The Best Crypto Exchanges to buy and hold IOST (Internet of Services Token)

The Best Exchanges to buy and hold IOST (Internet of Services Token)?

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IOST is a high-speed, decentralized blockchain platform. First released in 2018, EOS is based on a Proof-of-Believability (PoB) consensus mechanism.

Designed to handle industrial-scale transactional production volumes up to 100,000 TPS.

IOST’s mission is to provide the underlying blockchain infrastructure for businesses such as Amazon, Facebook, Google, and Microsoft when they need a scalable blockchain capable of handling millions of customer transactions. IOST is currently trading at $0.05, with a market capitalization of $1.1 billion and issuance of 18 billion tokens. It is ranked 104th by market capitalization.

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What is IOST?

IOST is an abbreviation for “Internet of Services Token”. An enterprise blockchain designed for commercial scalability. The IoT concept is based on “ Internet services ,” and blockchains such as MIOTA are the main competitors ( IOTA ).

The EOS platform has processed more than 60 million transactions and has over 600,000 registered users. The core of the EOS ecosystem can be summarized as follows:

High TPS (Transactions Per Second):

Designed to provide the fastest trade execution. It can process up to 100,000 transactions per second, which is very high compared to Bitcoin ( BTC ) with 7 transactions, Ether ( ETH ) with 13 transactions, and EOS with 4,000 transactions per second.

Proof of Trust (PoB):

The new Byzantine -consensus protocol classifies blockchain validators into two groups: “Believable” leagues and “normal” leagues. Blocks are created in such a way that the 17- node committee changes every 10 minutes to increase production.

Servi Token:

A built-in sub-token called “Servi” is given to a good entity on the consensus network. Give each participant a confidence score. Committee elections are more decentralized compared to PoS systems, and the barriers to entry are lower by introducing trust.

Efficient Distributed Sharding (EDS):

A method of distributing a blockchain into multiple sub-chains and keeping the main chain unchanged. Each sub-chain has the same output as the main chain. When converting blocks in East Sharding, the so-called“ TransEpoch” system is used to confirm the validator-shard assignment for nodes. Thanks to this, an ecosystem with high TPS and mass scalability can be completed.

Atomix:

Designed as a rapid protocol to verify the authenticity of cross-shard transactions on PoB consensus algorithm. When the EOS blockchain is distributed to sub-blockchains, transactions are validated through this protocol.

Micro State Block (MSB):

By reducing the amount of storage on the blockchain through a built-in mechanism, validator fees can be minimized and more participants of the blockchain consensus can be invited.

EOS Token:

A native token used as a transaction and commission fee in the EOS ecosystem . Because it is designed as an ERC-20 token and runs on Ethereum, investors can store it in any Ethereum-compatible wallet.

Cross-chain compatibility:

Starting with the partnership with Polkadot (DOT) in March 2021, EOS is building a cross-chain transport bridge between Polkadot and the EOS ecosystem.

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Who developed IOST?

Founder and CEO of IOST, Jimmy Jung is a serial entrepreneur with experience in starting several tech companies in China and the United States. Jimmy started his entrepreneurial path in 2009 when he co-founded a mega student travel agency in Beijing, China. After that, he left China to study at Emory University in Atlanta, USA. During his studies, he developed an online marketplace for students called StudyPool, which he sold for $40 million.

In addition to Jimmy, co-founders such as Terrence Wang, Kelvin Tan and Lei Xiao stand out. All have degrees from leading universities such as Harvard, Princeton and the University of California.

The team has experience working with tech giants including Google, Morgan Stanley and Amazon. IOST is a blockchain developed for such companies, allowing customers to quickly pay with blockchain. IOST has attracted investments from Silicon Valley’s largest VCs, Sequoia Capital and Matrix.

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What is Proof of Trust (PoB)?

Proof of Trust (PoB) is a new randomized proof-of-stake consensus algorithm designed to ensure high-speed transactions and node compliance. Proof of Trust consensus divides validators into two main groups: “Believable” leagues and “normal” leagues. Sub-tokens called “Servi” are awarded to all participants in the consensus protocol based on their actions.

Trust League validators handle the first stage of the transaction. After that, the basic league validates around these sample trades. Based on the service tokens earned, the number of staked EOS, positive ratings, and past activity, we classify the node into a trust league or a base league.

Basic league nodes can be upgraded to trust leagues through an election process. Trust nodes are smaller and each group has one validator. Block generation latency is very low, and if additional validation is needed, it passes it to the main rig.

The PoB consensus has a block production committee of 17 seats. These seats are filled by the top 17 Trusted Nodes with the highest number of servings. They change automatically every 10 minutes through an election round between trusted nodes.

To promote decentralization of trust nodes, all 17 committee member nodes are paid for when the nodes are elected in the next round. The service also pays out all non-elected nodes, increasing the likelihood of being elected in the next round. If a node behaves maliciously, its status will be lowered accordingly.

In fact, there are hundreds of nodes each day that are elected as members of the 17 committees. This means that the barrier to entry into PoB is lower than in a PoS network, and many nodes get a chance to participate in the consensus mechanism. The ecosystem security level is very high. This is because the structure is not permanently elected based on the tokens held by the upper node.

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How does IOST sharding and yield work?

Sharding is a method designed to speed up blockchain transactions by dispersing the main blockchain into many sub-blockchains. With sharding, the EOS network can increase its TPS by up to 100,000 when utilized by enterprises.

In the EOS network, sharding is responsible for distributing the main chain into multiple sub-chains. In the EOS network, nodes are assigned to separate shard groups, and this group only executes transactions for the specified shard. Because sharding creates a concurrent network, it allows the EOS blockchain to process even large transaction blocks.

Smaller sub-blockchains on the EOS network have the same characteristics as the mainnet. The EOS network is decentralized with nearly 500 operational nodes that power multiple subnetworks.

Built-in algorithms that provide security for shards on the EOS network include “Scaleout,” “Atomics,” and “Biased Resistant Distributed Randomness (BRDR)”. They verify the authenticity of transactions in multiple layers and protect users from harm by malicious actors in the PoB consensus mechanism.

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How does EOS DApps work?

EOS is based on a smart contract network, allowing DApps to be mounted on top of a consensus mechanism. Developers can develop DApps for the EOS Network with Solidity and JavaScript .

OST’s Blockchain-As-a-Service (BaaS ) technology provides developers with the following benefits:

• Smart contract
• Permission Management
• Multi-cloud support
• Cross-chain support
• Privacy

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EOS price trend

The EOS token is a native token of the IOST network. It is designed on the Ethereum network and operates as an ERC-20 token. There are currently around 19 billion EOS tokens in circulation, with a maximum supply of 90 billion.

After successful sales, IOST collected 35,000 ETH (about $35 million at the time) at the end of 2017. The EOS token was launched in February 2018, and the mainnet went live in January 2019.

EOS tokens will be used for EOS network consignment and fees. Payments and rewards for validators are made within EOS. EOS does not have a wallet, but since it is an Ethereum-based token, it can be stored anywhere with an Ethereum wallet.

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EOS Token Price Analysis

EOS is currently trading at $0.05 and has a market cap of $1.1 billion. It is ranked 104th by market capitalization. IOST reached a record high of $0.13 in January 2018. It is currently trading at a 63% decline from its highs.

The East has experienced a deep bear market , including 2019, until it re-emerges in early 2021 . It started going public in February 2021 and peaked at $0.08 in March 2021 announcing a partnership with Polkadot.

The 2021 token price remains at an average of $0.05, including a slight decline to $0.03 in June.

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What is the future of Iost?

The future outlook for IOST is positive. If IOST implements cross-chain compatibility with emerging chains like Polka Dot, its price is expected to rise.

The downside of the EOS outlook is that only 20 billion tokens (about 20% of the maximum) are currently in circulation despite the maximum issuance of 90 billion tokens. The token belongs to the EOS Foundation. If these tokens are in circulation, it will have a negative impact on the EOS price.

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Conclusion

EOS (Internet Service Token) is an enterprise blockchain designed to handle millions of transactions. The project is based on the “Internet Service” concept and features a new Proof of Trust (PoB) consensus algorithm.

The consensus mechanism utilizes sharding to enable rapid production on the network. Currently, EOS can process up to 100,000 transactions per second. The EOS development team is focused on cross-chain compatibility, which we believe could have a positive impact on price increases in the future.

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