Buy IOST

What is IOST?

IOST, or Internet of Services Token, is a decentralized blockchain network designed to support the structure and demands of online services. It focuses on security and scalability by implementing a unique consensus mechanism called Proof of Believability (PoB). This system is engineered to accommodate enterprise-level transaction volumes and provide a reliable environment for decentralized applications.

How does IOST work?

IOST operates on innovative technologies such as Efficient Distributed Sharding (EDS) and the Proof of Believability (PoB) consensus algorithm. EDS increases transaction speeds by dividing the blockchain into shards, each capable of processing transactions independently. The PoB consensus assigns nodes a "believability" score, which is used to ensure trustworthy validation of transactions. Additionally, the platform includes features like TransEpoch, which smooths transitions between epochs, Atomix for secure cross-shard transactions, and Micro State Blocks for reduced storage and bootstrapping costs. The platform also supports the development of smart contracts using Solidity and JavaScript.

What are the potential use cases for IOST?

IOST's scalable and secure blockchain infrastructure allows for diverse applications across various sectors:

1. Online Payments and Services: IOST facilitates efficient transactions with low fees, benefiting service providers and e-commerce platforms.

2. DeFi and NFTs: It supports decentralized finance applications and the creation of non-fungible tokens, appealing to DeFi platforms and NFT marketplaces.

3. Smart Contracts and dApps: The platform fosters the development of decentralized apps in areas like gaming, gambling, and financial services.

4. Partnerships: Collaborations with organizations such as Amazon Web Services enhance its capabilities in Web3, Metaverse, and other emerging technologies.

What is the history of IOST?

IOST was founded by a team including Terence Wang, Jimmy Zhong, Kelvin Tan, and Ray Xiao, leveraging their experience from companies like Microsoft and Uber. The project raised $35 million in a private token sale in December 2017 and launched its mainnet in February 2019. It has achieved significant scalability milestones, such as a 0.5-second block time and 8,000 TPS. Over the years, the IOST ecosystem has expanded with partnerships, integration of sharding technology, and support for decentralized finance and NFTs, enhancing its market presence and technical capabilities.