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Internet Of People (IOP)

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Feb 10, 2018 Admin Currencies
Name
    Internet Of People
URL
    iop.global
Company Name
    INTERNET OF PEOPLE
Date founded
    August 2016
Blog
    iop.global/blog
Facebook
    facebook.com/IoPGlobal
Twitter
    https://twitter.com/IoP_community
Reddit
    reddit.com/r/IoP_Community
Ticker
    IOP
Internet Of People (IOP) image

Internet of People, identified with its token IOP, is one of the application tokens because it expects its node operators to use the “Internet of People” infrastructure by offering them incentives. The entire platform consists of several full nodes which are basically software modules or components. When a computer connects into the network of such modules, it becomes a node. Full nodes are those that comply with all rules and regulations applicable to IOP’s platform. In simple words, this platform envisages facilitating seamless access from one user’s device to another, without using intermediate services offered by companies. i.e., without using web servers.

The total scheme consists of

  1. A bunch of “P2P networks”, of which one is a special “blockchain” designed to execute an incentive program for the users to prompt them to use all of the components in IOP’s P2P networks.

  2. P2P apps

The potential is huge for corporations. If successful, it is being said that it would be bigger than Facebook and Google combined. The cryptocurrency was introduced by Fermat which is a Swiss startup.

The maximum supply of IOP is 21,000,000. Of these 3,445,680 are already mined, and 3,295,367 IOPs are in circulation. This cryptocurrency is currently being sold for $6 each IOP, and its market capitalization is $19,764,196.

Features of Internet of People

IOP’s blockchain is a refined version of Bitcoin’s codebase, having eliminated some of the concerns therein. Therefore, the algorithms used for “Proof of work” as well as transactions, are the same as those used in Bitcoin’s network. Most of the rules are also similar. The list of changes includes:

  1. A license is needed for mining in the initial stage, which will not be applicable for mining later.

  2. A limit is imposed on the number of IOPs that can be mined with the initial mining license, ensuring that the miner cannot mine more than three times of the average IOPs mined during the license stage.

  3. There is no need for mining pools, mining farms, and specialized hardware, ensuring a more wide spread distribution of this cryptocurrency. Mining can be done even with personal computers and regular servers.

  4. It is an international cryptocurrency.

  5. It will allow users to access the device of another user, without the normal web servers, effectively reducing the chances of malware, and viruses or any hacking possibility.

Pros:

  1. The objective is indeed innovative, and beneficial;

  2. It is based on Bitcoin’s architecture and code and so it is a reliable coin.

  3. The number of coins is not very large, so chances of them having a decent value once the project is completed are quite high.

  4. There are caps imposed on how many of these coins can be mined by a miner.

Cons:

  1. The objective is yet to become a reality and is, for now only on paper.

Conclusion:

This coin is one of the most interesting coins both academically as well as economically. The plan, if successful, will also benefit users of IoP networks. Even though the project is not yet completed, the founders are trying to rope in other experts, as well as establish a decent base of individual users. Any hiccups on the way would be resolved easily because Fermat has more than 2000 qualified personnel for the project.

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