IOST (Internet of Services Token) is a decentralized blockchain network and cryptocurrency designed for the Internet of Services. The Internet of Services is a concept that refers to the next generation of the Internet, which will be built on a decentralized network of services and applications. It is an ERC-20 token on the Ethereum blockchain, but IOST has its own mainnet, which was launched in 2019.
IOST is designed to be a fast, fully decentralized blockchain network and ecosystem with its own nodes, wallets, and consensus protocol called “Proof of Believability” (PoB). The PoB consensus mechanism is based on a set of algorithms that determine the believability of a node in the network, taking into account factors such as the number of IOST tokens held by the node, its reputation, and its past behavior on the network.
IOST Features and Updates
Proof of Believability (PoB) Consensus Mechanism
As mentioned earlier, IOST uses its own consensus mechanism, PoB, designed to be more energy-efficient and secure than traditional PoW or PoS consensus mechanisms. PoB ensures that only reliable nodes participate in the network, making the network more secure and less susceptible to attacks.
IOST is designed to be highly scalable, with the ability to process up to 100,000 transactions per second (TPS) in its current form. The network uses sharding and parallel processing to achieve high throughput and low latency, making it suitable for large-scale dApps and enterprise-level use cases.
IOST is a fully decentralized blockchain network with no central authority controlling the network. This means that the network is more resistant to censorship, manipulation, and other forms of control that may affect centralized systems.
IOST supports smart contracts, allowing developers to build decentralized applications (dApps) on the network. Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code.
What Makes IOST Unique?
One of the biggest challenges IOST aims to resolve is scalability, a critical factor for the large-scale adoption of blockchain technology in customer-facing environments. With the increasing demand for decentralized applications, scalability has become a bottleneck for many blockchain networks.
IOST addresses this challenge by introducing a novel blockchain architecture that combines several innovative technologies such as Distributed Randomness Protocol, Efficient Distributed Sharding, TransEpoch, Atomix, Proof-of-Believability, and Micro State Blocks. These technologies work together to enable IOST to achieve high throughput and low latency, which means it can process up to 100,000 transactions per second. This is a significant improvement over its nearest competitors, Ethereum, Tron, and EOS.
Furthermore, IOST’s community-driven governance system gives power to token holders to participate in decision-making and propose changes to the network, making it more democratic and decentralized.
How Many IOST Are There In Circulation?
According to the information available on CoinMarketCap, the total supply of IOST is 18 billion tokens. However, the circulating supply may be less than the total supply, as some tokens may be locked up or held by the IOST team, investors, or strategic partners.
As of September 2021, the circulating supply of IOST was around 13.9 billion tokens. The remaining tokens were allocated for various purposes, including ecosystem development, community incentives, and team incentives.
Who are the Founders Of IOST?
IOST was founded by a blockchain and tech industry veteran team led by Jimmy Zhong, Terrence Wang, Ray Xiao, and Justin Li.
Jimmy Zhong is the co-founder and CEO of IOST. He has a background in engineering and finance and has worked for several financial institutions, including Goldman Sachs and UBS.
Terrence Wang is the co-founder and CTO of IOST. He has extensive experience in software development and has worked for several tech companies, including Microsoft and Baidu.
Ray Xiao is the co-founder and COO of IOST. He has a background in finance and has worked for several financial institutions, including UBS and Morgan Stanley.
Justin Li is the co-founder and CMO of IOST. He has a background in marketing and has worked for several tech companies, including Baidu and Xiaohongshu.
How is IOST Network Secured?
IOST’s Proof-of-Believability (PoB) consensus mechanism and Efficient Distributed Sharding (EDS) are two key innovations that help improve the scalability and security of its blockchain network.
PoB helps to ensure that only trustworthy nodes participate in the network. In contrast, EDS helps to partition the network into smaller groups of nodes, each responsible for processing a subset of transactions. This approach helps to improve transaction throughput and reduce latency, which are important factors for enterprise use cases where high transaction volumes are expected.
IOST has also partnered with various companies and organizations to help drive the adoption and use of its blockchain platform. For example, in 2019, IOST announced a partnership with China’s Ministry of Industry and Information Technology to explore blockchain use cases in government services, industrial development, and more. IOST has also partnered with various blockchain startups and projects and enterprise companies such as NTT Data and Sequoia Capital.
By partnering with these organizations, IOST can leverage its expertise, resources, and networks to expand its reach and gain wider adoption.
Where Can You Buy IOST Tokens?
IOST can be bought at many exchanges such as Bittrex, CoinEx, OKX, Binance, Bitrue, and KuCoin
Is IOST a good cryptocurrency?
Overall, cryptocurrency is a profitable business for investors who understand the market and financial analysis. Furthermore, IOST has been remarkable by being relevant due to its unique use-case.