Updated: Dec 20, 2019
The Internet of Services (IOS) is an ultra-fast, decentralized “Internet of Services” platform, based on a blockchain infrastructure that is both scalable and secure. IOS token or IOST is the platform’s native token. This network is based on the next-generation consensus algorithm called “Proof of Believability” (PoB). Other notable techs used in the project include Efficient Distributed Sharding (EDS) technology and ultra-high Transaction process system (TPS).
This guide will discuss the purpose behind the creation of IOST, its creators, how does it work, and the various uses and applications.
What Is IOST Designed For?
The current blockchain network has hit a plateau. Additional adoption in the currently existing options only results in slow transaction times, exorbitant fees, and poor throughput. Most scaling solutions implemented today are largely untested and are without the bandwidth to reach the level required by large enterprises, such as Amazon.
The IOST team believes the current blockchain architecture and consensus protocols are the inherent limitation factors and causes of scalability roadblocks. IOST is designed to provide a scalable and fast platform to users, on which they can exchange digital goods and online services in a decentralized manner.
Who Is the Team Behind IOST?
There are over 30 members in the IOST team spread across Asia and North America. There are 6 co-founders to the project, including Terrence Wang (developed CoinLang at Princeton), Jimmy Zhong (multiple successful exits as a serial entrepreneur), Bosch Lee (former employee of Morgan Stanley, Deloitte, and Goldman Sachs), Kelvin Tan (current CTO of Ethercap), Ray Xiao (founder of multiple startups), and Samantha Wang (CMO for several internet companies).
The IOST team also has a notable advisory board including Jia Tian, a Zcash consultant, and Ryan Bbinski, one of the co-founders of Codecademy, among others.
How Does IOST Work?
There are five primary innovations put to work in the IOST, which together help in making the network stay true to its purpose. Efficient Distributed Sharding (EDS) makes use of sharding, which splits nodes on a network into groups to verify a proportional number of transactions.
IOST uses the Distributed Random Protocol (DRP) to select random nodes to a shard by implementing client-server communication, with non-interactive zero-knowledge proofs (NIZK). The next step involves publicly verifiable secret sharing (PVSS), which creates a non-forgeable, uniformly random value.
IOST uses Trans Epoch, which allows all remaining nodes to continue working. This algorithm is important for keeping the Byzantine Fault Tolerance (BFT) consensus on each shard. Further, IOST’s implementation of the Byzantine Shard Atomic Commit (Atomix) protocol prevents inaccuracies and susceptibility to hacking, when transactions are required to be made across shards.
Proof-of-Believability effectively separates all IOST nodes into two leagues of believable and normal. The last innovation is Micro State Blocks (MSBs), which allows IOST to prune blockchain storage.
What are Current and Future Applications of IOST?
The primary purpose of the IOS Token is to act as a medium of exchange on the network, and a factor in calculating the believability score of a node. IOST is also earned by contributing computing power for smart contract execution and other services, and for validating transactions.
There are multiple Dapps built on IOST in various categories. Here are some of the more notable ones:
Gaming - Crypto Sanguo, BlockArcade, and IOSTLand among others.
Gambling – Endless game, IOSTPlay, IOSTVegas, and IOSTWin to name a few.
Finance – Leibi Pool and Guppy’s
Exchanges – IOST Dex and IOSTSwap,
Tools – IOST Voter
The ERC-2-IOST token has seen some particularly interesting movements since its launch. The price doubled within 6 months indicating bullish sentiment. IOST is a lot like IOTA, and investors who feel strongly about the IoT industry should consider investing in this token.
In February 2019, IOST launched its mainnet in partnership with 150 enterprises that form part of its “Global Partner Network”. Some of the more notable partnerships include OK Pool, Xangle, ChainXGame, G.Game, Crypto War, and Unitopia. Other partners include DFund, Alpha Coin Fund, Bixin, and Sequoia.
IOST is currently competing with other notable decentralized application platforms in terms of enterprise-level usage and scalability. Ethereum, EOS, and NEO are IOST’s biggest competitors. However, ICON, VeChain, and Lisk are also looking to provide scalable blockchain solutions to enterprise clients.
IOST is easily one of the more complex projects, involving building a more scalable blockchain infrastructure. If the development team manages to achieve the very ambitious goals set for them, then the crypto world may witness an entirely new blockchain infrastructure, which will conquer the industry.