News

The Internet of Services Token (IOST) had a very good run in the last Altcoin season so we wanted to take another look at it.

The project aims to build a decentralized, scalable and secure platform that is suited for microtransactions and for building service focused dApps on the network. A current trend is that projects give up on decentralization in order to scale, but this shouldn’t be the case here according to several previous announcements. The future of the project is to migrate existing service types like home-sharing (AirBnb), thus the network needs to be suited for constant load.

The project has been backed by all the huge venture capital firms that are involved in Digital Assets during the its ICO: Sequoia Capital, Matrix Partners, Huobi, Dfund, Zhen Fund, Consensus Capital, etc.

The first public testnet has just been launched with the label Everest v0.5 and it features the new consensus protocol labeled Proof of Believability (PoB) and also a live-like environment giving the ability to set-up nodes and run smart contracts. IOST sits at 213 million USD market cap currently and it can be bought on several major exchanges including Huobi, Binance, OKEx, Ethfinex, etc.

Charts

The IOST/BTC chart gained from Binance is pretty straight forward.

There were previously 2 major resistance lines turned support before the first rise back in Spring and IOST managed to close now above the second one on the 12 hour chart. Most importantly, there has been a falling wedge in play for almost 2 months while the bear market on Bitcoin and on Altcoins was in play, but now it seems like IOST managed to close outside of it and will start a new market cycle possibly. Luckily the RSI indicated isn’t overbought yet either so we might see a solid break-out from the wedge before either re-testing it or just moving forward.

The new cycle could easily form a cup and/or double top latter on.