All about IOST in One Shot (with audio)

In our series to understand the most common cryptocurrencies, we have already discussed Shiba, BTT, Dent, Holo, Wink and Siacoin.
In this article, we are going to understand the IOST token.

Introduction

IOST is an ultra-fast, fully-fledged, and decentralized blockchain network and ecosystem, complete with its nodes and wallets, and built on the next-generation consensus mechanism known as proof-of-believability.

• IOS in IOST stands for Internet Of Services.
• IOST promises to be capable of handling the high traffic volume necessary for widespread blockchain use.
• It can handle up to 100,000 transactions per second with comparison to 2,000 for Tron, and 4,000 for EOS.
• It is a next-generation blockchain technology that offers network infrastructure to support a service-oriented ecosystem.
• It offers its customers a decentralized means to exchange online services and digital commodities.
• It also allows developers to construct big-scale dApps capable of supporting a huge number of users.

Timeline

2017

• Development of IOST is started

2018

• Jimmy Zhong, Terrence Wang, Justin Li, Ray Xiao, Sa Wang, and Kevin Tan initiated the project in January 2018.
• In January 2018, IOST token sale raises over $31 million.

2019

• In February 2019, the IOST mainnet called Olympus v1.0 was live.
• In May 2019, IOST releases OnBlock a web-based platform that will allow anyone to interact with dapps on IOST’s network, just by using an email address or mobile phone number to log in.

Supply

Upper Limit

• Total Token supply is 21 billion.

ICO

• In January 2018, an ICO was performed in which 40% of the tokens were sold, raising around $31.3 million in ETH at the time.

Remainder Distribution

• 35% percent to the IOST Foundation
• 12.5 percent went to Community Building
• 10 percent went to the IOST team
• 2.5 percent went to investors and advisers.

Unique Innovations

With a series of groundbreaking innovations, IOS infrastructure relies on :

Hyper Universe Distributed System

• Goal: IOST seeks to create a blockchain capable of hosting a diverse spectrum of service providers, from independent small business owners to major businesses such as Amazon or Alibaba.
• Need: An effective method of distributing information and hosting data is essential.
• Solution: Hyper Universe Distributed System provides a reliable distributed storage and subscription mechanism for P2P networks.
• Features: Users and service providers can both store files or metadata on several network nodes without downtime or restriction.

Efficient Distributed Sharding

• Sharding: Mechanism that divides the whole IOS network into a set number of subspaces known as shards; where each shard may be thought of as a tiny network that executes its consensus mechanism in parallel.
• Structure: Instead of having the entire network validate the same set of transactions, subsets of transactions might be processed concurrently by several consensus groups.
• Conclusion: As a result of all the above factors, even if the network size and the number of transactions rise fast, the system’s throughput may be greatly increased.

PoB (Proof-of-Believability)

• Problem in POS: There is a tendency towards centralization.
• Solution: To overcome this problem, the IOS team offers Servi as a metric for measuring user contributions.
• Servi: It is a token aimed to incentivize individuals to contribute to the IOS community’s growth.
• Features of Servi:

1. Non-tradable as Servi is not intended to be used as a medium of exchange.
2. Self-destructive as after verifying a block, the system will instantly clear the validator’s Servi balance, allowing nodes with high belief to take turns verifying blocks and guaranteeing a fair block generation process.
3. Self-issuance as after specific contributions, such as offering community services, assessing services offered by another party, or making other exceptional contributions, Servi will be created and transferred to the user’s account automatically.

• Definition of POB: It is a Randomized Proof-of-Stake consensus algorithm, which enables high transaction throughput speeds while ensuring nodes stay compliant.
• Believability Score in POB: Each node will have this based on; the amount of IOST in the node, the number of earned Servi tokens, the number of positive reviews of the node, the previous actions/transactions of the node.
• Selecting validators using POB: Nodes are chosen at random using algorithmic randomness depending on input from previously created blocks; accounts with higher Servi, more IOS tokens, and better reviews are more likely to be chosen as the next validators and beneficiaries of newly created blocks.

Use Cases

IOST contains a wide number of dapps and dapp users. At the present, the most popular IOST dapps are in the field of gambling, games, and exchanges.

List of Dapps on IOST.

Where to Buy

In India; IOST can be purchased through the WazirX. It has also been listed on exchanges such as Bittrex, CoinEx, Livecoin, Binance, and Bitrue.

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