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What is IOST?
According to its developers, the IOST blockchain platform is highly scalable and uses its own consensus algorithm, trusted proof.
Decentralized applications can be run on IOST and at high speeds up to several thousand transactions per second.
Sharding, a method of database partitioning, is used for this purpose.
The goal of the developers behind IOST is to develop a leading platform for online services that meets the high demand for security and scalability in a decentralized ecosystem.
The acronym IOST includes Internet-of-Service (IOS) and word token (T). This platform is for service providers and blockchain developers looking for a fast and reliable infrastructure.
IOST is supposed to reach 100,000 transactions per second and thus will be faster than the well-known blockchains of Bitcoin and Ethereum. However, there are currently only 8,000 transactions per second in the document.
The blockchain-as-a-service BaaS solution is the third version of IOST after Public Chain and Ecosystem.
The platform is designed for the consortium blockchains of companies whose networks of partners have a business relationship with each other.
The shared blockchain provides the underlying framework for individually developed applications and solutions. It helps blockchain developers quickly set up their own business solutions on the blockchain.
In addition to enterprise solutions, IOST is also dedicated to the public sector and government organizations.
How does sharding work?
The transaction speeds of many old protocols like the Ethereum Blockchain are too slow to run valuable applications on for mass adoption.
With sharding, the main chain of each blockchain is said to be immutable because transactions run on the so-called child blockchain. This increases speed and scalability.
However, in order to adapt the technology to the broad industry, the issue of blockchain scalability must first be solved.
When fragmenting, the IOS network is divided into several sub-areas. A portion of nodes is grouped into a so-called shard and performs transactions specific to that shard.
This allows a large number of transactions to be executed and validated in parallel within the network. This increases the number of transactions per second possible on the blockchain.
The resulting “small” blockchains have similar characteristics in terms of security and consensus as the main chain.
In addition to the increased speed of the entire network, users also benefit from a reduction in the size of data processed and the use of a fully decentralized system.
Advantages of fragmentation
- Fast turnaround time
- Reduce data volume
Disadvantages of sharding
- Security for each fragment
- Integrity for each fragment
How does IOST work?
Based on Hyperledger Fabric, IOST goes beyond other platforms and is accessible to companies that want to integrate and develop it.
To that end, IOST has designed commercial solutions to provide services to traditional businesses to help them adopt or migrate to blockchain.
The foundation for IOST’s service-oriented blockchain is tokens. They are tradable on various cryptocurrency exchanges.
The platform can currently process up to 8,000 transactions per second without compromising on security. The network is decentralized and there are more than 400 nodes in the ecosystem.
IOST BaaS is based on the following six core blockchain technologies:
- Multi-cloud support
- Multi-chain support
- Authorization Management
- Smart contract
- Consensus Mechanism
What is reliable evidence?
Proof-of-Believability is a method of determining the reliability of a node. To do this, one considers its previous behavior and contributions.
Combined with fragmentation technology, this allows for maximum user convenience and high speed in transactions.
The consensus algorithm was developed by the IOST team in 2018 and is not yet widely used. It provides an algorithm for validating blocks based on the node’s past behavior and contributions.
This way, the blockchain retains its decentralized nature while the confirmations are secure and scalable. The PoB consensus mechanism implements a new side token called servi, which is given to good actors and is non-tradable.
It is used to generate and verify reliability ratings. It also incorporates factors such as the number of times the node has been actively verified to date and its past behaviors.
Additionally, the validators are randomly selected and algorithmic, allowing proven validators to join the ranks of the newbies.
However, one of the main advantages of the PoB consensus algorithm is improved scalability. This mechanism implements several methods, including Scaleout, Atomix, and Bias Resistant Distributed Randomness (BRDR). They allow the system to process multiple pools at once, keep cross-shard transactions consistent, and apply unbiased randomness when selecting validators.
What can IOST tokens be used for?
The native token of the IOST platform serves as the medium of exchange for all transactions and fees. As such, it also supports credible evidence.
As the “money of the platform”, the token serves as the primary medium of exchange in the network of goods and services. Validators receive a token reward for maintaining the network, while network users pay a fee for its use with the token.
Of the 22.3 billion IOST tokens, 18 billion are already in circulation. At the time of the ICO, 21 billion were available, divided as follows:
-40% for token sale
-35% for the IOS Foundation
-12.5% for community building
-10% for the team
-2.5% for investors and advisors
IOST is used to
credit score for calculated network validators. A validator is more likely to be chosen if it has a significant IOST balance and contributes to the community.
What solutions does IOST provide?
IOST is considered very business in nature and provides solutions for large companies or organizations. It is mainly relevant to service-oriented organizations that require complex network infrastructures.
Who is behind IOST?
Aiou Technology, the business division of IOST, has focused on the innovation and development of blockchain technology, providing professional blockchain solutions for government and enterprises.
The company was awarded the “2019 China Blockchain Technology Innovation Enterprise” by the Blockchain Research Institute.
Massive support from Chinese state-owned enterprises and influential private companies also shows the huge potential of IOST’s blockchain-based products.
The China Institute of Electronic Information Industry Development (CCID) ranked the IOST blockchain protocol first in enabling the technology, ahead of Bitcoin, Ethereum, EOS, and Cardano. Aiou Technology is also a member of the Linux Foundation.