What Is IOST?
IOST describes itself as an “ultra-fast,” fully-fledged, and decentralized blockchain network and ecosystem with its nodes and wallets, and based on the “next-generation” consensus protocol dubbed “proof-of-believability.”
Who Are the Founders of IOST?
The project was launched in January 2018 by Jimmy Zhong, Terrence Wang, Justin Li, Ray Xiao, Sa Wang, and Kevin Tan.
Zhong has founded other tech startups in the U.S. and China. During his university days, he sold his first company for $40 million — a marketplace where students could exchange class notes. After that, he returned to Beijing and co-founded IOST, among other projects.
Wang’s previous experience includes serving as an Uber software engineer. He holds a degree in computer science from the University of Minnesota and a master’s in computer science from Princeton University.
I worked as an investment banking associate at Goldman Sachs and a data scientist at Mobike. Meanwhile, Tan was a co-founder at Ethercap, receiving a computer science degree from Tsinghua University. He graduated with a degree in applied mathematics and computer science.
Xiao co-founded Dora — alongside Jimmy and Sa — an AI company focused on intelligent kiosks. He studied computer science and quantitative economics at university.
What Makes IOST Unique?
IOST’s blockchain infrastructure is open-source and designed to be secure and scalable — all in the hope that it will serve as the backbone for online services in the future.
The team has developed a “proof-of-believability” consensus algorithm to ensure transactions on the network are secure and efficient.
One of the biggest challenges that IOST aims to resolve centers on how big companies may not be able to embrace blockchains in a customer-facing environment unless they are scalable. The Internet of Services Token is put forward to tackle this problem.
To understand IOST, the best way to do it is by comparing it to its nearest competitors: Ethereum is the most popular smart contract platform for developers. It can also be compared to EOS and TRON, highly scalable smart contract platforms with high usage.
The largest difference between IOST and its competitors is how it claims it can process up to 100,000 transactions per second compared with Ethereum’s 20, Tron’s 2,000, and EOS’s 4,000.
To reach these transaction speeds, the IOST team has created a novel blockchain architecture, which introduces and combines several innovations, including a Distributed Randomness Protocol, Efficient Distributed Sharding, TransEpoch, Atomix, Proof-of-Believability and Micro State Blocks.
How Many IOST Coins Are There in Circulation?
IOST has a total token supply of 21 billion. An ICO was held in January 2018, where 40% were sold, raising about $31.3 million worth of ETH.
As for the remainder, 35% has been retained by the IOST Foundation, 12.5% was allocated to building the community, 10% went to the IOST team, and 2.5% was dedicated to investors and advisors.
How Is the IOST Network Secured?
To compete with hundreds of niche blockchains, IOST relies heavily on its proof-of-believability protocol (PoB) and efficient distributed sharding (EDS) to improve the scalability and security of its blockchain.
IOST is built for enterprise use, so it claims to be able to handle heavy loads produced by big tech companies such as Amazon, Google, and Facebook. Partnerships appear to be key to the project’s success.
Where Can You Buy IOST?
IOST can be bought at Bittrex, CoinEx, Livecoin, Binance, and Bitrue.