IOST is a highly secure and scalable decentralized blockchain network, built on the "Proof-of-Believability" (Proof-of-Believability) next-generation consensus algorithm . IOST stands for the English phrase "Internet Of Services Token". Therefore, IOST is also known as a blockchain platform designed specifically for online transaction services via the Internet.
Initially, the project was built on the Ethereum blockchain. But after completing the official mainnet on February 25, 2019, IOST launched on its own IOSChain network.
Up to now, IOST has attracted about half a million users with more than 400 network nodes in more than 20 countries worldwide.
The goal and mission of IOST is to become the foundational architecture to support online service projects (such as Facebook, Amazon…) to become decentralized, secure and highly scalable. Therefore, IOST has used a combination of unique technologies such as cloud technology, multi-chain support, authorization management, smart contracts, PoB consensus mechanism, etc.
IOST is a separate blockchain network. Therefore, it possesses outstanding features to support scalability as well as ensure the overall security of the entire network.
First, IOST integrates the Hyper Universe Distributed System (symbolized as HUDS) data storage system to store and record all information about transactions, blockchains, nodes as well as actions interacting with the contract . At the same time, this system also saves time and storage space for all information in the IOSChain network.
Next, IOST uses its own distributed system EDS to improve transaction processing efficiency, thereby increasing processing speed and saving costs for investors.
Finally, IOST uses the FTFS feedback application designed by the project's development team. It is known that FTFS supports a faster, more transparent and reliable feedback process.
It can be said that Ethereum's expensive transaction fees and slow processing speed have opened new doors for alternative solutions and IOST is a pioneer project when integrating many outstanding technologies. IOST – a decentralized blockchain with high throughput has surpassed many competitors to enter the top of the most reputable platforms according to statistics by the China Center for Industry Information and Development.
IOST is capable of handling about 7,000 – 8,000 transactions per second. Therefore, developers are completely capable of building applications and platforms on this blockchain without worrying about transaction processing speed. In addition, the transaction fees on IOSChain are also very reasonable compared to other competitors. This is considered a plus point to attract investors of this project.
In the first quarter of 2022, the IOST project achieved many important goals, such as:
In the second quarter of 2022, IOST has set a number of goals that need to be completed, such as system maintenance and upgrades, deployment of new developer tools, and market promotion in Europe and Europe. America… You can refer to this content in detail in the image below.
The IOST project is co-founded by young people with a lot of experience and knowledge in the cryptocurrency market. They are Jimmy Zhong, Terrence Wang, Ray Xiao, Bosch Lee, Kelvin Tan, Justin Li. In this article, TraderH4 will provide some background information about the CEO and CTO of the project.
The IOST project has quickly attracted and become a strategic partner of many projects and platforms in many different fields such as NFT, DeFi, DEX… Up to now, this ecosystem is developing strongly with many potential pieces.
The IOST project has received many valuable investments from reputable investment funds in the market such as Banyan Capital, Sequoia, ZhenFund, Matrix Partners, Metropolis VC, INBlockchain...
IOST is used for many different purposes such as:
The 21 billion IOST coins generated from the primordial block will be allocated to the following 7 groups:
IOST is supported to list and trade on many leading reputable cryptocurrency exchanges such as Binance, Huobi Global, Gate.io… You can refer to the details of exchanges that support listing of coins. IOST in the picture below.
Since IOST runs on its own blockchain, you must store the cryptocurrency in wallets that support it. You can consult:
Surely, with the information provided above, you have also given some important grounds to decide whether to invest in the IOST cryptocurrency or not. This project is evaluated quite well by analysts when they think that future online services will reshape and develop in the Web3 space. This is exactly what IOST has been implementing.
However, the IOST project in particular and its ecosystem in general have not really attracted the attention of a large number of investors. Therefore, you need to learn more carefully and carefully with investment decisions related to this project.
Through this article, TraderH4 has provided useful knowledge for you to better understand the IOST project and the IOST cryptocurrency. With great scalability and high security, IOST has been developing its open ecosystem. Therefore, if you are interested and want to invest in the project, TraderH4 recommends that you learn more about IOST through the project's social networking sites.
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