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Review on IOST by Gabriel Medina

Internet of Services

The Internet of Services (IOS) is an infrastructure based on Blockchain technology that seeks to solve the biggest problem of blockchain networks today: scalability. The IOST development team believes that current consensus protocols and Blockchain architecture are the inherent causes of these scalability hurdles.

This crypto project uses five main innovations for traditional Blockchain architecture and consensus algorithms:

  1. Efficient Distributed Sharding (EDS): Sharding divides the nodes of a network into groups that then verify a proportional number of transactions. Clusters allow concurrent checks to be performed, increasing network performance.
  2. TransEpoch: In a computing context, an "epoch", is a date and time from which a computer measures the system time.
  3. Atomix: With any sharding system, there is a possibility that you will need to transact between shards. This causes an additional layer of complexity that opens the network to double-spend attacks and inaccuracies between transaction ledgers on different shards.
  4. Proof of Believability (PoB): Proof-of-Believability separates all IOST nodes into two categories: believable and normal.
  5. Micro State Block (MSB): Having each node in a network store that secures the entire Blockchain is great for security and immutability. However, as more transactions are added to the chain, this process requires a lot of time and resources. Instead, IOST removes storage from blockchain networks via Micro State Blocks (MSB).

The IOST token is the medium of exchange in the IOST network economy and a factor in a node's credibility score.

The IOStoken is an ERC20 token and therefore part of the Ethereum blockchain. Eventually, when the native IOStoken blockchain is ready, there will be a 1:1 conversion rate from ERC20 tokens to the new blockchain.

IOST is available for purchase on popular exchanges like Houbi and Binance, as well as KuCoin which recently announced that it was trading IOST.

IOS is considered to have a very entrepreneurial basis. It offers solutions to the problems that large companies with an equally large customer base face every day. It seems to be primarily aimed at service-oriented businesses.

IOS has seen quite satisfactory results for a new blockchain and it appears to be very promising. However, the project has been questioned for lacking a working prototype. We can only hope the project proves its critics wrong and becomes the next big thing in blockchain technology, as it claims.

Pros & cons

  • Within the IOST ecosystem, you can find games, betting platforms (such as online casinos), decentralized exchanges, called DEX and many other applications where you can use your tokens.
  • If you are an IOST user, you can vote for the Node Partner that you think contributes the most or is active in the ecosystem and start earning rewards.
  • Infrastructure favors online service providers with an easy interface to perform complex and secure transactions at scale due to current and innovative technology.
  • Solutions for companies with customer bases.
  • Project criticized for lacking a working prototype.