What is IOST? What you need to know about the IOStoken virtual currency (IOST)

IOST is Decentralized Internet of Services platform built on new generation Blockchain technology. On the other hand, IOST is able to provide a decentralized ecosystem exclusively for online service providers and users. Thus, helping them to carry out transactions quickly, securely and with high security based on blockchain technology. so actually IOST what. As well as technologies, resources and sales This cryptocurrency Where. Let's learn more about this platform.

Learn about IOST

IOST or abbreviated as IOStoken, here is considered a blockchain platform for services of transactions or activities of buying and selling over the Internet (Internet of Services – IOS). For example, some online services or digital products. Similar to Ethereum, IOST will create an ecosystem that includes many Dapps and is built directly into a fast and secure Blockchain platform. At the same time, it also has the ability to extend designed specifically for online shopping activities. After launching the IOST mainnet, IOStoken has welcomed many talented new developers to the project development team.

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What is IOST?

technology of IOST

IOST is said to be able to effectively solve the problems related to the scalability of blockchain. That's the ability to run with about 100,000 transactions per second. The IOST project is a combination of 5 core elements along with traditional blockchain technology, including:

  • Efficient Distributed Sharding: The IOST network divides nodes into groups, or shards. Each team will have to handle the workload proportionately. Therefore, the IOST system is capable of performing a large amount of work, leading to an increase in the processing speed of the network.
  • TransEpoch: With this technology, it helps to prevent malicious nodes from taking over the shard during the transition from node to shard.
  • Atomix: IOST uses Atomix to prevent double spend attacks, inaccuracies between shard books.
  • Proof of Credibility (PoB): Thanks to this consensus mechanism, each IOST node is divided into 2 types, including normal and credible. The normal node takes over the task of verifying the transparency of the believable node. If the credible node is found to be rogue, it will lose all its tokens, and the trust score will be 0. This helps to increase the accuracy and transparency of the system.
  • Micro State Block (MSB): The node in IOST only checks the latest parts of the Blockchain. All IOST Blockchain data will be distributed in multiple shards. This means that the IOST network significantly reduces the amount of storage for your nodes.

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Where to buy and sell IOStoken?

Currently, users can trade IOST coins on many large and small reputable exchanges across the world. Including exchanges: Binance, OKEx, Huobi, Kucoin, BigONE, DDEX, Lykke Exchange, Cobinhood, OTCBTC… with IOST/BTC, IOST/ETH and IOST/USDT pairs. Both exchanges Binance and Huobi have large IOST trading volumes.

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The IOST coin follows Ethereum's ERC20 standard, so wallets that store the IOST must also comply with the ERC20 standard. If you invest for a long time and do not receive regular training, you should use separate portfolios. In particular, the most popular wallets today include: MyEtherWallet, Trezor, Ledger Wallet, etc. And vice versa, if you trade regularly, you can store IOStoken directly in the exchange's e-wallet.

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Project development team

The IOST project is built by a talented team of over 50 blockchain experts from: Harvard, Berkeley, Cornell, Tsinghua University, Uber, Google, KAYAK, Morgan Stanley, Princeton, Brown, Linux, LinkedIn and Deloitte. These development teams have received many excellent awards from the Informatics Olympiad, ACM/ICPC, Forbes 30 Under 30 and 500-startup… Here are some highlights in the IOST development community:

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Project development team
  • Terrence Wang: He is a programmer who helps update Bitcoin. With extensive experience in researching and understanding the cryptocurrency market and related distributed algorithms. Furthermore, he is part of the CoinLang development team at Princeton.
  • Jimmy Zhong: Founder of many companies and has been very successful in the cryptocurrency market. He was also one of the first to mine BTC and ETH.
  • Kelvin Tan: ACM/ICPC Regional Informatics Gold Medalist and CTO of EtherCap.
  • Ray Xiao: You are an investor in Zhenfund and advisor to many startups in New York, Beijing.
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In addition, IOST has also received more investments from Banyan Capital, Sequoia, ZhenFund, Matrix Partners, Metropolis VC, INBlockchain….

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virtual currency IOStoken

It can be understood that this is an IOST coin operated on the network of the IOST. Like tokens in other blockchain systems, IOST as a means of exchange for all transactions, along with commission fees. In addition, the IOST also plays an important role in calculating the customer's trust score. Most IOSTs will be created in the Genesis Block. In the IOST ecosystem, copper IOST currencycan be used for the following purposes:

Payment: For services and goods provided by vendors and community members.

Commission: Paying validators means compensation for executing smart contracts, processing transaction messages, and using resources shared by the common ecosystem. Commissions incentivize validators while preventing malicious users from harming community interests through over-deployment of smart contracts.

Reliability Ability: Used to calculate user confidence.

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The above article has compiled all the basic information about the IOST digital currency (IOStoken). With this, we hope that you have gained more useful knowledge about IOST and made the best investment decision. Good luck!

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