What is I/O Coin (IOC) Crypto Beginner’s Guide
Ever since Bitcoin was implemented, many developers have created their own version of cryptocurrency. Some cryptocurrencies only aimed to exist, while others tried to improve on Bitcoin. Many developers have tried to make cryptocurrencies that are more efficient and user-friendly.
Sunny King searched for a way to create a more energy efficient coin; inspired by his efforts, the I/O coin’s development team created their own cryptocurrency, which was mined in 2014. The developers had a vision to interconnect blockchains and start a framework, called “Chameleon,” to introduce blockchain interoperability; they are building a multilayered ecosystem using the I/O blockchain, and its accompanying I/O Coin, as a starting base. This ecosystem will include both public and private blockchains that are interoperable, which facilitates the integration of decentralized applications.
As a base for an ecosystem of decentralized blockchains, I/O aims to create an ecosystem that everyday users and developers can contribute to, and the I/O coin will be the connecting currency through it all.
How I/O Coin is Different
The I/O Coin is known as the Swiss knife of blockchain technology. The coin is the currency of the I/O ecosystem, which involves different blockchains—and this means that the coin is the currency for several platforms. I/O aims to have single-blockchain platforms to be a thing of the past, considering that single blockchains have high risks of security breaches and lack of user-friendly features.
I/O is also a volume-controlled blockchain, and it has the ability to provide instant transfers and under-thirty-second confirmations. It enables up to 100,000 transactions per second. By using a universal coin, all blockchains within the ecosystem will also experience a faster and more simple connection.
The Chameleon chain will enable feature-sharing between all the blockchains of the I/O ecosystem. It will provide companies with the opportunity to sign up their own blockchain to the I/O system, and they can enjoy the original features of I/O. Any updates from the main I/O ecosystem will also not impact any of the private blockchains that are connected.
Chameleon provides the portal to all the features within the ecosystem, while also maintaining privacy and security of all involved blockchains. It aims to make the process more user-friendly, as well; it has the ability to launch a chain without a development team, making it easier to manage and control features.
I/O is also creating opportunities for developers to use the platform to develop new products and business applications; this provides third-party developers with the chance to build applications for the public. Developers easily connect their own applications to confirm transactions, by using the I/O Coin.
With I/O, blockchain technology is finding an easier and more efficient way to be introduced to, and used by, the general public. By offering secure and simple solutions to businesses and developers, I/O enables many users to connect their own blockchain to its ecosystem. With the I/O Coin, there is also a universal currency within the system. As it implements these, I/O aims to give users the efficient and user-friendly cryptocurrency that many of them have been asking for.