{"id":28537,"date":"2018-02-05T07:00:15","date_gmt":"2018-02-05T15:00:15","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=28537"},"modified":"2018-03-29T21:56:58","modified_gmt":"2018-03-30T04:56:58","slug":"introduction-iostoken-blockchain-internet-services","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/introduction-iostoken-blockchain-internet-services\/","title":{"rendered":"An Introduction to IOStoken (IOST): A Blockchain for the Internet of Services"},"content":{"rendered":"

While cryptocurrencies are continuing to make headlines as an intriguing investment vehicle with potentially impeccable growth opportunities, many are realizing that the blockchain represents as compelling an asset as the digital currencies that they power.<\/p>\n

As the World Economic Forum<\/a> wrote last spring,<\/p>\n

\u201cBlockchain, could soon give rise to a new era of the Internet even more disruptive and transformative than the current one.\u201d<\/p><\/blockquote>\n

\"IOStoken\"
The IOS (Internet of Services) offers a solid infrastructure for all kinds of online service providers.<\/figcaption><\/figure>\n

Many are pursuing this transformative impact by developing blockchain-based platforms that facilitate everything from digital communities to digital currency.<\/p>\n

In 2017, hundreds of ICOs launched with hopes of harnessing this technology to proliferate their platforms.<\/p>\n

As a result, many blockchains are struggling to gain real-world usage. Issues with scalability, transaction throughput, and viability have hindered widespread integration.<\/p>\n

For any given blockchain to fulfill its potential, the technology will need to continue to update and change. IOStoken<\/a>, a blockchain-platform from Singapore, is striving to be that change.<\/p>\n

IOStoken: A Blockchain That Works<\/h2>\n
\"Pinnacle
IOStoken employs an Efficient Distributed Sharding (EDS) technology that vastly improves scalability by dynamically partitioning the IOS network into subspaces via a secured, bias-free stochastic process.<\/figcaption><\/figure>\n

The IOStoken<\/a>\u00a0(internet of service) blockchain is touted as \u201cthe secure, scalable blockchain that actually works.\u201d<\/strong><\/p>\n

More specifically, IOS targets scalability and high transaction throughput as tangible measures for improving the blockchain.<\/p>\n

IOS promises up to 100,000 transactions per second<\/strong>, which, if it can deliver in real-world performance, would place it far ahead of the leading blockchains including Bitcoin and Ethereum.<\/p>\n

Price Movement<\/h2>\n

IOStoken<\/a>\u00a0currently has a market cap of $260 million, making it rank #71 on the coin rankings<\/a>. Since the project just finished its token sale, it has only been trading since mid-January.<\/p>\n

\"IOStokens\"
IOStokens experienced all-time high of $0.13, which push its market cap close to $1 billion. It is currently trading for $0.037, which is 72% off<\/strong> its all time high.<\/figcaption><\/figure>\n
\"IOStoken
IOStoken has a total supply of 21,000,000,000 IOST<\/strong> with currently 6,794,109,922 IOST<\/strong> in circulation.<\/figcaption><\/figure>\n

A New Methodology<\/h2>\n

To improve speed and scalability, IOStoken<\/a> uses a Proof of Believability<\/strong> consensus mechanism.<\/p>\n

\"Proof
The Proof-of-Believability mechanism eliminates the need for an energy-hungry proof-of-work protocol, which stands as a barrier to blockchain scaling up for widespread adoption.<\/figcaption><\/figure>\n

With this system, a node is validated based on its past contributions and behaviors. Moreover, to increase fairness and to most fully embrace the decentralized nature of the blockchain, IOS uses a \u201cfairness\u201d algorithm that randomly distributes data to various nodes.<\/p>\n

Bitcoin\u2019s original verification model, proof of work, has come under scrutiny because of the incredible amounts of electricity<\/a> required to mine a block and because of the ways that its inefficiencies can diminish the blockchain\u2019s capability.<\/p>\n

Therefore, some blockchains, including Ethereum<\/a>, are developing new proof of stake consensus mechanisms that are less taxing and more capable.<\/p>\n

However, IOStoken's' proof of believability model takes these modifications a step further in hopes of creating a more intelligent blockchain.<\/p>\n

According to their claims,<\/p>\n

\u201cIOStoken largely improves the scalability of the network by dynamically partitioning the IOS network into subspaces via a secured, bias-free stochastic process.\u201d<\/p><\/blockquote>\n

By using a Proof of Believability model,\u00a0IOStoken<\/a>\u00a0is trying to improve the blockchain\u2019s capabilities, so that it can adequately meet the surging demand for its services.<\/p>\n

IOStoken also employs a few methods for scalability including:<\/p>\n