IOST coin is the base token belonging to the platform of the same name, which is a new-generation blockchain platform developed to serve public services. A special feature of this platform is its ability to process millions of transactions in a short time.
Do you want to know more interesting information about the IOST coin as well as the platform it belongs to? If so, please follow the following content from AZcoin.
What is IOST?
IOST is known as a new-generation blockchain platform developed to support public services such as transactions, collectively referred to as the Internet of Services (IOS). In other words, it is a platform specifically designed for trading and purchasing services over the Internet, including online services and digital products.
Accordingly, IOST aims to provide a decentralized ecosystem that particularly facilitates fast and secure transactions between online service providers and users. To achieve this, the platform utilizes the Efficient Distributed Sharding (EDS) system and the Proof-of-Believability (PoB) consensus mechanism.
This allows IOST to handle millions of transactions in a short period while also being scalable, stable, and customizable according to various requirements.
What is remarkable about IOST?
The most outstanding feature of the IOST platform comes from the extremely special combination of 5 technological elements currently present on the platform, including:
Proof-of-Believability (PoB)
The Proof of Believability (PoB) consensus mechanism is developed to ensure transaction scalability for the network by dividing nodes into Believable Nodes and Normal Nodes. When a transaction occurs:
- Believable Node: This node performs the initial verification to ensure transaction speed within the network.
- Normal Node: This node samples and verifies these transactions to ensure the integrity of the Believable Node.
If a Believable Node is found to be dishonest during its operation, it will lose all its IOST and its trust score will revert to 0.
Micro State Block (MSB)
Micro State Block (MSB) is a specialized solution used to reduce storage requirements and bootstrapping processes for Validators in the blockchain network of the platform.
The implementation of the MSB solution also helps address the issue of the blockchain becoming cumbersome over time as it is used and operated.
Efficient Distributed Sharding (EDS)
Efficient Distributed Sharding (EDS) is a system that allows for the distribution of workload among nodes and monitors both the workload and the overall state of the network.
If a node becomes overloaded, the EDS system will select another node to allocate part of the workload to that node.
TransEpoch
TransEpoch is an algorithm that maintains consensus according to the Byzantine Fault Tolerance (BFT) standard for each shard in the IOST network.
With this protocol, IOST prevents malicious nodes from seizing shards during the transition between epochs while still allowing the validation of legitimate transactions.
Atomix
Atomix is a Byzantine Shard Atomic Commit protocol that supports transactions between shards, helping to mitigate the risk of double-spend attacks.
Furthermore, the implementation and use of the Atomix protocol is an extremely effective way to ensure the seamlessness of transaction
Information on IOST’s development team and investors
Development team
IOST is a project that boasts a considerable number of co-founders, including notable names such as:
- Terrence Wang: Has experience in research within the cryptocurrency market and algorithms related to distributed systems.
- Jimmy Zhong: Has founded several successful companies in the digital currency market and was one of the early individuals to mine BTC and ETH.
- Ray Xiao: An investor at Zhenfund and an advisor to several startups in New York and Beijing.
- Bosch Lee: A senior strategy expert at Mobike.
- Kelvin Tan: A gold medalist in Computing from the ACM/ICPC region and also the CTO of EtherCap.
Investor
In addition to its extensive development team, IOST also has an impressive roster of major investors, including notable names such as ZhenFund, Sequoia, Matrix Partners, and Banyan Capital.
Alongside these investors, IOST benefits from the support of various partners, large and small, which you can explore further on the platform’s official information channels.
What is the IOST coin?
IOST coin is currently the official base token belonging to the IOST platform, mainly used for ongoing activities within the platform.
Specifications
- Ticker: IOST
- Blockchain: Internet of Services (IOS)
- Token type: Utility
- Token Standards: IRC-20, IRC-21 & IRC-721
- Total Supply: 21.000.000.000 IOST
- Circulating Supply: 12.013.965.609 IOST
Token Allocation
Currently, IOST coins are being allocated according to the following ratio:
- Private Sale: 40%
- Development Team: 10%
- Advisors & Equity Investors: 2.5%
- Strategic Sale: 5%
- Token Treasury: 35%
- Community Development: 5%
- Business Development & Marketing:2.5%
How to own an IOST coin?
If you want to own an IOST coin, you can buy it, the best crypto exchanges we recommend you are Binance, Huobi, OKEx, BigONE, Kucoin, DDEX,…
How to store an IOST coin?
If you need a place to store your tokens, we would like to recommend some names such as MyEtherWallet, Trezor, Ledger Wallet,…
Conclusion
So we have come to the end of all the interesting content about IOST coin and its platform. Hope you enjoy this content. Thank you for following and seeing you again in other content from AZcoin.
I am Tony Vu, living in California, USA. I am currently the co-founder of AZCoin company, with many years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
Email: [email protected]
