What is IOST
IOST (Internet of Services Token) is a blockchain platform created to offer hosting service providers a safe, expandable, and decentralised infrastructure. With its “Proof of Believability” (PoB) consensus process, the IOST blockchain aspires to achieve high levels of scalability and transaction throughput while upholding a high level of security.
A group of blockchain and cryptocurrency specialists established IOST in 2017, and it debuted its mainnet in 2019. Decentralised applications (dapps) can be used to build a wide range of services, including gaming, social networking, financial, and more. The platform is built to assist the creation and deployment of dapps.
Both transaction costs and participation in the platform’s governance mechanism are covered by the IOST token. Voting for block producers and other choices affecting the management and development of the network can be done using tokens by token holders. An SDK and a developer site are only a couple of the tools and resources available to developers in the IOST ecosystem.
The history of IOST blockchain platform
A group of blockchain and cryptocurrency specialists, including co-founders Jimmy Zhong, Terrence Wang, and Ray Xiao, launched IOST (Internet of Services Token) in 2017. The team had previously worked on blockchain initiatives for Alibaba’s Ant Financial and the Chinese group-purchasing website Meituan-Dianping.
The IOST project sought to address some of the major issues that currently exist on blockchain networks, including their restricted ability to scale, their high transaction fees, and their lengthy confirmation times. The team created “Proof of Believability” (PoB), a novel consensus technique that combines parts of proof-of-work (PoW) and proof-of-stake (PoS) to reach high levels of scalability and security, to do this.
In November 2018 and February 2019, the IOST platform debuted their testnet and mainnet, respectively. Since that time, the platform has developed and expanded, drawing a community of users, developers, and investors.
IOST introduced a number of new programmes in 2020, including the “Global Partner Programme” to broaden its ecosystem and the “IOST NFT Marketplace” to make non-fungible tokens (NFTs) creation and trading possible. The platform has also maintained connections with other blockchain initiatives and partners, including well-known Chinese IT giants JD.com and Huobi.
IOST is one of the top blockchain platforms in the world right now, and its ecosystem of users, developers, and dapps is expanding. The platform is an appealing choice for a variety of use cases and applications because to its distinctive consensus method and emphasis on scalability and security.
How IOST blockchain platform works
The IOST (Internet of Services Token) blockchain platform works using a unique consensus mechanism called “Proof of Believability” (PoB), which is designed to achieve high levels of scalability and transaction throughput while maintaining a high degree of security.
In the PoB mechanism, nodes are selected to produce new blocks based on their “believability score,” which is determined by a combination of factors including their token holdings, past block production history, and the reputation of the nodes they are connected to. This creates a system where nodes are incentivized to act honestly and fairly, as any attempt to cheat or manipulate the system will result in a loss of believability score and a reduction in their chances of being selected to produce new blocks.
The IOST platform also uses a multi-layered architecture to further improve its scalability and transaction throughput. The platform is divided into three main layers:
- The consensus layer, which manages the selection and validation of new blocks.
- The service layer, which provides a framework for hosting and executing decentralized applications (dapps).
- The storage layer, which manages the storage and retrieval of data on the blockchain.
The IOST platform also uses a unique “Hyper Universe Distributed System” (HUDS) to enable parallel processing of transactions, which further enhances its scalability and transaction throughput.
IOST uses its own native cryptocurrency, the IOST token, which is used to pay for transaction fees and to participate in the platform’s governance system. Token holders can use their tokens to vote for block producers and other decisions related to the platform’s development and management.
In summary, the IOST blockchain platform works using a combination of a unique consensus mechanism, a multi-layered architecture, and a native cryptocurrency to create a highly scalable, secure, and decentralized infrastructure for hosting service providers and dapps.
Can IOST blockchain platform be trusted
The IOST (Internet of Services Token) blockchain platform has been designed to be secure, scalable, and decentralized, and the platform’s development team has taken a number of steps to ensure its reliability and trustworthiness.
Firstly, the IOST platform uses a unique consensus mechanism called “Proof of Believability” (PoB), which is designed to prevent attacks and ensure the integrity of the blockchain. The PoB mechanism combines elements of both proof-of-work (PoW) and proof-of-stake (PoS) to achieve high levels of scalability and security, while also incentivizing nodes to act honestly and fairly.
Secondly, the IOST platform has been audited by third-party security firms to identify and address any potential vulnerabilities or weaknesses in the platform’s code. The platform’s code is also open-source, meaning that it can be reviewed and scrutinized by anyone in the community.
Thirdly, the IOST platform has been designed to be highly decentralized, with a large number of nodes distributed around the world. This helps to ensure that no single entity has control over the platform and reduces the risk of a 51% attack.
Finally, the IOST development team has demonstrated a strong commitment to the ongoing development and improvement of the platform, with regular updates, improvements, and new features being released.
Overall, while no blockchain platform can be considered completely immune to attacks or failures, the IOST platform has been designed with security, scalability, and decentralization in mind, and has taken a number of steps to ensure its reliability and trustworthiness.
How to use IOST blockchain platform
The IOST (Internet of Services Token) blockchain platform can be used for a variety of purposes, including hosting decentralized applications (dapps), creating and managing digital assets, and participating in the platform’s governance system. Here are some of the ways you can use the IOST platform:
- Using IOST wallets: To use the IOST platform, you will need an IOST wallet to store your tokens and interact with the platform. The IOST platform supports a range of wallets, including the official IOST wallet, which can be downloaded from the platform’s website.
- Creating and managing digital assets: The IOST platform allows users to create and manage digital assets, including tokens and non-fungible tokens (NFTs). These assets can be used for a range of purposes, including fundraising, reward systems, and in-game items.
- Participating in dapps: The IOST platform hosts a growing number of decentralized applications (dapps) across a range of categories, including gaming, finance, and social media. To use these dapps, you will need to connect your IOST wallet to the dapp and follow the instructions provided.
- Voting and governance: The IOST platform has a decentralized governance system that allows token holders to vote on key decisions related to the platform’s development and management. To participate in the governance system, you will need to hold IOST tokens and use them to vote for block producers and other decisions.
- Developing on the IOST platform: The IOST platform also provides a framework for developers to build and deploy their own decentralized applications (dapps) on the platform. The platform provides a range of tools and resources to help developers get started, including developer documentation, sample code, and a testnet environment for testing and debugging.
Overall, the IOST platform provides a range of tools and resources for users and developers to interact with the blockchain and create innovative new applications and use cases.