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What Is I/O Coin ?
This is a blockchain based platform that seeks to provide internet and cryptocurrency users in particular with a number of improved services that are already offered by other crypto outfits such as Bitcoin. For very long, Bitcoin and a host of other cryptocurrencies have been criticized for the needless expenditure of energy that is needed to mine it. It has also come under negative spotlight because it is seen as being to slow with transactions when compared to other newer cryptocurrencies. I/O Coin is among the new crop of cryptocurrencies that seek to lure people away from their loyal use of Bitcoin by offering them a fairer, faster and more usable cryptocurrency than the dominant Bitcoin.
I/O Coin comes with a number of features that it promotes as what makes it a better means of exchange of goods and services than what Bitcoin gives its users, It is considerably faster and uses a much more energy efficient means of mining, which is the proof of stake instead of the proof of work that Bitcoin is based on. It also harps on its user friendly features which for example allow a user to send and receive payments by signing up for a human readable name instead of the wallet name jargon that the rest of the industry relies on. For I/O Coin privacy can still be enjoyed by the user while using a user friendly interface, where anyone could just easily send them payment by remembering their computer generated human readable username instead of having to copy and paste long and unreadable wallet addresses.
The I/O Coin team is led by Founder and Project Manager Joel Bosh. Other notable team Members includes Richard Groen, Derek Hatton and Alexander Noordeloos.
I/O Coin comes into a very tough neighborhood as it seeks to replace Bitcoin as the preferred means of exchange for goods and services as far as the cryptocurrency world is concerned. This is no easy task to accomplish, as this is perhaps the toughest niche to make any headway in within the cryptocurrency industry due to dozens if not hundreds of others trying to achieve the same. With a faster block creation rate which makes its transactions considerably faster than that of Bitcoin I/O coin comes with a feature that most cryptocurrency users such as businesses are looking for.
However, the one thing that set I/O Coin from any other could either become its biggest asset or worst liability, which is its use of human readable names for its wallet transactions. The cryptocurrency industry got widespread adoption partly due to the high emphasis it puts on the privacy and anonymity of transactions, this makes it difficult to gauge if the general public will take to a human readable wallet name or whether it will see it as a step backwards
I/O Coin is a proof of stake mineable coin
This is a currency whose main survival depends on whether people take to the use of alternative wallet names away from the completely unreadable present ones to a more user friendly human readable wallet name that it offers. I/O Coin might yet find a niche within a niche with this feature it has, but investors must consider their choices before putting any serious money to any single coin that wants to feed in Bitcoin’s backyard. Any cryptocurrency trying to make headway in this niche must indeed come with something completely special that will make Bitcoin quake in its boots, which most haven’t been able to brings so far.
Reddit: https: https://www.reddit.com/r/IODigitalCurrency/