Internet of Service Token
IOST is a decentralized blockchain network which offers online services security and scalability with their own consensus algorithm.
What is IOST?
- IOST is dedicated to creating a public chain platform that is developer-friendly. IOST aims to provide strong underlying infrastructure support and a positive development experience to all users of its mainnet ecosystem.
- IOST infrastructure is scalable and stable. Developers have created a number of DApps on the IOST smart contract since the mainnet launched in 2019.
- The platform ensures a voting and committee formation process in which the majority of nodes are qualified for block production and nodes with more votes have a higher possibility of producing a block.
- With thousands of TPS, the blockchain is highly scalable. It still has a more decentralized consensus than DPoS in the meanwhile.
- In January 2018, an initial coin offering (ICO) was conducted, with 40% of the tokens selling for $31.3 million.
|Token Name||Internet of Services Token|
|Total Token Supply||90,000,000,000 IOST|
|Current Circulating Supply||See Coinmarketcap|
|Market Capitalisation||See Coinmarketcap|
|Token Creation Date||January 2018|
|Can it be mined?||Yes|
Who is behind IOST?
IOST was founded back in January 2018. IOST is being developed under the leadership of Jimmy Zhong. He graduated with a BS in Mathematics and Computer Science from Emory University. He is also a co-founder of various tech companies Dora, Find Inc., Studypool, and more.
What is the purpose of IOST?
IOST’s mission is to provide support to build infrastructure for online services to those who seek security and scalability in a decentralized world as the “ultra-fast, decentralized blockchain network” running on a consensus algorithm called “Proof of Believability” (PoB).
- IOST depends primarily on its proof-of-believability protocol (PoB) and efficient distributed sharding (EDS) to improve the scalability and security of its blockchain in order to compete with other blockchains.
- IOST claims to be able to handle heavy loads caused by big tech businesses as it is designed for enterprise use. Also, the significance of its partnership appears to be critical to the project’s success.
- The ownership economic model of ETH and the rental economic model of EOS are the two most commonly used economic models in the IOST network.
- The contribution economic model of the IOST is inheriting the advantages of mature economic models while avoiding the shortcomings. Developing a free-to-use economic model for commercial DApps on a large scale.
- IOST can execute 100,000 transactions per second, compared to 20 for Ethereum, 2,000 for Tron, and 4,000 for EOS.
- The risk of competition for public blockchain is considerable, especially as platforms which also offer scalable blockchain such as EOS, TRON, and more.
- Moreover, in terms of the adoption of BFT sharding technique, IOST’s primary competitors are Zilliqa, Cardano, and etc. With this system, once the state is shared among shards, processing payments becomes extremely complex. There is a possibility that DApps will not execute transactions that affect the same smart contract concurrently.
News and Updates
- IOST network developed a cross-chain solution to connect to BSC (Binance Smart Chain) and collaborate with BSC-based DeFi projects to increase liquidity and utility.
- The IOST integration with Chainlink price feed smart contract is to increase security and prevent flash loan attack.
- The network launched an IOST-based NFT marketplace with top NFT creators. Additionally, developers can easily issue NFTs assets on IOST with IRC-721 NFT protocol as well.
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