What is IOST and what does it solve?
The IOST provides a next-generation, decentralized ecosystem for service providers and users with fast and safeguarded transactions based on blockchain technology.
IOST was founded in 2017 and headquartered in Singapore, backed by global top dollar investment institutions including Sequoia, Matrix, and ZhenFund. It is an enterprise solution based blockchain application platform. IOST2.0 has higher throughput and availability, and has become a real Web3.0 blockchain operating system. IOST 2.0 — The Merge will adopt a Beacon Chain + Smart Chain architecture compatible with EVM, and both will communicate using the standard Engine API. IOST 2.0 will continue to evolve and upgrade multiple subchains, including generic EVM smart contract chains and specialized subchains, such as NFT, gaming, and AI Native chains.
Token Overview
- Token name: IOST
- Token symbol:IOST/USDT
- Total circulation supply: 21,315,000,000
IOST is the native cryptocurrency for the IOST blockchain platform. It currently has a total supply of 18,708,894,189 units (September 2023).
In December 2017, a private sale (conducted in three phases) successfully raised 35,000 ETH, equivalent to $35.0MM, selling tokens at approximately $0.004167 each. From the total token supply, 40% was allocated to the private sale, 10% to the team (unlocked in January 2019), 2.5% to advisors and equity investors, 5% for strategic sales, 35% to the token treasury, 5% to the community, and 2.5% for BD & marketing.
IOST manages its funds in a cold multi-signature wallet, requiring two out of three signatures from the CEO, CTO, and CDO to access. By January 18th, 2018, 9.81% of raised funds were used for community building, and token distribution will continue until 2036.
IOST coin facilitates payments for services, goods, and smart contract fees on the platform. It’s used to process transactions, secure storage space, reward contributors of network resources, and can be exchanged for other IOST network tokens issued by third parties.
Coinstore Listing
- Trading pair: IOST/USDT
- Trade time: 2024/02/06 17:00（UTC+8）
- Withdrawal time: 2024/02/06 17:00（UTC+8）
What are the strengths of IOST?
IOST uses two pivotal mechanisms: Proof-of-Believability (PoB) for consensus and Efficient Distributed Sharding for scalability. Together, they redefine speed and security in blockchain, ensuring a seamless and decentralized infrastructure.
- Proof-of-Believability: Proof-of-Believability (PoB) is a unique consensus algorithm. Unlike conventional methods where only a few top nodes partake in block production, PoB enables most nodes to participate, ensuring scalability and decentralization. It uses a dynamic committee formation process, based not solely on voting results but also on a point system called Servi, determining the rotation of committee members.
- Efficient Distributed Sharding: Efficient Distributed Sharding (EDS) is another critical component that bolsters IOST’s scalability. Unlike traditional sharding methods that can fragment the network and pose security risks, EDS ensures a more balanced and secure distribution of nodes. By intelligently partitioning the IOST network into multiple shards, EDS allows parallel processing of transactions. Each shard handles a subset of the overall transactions, leading to simultaneous processing and significantly increasing the throughput of the network.
In IOST’s quest for scalability and efficiency, several other mechanisms and features stand out:
- Micro State Block (MSB): Designed to streamline the blockchain, MSB significantly reduces storage and bootstrapping costs for validators. Minimizing these expenses invites more participants to the consensus, fostering a more inclusive blockchain ecosystem.
- TransEpoch: Currently under testing, TransEpoch safeguards the assignment of validators to shards during epoch transitions. Its primary function is to ensure transaction operability even during these transitions, thus promoting uninterrupted blockchain activity.
- Atomix: Another feature under testing, Atomix is a rapid inter-shard atomic commit protocol. Built to operate with the PoB consensus algorithm, Atomix guarantees the atomicity of transactions even in Byzantine environments. It verifies the authenticity of cross-shard transactions, ensuring the integrity of interconnecting sub-blockchains.
- Cross-Chain Compatibility: Amplifying interoperability, IOST has collaborated with Polkadot to develop a cross-chain transfer bridge, seamlessly linking the IOST and Polkadot ecosystems. This alliance showcases IOST’s commitment to versatile blockchain connections and broad network accessibility.
What does the IOST ecosystem include?
The IOST ecosystem boasts a range of features and collaborations, underlining its diversity and expansive capabilities:
IOSTSwap
It addresses Ethereum congestion by enabling token transfers between IOST and Ethereum, unlocks new liquidity and broadens user accessibility, and provides an optimized cross-chain protocol, gas price calculator, and zero fees for gas and handling. IOSTSwap enhances user experience by offering a streamlined cross-chain transfer system. Its zero gas and handling fees make it exceptionally cost-effective, attracting a wider range of users.
Wallets
The iWallet and are both Chrome Extensions ensuring easy and secure access for users.
Both the iWallet and Jetstream wallets are designed to offer user-friendly experiences, integrated right into the Chrome browser for convenience. These extensions provide robust security features to protect digital assets while making transactions effortlessly accessible, right from the browser toolbar.
Partnership with ChainUp Cloud
A strategic alliance that furthers IOST’s commitment to a decentralized Web3 digital infrastructure. It focuses on ecosystem development, brand integration, technological innovation, and community building.
Partnership with HG ventures
Partnership with Tencent cloud
NFTs
The IOST blockchain offers a robust environment for NFT development and trading, showcasing platforms like Revival and TokenLink. Whether tokenizing artwork or integrating NFTs into gaming, IOST provides a highly scalable and efficient ecosystem. It supports the IRC-721 NFT standard, allowing for a smooth developer experience. With features like ultra-fast response time and practically fee-less transactions, IOST stands out as an ideal platform for NFT marketplaces.
This overview provides just a snapshot of the many elements that make up the IOST ecosystem. As the platform continues to evolve, it remains dedicated to introducing more innovative solutions, fostering partnerships, and expanding its reach in the blockchain world.
IOST Official Media
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