User:Writesbytes123/sandbox
 | |
| Denominations | |
|---|---|
| Code | IOST |
| Nickname | |
| Development | |
| White paper | The Next-generation, Secure, Highly Scalable System for Online Services |
| Code repository | github |
| Development status | Active |
| 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 (IOS) technology platform runs the IOStoken cryptocurrency, or IOST.[1] The Internet of Services Foundation, headquartered in Singapore and led by former Studypool and Dora co-founder Jimmy Zhong, developed IOST.[2] The goal of the foundation is to build a secured, scalable blockchain for online services.
Introduction
Blockchain technologies have continuously evolved since Satoshi Nakamoto use it for the Bitcoin network in 2008. However, scalability remains an issue with blockchain technologies, precluding it from more widespread use. This was highlighted in December 2017, when demand for Cryptokitties, a game that runs on the Ethereum blockchain, considerably slowed down the network.[3] More recently, Stellar has shown promise in accommodating large-scale transactions. It remains to be seen whether the Stellar network can handle large transaction volumes.[1]
The Internet of Services Platform
The Internet of Services Foundation is developing next-generation blockchain technology that will provide its network infrastructure the capability to host any number of online services and their users.
The IOS platform will provide its users a completely decentralized way to exchange online services and digital goods. It hopes to enable developers to deploy large-scale distributed applications with the ability to support massive numbers of users.[4] Once fully-developed, the platform may be able to process as many as 1 million transactions per second.[5]
The Internet of Services Foundation is developing their currency around the following technologies: Proof-of-Believability (PoB), Efficient Distributed Sharding (EDS), Atomix, and Micro-State Blocks.[6]
Features
Proof of Believability (PoB)
This is a consensus protocol built with Byzantine fault tolerance in mind and divided into two phases. In Phase 1, validators belonging to a believable league process transactions quickly. In Phase 2, normal validators sample and verify the transactions and provide finality and ensure verifiability. It is meant to guarantee transaction safety while maximizing transaction throughput.
Efficient Distributed Sharding
This is a sharding format for large and strongly bias-resistant shards, achieved through a client-server randomness scavenging mechanism and leader election. This ensures that the IOS network can handle increasingly larger transaction throughput.
Atomix
This atomic commit protocol is used to commit transactions across shards. Atomix ensures that all transactions either commit or abort atomically 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 speedy throughput.
Micro State Blocks
Most blockchains require validators to download the entire blockchain starting from the Genesis block. The IOS blockchain aims to be different by using classic distributed checkpointing principles to periodically produce consistent, collectively-signed micro state blocks that minimize storage and update overhead. Using these blocks, validators can enable blockchain pruning to reduce storage and configuration costs, and quickly catch up with the current blockchain state.
Current Status
IOST is currently an ERC-20 token built on top of the Ethereum network.[7] When the IOStoken blockchain becomes fully operational, the ERC20 tokens will be converted to the new IOStoken.[6]
References
- ^ a b "A Primer on IOSToken (IOST) — the Ethereum, EOS and IOTA competitor aiming to give machines…". Hacker Noon. 2018-04-17. Retrieved 2018-05-05.
- ^ Fries, Kimberly. "How Millennials Can Stay Relevant In A Fast Changing Industry". Forbes. Retrieved 2018-05-05.
- ^ "CryptoKitties cripple Ethereum blockchain". BBC News. 2017-12-05. Retrieved 2018-05-05.
- ^ "What Is IOStoken? IOST's Price Rises, Could Be Next Big Cryptocurrency". International Business Times. 2018-01-25. Retrieved 2018-05-05.
- ^ "Will IOStoken (IOST) Keep Rising in 2018?". The Crypto Globalist. 2018-03-29. Retrieved 2018-05-05.
- ^ a b "An Introduction to IOStoken: A Blockchain for the Internet of Services". CryptoSlate. 2018-02-05. Retrieved 2018-05-05.
- ^ "IOStoken (IOST): Is it time to invest yet?". Crypto Recorder. 2018-01-25. Retrieved 2018-05-05.