purports to provide a solid infrastructure for new service providers. Developing a native token for the Internet of Services is an opportunity well worth exploring, especially when the team focuses on high TPS, privacy, scalability, and a secure blockchain. All of these are things which other currencies may also be able to provide, but letting online service providers offer better services to their customers is an interesting train of thought.
How Will That be Achieved?
Using a bunch of fancy words is very different from building the infrastructure necessary to make IOSToken succeed in the coming years. First of all, the project uses Efficient Distributed Sharding technology to improve the scalability of this network. It claims to “dynamically partition” the IOS network into subspaces through a bias-free stochastic process. Again, these are a lot of words which mean very little to the average consumer or online business.
Suffice to say this business model allows for unprecedented transaction throughput. In a perfect scenario, we may be looking at tens of thousands of transactions per second, if not more. From a business point of view, such numbers are more than necessary when it comes to processing data or transactions. The consensus mechanism of IOSToken is based on Proof-of-Believability, which eliminates the need for mining altogether. The believability of network nodes is calculated based on their contributions and previous behavior. By combining this aspect with algorithmic randomness, network participants should have no issues whatsoever.
Additionally, the IOSToken project focuses on HUDS, which serves as a decentralized and secure way to store information. There is also room for dApps and smart contracts, two concepts which have almost become synonymous with blockchain technology. Last but not least, there is a fair and transparent feedback system which gives users a way to rate completed services. It is all very interesting, although it remains to be seen if the world has been waiting for a product of this magnitude.
Is There a Future for IOSToken?
Based on current market sentiment, it is safe to say IOSToken is either a pump-and-dump token or the next big thing in cryptocurrency. The project has attracted a fair amount of investment from entities such as Sequoia, Nirvana Capital, and DFund. Moreover, it has a total supply of 21 billion tokens, of which less than 6.8 billion are in circulation right now. Thanks to the major value appreciation, the project is looking at a market cap of over US$760 million already. Whether or not these numbers warrant major interest in IOSToken is difficult to say. However, the absence of a clear roadmap is rather worrisome at this point.