Introduction on the I/O Coin
I/O Coin is a cryptocurrency. Since the founding of the Bitcoin network in 2009, countless cryptocurrencies have populated the newly created market. Joel Bosh founded the I/O Coin, stock market symbol IOC, in 2014, thus developing a fully functional novel cryptocurrency. He was inspired by the white paper written by Scott Nadal.
The I/O Coin provides an open source blockchain for businesses and organizations to perform surprisingly fast transactions at very low fees. The first coins were successfully used on July 23, 2014, and can be traded on multiple exchanges.
I/O Coin by the Numbers (as of 28.01.2018)
The current market capitalization of I/O Coin is $67,784,371 and the circulating offer currently amounts to 16,497,886 IOC. The daily trading volume is $226,786. I/O Coins ranked #224 in Coinmarketcap.com’s mineable coin chart.
What is the I/O Coin?
I/O Coin (I/Oscript) refers to a modern cryptocurrency, which is considered a new type for all transactions. Secure sending of encrypted messages can be made via the API-accessible messaging system. Likewise, this system offers the possibility to send private information worldwide.
The option is particularly interesting for companies using this building block to develop another messaging system, such as WhatsApp or Twitter.
According to developers, a full transaction takes 60 seconds and is confirmed after 30 seconds. The cornerstone of this currency, as with most other cryptocurrencies, is the blockchain. This distributed chain of transactions serves as a general-purpose key-value storage for the developer.
The delegation of arithmetic is set to be improved in this system. In this way, the features and functions of the platform of I/O should be more closely aligned with those of Ethereum.
The launch of the cryptocurrency was carried out transparently and fairly distributed. The I/O Coin was first launched via the X11-POW and was switched to blockchain with unique POS-I/O only after 14 days.
To provide the best possible results, testing and development of the system took three years.
The digital blockchain provides an encrypted DNS database. By using a third-party API, names can be referenced as domain records. In this system, it is possible to adopt any form and transfer it between the users. For example, these DNS records can be A records, CNAME or MX records.
The developers’ vision is that there is not a single blockchain left, but instead, there is a Chameleon framework, which interacts with the blockchain. This special blockchain should facilitate connectivity for connected chains and provide advanced features, which should be available to all people so that everyone can benefit from these features.
What is This Type of Cryptocurrency Used For?
I/O Coins are designed to handle online transactions quickly and securely. In this way, online purchased services or items can be paid for safely. The company guarantees a process that is secure for all parties by storing the data of the companies and private individuals in a large system with all associated addresses.
The platform uses proprietary codes to provide users’ personal information. Typos and cybersquatting can cause big problems here. The company plans to involve a third party to prevent such malfunctions and resolve them neutrally. Codes such as OP_REGISTER and OP_UPDATE have been added to provide additional security for the platform.
The registration on the I/O platform is associated with a certain amount of fees, but these are transparent. The user will be informed from the beginning of any costs incurred by the platform financed.
Who is Behind the I/O Coin?
Joel Bosh founded the company behind the I/O Coin in July 2014. From the beginning, Bosh had precise plans for the development of the coin. Thus, additional operation codes (opcodes) such as OP_EVAL and OP_LOAD are to be developed. This will allow developers to revise the terms and conditions of I/O Coin fees.
Through this process, the exact size of executed transactions should be calculated. The company’s goal is to bring the I/O platform to the same level as Ethereum. It also requires a security system that protects the network from DOS attacks or the like.
The Chameleon frame is a development designed to relieve side chains. 100,000 transactions should be possible per second. Storing the data on the Blockchain preserves the user’s intellectual property, rights management and certificates of authenticity. A hash value contained in the I/O transaction can be used as a PoE, proof-of-existence, for each digitized file.
With the I/O Coin, a possibility was created to send decentralized messages completely safely. The many features and smart contracts provide attractive conditions for all users of the coin. The data storage on the blockchain is decentralized and thus offers security and privacy for all users.
I/O uses smart contracts to provide additional features. After connecting with the app and the blockchain, relevant information can be stored in the blockchain and the app does the rest. With this feature, the company also makes the coin mobile and accessible for any company.
The price of I/O Coins has been very stable and constant since its development from 2014 to December 2016. In February 2017, the I/O Coin experienced a boom, which was mainly due to increased media hype. Since then, the price has fluctuated, but always with a tendency to increase.
Alexander Weipprecht is the managing partner of Provimedia GmbH. As a trained IT specialist for application development, he has been advising leading companies on the following topics for more than 10 years: online marketing, SEO and software. Cryptocurrency is becoming increasingly important to businesses and investors. Through Coin Report and Krypto Magazin Germany, Alexander wants to give all people easy access to the subject matter.