What is an IOU?The definition, quoted from wikipedia, "an IOU (abbreviated from the phrase "i owe you") is usually an informal document acknowledging debt. IOU documents may be redeemable for a specific product or service rather than a quantity of currency." read more at: wikipedia.org/wiki/IOU
What exactly is an IOU1 token?An IOU1 token is a decentralized digital asset, widely known as a 'cryptocurrency' or 'altcoin', commonly used as a medium of exchange. An IOU1 token is referred to as just ‘IOU1’ or by the ticker/trade symbol 'IOU'. The IOU1 project is a venture to provide an alternative safe, secure, and simple method to the traditional IOU proposition.
Why should I use IOU1?If you are a creditor or debtor that desires a secure, easy, convenient, and fast alternative to the standard IOU agreement, the IOU1 is for you. There is also an extra benefit for both parties:
-> as the creditor, IOU1 will lower your risk and/or minimize your loss
-> as the debtor, IOU1 will be a valuable trade option to the borrow/loan
How can I get some IOU1?IOU1 is obtained by trading bitcoin or altcoins in a cryptocurrency exchange, such as the Waves decentralized exchange (DEX), which is directly accessible in the Waves lite client. Access the Waves lite client at Waveswallet.io or download the Waves wallet mobile app. More information about the Waves platform and Waves DEX at Wavesplatform.com.
What is the current value of an IOU1?The market value of an IOU1 is determined by supply and demand. There will only be 100,000,000 to ever exist. The current distributed amount of IOU1 is shown in the stats section bottom of this page. See IOU1 Waves DEX trade and transfer info at Wavesgo.com.
How secure are my IOU1?The Waves platform is a decentralized blockchain platform that is highly secure by design. For more information about the Waves platform, read the whitepaper at: Wavesplatform.com.
Why use the Waves platform for the IOU1?Because of it's many desired features, such as:
-> easily implement projects without have to write code, which saves time.
-> lightning-fast transactions!
-> Waves lite client is intuitive and simple to use, fitted for the average person.
-> Waves DEX allows you to trade IOU1 with other Waves assets right in your wallet.
-> highly secure by design, thanks to crypto blockchain technology.
-> decentralized network via Waves nodes, providing high redundancy and reliability.
What are the cons in using the Waves platform?The Waves platform has a very important requirement; you need to use Waves to perform any operations in the Waves lite client. This includes sending IOU1 from your wallet or trading IOU1 in the Waves DEX. Waves are what 'fuel' the platform. Waves must be traded for with bitcoin or altcoins at a third-party exchange. We recommend using shapeshift.io as this is the safest and fastest way to obtain Waves. For more information, please visit shapeshift.io.
Can't I do the same thing with Waves or other cryptocurrency?Absolutely, you are free to use whatever cryptocurrency you want. We just specifically targeted the IOU concept as we think cryptocurrency can provide assurance and trust in the negotiation and agreement process. But really our main goal is to familiarize the average person with the cryptocurrency market in the easiest and simplest way possible. And the Waves platform allows us to do just that. The IOU1 makes it less daunting and less complicated for the unfamiliar to understand and reap the benefits.
I'm in, where do I start?Go to
http://iou1.io and navigate to the “The Process Simplified” section near the bottom of the page.