Over the course of the last couple of years, the cryptocurrency space has expanded at a tremendous pace. This was primarily due to the rise of Bitcoin which prompted blockchain developers to launch their own projects. As of May 2018, there are more than 1,500 cryptocurrencies in the world and it is expected that this number will only rise in the coming months. One of the projects that are looking to capitalise on this technology is known as I/O Coin.
What is I/O Coin?
I/O Coin is an open source blockchain protocol with its own native cryptocurrency - IOC coin. This decentralised, peer-to-peer network can be utilised for an array of functions, ranging from storing encrypted, confidential documents and information to transferring the same over blockchain. Some of the real world applications include employee clocking, identity management, registering for taxes, decentralised data storage, scientific computations, payments, et cetera.
The platform also supports decentralised encrypted messaging among its members. Furthermore, the I/O Coin protocol can also be used to develop customised decentralised applications, which in turn, can be deployed on its blockchain. This protocol can also be used to execute smart contracts. It goes without saying that these decentralised apps and smart contracts are fuelled by IOC tokens.
Needless to mention, these features are quite similar to the ones offered by other blockchain platforms. However, I/O Coin has gone a step further to separate itself from the rest by working on problems such as blockchain bloating and security breaches.
The developers at I/O Coin have designed a sidechain feature known as Chameleon, which can be used by companies to launch their own blockchain applications without the need for a dedicated development team. This sidechain also enables companies to enjoy the security and features of the main I/O blockchain while having their own separate chain.
The I/O Coin project is still in its early stages. The company has laid out a comprehensive roadmap for the next couple of years and if it manages to achieve these goals, it is certainly going to elevate the position of I/O Coin in the blockchain industry. For more information, you can go through the official website of the I/O Coin Project.
Where to buy IOC Coins?
As of May 2018, IOC tokens are available for purchase only on Bittrex.
IOC Coins Wallet
The IOC wallet can be downloaded from the official website. It is recommended that you go through the wallet installation guide before you starting downloading the I/O Coin wallet.
It is possible to mine IOC tokens. The protocol utilises Proof-of-Stake mechanism to achieve consensus throughout its network. To get started with mining, you need to download the wallet client from the official site.
IOC Price Trends
The IOC coins started their rally at around $0.4 mark in the month of April 2017. By September, the same had risen to $3.8. However, this rise in price was followed by short dive which took the price back in the $2 territory. The token commenced another bull run in the month of December and this time, the price went beyond the $7 mark. IOC Coins gained more than 300% in value in less than a month driven mainly by the growing speculation in the cryptocurrency space.
This terrific run was followed by a sharp nosedive and mid-February, the coin was being traded at around $2. In the subsequent weeks, the price fell further and by early April, it had gone below the $1 mark. As of May 28, 2018, the price of 1 IOC token is approximately 0.964 USD.
Risks Associated with Investing in IOC Tokens
It is evident from the aforementioned price trends that IOC, as an asset, is quite volatile. The coin has exhibited an abrupt behaviour, just like its peers in the cryptocurrency space. In addition to this, the competition is extraordinarily high in this space, given that there are many projects out there with features similar to that of IOC.
Hence, if you are planning to invest your money in IOC coins, it is advised that you rethink it. Instead, you can other investment opportunities such as mutual funds. Mutual funds are considerably safer, legal, and if chosen wisely, can deliver healthy returns in the long run.