Blockchain technology has in the last decade become one of the most influential and revolutionary products. The technology has been implemented in almost all industries, making them more efficient, transparent and secure. The technology has however been faced with one major problem, scalability. With more and more companies and users adopting it, scalability has become an issue. IOS (Internet-of-Services) aims at solving this very issue. The platform describes itself as “the secure, scalable blockchain that actually works” guaranteeing up to 100000 transactions per second. This is no small claim as big projects such as Ethereum can only dream of such numbers. Although the project is based on Ethereum, Ethereum remains miles away when it comes to its scalability solutions.
The IOST Project; How Is It Solving Scalability?
The Internet of Services (IOS) blockchain platform aims at solving the market’s scalability issue. The project employs several ways of doing so, this includes;
Efficient Distributed Sharding (EDS)
This technology allows the project to achieve the most work in the least work. It partitions the IOS network into subspaces using a bias-free method, allowing for thousands of transactions in a second.
Mining is one of the main reason cryptocurrencies are criticized and the process has proven to be problematic when it comes to speed and energy consumption. IOST Token has solved this problem by eliminating the popular Proof-of-Work consensus algorithm and replacing it with Proof-of-Believability. This method determines the authenticity of a new node using previous contributions and behavior. This has significantly reduced the time it takes to find new nodes and has increased transaction speed.
With blockchain, security is always at the forefront of every project. The HUDS feature ensures that the project has a decentralized and secure way of storing data. It also provides developers with a platform to develop Dapps and smart contracts.
The IOST Token (IOTS) project begun in China but has since expanded to Singapore and San Francisco. It started as a dream shared by Jimmy Zhong, Terrence Wang, Justin Li, Sa Wang, Ray Xiao, and Kelvin Tan, who wanted to create a new and innovative way to run Dapps. Just like its operations, the team of developers has continued to grow. Currently, the project has over 30 developers from across North America to Asia. One of the main reasons the project has been successful is because of its birthplace, China. China has in recent years embraced blockchain technology, encouraging more companies to adopt it. This could be the reason the project has received major partnerships with companies such as Huobi, Sequoia Capital and FBG Capital.
Analysis of The IOST Token
At the time of press, IOST Token (IOST) is one of the few cryptocurrencies that is in the green zone. The market is bearish but IOST is up by 6% and is trading at $0.013373. The coin has however seen better days. After its launch in January, the coin weeks later hit its all-time high of around 0.10. This was followed by a bearish market and since then the coin has been hovering above 0.011. Much of its struggles have been as a result of market conditions which have been bearish.
Launch Of The Mainnet
The project is expected to launch their mainnet in Q3 of 2019. If successful, this could be one of the greatest projects and could have an implication on the development of blockchain technology as a whole.