IOST, which stands for "Internet-of-Services Token," is a blockchain for the future. The platform is adding cutting-edge technologies to make it easier for transactions to be settled in less than a second and to develop. In order to do this, the project uses the new proof-of-believability (PoB) consensus algorithm. In addition, the native IOST token (IOST) allows PoB consensus model operations.
IOST released its main net in 2019, and it provides a secure environment for the development of smart contracts that is faster and less expensive than Ethereum, the leading smart contract-enabled blockchain.
The IOST platform is a project in China that is led by a group of 50 professionals. Jimmy Zhong (CEO), Terrence Wang (CTO), and Justin Li (CIO) are among the notable members of the team. Most of the IOST team members have experience with blockchain technology, IT, or finance. Zhong, Wang, and Li established the IOS Foundation in order to promote the IOST platform as the proposed solution to the use of blockchain and dApps, especially for business applications.
IOST was formed because traditional blockchains are experiencing difficulty dealing with scalability issues.
For instance, Ethereum, one of the oldest and most well-established blockchain platforms, is frequently congested due to heavy traffic. Once the number of transactions on the blockchain reaches a certain threshold, it can be challenging for individual nodes to compile and store the vast majority of data. This frenzy eventually results in congestion, data restrictions, security issues, and high transaction costs.
To solve these issues, the IOST platform proposes a new mechanism: proof of believability (PoB). To put it simply, the PoB algorithm assures that the network leverages node reputations to reach a consensus. Therefore, the system is capable of processing up to 100,000 transactions per second (TPS). This is very fast compared to Bitcoin and Ethereum, which can only handle a few transactions per second.
Proof-of-believability, or PoB, is the new consensus algorithm that IOST uses. Moreover, PoB is an extension of the standard "delegated proof-of-stake" (DPoS) model, which reduces the entry barrier by integrating a point system. The PoB algorithm makes sure the network is secure, scalable, and not centralized. PoB enables decentralization of block production, transaction validation, and protocol governance by merging the native IOST coin and token.
Proof-of-believability (PoB) employs a decentralized mechanism for block producer election and committee composition. This provides a fair opportunity for the majority of qualified nodes, or nodes with the most votes, to earn a better probability of producing a block. In addition to the votes of nodes, the production of blocks is also based on a point system called "Servi."
IOST is the IOST network's native asset. The IOST token can be used in the following ways:
Payments for services and goods offered by service providers and merchants on the IOST platform
Payments for fees and commissions for operating native smart contracts.
Performing transactions and making use of shared resources, such as storage space.
Payments as rewards for contributing network resources.
Exchanging for tokens issued by various third parties on the IOST network.
DATE NEWS/EVENTS IMPACT 26/03/2022 IOST announces EVM compatibility +38% Increase 07/04/2021 IOST price surge being stifled by rising DeFi TVL and Binance +88% Increase
IOST (Internet of Services Token) is a blockchain developed for enterprises that is capable of processing millions of transactions. The project is based on the "Internet of Services" concept and includes a new Proof-of-Believability (PoB) consensus mechanism. The consensus mechanism leverages sharding to obtain higher network throughput. Currently, IOST can handle up to 100,000 transactions per second. The IOST development team is focusing on cross-chain compatibility, which could lead to a price increase in the future.
IOST