The Internet of Services (IOST)
Even with the recent hype of the cryptocurrency industry, the blockchain technology is still far from mass adoption. Scalability has been the issue with the blockchain technology and is still is. However, the internet of Services is planning to change everything in the blockchain technology starting with scalability. What is the Internet of Services (IOST) and how is it planning the change the way the blockchain technology works.
What is the Internet of Services (IOST?)
IOST is a blockchain based platform with a goal of changing the way blockchain technology works. The aim of the platform is to give users a decentralized way to exchange digital goods and online services. The platform also allows developers to deploy decentralized apps in a bid to support mass numbers of users. According to Edward Felton, “The secret of the internet’s success has been its openness to ‘new services’.” this is what the platform plans to do. Edward Felton is quoted in the official IOST whitepaper.
With this in mind, the aim of this platform IS allow developers build better services for the whole blockchain ecosystem.
How does the platform work?
To start with, the IOST considers all intelligent IoT devices such as self-driving vehicles, unmanned terminals, computing devices, drones, and storage devices as nodes. Users on the platform can interact through an account which they have created. This account contains the user’s personal information, including tier digital assets and other important information.
The platform also uses the new Pinnacle of throughput which includes:
- Atomix: a fast grade commits protocol that enforces consistency among transactions
- Scale-out: perfect partitioning state where multiple groups are handled parallel.
- BRDR: Bias Resistant Distributed Randomness is an innovative, secure and effective way users can introduce unbiased randomness into the network.
Features and benefits
Efficient Distributed Sharding (EDS)
The EDS aims at benefiting the underlying blockchain network by increasing the processing capacity by reducing the transaction workload on validators.
Proof of believability
The Proof of believability is a proof of state consensus protocol that is linked to factors like reviews, user behaviors, IOS token balance and much more.
Micro state blocks
The blockchain uses distributed checkpointing principles. These principles produce collectively-signed state blocks periodically. They also minimize update and storage overhead, and helping crashed and new validators.
Other benefits and features of the platform include secure, robust, minimal storage, scalability and low latency.
IOST cofounder includes Jimmy Zhong, Terrence Wang, Kelvin Tan, Ray Xiao and Bosch Lee. Companies like Banyan Capital, ZhenFund, Sequoia, Metropolis VC, and Matrix Partners among others.