Buy IOST

IOST (Internet of Services Token) is a blockchain that aims to provide a faster, more secure, and decentralized infrastructure for online services. It offers a solution to the scalability problem that many other blockchains face, including Ethereum. As the number of users and transactions on the network increases, it can lead to higher fees and slower processing times. IOST solves this through its Proof-of-Believability (PoB) consensus mechanism and Efficient Distributed Sharding (EDS).

PoB allows as many nodes as possible to participate in the network, which promotes both scalability and decentralization. Unlike other consensus methods, where only a limited number of nodes produce blocks, PoB uses a dynamic group of 17 nodes, the so-called block producer committee, elected based on Servi points, which rotate every 10 minutes. This ensures a fair and decentralized consensus process.

Efficient distributed sharding divides the network into multiple shards that process transactions in parallel. This increases the network throughput, with a potential processing speed of 100,000 transactions per second.

These techniques provide higher throughput, allowing users to benefit from faster and cheaper transactions. In addition, the platform offers a high degree of security and decentralization. This provides a reliable environment for conducting transactions and developing decentralized applications (dApps).

The IOST token is the platform’s native cryptocurrency and is used to pay transaction fees, smart contract fees, and reward nodes. Users can stake their IOST tokens to earn Servi points, which increases their chances of participating in the block producer committee.

Who founded IOST?

IOST was founded in 2017 by Jimmy Zhong, Terrence Wang, Ray Xiao, Sa Wang, and Kevin Tan. The company launched its mainnet in February 2019. Zhong has founded multiple tech startups in the US and China. Wang previously worked as a software engineer at Uber and holds degrees in computer science from the University of Minnesota and Princeton University. Xiao has experience as an investment banking associate at Goldman Sachs and a data scientist at Mobike. Xiao and Wang have backgrounds in computer science and co-founded the AI company Dora with Zhong. In addition to the founders, the team consists of dozens of experts who work together to further develop IOST.

IOST offers users and developers various possibilities. The main features are:

• Decentralized Apps (dApps) Development: IOST has high throughput and low transaction fees, ideal for building dApps such as games, marketplaces or social networks.
• Smart contracts: Users can create smart contracts that automatically execute conditions without intermediaries. This automates business processes.
• Token creation: Projects can easily create their own tokens and use them for different purposes.
• Decentralized Finance (DeFi): IOST supports DeFi projects such as borrowing, lending, staking, and yield farming. Users can stake IOST for passive income or participate in DeFi platforms.
• NFT development and trading: IOST provides a scalable and efficient environment for creating and trading non-fungible tokens (NFTs), suitable for artists, game developers and traders.

IOST uses some unique techniques, including Proof-of-Believability (PoB). PoB is a unique consensus mechanism that sets IOST apart from other blockchains. This mechanism allows a larger number of nodes to participate in producing new blocks, which promotes both scalability and decentralization. The mechanism uses a block producer committee of 17 nodes, whose composition changes every 10 minutes. This committee is elected based on Servi points, which nodes earn by contributing to the network.

Nodes must pass a 0.02% voting threshold to become a candidate for the committee. The committee is then formed based on the candidates’ Servi points. This causes the top 16 nodes to lose Servi points, while the 17th node loses all of its points completely. This process ensures that the composition of the group is constantly changing, resulting in fairer and more decentralized transaction processing.

Efficient Distributed Sharding (EDS)

Efficient Distributed Sharding (EDS) is a key technique that promotes the scalability of IOST. EDS divides the network into multiple shards, each processing a subset of transactions in parallel. This increases throughput and improves network efficiency.

The sharding process uses a random allocation mechanism to ensure security. EDS provides a balanced and secure distribution of nodes across the network. This makes it harder for malicious actors to attack a specific shard.

Micro State Block (MSB) and TransEpoch

Micro State Block (MSB) is designed to reduce storage and startup costs for validators. This lowers the barrier to entry for new validators and promotes a more inclusive blockchain network. MSB allows validators to participate in the consensus process more easily and affordably, strengthening overall decentralization.

TransEpoch is a mechanism that ensures efficient allocation of validators during epoch transitions. This means that users can continue to transact during these transitions, which promotes blockchain continuity. TransEpoch ensures that validation processes run smoothly, even during changes in the network structure.

Cross-chain functions

IOST has collaborated with Polkadot to develop a cross-chain transfer bridge. This bridge facilitates the transfer of assets between different blockchain networks, significantly increasing the interoperability and accessibility of IOST. The collaboration between IOST and Polkadot underscores IOST’s commitment to versatile blockchain connections and a broadly accessible network.

The IOST token is the native cryptocurrency of IOST and plays an important role in the ecosystem. The token is used to pay transaction fees and smart contract fees within the network. This allows users to transact quickly and efficiently without paying high fees. In addition, IOST tokens serve as a reward for validators and developers who contribute to the development, operation, and security of the network. With the IOST token, users can not only transact but also use various services within the ecosystem, such as staking, DeFi projects, and dApps.

The maximum supply of IOST tokens is set at 21 billion. During the ICO in January 2018, 40% of the total supply was sold, raising approximately $31.3 million worth of ETH. The remaining tokens are divided into different categories: 35% are managed by the IOST Foundation, 12.5% is allocated to community building, 10% to the team, and 2.5% to advisors and investors.

A number of notable features make IOST a unique and distinctive project within the crypto and blockchain space:

• Unique consensus mechanism: The Proof-of-Believability consensus mechanism dynamically chooses a group of 17 nodes every 10 minutes based on their contributions to the network. This allows more nodes to participate, making the network more secure, fair, and decentralized.
• High transaction speed: IOST can process up to 100,000 transactions per second, which is significantly faster than many other blockchains such as Ethereum, Tron, and EOS.
• Efficient sharding system: IOST's Efficient Distributed Sharding (EDS) divides the network into multiple shards that process transactions in parallel. This increases scalability without compromising security.
• Broad interoperability: IOST collaborates with other blockchains, such as Polkadot, to promote cross-chain compatibility. This allows IOST to connect with other blockchains, allowing users and developers to create more flexible and widely applicable applications.

You can buy IOST using Bitvavo, a platform suitable for both beginners and experienced traders. Follow these steps to buy IOST tokens via our website and app:

1. Log in to your Bitvavo account or create a new account.
2. Add funds to your account by clicking "Deposit".
3. Go to the IOST purchase page.
4. Enter the amount in euros you wish to spend or the number of IOST tokens you want to purchase and click "Buy".

After purchase, your IOST coins will be automatically added to your Bitvavo account, where you can easily manage and trade them. Selling IOST tokens is just as easy, allowing you to react quickly to price and market changes.

You can safely store your IOST tokens in your Bitvavo account. Bitvavo keeps the majority of assets in cold storage, which means they are stored offline for added security. We also recommend enabling two-factor authentication (2FA) as an extra layer of security for your account.

Many software and hardware wallets support IOST. After purchase, you can easily transfer the IOST tokens to an external wallet by linking the wallet address to your Bitvavo account. This way, you retain complete control over your cryptocurrencies.