What Is Proof of Believability and IOST Price Prediction 2024-2025

All cryptocurrencies use consensus mechanisms to validate transactions' authenticity and maintain the underlying blockchain's security. You probably have heard about the Proof-of-Work (PoW) consensus mechanism, primarily used by Bitcoin. But what is a consensus mechanism in the first place? A consensus mechanism is a protocol or algorithm that allows blockchain users to determine the validity of transactions.

Another popular consensus mechanism is Proof of Stake (PoS), which Ethereum adopted last year. If you have spent some time learning about different cryptocurrencies, you may also know about other consensus mechanisms, such as Delegated Proof of Stake (DPoS), Proof of Authority (PoA), etc. But have you heard about Proof of Believability (PoB)? If not, we will briefly describe the basics of this consensus mechanism below.

What Is Proof of Believability (PoB)?

The proof-of-believability (PoB) consensus mechanism was developed by the Internet of Services Token (IOST) team in 2018. This protocol chooses nodes to validate blocks based on their past behavior and contributions. This way, the blockchain remains decentralized while ensuring security and scalability.

The PoB consensus mechanism relies on a sub-token known as servi. Good actors on the network get servi as a reward, and they cannot trade these sub-tokens. This way, each network node creates its “believability score.” Additionally, the number of positive reviews of a node and the IOST balance also plays a role. This process is conducted randomly and algorithmically to make the selection of validators fairer. This way, proven validators and new ones can participate by unbiased randomness.

Advantages of PoB over Other Consensus Mechanisms

Compared to other consensus mechanisms, PoB offers significant advantages. Compared to PoW, PoB enables higher transaction speed without compromising network security. Moreover, PoB requires significantly less computational power, which translates into less energy consumption.

Although PoS also reduces energy consumption compared to PoW, it suffers from some vulnerabilities, such as the 51% attack. In contrast, PoB offers much more network security. However, enhanced scalability is one of the most significant advantages of the PoB consensus mechanism. The system can handle multiple groups simultaneously while keeping cross-shard transactions consistent.

IOST Price Prediction 2024-2025

The IOST group describes its blockchain as ultra-fast, with an ecosystem comprising its own nodes and wallets. It also issues a cryptocurrency named IOST. According to CoinMarketCap, IOST is the 156th most valuable cryptocurrency by market capitalization. The most relevant statistics of this asset as of February 7, 2023, are summarized below.

IOST Price History

According to CoinMarketCap, IOST hit the market on January 16, 2018, at $0.027. This coin was trading at $0.1365 on January 24, a little over a week after its launch. It was its all-time high price. But despite some ups and downs, the IOST price at the end of 2018 was around $0.005. The IOST coin performed poorly in 2019 and 2020. The IOST price showed two spikes in 2021, which led to nearly $0.08 on April 15 and almost the same value on September 15. After that, the IOST price progressively dropped. As of February 7, 2023, IOST traded at approximately $0.011.

IOST Price Prediction for 2024

In 2024, the IOST coin will be entirely back on track, and its trading price will continue to increase. PricePrediction expects an average IOST price of $0.023 in 2024, with a potential maximum of $0.026. CryptoNewsZ expects an average price of $0.015. Accordingly, the maximum IOST price that year will be $0.019. For its part, DigitalCoinPrice forecasts an average IOST price of $0.026 in 2024, with a possible maximum of $0.028. This prediction represents an approximate gain of +150% compared to the current trading price.

IOST Price Prediction for 2025

The IOST price will continue to increase in 2025. According to PricePrediction, IOST will trade at an average of $0.033 in 2025 but might reach $0.039 the same year. CryptoNewsZ is less optimistic, predicting an average price of $0.022 and a maximum of $0.026. DigitalCoinPrice expects IOST to trade at an average price of $0.04 in 2025, representing an increase of more than +260% compared to the current trading price.

Summary

The IOST team has developed one of the most promising consensus mechanisms, Proof of Believability (PoB). PoB does not exhibit any significant drawbacks compared to other popular consensus mechanisms. However, PoB is relatively new and has yet to be widely implemented. Hence, it is still early to say whether PoB is the panacea for blockchains. But if PoB becomes a widely adopted consensus mechanism, the IOST cryptocurrency could increase its price significantly. If you want to invest in IOST, LetsExchange.io lists this digital asset for trading. Purchasing IOST on our platform is easy, and you do not need to register.

FAQs

Is IOST a good investment?

It might be. IOST has already forged some crucial partnerships in the blockchain industry. If several crypto networks adopt PoB, the IOST price could soar quickly. Moreover, most price predictions are optimistic. However, before you invest in this digital asset, research this cryptocurrency thoroughly beyond price predictions only.

How much will IOST be worth in 2025?

According to an optimistic prediction, IOST could reach $0.04 in 2025.

How much will IOST be worth in 10 years?

IOST could trade at $0.22 in 2032.

Disclaimer

Please keep in mind that the above information is based exclusively on our observations and is provided for informational purposes only. It doesn’t constitute any kind of financial advice nor represents an official forecast. Cryptocurrency is a highly volatile asset, and you are investing in it at your own risk.

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