IOST has taken the cryptocurrency market by storm over the past week pushing its way to be the most-traded coin by volume on the trading platform Binance, the International Business Times wrote.
Trading at just $0.02 when launched on January 16, the new altcoin has since worked its way up to $0.11 on the strength of its massive backing and the promise of the platform behind it.
They have emphasized its ability to handle millions of transactions per second, which is something only a handful of other cryptocurrencies can offer.
One reason why the new crypto coin’s sale has gone largely unnoticed by market traders is that the IOST team made their token sale private with only institutional investors allowed to participate.
Moreover, investors in South Korea, China or the United States weren’t allowed to buy in either.
The Hyper Universe Distributed System (HUDS) used by IOS allows it to serve as a platform for a wide variety of different services, from small-time businesses all the way to online trading behemoths like Amazon.
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