Bitvavo makes IOST as easy as possible. Here are answers to common questions to help you make your first steps in the world of digital assets.
IOST (IOST) is a decentralized platform which, with the help of blockchain technology, wants to offer a network infrastructure for service providers active in the Internet of Services (IoS) industry. The Internet of Service industry is a follow-up to the Internet of Things (IoT). With the Internet of Things, equipment is connected to each other so that these devices can share data with each other. This can, for example, lead to your coffee maker turning on automatically if your alarm goes off. With the Internet of Services, the data from all devices used for the Internet of Things is analyzed so that the service can be further optimized. The IOST blockchain should be suitable for storing this data. In addition, IOST has developed various tools with which the stored data can be easily analyzed.
"The IOST blockchain could be used as a basis for organizations and users active in the Internet of Service sector. To make it as simple as possible for organizations to use the IOST blockchain, IOST has developed the following tools:
1. HUDS; this is the Hyper Universe Distributed System from IOST which makes it possible to store data in a safe and decentralized way.
2. DApps and Smart Contracts; programmers can build various applications on the IOST blockchain using dApps and smart contracts.
3. Feedback system; IOST has developed a system in which users are encouraged to provide feedback on the basis of which services can be constantly improved to better meet user demand.
Using the above tools, IOST wants to make it possible for organizations and users to get more out of the Internet of Services. When you use the applications on the IOST blockchain, you need to pay IOST token as a transaction fee.
Bitvavo makes it as easy as possible to buy digital assets and cryptocurrencies.
1. Sign Up
Create a free account with which you can buy, sell, send, receive and store IOST. Access your Bitvavo account from every location, on mobile and desktop.
2. Transfer Funds
Verify your account and transfer Euros to your Bitvavo wallet using one of the 8 supported payment methods.
3. Buy and Trade
Buy or sell over 150 digital assets and pay a maximum trading fee of 0.25%. Store your assets in your Bitvavo wallet or send them to your external wallet.
Storing IOST and other digital assets requires a wallet, but don’t worry: Bitvavo’s hosted wallet allows you to store IOST without any technical knowledge. Here is a brief overview of the existing wallet options to store your IOST:
Hosted wallets are wallets where the private keys to your IOST are managed by a third party such as Bitvavo. Access to your account is protected by a password and other advanced security features. Once you are logged in, you can easily and conveniently manage your IOST online. Bitvavo offers standard hosted wallets for all digital assets that are offered on the platform.
A software wallet is a program installed on your computer or other device in order to use and manage your IOST. Using a software wallet gives you full control over your private keys, so you are not dependent on third parties. The risk is that you alone are in charge of the security of your IOST, and if malicious parties have access to your device, your private keys (and therefore your IOST) can be stolen.
A hardware wallet is a physical device on which you can store your IOST offline. It is one of the safest ways to store your IOST, because the private keys are stored on a separate and offline device. Access to this device is often protected by a password. In many ways, a hardware wallet can be compared to a safe in which your IOST is stored.
You can use Bitvavo's hosted wallet to easily store, send and receive IOST. Once you have purchased IOST on Bitvavo, you can choose to send your IOST from your Bitvavo wallet to your own software or hardware wallet.