IOST says its channelling the excess profits generated from business to business (B2B) project collaborations into its token buyback initiative.

The team firmly believe that the token buyback program will further solidify the trust between it and its entire community, including investors.

The IOST project is fast gaining traction in the DLT space and the team says it has inked several partnership deals to be announced soon.

The IOST Foundation, creators of the ultra-high transaction per second (TPS) distributed ledger technology platform for building highly scalable and secure decentralized applications (dApps), has announced the commencement of a token buyback program aimed at strengthening the confidence of its community and investors, according to a Medium blog post on April 2, 2019.

IOST Buyback Programme Now Live

In a bid to boost the confidence of investors as well as that of its community members in the project, the team has officially announced the commencement of its token buyback program, to run in tandem with its Foundation Lockup Program.

As stated in its blog post, the project has so far generated excess profit from all business to business collaborations as well as its incubated projects.

Against that backdrop, the team has decided to start its token buyback exercise which is designed to run from now till 2020.

Reportedly, the Token Buyback Program works in unison with the IOST Foundation Lockup Program and the team has made it clear that all foundation tokens will remain locked up throughout 2019, except for tokens used to reward partners, developers and marketing purposes.

Rewarding loyalty

Importantly, the team has said that the primary objective of the Token Buyback Program and the Foundation Lockup Program is to significantly reduce the supply of IOST tokens in public and private markets, inject more funds into the IOST ecosystem, while also compounding the “growth effects of increased token utility following the Mainnet and dApp launches.”

As reported by Blockchain Reporter earlier in March 2019, the IOST project reached a significant milestone by attracting nearly 200 node partners, thanks to its hitch free Mainnet launch and since that time, it has been growing from strength to strength.

According to the team, as of April 1, 2019, the project has launched nearly 10 dApps, on-boarded over 100,000 new accounts, recorded more than 20 million on-chain transactions and has inked several enterprise partnership deals that will be announced shortly:

“IOST continues to stay laser focused on our vision to bring blockchain to the mass public. With the ambition of onboarding 100 million users in 2019, the launch of our Mainnet merely marks the beginning of a grand new chapter in the development of IOST.”

At press time, IOST is ranked 48th on the CoinMarketCap top 100 cryptos table, with a price of $0.01 and a market cap of $151 million.