The IoS (Internet of Services) acronym refers to a cutting-edge blockchain technology that enables the widespread usage of online platforms and digital assets in a decentralized environment. Furthermore, it enables developers to create decentralized apps that will provide assistance to a high number of online service providers.
The Internet of Things (IoT) represents a virtual space where physical items are connected via digital agreements, decentralized apps, or transactions. Similar to Ethereum’s ERC20 token, there is a digital currency called the IOST coin that contributes to the sustainability of this digital ecosystem.
The Mechanism of the IOSToken
IOST is the primary medium of trade on the IOST platform. It is issued to users in exchange for transaction validation and liquidity mining or paid as commission on smart contract implementation. Despite being a component of the Ethereum distributed network, the IOSToken also functions within a semi-independent decentralized ledger known as the Internet of Services.
One of the primary objectives of this coin was to build an ecosystem of digital assets based on the Internet of Services that will be distributed on the Ethereum blockchain. IoS has a large online presence that is based on several innovative ideas in technology, including the EDS (Efficient Distributed Sharding) concept, the Atomix Commit Protocol, Micro State Blocks, TransEpoch Protocol, as well as the Believable-First consensus mechanism.
IOST uses Efficient Distributed Sharding to partition data and distribute it equitably all across the blockchain network in order to aid the blockchain with scalability and security problems. The Proof-of-Believability consensus approach, on the other hand, improves the authentication of high-volume transactions.
Since these protocols are a part of the next-generation blockchain technology, let’s take a more detailed look at how they work.
Efficient Distributed Sharding (EDS)
In contrast to traditional blockchain sharding, which divides a network’s nodes into tiny groups in order to verify a proportionate volume of sales, the EDS method partitions the whole IoS network into a predefined set of shards. This method is implemented in the IOST platform architecture to improve transaction speed while avoiding platform issues.
The Atomix Commit Protocol (ACP)
When it comes to sharding, the chance of transactions extending across shards in a distributed system is substantial. As a result, the blockchain network becomes vulnerable to double-spending and ledger inconsistencies across shards.
In order to alleviate this problem and guard the network against such potential security flaws, the IOST platform incorporates the Byzantine Shard Atomic Commit protocol. One of the most important functions of the Atomix protocol is to manage and permit inter-shard transactions in order to prevent double spending and maintain transaction consistency. This algorithm, in essence, maintains the atomicity of indivisible transaction data units inside distributed database systems.
What Does Proof-of-Believability Imply?
IOST created the Proof-of-Believability (PoB) consensus algorithm for blockchain applications. The primary goal of this mechanism is to reduce the need for the Proof-of-Work protocol, which is a more expensive method of maintaining network security.
With the PoB algorithm serving as a base, the nodes included in the IOST network are divided into two categories:
- Believable nodes, i.e. nodes that execute the transactions, and;
- Standard nodes, i.e. nodes which assess and authenticate transactions after evaluating them against their own internal set of rules.
This algorithm determines the believability index based on a variety of criteria, including token balance, community participation, and reviews.
Finally, the Proof of Believability protocol implemented in the IOST platform ensures that nodes have a low error margin, which allows for a significant boost in the rate of transactions that can be handled due to shard size fluctuation.
Micro State Blocks
Micro State Blocks (MSBs) are a vital part of IOST’s endeavor to mitigate the strain on data centers. They also help reduce the time necessary for blockchain transaction verification. With the use of the Micro State Blocks technology, each shard of the ledger maintains only the header information from the blocks that came before it.
As a result, the nodes are required to verify only the final segment of the chain rather than the complete blockchain, which adds to the speed of the transaction verification process.
The IOST platform features the TransEpoch Protocol to prevent malicious nodes from gaining control of the shards during the data transfer’s temporal gap. More precisely, it enables existing nodes to continue operating while new nodes initialize and retrieve data regarding past transactions conducted on the IOST blockchain.
That’s how this node-to-shard transition assignment protocol secures the platform’s full operation by establishing a consensus among all the nodes in the blockchain network.
Who Are the Developers Behind the IOST Coin?
IOST’s team of developers is composed of Terence Wang, Kelvin Tan, Ray Xiao, and Jimmy Zhong. They were able to come up with superior solutions to early blockchain challenges and substantially enhance this unique technical method as a result of their remarkable professional experience, educational background, and dedication to developing a scalable IOST blockchain network.
How Many IOST Coins Are There in Circulation?
CoinMarketCap reports that there are 16,454,275,775 IOST coins in circulating supply, while the total supply of this cryptocurrency amounts to 90,000,000,000 IOST coins.
Where and How Can You Buy the IOST Coin?
THe IOSToken is listed for buying, selling, and trading in exchange for other currencies and crypto coins on a number of crypto exchanges, including Binance, OKEx, Huobi, and Bitrue. IOSTokens are available for purchase in these cryptocurrency exchanges through PayPal, fiat currencies (mainly USD), bank transfers, or in exchange for other cryptocurrencies.
Huobi, Cobo Wallet, and TokenPocket, are some of the cryptocurrency wallets that offer convenient storage of IOST coins. The most popular IOST cryptocurrency trading pairings are Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).
IOST Price Prospects
There were 21 billion IOST tokens available at the time of the initial coin offering (ICO). Only a few days after its mainnet launch on May 25th, 2019, this digital currency was the first to be listed on Binance as the coin with the greatest trading volume.
Based on the IOST market cap and coins exchanged on the Binance platform since its inception and the rate of its growth in value, IOST is without a doubt the fastest growing digital asset on the crypto market today..
In addition, IOST has a place in the top-staking economy and has also worked successfully with firms across the world, such as the Asian digital wallet startup Moonstake. Bottom line, IOST is a bold endeavor that may prove to be a more feasible option than Ethereum (ETH), EOS, or NEO in the long run.
A Few Words Before You Go…
IOST is a decentralized Internet of Services platform that provides internet companies and online services with trusted and secure blockchain technology to build their dApps and allows them to participate in the IOST ecosystem. The blockchain technology used by IOST is open-source, safe, and scalable.
As a general strategy, the IOST platform tends to address some of the limitations of blockchain technology. This includes decentralized peer-to-peer distribution, secure transactions, simplified platform architecture optimized for portable devices, as well as a reward scheme facilitated by the platform’s native IOST coin. IOST developers also assert that this Ethereum-based blockchain platform is capable of handling the enormous number of users necessary for the mass adoption of a blockchain.
Globally, IOST maintains a presence in cities such as Singapore, Beijing, and Tokyo. By facilitating secure and easy exchanges, this cryptocurrency is expected to simplify and accelerate both the platform’s commerce and the transaction procedures for both startup tech companies and established corporate giants that conduct their businesses on the World Wide Web.