IOST’s blockchain offers an appealing alternative to Ethereum’s high-gas and slow transaction time developer environment. The project can handle up to 100,000 transactions per second with cost levels of less than a penny and transaction confirmation speeds of under a second (TPS). Furthermore, the IOST blockchain has developed into a solid, dependable network with zero downtime since the project’s mainnet launch in 2019.
This may be because of the ground-breaking PoB consensus algorithm. A more equitable, secure, and distributed variant of the popular DPoS paradigm is presented by the new consensus model. Developers can also use their own applications to benefit from the PoB consensus. As a result, opportunities are presented for developers to design and roll out practical apps that can manage large volumes of traffic and transactions. The native IOST coin or token also plays a significant part in sustaining the IOST crypto ecosystem.
One of the top active smart contract-enabled blockchains in the market is the project. Additionally, the IOST blockchain is home to a number of apps, such as exchanges, non-fungible token (NFT) platforms, and a crypto launchpad. IOST is a project worth keeping an eye on during the 2021 Bitcoin bull run with over 400 active nodes and a collective of 500,000 active followers across social media platforms.
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What is IOST and the IOST Token?
One of the most established projects in the cryptocurrency sector is the IOST blockchain ecosystem. The project provides a speedier and more affordable developer environment than the leading decentralised finance (DeFi) chain, Ethereum, by introducing a new consensus approach, Proof-of-Believability (PoB). The project also makes use of the IOST coin or IOST token as a crucial component of the IOST crypto ecosystem. The project offers a blockchain development environment that is scalable, interoperable, trustworthy, and safe. As a result, the platform serves as the home for many different applications, such as cryptocurrency launchpads and NFT marketplaces.
One of the most established projects in the cryptocurrency sector is the IOST blockchain ecosystem. The project offers a quicker and more economical developer environment than Ethereum, the leading blockchain for decentralised banking, by introducing a new consensus approach, “proof-of-believability” (PoB) (DeFi). The project also makes use of the IOST coin or IOST token as a crucial component of the IOST crypto ecosystem. The project offers a blockchain development environment that is scalable, interoperable, trustworthy, and safe. As a result, the platform serves as the home for many different applications, such as cryptocurrency launchpads and NFT marketplaces.
This essay will explain the variety of decentralised applications (dApps) accessible and examine the IOST blockchain ecosystem. We’ll also examine the project’s internal workings and discover how the proof-of-believability (PoB) consensus algorithm functions. The responsibilities and purposes of the native IOST coin and IOST token will also be discussed.
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What is IOST?
IOST, short for “Internet-of-Services Token,” is a newer blockchain technology. Modern technologies are being implemented by the platform to enable scalability and sub-second transaction settlements. The project uses the cutting-edge proof-of-believability (PoB) consensus algorithm to do this. Additionally, the PoB consensus model is supported via the native IOST token (IOST). IOST is a project that has the backing of well-known worldwide investors and has team members who have worked for illustrious international businesses. The group works together to provide the fundamental framework for a decentralised economy, taking into account the necessary scalability and security criteria.
IOST debuted its mainnet in 2019 and provides a safe smart contract development environment that is quicker and less expensive than Ethereum, the most popular blockchain with smart contracts. Users could initially complete 8,000 transactions per second on the blockchain (TPS). However, the project now asserts that it can process 100,000 TPS thanks to the advent of the “efficient distributed sharding” and “micro state blocks” scalability solutions in 2020. The confirmation of a transaction, in turn, often takes less than 0.5 seconds.
IOST is a blockchain, hence the native money that powers the protocol is formally referred to as a coin. However, the project debuted its currency over the Ethereum blockchain prior to the IOST mainnet going online. These ERC-20 IOST tokens are native to Ethereum. The IOST-native coins were then put into circulation after the project’s mainnet went active. Holders were urged to use Binance to exchange their IOST tokens for IOST coins in a 1:1 ratio.
The IOST coin serves the same purpose and has the same benefits as the IOST token. Moreover, IOST uses its own IRC-20 token standard, which is comparable to ERC-20 used by Ethereum. As a result, all cryptocurrencies using the native standard are completely compatible and interoperable with all other IOST crypto ecosystem applications. Additionally, a few other decentralised applications (dApps) are compatible with IOST tokens.
The IOST coin or token’s primary purpose is to safeguard the network’s security and privacy. In turn, the IOST currency significantly contributes to the advancement of the innovative PoB consensus method. Additionally, in order to pay for transaction fees inside the IOST crypto network, users and developers will need to have either IOST coin or IOST tokens. IOST coin is the main form of payment accepted by users on the site for services.
The project makes sure that owners of IOST tokens and coins have several options for storing their assets safely in various crypto wallets. The wallets are substantial gifts from the IOST community. As a result, the group emphasises that before using an IOST wallet, users should conduct their own research and screening.
To create an IOST wallet, users must sign up for an IOST mainnet account. Additionally, several wallets advertise “zero transaction fees” and “super-fast transaction speed.” Mobile wallets and web wallets for PC Chrome extensions (like iWallet and Jetstream) are the two primary categories of cryptocurrency wallets available. Mobile wallets like Huobi Wallet, Citadel Wallet, and TokenPocket Wallet are all compatible.
There are a huge variety of decentralised applications (dApps) and services available inside the project ecosystem. The blockchain expands its solutions for developers to include non-fungible token (NFT) utility, a crypto launchpad, and staking capabilities by utilising the original PoB design. But first, we’ll go through the technical details of the project’s ground-breaking PoB consensus model.
IOST’s original consensus algorithm is called Proof-of-Believability, or PoB. The classic “delegated proof-of-stake” (DPoS) paradigm lowers the entrance barrier by introducing a point system, and PoB is an extension of this model. The PoB algorithm guarantees the network’s decentralisation, scalability, and security. Additionally, PoB ensures decentralisation of block creation, transaction validation, and protocol governance by merging the native IOST coin and token.
A decentralised block producer election and committee formation technique is used in proof-of-believability (PoB). With more votes or the most qualified nodes, there is a good likelihood for them to have a higher chance of producing a block. Block production is also taken into account in addition to node votes by using a point system called “Servi.”
The committee rotates the 17 nodes in its 17 seats every ten minutes. The top nodes with the highest Servi score will be assigned seats, and they will take turns producing blocks. A node “consumes” its Servi points each time it joins the member committee. This indicates that with each round, unselected nodes have a better probability of being given a seat on the committee. As a result, in a single day, hundreds of various nodes can validate and produce blocks.
The project network uses “memos” for wallet addresses rather than a random string of numbers and characters. Memos, also known as “destination tags,” are used to identify a user and their wallet balance. They have names that are human understandable, such “myiostname,” for instance. Additionally, when giving or receiving money from users and exchanges, users can use memos. When transferring money, it’s important to fill out the “memo” field on some exchanges, like “binanceiost.” Users risk losing their money permanently if they don’t do this.
IOST accounts come in a variety of account settings and can be free or “pay-for-service.” As a non-custodial service, the initiative emphasises the significance of keeping the private key secure. IOST cannot recover any money from the wallet if users lose their private keys as a result of repairing or purchasing a new computer. It is essential for users to safeguard their private keys in order to always have access to their funds.
IOST Non-Fungible Tokens (NFTs)
Three primary non-fungible token apps are now running on the network. “Revival,” “RIZIN Fighting Collection” (RIZIN FC), and “TOKENLINK” are these.
Revival is the first IOST-based multi-chain NFT aggregator programme that offer its customers a margin reward system. As a result, users will be able to tokenize artwork, produce NFTs, and buy and trade non-fungible assets from many chains all in one location using Revival.
The RIZIN FC will be launched on September 30th, 2021, as a result of a strategic alliance between NFT-Japan Inc. and IOST. By the end of 2021, the initiative intends to offer “RIZIN Fighters Highlights NFTs” for investors and traders on the IOST-based Japan martial arts NFT market.
The NFT marketplace flagship of IOST is TOKENLINK, which was created by Platinum Egg, a specialised blockchain gaming and entertainment development company. Numerous non-fungible asset investments are available through TOKENLINK. This consists of a variety of video games, music, animated NFT avatars, and digital crypto artwork. TOKENLINK, one of the earliest productive mixed-asset NFT platforms, has had tremendous acceptance and appeal.
Build Your Own NFT Marketplace
IOST makes it simple for organisations and lone developers to construct and launch their own NFT marketplace. The product provides a very quick and almost cost-free charge transaction experience for both users and clients.
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Donnie Finance, a platform for managing and exchanging digital assets, serves as the network’s crypto launchpad. Developers and investors have shown tremendous interest in the platform ever after “IOStarter” was announced on Donnie Finance. The first cryptocurrency launchpad to use the IOST blockchain is IOStarter. The Donnie Finance team reports that they “are under review for projects to raise cash in IOStarter” at the time of writing.
Users must purchase IDO tickets in order to take part in the crypto launchpad’s maiden DEX offering (IDO). Users can accomplish this by staking either the partnership token “Blocery” or the native “DON” token (BLY). Additionally, users can stake their LP tokens in exchange for IDO tokens if they decide to become liquidity providers (LPs).
There will be two pools available for each IDO event: ordinary and premium. Investors have a greater maximum purchase limit with the premium IDO pool than with the regular IDO pool. One’s chances of getting into the exclusive IDO pool increase with the number of IDO tickets they own. Additionally, depending on the project, a certain number of IDO tokens are required to join the premium IDO pool.
The IOST crypto ecosystem is constantly expanding, and numerous initiatives and advancements are currently in the works. As a result, the project’s frequently updated roadmap keeps its users, investors, and the general public informed.
To boost usefulness and liquidity, the project built its compatibility with Binance Smart Chain (BSC) around Q3 of 2021. Additionally, Revival, an IOST-based NFT marketplace, debuted in this quarter. In order to enhance user experience (UX) and security measures, the project has introduced a number of new protocol modifications.
Along with upgrades to plug-in wallets, browser support, and software development kits (SDKs), the project intends to raise brand recognition in the fourth quarter of 2021. The initiative intends to engage with foreign partners, develop innovative non-fungible token (NFT) use cases, and raise awareness of blockchain technology by holding university hackathons in China and India. The project also seeks to examine community comments and perform research on how to enhance the blockchain experience.