IOST

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The IOST project aims to be a secure and decentralized blockchain app platform that offers a sharding architecture and consensus mechanism able to handle up to 100,000 transactions per second.

Joke Name

IOST = Probability 2.0

Basic Intro

Link to the main website

Link to price/market cap

Exchange Ticker (IOST)

Coin or Token

Circulating Supply (8.4 Billion)

Total Supply (21 Billion)

Market Cap Ranking

Review

The IOST project aims to be a secure and decentralized blockchain app platform that offers a sharding architecture and consensus mechanism able to handle up to 100,000 transactions per second. IOST stands for Internet of Service Token. The aim of the IOS team is to offer a platform able to host Dapps and smart contracts with the ability to support a massive number of users.

  • Proof of Believability (PoB)
  • IOS token (IOST)

Proof of Believability (PoB)

IOS uses a consensus mechanism called Proof of Believability (PoB). Proof of Believability is a type of Byzantine consensus protocol that guarantees safety and adaptability of the system while at the same time maximizing the transaction throughput. With PoB, the trust in a node is calculated based on the contribution and behaviour of the node. IOS aims to use multiple factors including token balance and community contributions as a criterion for choosing ‘believable’ nodes.

IOS token (IOST)

The IOS token (IOST) is used as a medium of exchange on the IOS network and plays a factor in calculating the believability score of a certain node. Additionally, one receives IOST by validating transactions and contributing computing power for services such as smart contract execution. The IOS team chose to take a different route than other blockchain projects by only conducting a private sale as opposed to an Initial Coin Offering (ICO).

Closed source

IOS is a blockchain platform from Singapore, aiming to solve adaptability, transaction throughput, and security that right now hinders mass adoption. The team behind IOS aims to make this project an open source project, but the code is currently being developed in a private repository. After the software has been fully developed, the team will migrate the software code to an open source license.

Summary

IOS is another smart contract platform aiming to compete with more established names as Ethereum, EOS, NEO and others. IOS consensus model is comparable to EOS’ Delegated Proof of Stake (DPoS) in that Proof of Believability (PoB) presents a more energy efficient protocol that promotes scaling of the Blockchain leaning towards a more centralized approach with more powerful nodes having a higher reputation.

Pros

  • Listed on over 10 exchanges
  • Sharding

Cons

  • No backing (asset, profits, commodity)
  • Lots of competition