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The Internet of Services (IOS) is a Singapore-based blockchain platform designed to offer a secure and scalable infrastructure for online service providers. Launched in January 2018, IOS aims to provide high transaction processing, privacy protection and many other features.
Its native currency is the IOStoken (IOST), which has quickly become one of the world’s 10 largest cryptocurrencies by market cap. If you’re thinking of buying any IOST, this guide examines how to do so and investigates exactly what the IOS platform offers to users.
You can find IOST listed on a variety of popular cryptocurrency exchanges, including:
Want to know how to buy IOST? Read on for simple, step-by-step instructions:
The first thing to be aware of is that IOST is only listed on some exchanges, so you’ll need to search for a platform that features it in one or more currency pairings. Once you’ve found a suitable platform, sign up for an account by providing your email address and creating a password.
Depending on the exchange you choose, you may also need to provide some personal information and proof of ID before you are allowed to trade. We also recommend enabling 2-factor authentication on your account for extra peace of mind.
Most exchanges won’t allow you to exchange US dollars (USD) directly to IOStokens, so you may need to first acquire a cryptocurrency listed in a pairing with IOST. Examples include bitcoin (BTC) and Ether (ETH). To deposit cryptocurrency into your account, copy your exchange wallet address and then send the required amount of coins or tokens.
The final step is to navigate your way to the exchange or markets section on your chosen platform and search for IOST. Select your desired pairing, such as IOST/BTC, and enter how much IOST you want to buy or how much BTC you want to spend.
Make sure you reveal the full details and cost of your transaction before clicking “Buy IOST”.
If you want to sell your IOStokens, the process you’ll need to follow is essentially the same as that outlined in step 3. However, make sure you click on the “Sell IOST” button before entering your transaction details, and remember that you may not be able to directly exchange IOST for the crypto coin or token you want.
While you can store your IOStokens in an exchange wallet if you wish, this does expose you to the many security risks associated with exchanges. Instead, it’s recommended that you move your tokens into a secure, private wallet.
As IOST is currently an ERC20 token on the Ethereum blockchain, it can be stored in any Ethereum-compatible wallet. Examples you may want to consider include hardware wallets like the Ledger Nano S and TREZOR, or web wallets like MyEtherWallet and Eidoo.
Launched in January 2018, IOS was created with the aim of overcoming a couple of key problems associated with many blockchain projects: low transaction processing and a specialized focus on a limited range of specific applications.
The IOS is a blockchain platform designed to provide the network infrastructure needed to support a service-oriented ecosystem. As outlined in the IOS primer, “The IOS platform not only provides its users a completely decentralized way to exchange online services and digital goods but also enables developers to deploy large-scale dapps with the ability to support a massive number of users.”
In other words, it aims to tackle the scalability problem faced by many other blockchains, making decentralized services with large transaction volume a reality. With a promise to deliver up to 100,000 transactions per second, IOS uses Efficient Distributed Sharding (EDS) technology to partition the network into sub-spaces and improve scalability. Rather than proof of work, it also relies on a proof-of-believability consensus mechanism that validates nodes based on their past contributions and behaviors.
IOStokens are the native currency of the IOS network, and they are the medium of exchange for all transactions and commission fees.
Buying cryptocurrencies is a speculative move. Not only are digital coins and tokens highly volatile, they’re also quite complicated assets with prices that can be affected by a wide range of factors. That’s why it’s essential to do your own research before you buy.
If you’re thinking of purchasing any IOST, make sure to consider the following factors first:
If you carefully consider the range of factors that could potentially impact the price of IOST in the future, you’ll be well placed to decide whether or not you should buy and sell tokens.
Disclosure: At the time of writing, the author holds IOTA and XLM.
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