The value of I/O Coin recently jumped by more than 40% over the course of a week. One of the interesting things about it is the promised “Project Chameleon,” which promises the capacity to build Blockchain apps on top of I/O Coin.
It’s also backed by business professionals like the former president of IBM Mexico and the senior vice president of finance at TomTom. There is a total of 16,367,063 IOC in circulation with a market cap of US$72,804,463. Is it a promising cryptocurrency to invest in and use, though?
Wallets May Not Function
It’s actually not too promising that I/O doesn’t have a Linux wallet that requires using the “qmake” and “make” commands to build. This can be a turnoff for Linux users because QT-based Linux wallets have a tendency to throw up errors while attempting to run these commands.
This is unfortunate because many of the same people who are attracted to cryptocurrencies also use Linux because it does a better job of protecting privacy than Windows does.
By this point, most serious cryptocurrency users will have learned to not store their cryptocurrencies in an exchange for very long at a time and they won’t buy IOC if they might not be able to transfer it to a wallet from which they can actually access and use it.
The Windows wallet also does not necessarily connect to the Internet to sync up with the rest of the I/O network, making it unusable if the user’s intention is to use I/O as something other than an investment vehicle. This attempt was made immediately after I downloaded the wallet, so the Internet was working. There should be no excuse for creating a wallet that will not connect to any nodes.
If the I/O team can fix these issues rather than treat the wallets like an afterthought, then we could say that they’re on to something. These issues are likely factors that have slowed down the adoption of I/O Coin, an otherwise attractive cryptocurrency that was released in 2014.
To be fair, this could have been an issue with a recent update, but the issues with “qmake” and “make” are not new and have been floating around since at least 2014. This may be an issue with QT as a concept and other currencies have had better luck simply by moving away from it.
DIONS and Chameleon
The team was quick to feature DIONS, an acronym for “Decentalized Input Output Name Server.” It’s a way to replace the centralized DNS system, which is designed to create easy-to-remember aliases that can be used in place of IP addresses, with something that’s designed to work with cryptocurrencies and replace the impossibly long strings of numbers and letters that they use as addresses with an alias.
The I/O Coin team says that their system could be used as a base for Blockchain systems that manage notary systems, intellectual property rights, and identities.
Ownership of assets can be transferred through the exchange of tokens and keys. It’s even got an encrypted messaging system. They even have a cute name for a system that enables developers to build apps around it: “Chameleon.” When Chameleon launches, it will provide a toolkit that makes it easy for developers to create and implement their own Blockchain based on the I/O system.
How do all these stack up against other Blockchain dapps that do essentially the same thing using (at most) other systems like Ethereum, NXT, and (I know you thought of this one) Namecoin? It’s hard to tell when not even the wallets will function correctly.
Yeah, that wallet thing is gonna leave a bad first impression and we can’t have that when we’re trying to win over C-Suite professionals. End users care about having something to work with where they don’t have to call the IT guy to make sure the network is functioning.
However, if it can be made to work, then I/O Coin will have deserved its recent jump in value just by being a cryptocurrency with actual potential for adoption by developers and businesses that want to get on the Blockchain bandwagon.
So call it a promising coin that has some technical flaws, if you like. Creating a working wallet should be considered fairly basic by this point, but it does have features that could be attractive to Blockchain developers. So I/O Coin may be a coin to watch if its recent jump by more than 40%, just slowly enough that it may not have been a pump, is any indication.
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