What is IOStoken (IOST Coin)?
IOST Coin Price
What Is IOST Coin | A Quick Overview
IOST Coin is focused on something called the “internet of services” which is a decentralized solid infrastructure for online service providers. With high transactions per second, privacy protection, and scalability they see infinite possibilities for online service providers.
The History of IOSToken
IOSToken put out their first article on Medium on January 3rd, 2018 where they explained what the Internet-of-services is and the main concept behind IOST coin.
They launched not with a public token sale, but with an independent private sale that was an institution where China, Korea, and the U.S. were not allowed.
Otherwise, since then they have been in development, but do not have a full-scale working product yet.
The Roadmap of IOST Coin
At this point, there is no clear roadmap for IOSToken
The IOST Coin Team
Yannan (Terrence) Wang - Linkedin - Co-Founder and CTO
Co-founder and CTO at IOST | blockchain pioneer | Princeton UChicago UMN | Uber Microsoft (from Linkedin).
Jimmy Zhong - Linkedin - Co-Founder
Entrepreneur, Geek & Developer. Insanely passionate about startups and creating new things. Founder & CTO at Studypool (500 startups batch 11), an online academic platform that assists students to get help with their academic questions (from Linkedin).
Kelvin Tan - Linkedin - Co-Founder
B.S., Tsinghua University, Computer Science | Gold Medal - National Olympiad in Informatics | Gold Medal - ACM/ICPC Regionals | CTO of EtherCap (from IOStoken.com)
Ray Xiao - Linkedin - Co-Founder
Extremely passionate about using technology to solve problems. Founder/Cofounder of three VC-backed companies in New York, Beijing and around the world (from LinkedIn).
IOST Coin Media
IOST Coin White Paper
Total Coin Supply
The Purpose of IOSToken
IOSToken set out to fix a few issues in the crypto ecosystem.
The first being the fact that scalability and the increasing challenge for networks to join and handle a capacity of transactions on the blockchain is only increasing.
Secondly, they wanted to create a more fair and sustainable form of consensus.
That way the energy that is typically required for proof-of-work mining isn’t wasted, and proof-of-stake can’t be manipulated.
What they came up with is IOSToken and its proof-of-believability type of consensus (which we will get into in the features section).
And together, the way that IOSToken operates is connecting these service providers to serve their customer base ultimately.
The Features of IOST Coin
Improved Scalability Using Three Technologies
Partitioning state for multiple groups handled in parallel.
An atomic-swap protocol that helps enforce consistency among cross-shard transactions.
BRDR - Bias Resistant Distributed Randomness
This is one of the ways that the IOS network will be more fair, by introducing unbiased randomness into the network.
Based on contribution to the network, the behavior of the node, and a default inputted randomness; this creates a consensus mechanism that anything can use.
It uses an intrashard believable-first consensus mechanism. These believable validators process transactions quickly in the first phase. The believability score is made from token balance, contributions to the community, reviews, and many other indicators.
Then in the second phase, normal validators sample and verify the transaction.
And after the rest of the process takes hold, the transaction is complete, and the consensus is achieved.
The IOSToken Ecosystem
This is a triangle based system of intercommunication between the IOST network.
HUDS - A way for the IOS ecosystem to provide a decentralized, secured, searchable, efficient and economical storage mechanism.
dApps and Smart Contracts - The centerpiece of the ecosystem, allowing developers to have the stability and high concurrency from the IOS virtual machine and develop in mainstream programming languages.
Fair and Transparent Feedback System - Being fair, they want to allow users to provide feedback on the service. This is then designed to be verified feedback and honor the believability of the system.
What We Think of IOST Coin
On a large scale, IOST coin is aiming to create a network meant specifically for service providers and addressing their concerns.
The proof-of-reliability algorithm trips us up though, as it is trying something completely new without prior testing and with no working version.
As the product is released, we will be able to see if the PoB model holds up or not. For service providers and their customer's speed, scalability, and trust are crucial. And that is what IOST coin seems to be trying to accomplish.
Otherwise, we do not currently hold this coin and will be looking at it in the future.
If you liked this review and want to help support the academy donate some ETH below!
MORE FROM THE CRYPTOCURRENCY INDEX
What is Dogecoin (DOGE)? DOGE Coin Price What is Dogecoin? | A Quick Overview Doge is a meme created in 2013 about the Shiba Inu Japanese breed of dog, which was then taken and converted into a peer-to-peer cryptocurrency. Since then this decentralized peer-to-peer cryptocurrency has taken hold of a market cap over $1 billion…
What Is Litecoin LTC? LTC Coin Price Let’s use this analogy to get a quick understanding of Litecoin: Bitcoin is to Gold. As Litecoin is to Silver. Litecoin enables a peer-to-peer currency with instant, near-zero cost payments to anyone in the world. It’s said to be the day to day currency that anyone can…