IOST or the Internet of Services Token is a decentralized blockchain network, based on the next-gen consensus algorithm of PoB or the “Proof of Believability” that is led by a team of top-class investors. The investors are working with an unputdownable spirit to create a robust architecture for online services; to meets the scalability and security needs of a decentralized economy. The PoB mechanism works on a node that is validated on the past behaviors and contributions of the nodes. Moreover, to improve the fairness of the decentralized nature of the blockchain platform, the IOST uses a “fairness” algorithm program that distributes data to the various nodes on a random basis. With this PoB algorithm, IOST claims to create a more intelligent blockchain platform. With this model, IOST is trying to improve blockchain’s capabilities to meet the surging demand of its services adequately.
In fact, the IOST claims to deliver up to 100,000 transactions per second, which places it far ahead of the other leading blockchain networks, including Bitcoin or Ethereum. IOST mainly targets scalability and high transaction parameters to improve its blockchain network. In lieu of accomplishing these endeavors, IOST has officially released BaaS or the Blockchain-as-a service to the public. It has now opened its blockchain solutions for the important sectors like the judiciary, government affairs, charity, supply chain, IoT (Internet Of Things), games, art, eCommerce, advertising and media, education, and medicine to name a few.
IOST BaaS comprises of 6 underlying core technologies in a blockchain that includes multi-chain support, multi-cloud support, smart contracts, permission management, privacy protection, consensus mechanism. The technology is also customized by Hyperledger Fabric, which is the most widespread consortium chain system used in the world.
The BaaS platform launched by the IOST is now live on AWS or the Amazon Web Services. The high speed and the secure BaaS platform offered by the IOST foundation allows the developers from all corners of the world to launch blockchain solutions in just a blink of an eye. A convenient blockchain infrastructure can be deployed very easily by the developers after the BaaS platform was opened up to the public. Various tools like the Dapps and other projects can now test IOST’s high-speed infrastructure in just a single click.
IOST has a market cap of $260 million, placing it in 71st rank on the list of the coin rankings. Since the token sale of the IOST project has completed, it has been trading since January.
