The Internet of Services, found online at IOST.io, is a next-generation blockchain designed to support a service-oriented ecosystem. Find out everything you need to know about the IOS today in our review.
What Is The Internet Of Services IOS?
The Internet of Services, or IOS, is a blockchain platform that aims to give users a completely decentralized way to exchange online services and digital goods. It also allows developers to deploy large scale decentralized apps with the ability to support mass numbers of users.
The IOS whitepaper mentions the importance of services in growing a platform. The whitepaper features a quote from Edward Felton, who said:
“The secret of the internet’s success has been its openness to ‘new services’.”
With that in mind, the IOS aims to create a platform where developers are free to build better services for the blockchain ecosystem.
How Does IOS Work?
In the IOS, all intelligent IoT devices, like computing devices, self-driving vehicles, drones, unmanned terminals, and storage devices, can be considered nodes in the network.
There are “first class nodes” in the IOS that support all technical functionalities of the network and serve as network maintainers, service providers, and rule enforcers. This is similar to the idea of a “first class citizen” in Java.
Devices that are unable to function as first class nodes (say, due to resource constraints) can run an IOS light client using Simplified Payment Verification (SPV) to verify transactions. Through this system, every node has a unique identity hash in order to ensure it can be effectively registered, discovered, and processed.
Meanwhile, users interact with the IOS blockchain through an Account. The account contains all of the personal information of users, including their digital assets and other related information.
Another key feature of the IOS is called the Hyper Universe Distributed System, or HUDS. Through this system, the IOS aims to provide a blockchain capable of hosting a wide range of service providers – including everything from independent small business owners to enterprise services like Amazon or Alibaba. HUDS is a hosting system where users and service providers can store files or metadata across multiple nodes in the network.
The IOS Blockchain
The IOS blockchain is designed to be secure and scalable. The blockchain has four unique characteristics that differentiate itself from other modern blockchains:
Proof of Believability:
Proof of believability is a randomized proof of stake consensus protocol. A node’s “believability” is linked to factors like IOS token balance, reviews, user behaviors, and more. The blockchain uses a faster-graded Byzantine Fault Tolerance mechanism that allows for a set of nodes to decide on the next block.
Efficient Distributed Sharding (EDS):
The IOS blockchain’s EDS benefits the underlying blockchain network by reducing the transaction processing workload on each validator, thereby increasing the total processing capacity linearly with the size of new members.
The IOS blockchain uses Atomix, an Atomic Commit protocol, to conduct transactions atomically across shards. This system ensures that all transactions either commit or abort atomically – even when they affect IOS blockchain states distributed across multiple shards.
Micro State Blocks:
The IOS blockchain uses classic distributed checkpointing principles to produce consistent, collectively-signed state blocks periodically. The system’s micro state blocks minimize storage and update overhead, helping new or crashed validators quickly catch up to the current blockchain state.
Overall, proof of believability is designed as a groundbreaking new consensus mechanism that eliminates the need for an energy-intensive proof of work protocol.
IOS Features And Benefits
What makes IOS and the IOS blockchain better than its competing blockchains? Here are some of the advantages, features, and benefits of the IOS blockchain:
- Robust: With the IOS blockchain, each shard correctly and continuously processes assigned transactions without downtimes.
- Secure: Transactions are committed atomically or aborted, both inter and intra shards.
- Scalable: As the number of users in the IOS ecosystem increases, the throughput of the IOS blockchain increases.
- Minimal Storage: The IOS blockchain reduces the transaction history for validators to a periodically generated summary of a shard’s state.
- Low Latency: The IOS blockchain provides low latency for transaction confirmations, allowing millions of transactions per second.
The IOS Token Sale
The native IOS blockchain tokens are called IOST. There’s a total supply of 21 billion IOST. They’re ERC20 tokens that are convertible 1:1 with the existing native IOS tokens once the stable version of IOS is launched.
No public sale will be held for IOST. The token sale was only open to institutional investors. The private sale was completed in early January 2018.
40% of the total supply of tokens were allocated during the private token sale. 35% were reserved for the IOS Foundation to be used for ecosystem-building and development. 12.5% were put towards the community to be used as incentives in the ecosystem. 10% were reserved for the team, and 2.5% were given to early investors and advisors.
Who’s Behind IOS?
IOS is led by co-founders Terrence Wang, Jimmy Zhong, Ray Xiao, Bosch Lee, and Kelvin Tan.
The company has received investments from ZhenFund, Sequoia, Matrix Partners, Banyan Capital, Metropolis VC, INBlockchain, and others.
IOS ICO Conclusion
IOS, or Internet of Service, is a next generation blockchain revolving around the use of IOST. IOST tokens were sold in January 2018 during an ICO that was only available to institutional investors.
One of several unique advantages of IOS is the use of “proof of believability” as a consensus mechanism. That consensus mechanism works similar to proof of stake, but takes the reputation of nodes into account.
To learn more about IOS and how it works, visit online today at IOST.io.