IOST Blockchain Global Partner Network Launches With Over 150 Enterprise Participants
The much-awaited IOST blockchain mainnet has finally launched. The standout feature of the platform is its high transaction speeds, purported to be way faster than Ethereum and Bitcoin blockchain networks.
The IOST mainnet was developed in partnership with leading entities in the crypto and blockchain industry, such as Huobi and CoinGecko. These partners assisted in the development of digital wallets, decentralized exchanges and smart contracts for the IOST blockchain protocol. Also, the same companies are currently developing DApps on the IOST platform that are exacted to launch in the next few weeks.
During the mainnet launch, Jimmy Zhong, the CEO of IOST, said that a blockchain network is only valuable if it has useful applications to leverage its technological infrastructure. He used the analogy of an operating system, saying that users will only choose the one that has useful apps.
IOST fronts itself as a blockchain platform centered on user applications. For this reason, it emphasizes transaction speed. At the testnet phase, the IOST blockchain recorded an impressive speed of 8,000 transactions per second.
Additionally, IOST will also partner with Rate3 to introduce a stablecoin structure on their new blockchain. Davis Gay, a co-founder of Rate3, said the partnership with IOST to create iStablecoin will increase their global reach. He also mentioned that IOST is the first blockchain to come with users and working DApps right from its launch.
As an incentive of driving developers to create DApps on the new mainnet, IOST has designated a $50 million fund for DApp development. In this regard, Zhong said that the simultaneous launching of the mainnet and working DApps is a major step towards the realization of their goals. Moreover, he expressed confidence that such a move would contribute to the mass adoption of blockchain technology.
The IOST blockchain protocol uses a distinctive Proof-of-Believability consensus mechanism. In this method, blocks are generated equitably among the member nodes. This unique approach mitigates the effects of mining on the environment, as well as ensuring that the rewards are distributed fairly.