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What is IOST?

IOST (Internet of Services Token) is a public, permissionless blockchain network launched in January 2018 after a token sale that raised approximately $40 million. Founded by Jimmy Zhong, Terrence Wang, Ray Xiao, Justin Li, Kevin Tan, and Sa Wang, the project is headquartered in Singapore with additional operations in Beijing, Tokyo, New York, and Seoul. IOST's core technical proposition is its Proof-of-Believability (PoB) consensus algorithm, a variant designed to balance throughput, decentralization, and security by scoring validators on factors like token balance, community contribution, and historical behavior. The mainnet, codenamed Olympus, went live on February 25, 2019, migrating IOST tokens from ERC-20 to the native chain. From the outset, IOST positioned itself as an enterprise-grade alternative to Ethereum, targeting applications that demand sub-second finality and thousands of transactions per second. The network claims throughput of up to 8,000 TPS under test conditions through its Efficient Distributed Sharding (EDS) architecture, placing it among the faster Layer-1 competitors in its cohort. IOST's ecosystem has historically been strongest in East Asia, with notable traction in Japan where it became one of the earliest non-Japanese projects to receive approval from the Japan Virtual Currency Exchange Association (JVCEA) for listing on regulated exchanges like Coincheck. Partnership highlights over the years include collaborations with NGK Spark Plug for supply-chain pilots, integrations with Chainlink for oracle services, and engagement with various Chinese government-backed blockchain service networks during the BSN expansion. The project has also funded DeFi primitives native to its chain, including the Xigua Finance yield aggregator and the IOSTSwap decentralized exchange, while NFT marketplaces such as Lovelace have launched on top of the network. IOST did not escape the broader challenges facing mid-cap Layer-1s: trading volumes and developer mindshare declined noticeably after the 2021 bull cycle, and co-founder Jimmy Zhong became the subject of significant controversy after U.S. federal authorities linked him in 2022 to the 2012 Silk Road bitcoin theft — a case unrelated to IOST operations but one that attracted negative press to the project's leadership history. Despite this, the foundation has continued shipping upgrades, including revisions to its governance staking model (Servi points), improvements to node infrastructure, and a strategic pivot toward Web3 gaming and real-world-asset tokenization announced across 2023 and 2024. IOST remains listed on major global exchanges including Binance, Coinbase, Huobi, and OKX, and it is actively traded against USDT, BTC, and fiat pairs on regulated Japanese venues. The token is used for network fees, validator staking, on-chain governance voting, and as collateral in ecosystem DeFi applications. While it no longer occupies a top-50 market-cap slot it held in earlier cycles, IOST retains an engaged community, a functioning validator set of elected block producers, and a technical roadmap emphasizing interoperability with EVM-compatible chains. For traders, IOST offers exposure to a battle-tested Asian-market Layer-1 with enterprise ambitions; for builders, it continues to provide a low-fee environment for dApp experimentation, though developer activity is materially lower than on leading smart-contract platforms.

Key Features of IOST

• Proof of Believability Consensus: IOST's PoB algorithm scores validators using a 'Servi' reputation metric alongside token stake, reducing the collusion risks typical of pure Proof-of-Stake designs. This hybrid approach enables sub-second block times while keeping hardware requirements modest for node operators.
• Efficient Distributed Sharding: The network implements a sharding scheme called EDS that partitions validators and transactions across parallel committees. In controlled benchmarks this architecture has demonstrated peaks near 8,000 TPS, making it one of the higher-throughput non-EVM Layer-1 chains.
• Developer-Friendly Tooling: IOST smart contracts can be written in JavaScript and Java rather than requiring a specialized language like Solidity or Rust. This lowers the barrier for Web2 developers entering Web3 and is supported by SDKs, a block explorer, and comprehensive documentation.
• Low and Predictable Fees: Transactions on IOST use a GAS and RAM resource model that keeps end-user costs near zero for most operations. This predictability makes the chain well-suited for micro-payment use cases where Ethereum-level gas fees would be prohibitive.
• Regulated Market Access: IOST is one of the few non-Japanese tokens approved by the JVCEA for trading on regulated Japanese exchanges such as Coincheck. This regulatory footprint provides compliant retail liquidity that many competing Layer-1s lack in that jurisdiction.

IOST Use Cases

• Scalable dApp Hosting: Developers deploy decentralized applications — from DEXs to social platforms — directly on IOST to take advantage of its high throughput and negligible transaction fees. The JavaScript-compatible runtime makes it practical for small teams to port existing Web2 logic on-chain.
• Enterprise Supply Chain: IOST has been used in enterprise pilots for provenance tracking and authenticity verification, including collaborations with manufacturing partners in Japan. Its permissioned-deployment options allow corporations to run private or consortium instances alongside the public mainnet.
• Micro-Transactions and Tipping: Because per-transaction costs are effectively negligible, IOST is a viable rail for content tipping, in-game micro-rewards, and pay-per-use API billing. These economics are difficult to replicate on higher-fee chains without Layer-2 abstractions.
• On-Chain Gaming and NFTs: Web3 game studios have deployed card games, collectibles, and NFT marketplaces such as Lovelace on IOST. Fast finality and cheap minting make the chain attractive for experiences requiring frequent asset transfers or in-game economies.
• DeFi Yield and Swapping: Native protocols like IOSTSwap and Xigua Finance let users swap tokens, provide liquidity, and earn yield without leaving the IOST ecosystem. These dApps support staked-IOST derivatives and stablecoin pools tailored to the chain's active trading pairs.

IOST Tokenomics

Total Supply

IOST launched with a maximum supply of 21 billion tokens, a figure set at the project's inception in 2018. A portion of this supply is subject to burns and foundation-controlled vesting schedules that have been disclosed periodically.

Circulating

Circulating supply sits in the high teens of billions and increases gradually through block rewards. Dynamic — see CoinGecko for live figures.

Utility

IOST is used to pay for transaction resources (GAS and RAM), stake to elected block producers, vote in on-chain governance, and serve as collateral across ecosystem DeFi applications. Holders who lock IOST also earn Servi reputation points that influence validator selection.

Emission

New IOST is issued as block rewards to validators under a declining inflation model set by the foundation's economic framework. Exact emission rates are adjusted through governance and detailed in the IOST whitepaper and foundation updates.

How to Buy IOST

1. 1

   1. Create a Binance Account

   Visit binance.com or open the Binance mobile app and register with your email or phone number. Complete identity verification (KYC) by submitting a government ID and a selfie through the 'Verification' section under your profile — this unlocks higher deposit and withdrawal limits required for spot trading.

2. 2

   2. Deposit Funds

   Navigate to 'Wallet' → 'Fiat and Spot' → 'Deposit' to fund your account. You can deposit USD, EUR, or other supported fiat via bank transfer or card, or transfer existing crypto such as USDT or BTC from an external wallet by selecting 'Deposit Crypto' and copying the correct network address.

3. 3

   3. Locate the IOST Trading Pair

   From the top menu select 'Trade' → 'Spot', then use the search box on the right-hand market panel to type 'IOST'. Choose the IOST/USDT pair, which is typically the deepest book, or IOST/BTC if you prefer to trade against bitcoin.

4. 4

   4. Place Your Order

   On the trading screen choose 'Market' for immediate execution at the best available price or 'Limit' to set the exact price you want to pay. Enter the amount of IOST or the USDT value you wish to spend, review the order, and click 'Buy IOST' to confirm.

5. 5

   5. Secure Your Tokens

   After purchase, your IOST appears under 'Wallet' → 'Spot'. For long-term holding, withdraw to a self-custody wallet such as iWallet or a hardware wallet via 'Withdraw', making sure to select the IOST network and double-check the destination address before confirming.

Frequently Asked Questions