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 aims to develop a next-generation blockchain technology that will provide 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 distributed applications (dApps) with the ability to support massive numbers 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
This is a 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 IOS network grows, it will be able to handle larger and larger throughput with the help of this technology.
An atomic commit protocol is used to commit transactions across shards. Atomix ensures that all transactions either commit or abort atomically even when they affect IOS blockchain states distributed across multiple shards. The application of a two-tier verification process minimizes the latency of micro-transactions, ensuring that IOS transactions are fast and safeguarded from potential security breaches.
Micro State Blocks
The IOS blockchain is designed to use classic distributed checkpointing principles to periodically produce consistent, collectively-signed state blocks. 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 starting from 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.
Storage
Currently, the best way to store IOST is on MyEtherWallet. IOST is currently an ERC-20 token but is planning on shifting once they launch their mainnet.