User:Writesbytes123/sandbox
 | |
| Denominations | |
|---|---|
| Code | IOST |
| Nickname | |
| Development | |
| White paper | Internet of Services: The Next-generation, Secure, Highly Scalable System for Online Services[1] |
| Code repository | N/A |
| Development status | Under development |
| Ledger | |
| Circulating supply | 11.03 billion(as of 10 January 2018[update]) |
| Supply limit | 21,000,000,000 |
| Website | |
| Website | www |
The Internet of Services is a technology platform that runs the IOST cryptocurrency, or IOST. The Internet of Services Foundation, led by former co-founder of Studypool and Dora Jimmy Zhong, developed IOST.
Introduction
The Internet of Services is a next-generation blockchain technology that provides the network infrastructure to support a service-oriented ecosystem. The IOS platform provides its users a completely decentralized way to exchange online services and digital goods. It also enables developers to deploy large scale dApps with the ability to support a massive number of users. The Internet of Services Foundation has stated that their goal is to solve the scalability issues of current blockchain technology.
The Internet of Services Foundation is developing their currency around several innovative technologies: Proof-of-Believability (PoB), Efficient Distributed Sharding (EDS), Atomix, and Micro-State Blocks.
Proof of Believability
This is a Byzantine consensus protocol with a believable-first approach that guarantees safety and liveness of the system while largely maximizing transaction throughput. The protocol divides all validators into two groups, namely, a believable league and a normal league. Believable validators process transactions quickly in the first phase. Afterwards, normal validators sample and verify the transactions in the second phase to provide finality and ensure verifiability.
Efficient Distributed Sharding
An innovative sharding format that makes shards sufficiently large and strongly bias-resistant via a combination of a client-server randomness scavenging mechanism, and leader election via cryptographic sortition. As the network grows, it will be able to handle larger and larger throughput with the help of this technology.
Atomix
An atomic commit protocol used to commit transactions atomically across shards. Atomix ensures that all transactions either commit or abort atomically even when they affect IOS blockchain states distributed across multiple shards. Application of a two-tier verification process minimizes the latency of micro-transactions, ensuring that IOS transactions are safeguarded and fast.
Micro State Blocks
The IOS uses classic distributed checkpointing principles to produce consistent, collectively-signed state blocks periodically. Micro state blocks minimize storage and update overhead, which helps new or crashed validators quickly catch up to the current blockchain state without downloading the entire blockchain since the first block. The micro state blocks summarize the shards’ states in an epoch and enable blockchain pruning to reduce storage and configuration costs for validators.