IOST is reshaping IoS with unparalleled speed and scalability. Its innovative Proof-of-Believability mechanism, 400+ nodes worldwide, and ability to process 8000 transactions per second stand as a testament to IOST's transformative potential for online services.
IOST is a disruptive blockchain project bringing new avenues to the IoS (Internet of Services) and delivering a robust framework tailored for online service providers. The main challenge faced by the team behind the project was to provide lightning-fast TPS speed and scalability for private and secure blockchains. Today, it is an entirely safe and growth-oriented blockchain that has proven its worth with a well-coordinated and seamless workflow.
What makes IOST unique?
The most noteworthy feature of the blockchain and its own nodes is a breakthrough consensus mechanism called Proof-of-Believability (PoB). Tackling the scalability dilemma in the cryptocurrency ecosystem is the primary concern of PoB's disruptive consensus.
As a public chain leader in adoption, performance, and utility, the project has a fully working open-source infrastructure that has enabled the project's architects to reach the required level of security and scalability.
Proof-of-believability is also paired with EDS (efficient distributed sharding) to offer efficient and secure on-chain transactions for all ecosystem participants. Thus, innovators strive to ensure high performance for future online services.
IOST Origins
IOST was founded by Sa Wang, Justin Lee, Jimmy Zhong, Kevin Tan, Ray Xiao, and Terrence Wang. The first steps to launching a “super-fast” project began in May 2018 when the IOST Foundation announced the launch of Theseus, a dedicated DApp research and development team. Next, blockchain founded Bluehill, a unique $50M accelerator designed to spur promising products on the platform.
A few months later, on June 30, 2018, IOST announced the testnet. Finally, in February 2019, the blockchain migrated to its mainnet and ventured into developing several DApps (decentralized applications) tailored for the IOST network.
How does IOST work?
The essence of IOST work is to redistribute part of the energy to search for and attract first-class developers capable of creating revolutionary DApps on the IOST smart contract platform.
The user base of the pioneering decentralized, high-throughput, and gas-efficient smart contract platform has more than half a million people worldwide. To be more precise, the blockchain ecosystem includes more than 400 nodes spread across 20 countries.
Incredibly, the enterprise-level blockchain system for the IoS can process up to 8,000 transactions per second, head and shoulders above all the closest competitors. However, the project has some hard work to do to stay on the wave's crest among 37 Tier-1 competitors, including EOSIO and Ethereum.
Highly scalable blockchain developers claim that the current capacity of the platform is sufficient to reduce processing time to 0.5 seconds per block. Bear in mind that the corresponding metric for Ethereum is approximately 15 to 17 seconds per block.
Coin Explained
The IOST coin serves multiple crucial roles as an ERC-20 token. Firstly, it acts as a native token. Secondly, it plays a pivotal role in transaction validation, empowering the resources necessary for node operations.
IOST crypto coin values as of May 25:
- Token symbol: IOST
- Volume (24h): $7,827,947
- Token all-time high: $0.1365
- Circulating supply: 18,708,894,189 IOST
- Fully diluted market cap: $172,318,388
- Chain: ERC-20
- Current token price:
- Max supply: 90,000,000,000 IOST
- Market cap: $172,318,388
The principal market advantages of the IOST token are its ultra-fast transaction speed, low fees, and impressive network security. Furthermore, IOST blockchain architects ensured the token has a wide range of utility applications.
Here are a few critical IOST token use cases to be mentioned:
- As a medium of exchange for other third-party-issued IOST network tokens
- Processing transactions and utilizing shared resources such as storage space
- As a reward for contributing network resources
- As a means of payment for fees and commissions for running native smart contracts
- As a payment instrument for goods and services provided by merchants and service providers offered on the IOST blockchain platform
Besides, the token can be used as an investment instrument. Despite the relatively low growth rate, the coin can be a worthwhile asset, given the far-sighted strategy of the project's visionaries.
IOST Tokenomics
Currently, there are nearly 21 billion IOST tokens in circulation. Notably, 40% of them are designed to meet the needs of private sales.
The other 60% of IOST tokens have the following distribution arrangement:
- 2.50% BD & Marketing
- 2.50% Advisors & Equity Investors
- 5.00% Strategic Sale
- 5.00% Community
- 10.00%Team
- 35.00% Ecosystem development
The IOST Foundation has provided significant funding for developing and implementing new features, which gives hope that the project strives to realize the strategic development plans.
IOST Funding Details
The IoS blockchain project has raised over $50M in during investment rounds. At the same time, the last Venture (series unknown) round took place on April 4, 2023. The total number of IOST backers includes ten large venture funds that funded the project at different stages of development:
- Apr 4, 2023: venture round backed by BitValue Capital with $10M money raised
- Jun 29, 2018: Initial Coin Offering upheld by 8 investors, including Huobi Capital, Matrix Partners China, and Sequoia Capital China, with $40M money raised
- Jan 1, 2018: venture round reinforced by AlphaCoin Fund (money raised N/A)
- Jan 1, 2017: venture round – series/investors/raised funds N/A
- Dec 1, 2016: Series A round endorsed by ZhenFund and Matrix Partners China (money raised N/A)
- Jan 1, 2016: seed round – backed by ZhenFund (money raised N/A)
It is worth mentioning that the IOST Foundation is actively engaged in investing in promising blockchain projects. IOST has extended financial support to five noteworthy projects, the most recent being Upclub ($2 million) on July 7, 2022.
IOST Roadmap 2023
The PoB-powered project regularly provides updated strategic agendas for infrastructure development and upcoming changes. Typically, this information is posted on the official website with a clear indication of the progress of the IOST ecosystem and forthcoming community initiatives over the next few quarters.
Q1-Q2 2023 roadmap milestones:
- Resume the development of EVM compatibility solutions
- Venture an exalted and optimized new version of the IOSTABC explorer
- Develop the NFT display function in the Chrome extension wallet - iWallet, and enhance the all-around user experience
- Persist in lowering the IOST account-creating threshold and streamlining the new account signup process
- Project a new round of contribution rewards to foster the construction of the IOST ecosystem
- Encourage cooperation in the Web3 field
- Appoint an operational IOST team in Vietnam to strengthen the Southeast Asian community
- Pursue more partnerships worldwide with top-tier teams and communities
- Raise awareness of the IOST basics
- Explore the IOST governance mechanism
- Bolster the study and infrastructure evolution in DeFi, NFT, GameFi, and Web3
- Reveal the status of projects under previous grants
- Incubate cutting-edge Web3 projects to further develop the IOST ecosystem
- Optimize the reward and bounty mechanism for a better IOST ecosystem construction
- Boost the Thai market and continue to develop the Southeast Asian community
- Pick the critical regions for the ecosystem growth
- Boost more listings in global exchanges
According to the company's plans, 2023 will be full of new products and further modernize the existing infrastructure to achieve optimal speed and security for crucial features. In addition, the updated roadmap for 2023 indicates that the project has set clear goals to expand the core network of functionality and further implement project capabilities in promising markets, including Southeast Asian regions.
