Introducing IOST — Internet of services token and how it is transforming the current blockchain landscape
The Blockchain evolution closely resembles the evolution of the internet from its early days, except for the fact that it includes an economic layer and an incentive system that involves money, which made it very popular among the masses even though the infrastructure isn’t ready. The whole world is talking about bitcoin, but the bitcoin infrastructure can only handle up to 7 transactions per second which clearly indicates that we need a much better infrastructure that can accommodate as many consumers as it can.
If we look back, the only thing which exploded the internet space and helped bring it to the masses is the ‘services model’. Many big companies like Microsoft, Amazon, Google offered internet enabled services so that the companies who can’t afford the cost of the stand alone infrastructure can make and launch their products using their ‘services model’. This is why to make a website today, you only need a $10 server instead of investing in complex and expensive hardware and networking equipment.
This services model laid the foundation of many startups and companies, and the internet adoption grew very quickly. However, if we look at the blockchain space, we will note that there is nothing like ‘services model’ and if you want to launch a blockchain platform, you would have to code it from scratch which would require complex engineering and sophisticated talent. This would increase the development cost tremendously, and this is why we aren’t seeing enterprise and even small companies utilizing the blockchain for their own benefit.
The IOST Blockchain Platform
To solve this problem, IOST blockchain platform was launch. IOST is an enterprise focused blockchain technology, which a unique model which they call BaaS or ‘Blockchain as a Service’. With IOST blockchain platform, enterprises can make their own blockchain platforms that cater to their specific needs, instead of relying on a third party platform or even making their own platform from scratch.
Right now, people use Ethereum or other blockchains to launch DApps or tokens but with IOST, companies would be able to launch not just DApps or tokens, but entirely new blockchain platforms from scratch (think of it as launching another Ethereum but built for a specific purpose).
How IOST works under the hood?
Technically, IOST is a collection of the following technologies:
- Proof of Believability (PoB) Consensus Algorithm
- Efficient Distributed Sharding
- Atomix Commit Protocol
- Micro State Blocks
The main thing to discuss here is the Proof of Believability (PoB) consensus algorithm. This PoS is a variant of the traditional Delegated Proof of Stake or DPoS consensus algorithm, and utilizes non-tradable reputation score known as Servi. PoB has a combination of 3 distinct nodes — Regular Nodes, Full Nodes and Trusted Nodes.
As of early September, a single IOST is trading at around $0.006981 USD and has surpassed a total market cap of $83 Million USD and a daily 24h trading volume of just over $14.8 Million USD. IOST has a total supply fixed at 21 Billion IOST Tokens, which is reflected in its lower price per token because of the supply quantity.
IOST is currently among the 63 largest cryptocurrencies in the world both by market cap and trading volume, and is growing very rapidly. We highly recommend IOST to anyone who is looking to have a future proof blockchain based token in their portfolio.