IOST (IOST) – Unleashing the Power of Blockchain

Written by Adolph Obasogie - Reviewed by Coin Review Team

Published: Jun 20, 2018 | Last Updated: Mar 14, 2019

2024-04-15T21:24:20+00:00

What is IOST?

IOST is a high-throughput blockchain and a decentralized infrastructure platform for online service providers with smart contract functionality. IOS stands for “Internet of Service,” and the project states that it can support 100,000 transactions per second. IOST invented a new kind of consensus mechanism, called Proof-of-Believability, where past contributions and behaviors of a node are taken into consideration to validate it.

Table of Contents:

The past behavior of a node is combined with a default inputted randomness create a consensus mechanism which can be used by everybody. Several believable validators process transactions quickly intrashard first. These validators are chosen through a so-called “believability score,“ which is made from token balance, contributions to the community and reviews, among other factors. Second, normal validators and verify the transactions.

The main goals of the project are improved scalability and a more sustainable form of consensus.

IOST claims:

“IOS token largely improves the scalability of the network by dynamically partitioning the IOS network into subspaces via a secured, bias-free stochastic process.”

The ecosystem uses these features for improved scalability:

EDS – Efficient Distributed Sharding
Scaleout – Perfect partitioning state for the handling of multiple groups in parallel
Atomix – atomic-swap protocol to enforce consistency among cross-shard transactions
BRDR – “Bias Resistant Distributed Randomness” – an effective and secure way to introduce unbiased randomness into the network

The underlying asset is called IOST and is currently an ERC20 token. As soon as the network is live, these placeholder tokens will be converted to native tokens on the IOST-blockchain.

History

IOST was founded by Terrence Wang, Ray Xiao, Kelvin Tan, Bosch Lee and Jimmy Zhong. The team is based in Singapore. The project first appeared in January 2018. No ICO was held, all funding rounds were done privately.

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Can IOST be mined?

No, the consensus mechanism is Proof-of-Stake. Therefore you cannot mine, but you can stake your tokens to help secure the network and get additional tokens as compensation. The exact details have not been submitted at the time of writing.

What differs IOST from other Cryptocurrencies?

The consensus mechanism (Proof-of-Believability) is completely new and unique.

How much is IOST worth today?

What is the total and the circulating supply?

The total supply of IOST is 21,000,000,000 and the circulating supply at the time of writing is 8,400,000,000 IOST.

Where can you buy IOST?

You can buy on several cryptocurrency exchanges, most notably Binance and Huobi.

Can be sold for cash?

You can sell for cash on several cryptocurrency exchanges that have fiat-pairings, most notably Ethfinex.

Future Development

The token swap of the ERC20 tokens to native tokens is scheduled for the third quarter of 2018. The launch of the first DApps and Optimization with Machine Learning Implementation are expected to launch on Q4 on the IOST network

Verdict and Rating

3/10
Another high-throughput blockchain platform that sacrifices scalability for security. The supply is very high, and Proof-of-Stake is unproven at the moment. Additionally, they will have an unbelievable hard time to compete against Ethereum and Cardano. IOST entered the scene late and the mainnet launches in Q3 this year, the competition is several years ahead. I would be careful with this project at this stage.

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3 / 10.0

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Disclaimer

The writer’s views are expressed as a personal opinion and are for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.