IOST or the Internet of Services Token is an open-source token that was issued by the decentralized blockchain platform with the same name. The token was created on the basis of the Ethereum network. The founders of the company have rich experience in enterprise management and blockchain projects.
The token stands out from other similar projects in terms of operability, and the focus on high-value industries that include cloud computing, online advertising, and the prediction market. The company often employs aggressive marketing practices and social media activities.
The company behind the facility is headquartered in Singapore. The task of the team was to solve the problems hindering integration and mass adoption of cryptocurrencies such as transaction throughput and scalability. Many tasks set by the company have been successfully solved since then. For instance, the platform has attained one of the highest TPS rates in the industry. Also, the IOST founders try to develop a thriving ecosystem, which creates apps in the gaming sphere, social networking, and the DeFi industry.
The blockchain’s infrastructure was developed with a focus on scalability and security. The engine of the platform is able to process up to 100,000 transactions per second. So when the network calls itself ultra-fast, there is a reason behind it. Absolutely new blockchain architecture was designed by highly qualified experts of the company to acquire such a high-rocketing speed. Some innovative technologies were employed when the architecture was created such as Efficient Distributed Sharding that partitions the network into sub-sectors assigning random nodes to work jointly thus bringing to smoother and faster work of the system. The platform also uses Distributed Randomness Protocol, TransEpoch, Micro State Blocks, and Atomix.
The network is based on a consensus protocol of the future that is called proof of believability (PoB). The validation of nodes is based on behavioral patterns and contributions in the past. Incorporating a “fairness” algorithm with a random distribution of data to various nodes, the system contributes to the development of a fairly decentralized protocol. The consensus algorithm was designed by the team of the platform to deliver security and efficiency of transactions. IOST’s Node Program was admitted by blockchain research institutions as one of the best staking programs in the world. It features low risks, high returns, and ease of use.
The IRC-722 NFT standard was released by the company in April 2020. The platform entered the NFT industry partnering with the Japanese blockchain game developer Platinum Egg and started to create the TokenLink NFT marketplace.
In January 2021 Binance joined the IOST blockchain as a partner node, improving and stabilizing the IOST ecosystem. It means that Binance users can stake IOST on the Binance platform and earn IOST rewards.
The total supply of the IOST token is 21 billion. 40% of tokens were sold through private sales to institutional investors arranged in January 2018. The company managed to raise over 31 million USD worth of Ethereum. The token with high-end security features is very attractive for investors thanks to its strong performance, extensive functionality of the platform, its entrance to decentralized industry, and the addition of NFT to the facility.
35% tokens are allocated to the IOST Foundation, 12.5% is given to the community, while 10% and 2.5% are allocated to the team and investors correspondingly. Customers can acquire the token on such exchanges as Binance, Bittrex, Livecoin, and others. The token is an ERC-20 token so it can be stored in any wallet that is compatible with Ethereum such as MyEtherWallet, Mist, MetaMask, and many others.
The founders of the facility are Jimmy Zhong, Justin Li, Terrence Wang, Sa Wang, Kevin Tan, and Ray Xiao. The founder Jimmy Zhong studied computer science at the University of Minnesota and Princeton University. He also worked as an Uber software engineer. When he was a student, he launched tech startups in the USA and China. The first company established by him was sold for 40 million USD.
Other co-founders also studied computer science including Justin Li who was an investment expert in Goldman Sachs. He also took the position of a data scientist at Mobike. Kevin Tan is a co-founder of Ethercap, while Ray Xiao, Sa Wang, and Jimmy Zhong are co-founders of Dora, an AI-based company producing intelligent kiosks.
Looking for alternatives outside of the Ethereum network as a result of network congestion, IOST started the partnership with the new DeFi platform Donnie Finance. The partnership was announced in December 2020. The company cooperates with Polkadot to build a cross-chain transfer bridge to the Polkadot Ecosystem. The platform also partners with Japanese health tech venture Pracs, developing the Personal Health Record (PHR) system allowing users to manage their own health information. In 2020, the company also collaborated with the Chinese government to foster blockchain adoption.