IOS stands for the Internet of Services, a solid infrastructure designed to appeal to online service provides. It is highly scalable and secure while providing privacy protection and taking advantage of blockchain technology. With IOS, online service providers have infinite possibilities to serve their base of customers.

IOS Token

IOS is always looking for new team members with a passion for its vision. Current team members include Terrence Wang. He has five years of experience researching distributed algorithms and cryptocurrency along with developing CoinLang. Jimmy Zhong has founded numerous VC exited/backed startups and was an early miner and adopter of BTC and ETH. Kelvin Tan has gold medals for National Olympiad in Informatics and ACM/ICPC Regionals and is the CTO of EtherCap. Ray Xiao is a startup veteran, frequent guest speaker, and advisor and investor in multiple startups in Beijing and New York.

IOS Team

Samantha Wang is a marketing advisor and CMO and multiple internet companies in the US and China as well as founder of MemorybySa Event and Pokee. She also helped Dora grow to one million users in three months. Other team members include Bosch Lee, Chung Teng, Richard Werbe, Michael Xufu Huang, Shangyan Li, Ray Zhu, Will Zhao, Daniel Zhang, Sheldon Mei, and Kaijian Gao. Together, they have experience as senior software engineers, programmers, advisor roles on blockchain projects, and early blockchain contributions. Several team members have even been part of the Forbes 30 Under 30 list.

What Problems Does IOS Address?

One of the biggest problems IOS addresses is scalability with existing blockchain technologies and online service providers. IOS wants to resolve issues with centralized online service providers, including high commission fees, censorship, fraud, and privacy violations. Going back to scalability, IOS views the source of the problem as the fundamental design associated with current blockchain technologies, specifically the blockchain architectures and consensus protocols.

In their primer, IOS outlines two specific obstacles to scalability with blockchain technology. Synchronization is a concern, as full nodes have to download the full up-to-date ledger from the blockchain’s network to participate in verification of transactions. But as the ledger grows, it becomes even harder for new nodes to join. Additionally, they point to efficiency, specifically the fact that each participating node must handle each transaction. They propose allowing sufficient verification with just a portion of network nodes as a more efficient alternative.

What Does IOS Do?

IOS “fills the void,” according to the primer. The team views it as next-generation blockchain technology delivering network infrastructure for a service-oriented ecosystem. The platform provides a decentralized method for exchanging digital goods and online services and lets developers deploy dApps on a large scale that can support mass amounts of users.

What Is the Efficient Distributed Sharding Technology?

One of the keys to IOS’s platform is EDS, or Efficient Distributed Sharding, technology. It dramatically partitions the IOS network, dividing it into various subspaces in a secured stochastic process without bias. It includes scaleout in the form of a perfect partitioning state that can handle multiple groups in parallel. It also features Atomix, a fast grade commit protocol that enforces consistency across the various cross-shard transactions. Finally, it featured Bias Resistant Distributed Randomness. This is an effective, secure, and innovative method of introducing unbiased randomness within the IOS network.

Scaling

The EDS technology is based on the sharding technique, which is already widely adopted. Every shard acts as a miniature network running its own parallel consensus protocol. This allows consensus groups to handle transaction subsets at the same time, significantly increasing the system throughput even with the rapid growth of transactions and the network.

What Consensus Mechanism Does IOS Use?

The team behind IOS designed their own consensus mechanism, Proof-of-Believability, as an alternative to the Proof-of-Work protocol that requires a great deal of energy. Because of its energy consumption, the PoW protocol prevents blockchain scaling for widespread adoption. Instead, they calculate a node’s believability based on behaviors and contribution. This is paired with algorithmic randomness, which guarantees fairness.

Consensus

What Are Some Other Key Features of IOS?

All of the components of IOS work together to provide a user-friendly ecosystem. IOS opts for HUDS as the data storage system. It is decentralized, searchable, economical, secured, and efficient.

Smart contracts and dApps sit at the center of the IOS ecosystem. Within the IOS blockchain, developers get high concurrency and stability from the IOS virtual machine along with the ability to choose which mainstream programming language they want to develop.

The feedback system of IOS is also transparent and fair, giving users the opportunity to provide feedback when after the completion of their service. IOS created FTFS with the goal of ensuring trustworthy feedback.

Uses

What Are IOS Tokens?

IOS tokens are for all transactions and commission fees on the IOS blockchain. Users can use them to pay for goods and services from community members and merchants or commissions that validators earn. These commissions can be from running smart contracts, using resources like computer power and storage space, and processing transactions and messages. They will also be part of the user believability calculation.

Users can get tokens through exchanges and League partner’s integrations early on by validating transactions or by community service that involves contributing resources. Examples would be providing storage space and running smart contracts.

There is also a Servi token that measures a user’s contributions. It is non-tradeable and self-destructive, automatically having its balance cleared following validation of a block. This lets the nodes with a high believability take turns in block validation for fairness. It also has self-issuance, meaning it is automatically generated then deposited to users’ accounts following certain contributions.

How to Buy IOST Tokens

You are not able to purchase IOST with “Fiat” currency so you will need to first purchase another currency – the easiest to buy are Bitcoin or Ethereum which you can do at Coinbase using a bank transfer or debit / credit card purchase and then trade that for IOST at an exchange which lists the token. Read on to see how to purchase it.

Register at Coinbase

For first time buyers of crypto currency, we recommend that you use Coinbase to make your first purchase – its easy to use, fully regulated by the US government so you know it is one of the safest and most reputable places to purchase cryptocurrency from. Coinbase offers the ability to purchase Bitcoin, Litecoin and Ethereum with a credit or debit card or by sending a bank transfer. The fees are higher for cards but you will receive your currency instantly.

You will have to carry out some identity verification when signing up as they have to adhere to strict financial guidelines.

Make sure you use our link to signup you will be credited with $10 in free bitcoin when you make your first purchase of $100.

Coinbase Website

To get started, click the “Sign up” button where you will be taken to a registration form where you will need to enter your name, email and choose a password.

Purchase Ethereum

In Coinbase, visit the “Buy / Sell” tab at the top, select “Ethereum”, choose your payment method and enter the amount you wish to purchase – you can either enter a US Dollar amount or a number of Ether.

Buy Etherum

You will then be asked to confirm your transaction, if paying with a card you might have to complete a verification with your card provider. Once that’s complete, your Ethererum will be added to your account.

Purchase IOST at Binance

You can now send your Ether over to Binance to make your purchase of IOST take a look at our review of Binance here to see how to signup and purchase on their exchange.

Binance Wallets

IOST is also available on the following exchanges

Conclusion

IOS aims to tackle the issues of scalability with existing blockchain networks and provide a solution that is secure as well as scalable. It will offer the opportunity for developers to deploy dApps with high scalability and provides yet another type of blockchain technology that may be the way of the future.

Useful Links

Posted by Oliver Dale

Editor-in-Chief of Blockonomi and founder of Kooc Media, A UK-Based Online Media Company. Believer in Open-Source Software, Blockchain Technology & a Free and Fair Internet for all.


All content on Blockonomi.com is provided solely for informational purposes, and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, product, service or investment. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate.

One Comment

  1. Great guide as always, thank you!

    Reply

Leave a reply

Your email address will not be published. Required fields are marked *