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How to buy IOST (IOST) – A Beginner’s Guide

By: Alex Miguel | Last updated: 2/24/21

IOST is a highly-scalable blockchain platform with its very own consensus algorithm, Proof of Believability (PoB). It uses sharding to process thousands of transactions per second, making it suitable for running decentralized applications (dApps).

In this post, I’ll cover what makes IOST unique and where you can purchase it from.

How to Buy IOST Summary

  • Get a IOST-compatible wallet (Cobo Vault, Guarda).
  • Find your IOST address. Sign up to Binance.
  • Buy IOST with another cryptocurrency.
  • Withdraw your IOST tokens (or leave them on Binance if you plan on trading them)

That’s the basics of how to buy IOST! For a more detailed review and step-by-step guide, keep on reading below. I’ll be going covering the following:

  1. What is IOST?
  2. Buying IOST in 3 Steps
  3. Conclusion

1. What is IOST?

IOST has the same name for both its platform and the token that powers the platform. Before diving into what the IOST token does, we should understand what the IOST platform is, as a whole.

The “IOS” in IOST stands for “Internet Of Services”. The platform is designed to provide the foundation for a service-oriented blockchain ecosystem, which can handle the high traffic required for mass adoption.

By using a special type of sharding (efficient distributed sharding, or EDS) and a new consensus algorithm (Proof-of-Believability), IOST charges zero transaction fees and up to 8,000 transactions per second without sacrificing security. The network is decentralized, with more than 400 nodes in its ecosystem. It’s also developer-friendly, due to its adoption of the widely-popular programming language, Javascript.

The end goal of the platform is to support decentralized alternatives to the popular applications we use and love today, such as Facebook, Amazon and digital asset exchanges.

What is the IOST token used for?

The IOS Token (IOST) is the native token of the IOST platform, serving as a medium of exchange for all transactions and fees. It’s also crucial for powering the Proof-of-Believability (PoB) consensus mechanism.

Let’s look at each of the uses in more detail:

  • Payments: IOST is the platform’s “money”. It’s the primary medium of exchange on the network for goods and services.
  • Rewards and fees: Validators are rewarded in IOST for upholding the network, while users are charged fees in IOST for their use of the network.
  • Proof-of-Believability: IOST is used to calculate the believability scores for validators of the network. A validator is more likely to be elected if they have a significant IOST balance and contribution to the community.

There is a total supply of 22.3 billion IOST tokens, with over 18 billion of these already in circulation.

The original IOST supply at the time of its ICO was 21 billion, which was allocated as follows:

  • 40% for the token sale
  • 35% for the IOS Foundation
  • 12.5% for community building
  • 10% for the team
  • 2.5% for investors and advisors.

2. How to buy IOST

Step 1: Get an IOST-compatible wallet

Assuming that you want to buy and hold your IOST for the long-term, you’ll want to make sure you have a safe and compatible wallet to store it in.

Leaving your coins on an exchange is risky, since they’re left online and in the hands of a third party (the exchange).

IOST Hardware Wallets

The most secure way to store your IOST is in a hardware wallet. Hardware wallets are physical devices that keep your private keys stored securely offline. This keeps your coins away from an internet connection, where they’re vulnerable to an online attack.

The Cobo Vault is one well-known hardware wallet which claims to support IOST. There are three versions of the Cobo Vault available, ranging in price and features. All models have a touch screen and open-source software.

Unfortunately, our favorite hardware wallets – the Ledger and Trezor – do not yet support IOST.

IOST Software Wallets

Guarda – A non-custodial wallet which is available on iOS, Android and desktop. It supports coins from over 45 blockchains, including IOST. Guarda allows you to customize the fees for the transactions you send, as well as trade coins in their built-in exchange.

TokenPocket – A highly popular multi-chain wallet which supports IOST and several other major blockchains. It allows users to create an IOST account and use DApps, as well as participate in IOST voting.  Available on iOS and Android.

Jetstream –  A Chrome browser extension wallet, which allows users to interact with IOST decentralized applications in their web browser. It supports 4 languages including English, Korean, Chinese and Japanese.

IWallet Chrome – A Chrome extension wallet made by IOST developers, similar to Ethereum’s Metamask. It allows you to connect directly to IOST dApps within your web browser. The wallet also has an official tutorial on their website, to help you get set up.

For more information and tutorials for setting up an IOST wallet and account, you can visit their official blog on Medium.

Locate Your IOST Address

Once you have your wallet ready to go, you’ll need to create an IOST wallet account/address. Your IOST mainnet address will look like an account name, usually between 5 and 11 characters long. These addresses are much easier to remember than the traditional random string of numbers and letters. An example of this could be “99_bitcoin”.

Step 2: Find an IOST Exchange

Buy IOST through Binance

Binance has been one of the largest cryptocurrency exchanges for several years, known for its wide range of available assets and high trading volumes. Binance has IOST trading pairs with BTC, ETH, BNB and USDT, but you can deposit any of the exchange’s supported currencies to trade your way to IOST.

You can read our review of Binance here.

Buy IOST through OKEx

OKEx is a cryptocurrency exchange that’s been around since 2017, with headquarters in Malta. They have great trading volume and a huge range of supported cryptocurrencies, including IOST. You can buy IOST by depositing any supported asset and converting it to IOST via BTC or ETH.

You can read our complete review of OKEx here.

Buy IOST through Huobi

Huobi is an exchange headquartered in Seychelles, which was founded in China in 2013 and is now publicly listed in Hong Kong. Huobi has several cryptocurrency-based trading pairs with IOST, including its very own HT and HUSD tokens. You can buy IOST by depositing any of the platform’s hundreds of supported cryptocurrencies.


Step 3: Withdrawing your IOST Tokens

After you’ve purchased your IOST tokens, you’ll want to take them off the exchange and store them in your wallet for safekeeping.

To do this, copy your IOST wallet address that you located in Step 1 above. Paste this into the address field when you make the withdrawal from the exchange.

This way, you’ll have complete control of your IOST tokens, without the vulnerability of an online hack.


3. Conclusion

IOST is a viable alternative to slower blockchain networks for running high-speed decentralized applications. Its unique scaling techniques (Efficient Distributed Sharding) and consensus algorithm (Proof-of-Believability) make it one of the more interesting blockchain networks available today.

What do you think about IOST? Give me your thoughts in the comments section below!

 

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Tsuji Hiroyuki

I sent money to bainance.I made a mistake in the address. Is it possible to find lost coins?Help me.

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