The Internet of Services aims to come with its own Blockchain infrastructure that will solve the current market problems of scalability which has lead to inevitable problems of slow transactions, high fees and inefficient throughput.
Thus, IOS team believes that it solves the major issue issue of scalability through its innovative two concept namely being Proof of Believability (POB) consensus mechanism and Efficient Distributed Sharding (EDS) technology and so, calling themselves as “The Pinnacle of Throughput”.
How does it work?
IOS will create a Blockchain infrastructure that will improve the problem of horizontal scalability that will offer its user a high transaction throughput.
According to their whitepaper, they expect the above to be achieved with these basic functionalities :
- Efficient Distribution Sharding – It claims to “dynamically partition” the IOS network into subspaces through a bias-free stochastic process.
- Proof-of-Believability (POB) – This consensus protocol aims to eliminate the need for an energy-hungry proof-of-work protocol and will divide all the validators on intra-shards into two groups, one for the normal league and other for the believable league. The consensus will help the network to perform tens of thousands of transactions per second and the believability of network nodes will be calculated based on user’s contributions and previous behavior.
- Atomix – It is a fast grade commit protocol that will enforce consistency among cross-shard transactions. This will protect the network from double spend attacks and inaccuracy among transaction ledgers of different shards.
- Micro State Block (MSB) – Uses blockchain storage through MSBs for higher security where each node is shared in its network store. Here, only the header of previous blocks are stored and blockchain state is divided in multiple shards.
- Bias Resistant Distributed Randomness – Divides the network homogeneously ensuring transparency & randomness throughout the sharding process.
What is IOS token (IOST)?
IOST is currently an ERC20 token which will be used as a medium of exchange (its native token) once their blockchain is launched. IOST token will also be taken into account for factoring node’s believability score. Being the medium of exchange, users can earn IOST for validating transactions and for the contribution of computing power to the network for services.
At the time of writing, there are total 8.4 billion token in circulation out of the total supply of 21 billion.
Currently, IOS is an ERC20 token and can be stored in any wallet that supports the Ethereum Blockchain. The most secure way of storing the relative token is the hardware wallet that supports ERC20 token like Ledger Nano S.
Since its inception in Jan’2018, IOST attracted investors confidence in only in its early days and has lacked substantial investors interest over the project in the following months. Currently, IOST is trading at $0.04 representing a gain of 100% since its inception but, a lack of a clear roadmap is rather worrisome at this point.