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Today, we bring you more information about the latest listing on Bitpanda: IOST, which stands for “Internet-of-Services Token”. To celebrate our latest addition, we are happy to announce that our Bitpanda users have the chance to win prizes worth a total of €15,000 in IOST! Find out how below.

Update (the 29th of June 2021): Thank you for participating and congratulations to the lucky winners. All prizes have been paid out.

About IOST

IOST was founded in 2018 by serial entrepreneur Jimmy Zhong, who has launched start-ups in the US and China. His vision for IOST was to create a fast and decentralised blockchain technology infrastructure, making it scalable for global adoption and more appealing for large corporations to use blockchain technology.

True decentralization through “Proof of Believability”

IOST uses its proprietary algorithm called “Proof of Believability” (PoB). As an alternative to “Proof of Stake”, PoB relies not only on token balance, but also on the nodes’ “believability score” which is based on the node’s transaction history. This concept enables true decentralisation through hundreds of nodes supported on the network, high levels of security, ultra-fast and gas-free transactions and high throughput. To date, more than half a billion transactions have been processed and around 4.56 billion IOST has been staked.

IOST token price surge

The name refers to both the foundation and the token. The IOST foundation is backed by venture capital firms such as Sequoia Capital and Matrix Partners. Japan’s Financial Services Agency has given regulatory approval to IOST for trading in the country, reinforcing their trust in the project. IOST has a maximum supply of 90 billion tokens with a total circulating supply of 16.5 billion in June 2021.

IOST and NFT

More recently, IOST has also joined the NFT game. While Non-Fungible Tokens were initially created on the Ethereum network, IOST wants to provide an alternative with their own NFT standard, aiming to be more cost-efficient than Ethereum’s NFT infrastructure.  

To celebrate the listing of IOST on Bitpanda, make sure you don’t miss your chance to win some IOST: our giveaway starts at 12:00 PM CET on the 18th of June, 2021 and ends at 11:59 AM CET on the 25th of June, 2021.

Are you ready to win? Then here is what you have to do. Check out IOST on Bitpanda and diversify your portfolio by acquiring IOST. The more IOST you purchase, the higher your chances of receiving an additional €2,000 in IOST or one of the many other prizes - start trading IOST now.

Here are the prizes:

Prize 1: €2,000 worth of IOST for the trader in 1st place

The trader ranked in first place with the highest total amount of IOST purchased will receive €2,000 in IOST!

Prize 2: €1,250 worth of IOST for each trader ranked 2nd to 5th place

The traders ranked between 2nd to 5th place with the highest total amount of IOST purchased will each receive €1,250 in IOST!

Prize 3: €800 worth of IOST for each trader ranked 6th to 10th place

The traders ranked between 6th to 10th with the highest total amount of IOST purchased will each receive €800 in IOST!

Prize 4: €400 worth of IOST for each trader ranked 11th to 20th place

The traders ranked 11th to 20th with the highest total amount of IOST purchased will each receive €400 in IOST!

Prize 5: €200 worth of Bitcoin for 75 randomly selected traders

As a bonus prize, 75 traders (outside of the 20 winners from the prizes listed above) who are not residents of the Republic of Turkey, who are BEST VIP level 1 and above and who trade any amount of IOST will be randomly selected to receive €200 worth of Bitcoin each!

Please note that the exclusion of the residents of the Republic of Turkey from being selected as VIP-Winners is based solely on the legal requirements of the Republic of Turkey. The value of IOST for the calculation of the prize fund is pegged to its exchange rate as of the 28th of May, 2021; the respective conversion rate in use will be 1 IOST = €0.02660376.

Best of luck to everybody - Buy IOST now!

You can read the terms and conditions here and we will credit the winners within one week after the competition has ended. Prizes will be credited to the respective Bitpanda wallets.