IOST (IOST)

The exchange rate of one IOST at 13:28 UTC is 0.00886$

Chart | Average rate

“IOST” is a decentralized blockchain network based on the “proof-of-believability” (PoB) consensus algorithm. The goal of the project is to create an architecture of online services that meets the needs of a decentralized economy in the field of security and scalability.

Internet of Services Token (IOST) is a token of the Internet of Services, which is an enterprise-level blockchain system. The platform is built on blockchain technology and is ready for mass adoption, providing blockchain as a service product. Its goal is to become the underlying architecture for future blockchain services.

Three key distinguishing features of IOST:

- It is reviewed by a rotating committee that can include more than 1000 block producers every day.

- Higher throughput: up to 7000-8000 TPS, which is higher than ETH NEO and Cardano - due to the PoB consensus mechanism and 6 shards.

- For the convenience of developers, the IOST team has focused on providing a faster virtual machine and providing an SDK to make it easier for programmers to build applications using Javascript, Python or Go.

The IOST consensus algorithm, “proof-of-believability” (PoB), enables a decentralized committee election process while maintaining the benefits of scalability and censorship resistance.

The IOST design provides for a voting and committee formation process in which the majority of nodes are eligible to create a block (not just the top few nodes) and where nodes with more votes are assigned a higher probability of creating a block.

To achieve this goal, IOST does not use the result of the vote as the sole factor for selection. Instead, IOST introduces a points system called “Servi” for decision making and committee member rotation.

While voting results do not directly determine committee members, they do have a proportional effect on Servi's engagement rate.

IOST is the native token of the IOST network. Scope of its application:

- Payment for services and goods provided by service providers and merchants on the IOST platform.

- Payment of fees and commissions for launching your own smart contracts.

- Transaction processing and use of shared resources such as storage space.

- Payment as a reward for providing network resources.

- Exchange for other tokens of the IOST network.

IOST tokens are paid out to nodes based on blocks produced (25% of the IOST token prize pool of 840 million), the share of votes received and cast by IOST token holders (50% of the prize pool), and an assessment of the contribution to the development of the IOST ecosystem (25% of prize pool).

The project was co-founded by Jimmy Zhong, Terrence Wang and Ray Xiao. The company's advisory board includes Ryan Bubinski, co-founder of CodeAcademy and winner of the Times Most Influential People award. The team has partnered with many blockchain and cryptocurrency focused companies such as Sequoia, Nirvana Capital and DFund.