Frauds, data inaccuracy, and lack of privacy control are some disadvantages of a centralized digital system. Although the onset of a decentralized system solves most of these demerits, transactional fees, and low scalability are some drawbacks, rendering it useless for heavy service providers like Facebook, Microsoft, and Amazon to use.
The IOS technology aims to solve these drawbacks. It positions itself as a next-generation, highly efficient technology that provides the top-notch network infrastructure to service-oriented platforms. Asides from providing a well-functioning decentralized platform that promotes the sales and exchange of digital assets, goods, and services, it also allows developers to deploy large dApps that can support many users.
The IOS technology has developed several innovations, one of such is the Efficient Distributed Sharding technology that helps in increasing the system’s output whilst profound enormous security.
Also, the Bias-Resistance Distributed Randomness is worthy of mention as it is a technology that ensures the network is divided homogeneously, which helps in introducing unbiased and transparent randomness into the sharding process.
The blockchain of the IOS technology, IOSChain, has a similar structure to several existing blockchains like Bitcoin and Ethereum, where the nodes disseminate data through the gossip protocol. The system splits into shards and each node handles each spilled shard; also, the nodes store unspent transactions in their memory.
In the IOS system, the IOST or IOSToken is the official medium of exchange for all transactions and communication. The system handles the calculation of a user’s believability score. Unlike the Proof of Stake (PoS) and Proof of Work (PoW) faced with several limiting factors, the IOS uses Proof of Believability (PoB).
PoB guarantees the nodes function properly with little to no chance of malfunction while also increasing the rate of transaction throughput by a shard.
The PoB consensus protocol uses an intra-shard believable-first approach that divides all validators into two groups—a believable league and a normal league. The believable validators in the first phase process all transactions quickly, while the normal validators verify the processed transactions to ensure accuracy and finality.
Who are the Founders of IOS Technology (IOST)?
The founders of IOS Technology are Jimmy Zhong and Terrence Wang, who both serve as co-founders. Jimmy serves as the CEO while Terrence sits as the CTO.
Jimmy Zhong studied at Emory University and graduate with a Bachelor of Science degree in Computer Science and Mathematics. He is the founder of the Aristo League, co-founder of Find Inc., CTO and Co-founder of Studypool, network founder of 500 startups, and the CEO of Dora technologies.
Terrence Yannan Wang is a Chinese developer who started his education at Wuhan Foreign Languages School and had his college degrees at the University of Minnesota-Twin Cities, The University of Chicago where he has his Bachelors in Computer Science. He had his Masters at Princeton University in Computer Science.
Other notable mentions of the team are Kelvin Tan and Ray Xiao. There are also members with Ph.D. certifications from notable educational institutions like Princeton University, while others were and are works of organizations like Microsoft and Google.
What is IOS Technology (IOST) used for?
The IOSToken can be used for a wide range of things. Its major use is to serve as the official token for payment, communication, and trade of goods and services on the IOST ecosystem. Through the token, merchants can get paid, as well as other community members.
It also serves as a commission to the users who perform jobs on the platform. Once validators successfully verify transactions, the IOSToken will serve as a form of paid compensation for running the smart contracts, processing messages, and using the sharding resources. The payment also helps in encouraging the validators to do more work and also prevents malicious users from damaging the interest of the community through the excessive deployment of the smart contract.
Through the consistent use of the tokens, the system can calculate the user believability score.
What Is the Unique Point of IOS Technology (IOST)?
The unique point of IOST is the use of its developed consensus system, Proof of Believability. The PoB combines Dpos (Delegated Proof of Stake) with Servi, a non-tradeable reputation score. It has 3 types of nodes:
The regular node allows anyone running a single shard node to sample and verify transactions processed and output by the trusted shards within their nodes. The full node allows anyone to run all the nodes in its shards and does not allow for the minting of new blocks and the acceptance of Servi. A full node becomes a trusted node once it has achieved 1.3 million IOST votes. The Trusted node is the last and highest node and is a full node that has received over 1.2 million IOST tokens. They can mint new blocks and receive Servi as they have unlimited numbers of Trusted nodes.
The network promises a transaction rate that is as high as 100,000 transactions per second, with an even higher transaction throughput.
How many IOS Technology (IOST) coins are in circulation?
There are 22.83 billion IOSTokens in circulation. This value equals its circulating supply value, although it is a maximum supply value of 90 billion IOST. It has a market capitalization value of 1.07 billion USD and a fully diluted valuation of $4.2.3 billion USD.
Is the IOS Technology (IOST) Network secured?
The IOST network is secured as its consensus system, PoB, allows it to offer users an ultra-fast network while ensuring ease of use and maintaining security. Also, there has been no recorded case of theft or hackers ever since its onset, and experts have successfully analyzed it to be legit and not a pump or dump scheme.
How do I buy IOS Tokens (IOST)?
The IOS Technology offers loads of network infrastructure services to service-oriented companies whilst eliminating the draws backs of other blockchain protocols. To enjoy these benefits, the IOSToken are necessary to have. Its adoption rate has increased and made it steadily available across several platforms. To buy IOS tokens, the steps below provide the right direction to purchasing their tokens.
* Open an account with the crypto trading platform.
* Transfer your specific fiat currency to your account.
* Wait for your deposit to be confirmed and Buy IOS tokens through your trading account.
Which Cryptocurrency Wallet Supports IOS Tokens (IOST)?
The PTPWallet platform supports many cryptocurrencies simultaneously such as IOS Technology. Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their IOS Technology wallet because offers a simple and interactive interface making it easy for people to navigate its system.