About I/O Coin

I/O Coin Review: Mining Guide, Price & Analysis of the I/O Coin Cryptocurrency

I/O Coin is a cryptocurrency that seeks to provide a more private alternative to Bitcoin. The goal of this cryptocurrency is to spark adoption of cryptocurrencies. The developers want to do this by providing a cryptocurrency that matches user needs. Hence, they developed a coin that supports private transactions.

Additionally, transactions on this coin are secure and very fast. This means that the coin can support transactions in many sectors. Further, I/O Coin offers decentralized storage to users. Users can store data of any format on this blockchain.

The developers claim the blockchain has to-notch security. Hence, it can handle sensitive documents such as intellectual property and certificates. Additionally, users can store sensitive documents, such as legal documents.

This coin is going up against the best storage cryptocurrencies in the market. This includes Siacoin that is seeing great success in the market. I/O Coin needs to do a lot to gain such popularity and adoption.

How I/O Coin Works

The I/O Coin initially launched under a Proof of Work consensus. However, they have since switched to the Proof of Stake consensus. The development team believes this consensus best suits the I/O blockchain.

The developers later upgraded the blockchain. In this upgrade, they integrated DIONS. DIONS stands for Decentralized I/O Name Server. This technology is what allows the blockchain to store data. Additionally, it gives data on the blockchain identity. They do this using unique hash values for each document.

Additionally, the blockchain allows for the development of decentralized applications. These applications can support encrypted messages. This is very appealing to developers. It means that they can build censorship-resistant applications.

Further, I/O Coin has an encrypted DNS and Alias System. This allows for users to associate their applications with human-readable names. I/O Coin does this while keeping underlying information obstructed.

Most importantly, I/O Coin allows for encrypted private payments. It shields payments by up to 30 addresses. This makes it hard to attack than using single user addresses. Additionally, the blockchain uses the Nighthawk protocol to shield transactions. The balances of addresses remain hidden on the blockchain.

Can Investors Mine I/O Coins?

No, it is not possible to mine this coin. Initially, it was possible. But the blockchain switched from the Proof of Work consensus to the Proof of Stake consensus. In this consensus, only a few people can validate transactions on the blockchain.

To become a validator, you need to own a certain amount of coins set by the developers. This way, you can prove that you have a stake in the network. The Proof of Stake consensus reduces the probability of 51% attacks and double spends. This is because it makes it costly to attack the network.

Every validator has a stake in the network. Hence, it makes no sense for them to attack the network. Additionally, the Proof of Stake does not require heavy computational power. The developers of I/O Coin recognize these as the main reasons to switch to Proof of Stake consensus.

The Team behind I/O Coin

The I/O Team consists of various individuals with tons of experience in different sectors. They form one of the most diverse teams in the cryptocurrency space. These individuals include the Founder Max Antonenko and lead developer Derek Hatton. Both these individuals have prior experience leading tech companies.

Further, beside them are experts with experience in fintech and business companies. Therefore, the I/O Coin project is in safe hands.

The only problem is that this project has a centralized governance system. The individuals in the development team control every aspect of the project. This includes future development updates. A lot of cryptocurrency enthusiasts may not appreciate this feature.

Performance of I/O Coin

The I/O coin does not have an outstanding performance in the markets. It ranks 1202 in market cap share. This is despite the coin being around for more than five years. Its market cap is only $1,279,844. This is very low.

Additionally, it does not have ample liquidity. I/O coin currently has a 24-hour trading volume of $8,240 at the time of writing this. This means that it is not easy to sell this coin.

Holding this coin seems to have no value. No merchant will accept payments in this form. This is because it does not have excellent liquidity.

Privacy and Security

Privacy is a top priority in the I/O Blockchain. That is why the developers have encryption in place. Everything on this blockchain has encryption. This includes storage, messages, and payments. Therefore, users can enjoy private transactions.

Moreover, this encryption elevates security on the blockchain. It is hard to attack the network when you have to decrypt every piece of information. Further, encryption gives the blockchain anti-censorship capabilities.

Security is also a top priority on this blockchain. The blockchain consists of distributed nodes that work together to keep out intruders. They use the Proof of Stake algorithm to maintain a consensus. It is very expensive to attack such a network. Moreover, the distributed nodes help each other recover from a successful attack.

Additionally, Proof of Stake’s use makes the network immune from 51% attacks and double spends. Validators cannot attack a network in which they have a large stake.

Our Take on I/O Coin

This cryptocurrency offers a fascinating value proposition. It has so many features that users look for. The ability to transact privately is a premise that more cryptocurrencies are adding to their blockchains. Additionally, the blockchain offers users a distributed storage network. It is robust and has elevated security.

However, the market response to this coin is not that good. The coin does not have significant adoption, and the liquidity is low. The developers of this coin have a lot to do if they want to be one of the market’s best cryptocurrencies.

Advantages

• The Coins supports private transactions.
• The platform is a robust and secure network.
• I/O supports fast transactions.

Disadvantages

• I/O coin has low liquidity.
• The coin faces stiff competition from better-established cryptocurrencies.
• It has a centralized governance system.

How to Trade I/O Coin

There are several exchanges that support the trading of I/O Coin. These include Bittrex, Bitfinex, VCC Exchange, and FEX. The current price of one I/O Coin stands at $0.069156. The circulating supply is 18,602,602 IOC.

You will need a wallet to hold your coins once you purchase them. I/O Coin provides links to some of the best wallets to use on their website. You can find wallets for several operating systems.

Final verdict

There is no denying the functionalities of the I/O blockchain. It has a great value proposition backing it up. However, this is not enough. The market does not lie. This coin does not have excellent performance in the markets. This is a significant cause of concern.

This coin is not for individuals looking to make profits in the cryptocurrency space. It does not have a high value in the markets. Additionally, it does not have ample liquidity.