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:
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.