What is IOST?
IOST is a high throughput blockchain platform that aims to be the fundamental architecture for security and scalability online services of the decentralized economy. It is a network based on the “Proof of Believability” (PoB) consensus algorithm, the purpose of which is to solve the scalability problem and to obtain business adoptions. IOST operates on the enterprise level and aims at business services, brings them together on a common blockchain network for global use. Horizontal scaling, high transaction throughput, and sharding technology are used to achieve the goal of 100,000 transactions per second.
IOST is the Internet of Services Token. The team released a completely new consensus algorithm called “Proof of Believability” (PoB). IOST has been introduced by famous names in the technology industry. Jimmy Zhong is the CEO, and Terrence Wang is the CTO. Jimmy Zhong was the CTO of Studypool, founder of 500 Startups, and co-founder of Dora. Terrence Wang was the software developer of Uber for two years before IOST. The IOST ICO successfully gathered $31,260,000. In the beginning, IOST token began as an ERC20, but then IOST moved from Ethereum to its own mainnet. By the time IOST launched its mainnet, they already had 150 partners. Users who still hold the ERC-20 IOST token can swap it to the new mainnet token but this can only be done on supported exchanges, such as Binance, Kucoin, Huobi, Okex and Upbit. This method of exchange is the only recognized way of swapping and getting a new coin. IOST has not yet officially launched a manual token swap scheme.
How does it work?
IOST technology is an ecosystem for businesses and developers to create software. It is founded on dApps and smart contracts. The IOST virtual machine offers stability and the ability to program in a variety of major programming languages. Consensus algorithm Proof of Believability (PoB) Consensus Mechanism uses sharding technology. Large numbers of small shards provide good efficiency, but not well secured from malicious "bad actors". Small numbers of large shard ensure slower performance, but more protection. Proof of Believability is a new Byzantine consensus protocol that guarantees additional safety at the same time maximizes transaction throughput by the size-one shard. This mechanism was designed to remove the need for a PoW, that absorbs energy resources. With PoB, the believability of the node is calculated on the basis of contribution and behavior. Fairness is guaranteed by algorithmic randomness. Servi token is a token on the IOST network to reward the ‘good users’. The users support others and provide services, get rewarded with Servi tokens but they are not tradeable. The main purpose of these tokens is to calculate the Believability score of the user. It is different from the standard PoS and PoW, or even the dPoS. With PoB, the user needs to have a strong reputation and a positive validating experience.
IOST tokens have a number of purposes:
Payment – it is used to pay for goods and services provided by merchants or community members. Commission – it is used to validate smart contracts, process messages and transactions, and the use of resources within the ecosystem, including storage space, computing power, etc. Believability – used to calculate users’ believability scores.
Instead of the usual Proof-of-Stake consensus mechanism, IOST offers a Proof of Believability consensus to solve the problem of a few large players holding a large portion of the tokens. It does this procedure by divides all validators into two groups, a believable group, and a normal group. Believable groups process transactions quickly, afterward relying on the normal group to verify and ensure security. Validators caught misbehaving will lose all their tokens in the network
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