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Summary of IOST
Key Points
- IOST is a decentralized blockchain network and ecosystem with its own nodes, wallets, and a “next-generation” consensus protocol called “proof-of-believability.”
- Founded in January 2018 by Jimmy Zhong, Terrence Wang, Justin Li, Ray Xiao, Sa Wang, and Kevin Tan.
- IOST aims to resolve scalability issues in blockchain technology.
- Claims to process up to 100,000 transactions per second.
- Total token supply: 21 billion.
- 40% of tokens were sold in an ICO, raising $31.3 million in ETH.
- IOST relies on its proof-of-bel
About IOST: Empowering a Decentralized Future
Introducing IOST (IOST): The Next-Generation Blockchain Ecosystem
IOST bills itself as an “ultra-fast,” fully decentralized and autonomous blockchain network and ecosystem, replete with its own nodes, wallets, and powered by the innovative “proof-of-believability” consensus protocol, touted as a next-generation solution.
The Visionary Founders Behind IOST
In January 2018, the project was inaugurated by a visionary team comprising Jimmy Zhong, Terrence Wang, Justin Li, Ray Xiao, Sa Wang, and Kevin Tan.
Zhong has established a diverse portfolio of tech startups in both the U.S. and China. Following his university days, he returned to Beijing, where he co-founded IOST, in addition to pursuing other innovative ventures.
Notably, Wang’s professional background includes a stint as a software engineer at Uber. He boasts an impressive educational pedigree, having earned a degree in computer science from the University of Minnesota, followed by a master’s degree in computer science from the esteemed Princeton University.
Prior to his current endeavors, Li held positions as an investment banking associate at Goldman Sachs and a data scientist at Mobike. He boasts a strong academic foundation, having graduated with a degree in applied mathematics and computer science. Meanwhile, Tan, a co-founder of Ethercap, brings a wealth of knowledge, having earned a degree in computer science from the esteemed Tsinghua University.
Xiao co-founded Dora, an innovative AI company specializing in intelligent kiosks, alongside his partners Jimmy and Sa. He holds a strong academic background in computer science and quantitative economics, which he pursued during his university years.
Unveiling the Unparalleled IOST: A Pioneering Blockchain Ecosystem
IOST’s blockchain infrastructure is built on an open-source foundation, meticulously designed to ensure paramount security and scalability, with the ambitious goal of serving as the cornerstone for future online services.
The team has devised a novel “proof-of-believability” consensus algorithm, ensuring that transactions on the network are simultaneously secure and efficient.
One of the most significant hurdles that IOST seeks to overcome is the limitation of large corporations embracing blockchain technology in customer-facing environments, primarily due to scalability constraints. The Internet of Services Token is proposed as a solution to this pressing issue.
To gain a comprehensive understanding of IOST, it is instructive to draw parallels with its closest competitors: Ethereum, the most widely utilized smart contract platform among developers, as well as EOS and TRON, which are highly scalable smart contract platforms boasting significant adoption rates.
The most striking distinction between IOST and its competitors lies in its purported ability to process a staggering 100,000 transactions per second, vastly surpassing the capabilities of its rivals, including Ethereum’s 20, Tron’s 2,000, and EOS’s 4,000.
To achieve these remarkable transaction speeds, the IOST team has devised a pioneering blockchain architecture, which innovatively integrates several groundbreaking technologies, including a Distributed Randomness Protocol, Efficient Distributed Sharding, TransEpoch, Atomix, Proof-of-Believability, and Micro State Blocks.
What Is the Circulating Supply of IOST (IOST) Coins?
IOST boasts a total token supply of 21 billion. In January 2018, the project conducted an initial coin offering (ICO), during which 40% of the tokens were sold, generating approximately $31.3 million worth of ETH at the time of the sale.
Regarding the remaining allocation, 35% has been reserved by the IOST Foundation, while 12.5% was earmarked for community development, 10% was allocated to the IOST team, and 2.5% was set aside for investors and advisors.
The IOST Network’s Robust Security Mechanisms
To distinguish itself amidst a multitude of niche blockchains, IOST leverages its innovative proof-of-believability protocol (PoB) and efficient distributed sharding (EDS) to significantly enhance the scalability and security of its blockchain infrastructure.
IOST is specifically designed with enterprise use in mind, boasting the capability to seamlessly handle the substantial workloads generated by tech giants like Amazon, Google, and Facebook. Strategic partnerships emerge as a pivotal factor in the project’s success.
Acquiring IOST (IOST): A Comprehensive Guide to Exchanges and Platforms
IOST can be conveniently purchased on a multitude of reputable exchanges, including Bittrex, CoinEx, Livecoin, Binance, and Bitrue, among others.
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