Just like Bitcoin was created as an alternative currency to bank the unbanked, IOSToken hopes to be the token that can "bank the unbanked" on their decentralized network.
Scalability has been one of the most talked about roadblocks in recent years. As more people are starting to adopt cryptocurrencies, existing networks have struggled to cope or have simply become too expensive due to downward pressure on fees which fuel miners/validators through transaction rewards. A new network called IOSToken aims to be the solution to this problem.
The next generation scalable blockchain network built for serving decentralized consumer-grade applications, offers high transaction throughput , low latency and doesn't compromise security . It also provides accounts with a limited number of private keys that are associated with a JSON file. The lack of a single point of failure or hacked passwords is a major benefit as well as allowing users to recover their key if they happen to lose it. These accounts can have up to 30 different addresses which they control independently.
IOST also has an interesting consensus mechanism named Proof-of-Believability (POB) designed for enabling high scalability on the network. In POB, a node's believability is calculated based on contributions and behaviors.
IOSToken can also be used to pay for services within the platform, such as data storage and computation, similar to the Ethereum blockchain . For example, you can send IOST tokens to a HTTP smart contract which will rent out its storage to users who want it. This is done through transactions that deposit and withdraw funds from this contract.
The Internet of Services (IOS) aims to offer horizontal scalability ,which means high transaction throughput with no transaction fees . It does this by using a network of nodes running consensus algorithms in parallel; these nodes are linked together in a chain like manner creating pipes (a bit like TCP/IP) where messages (commerce request packets) travel along them.
A recent article on the IOST platform quotes their CEO, Jimmy Zhong, as saying " We are building the Internet of Services, which is a decentralized infrastructure for online service providers. Our goal is to make it fair and decentralized. We believe that blockchain technology can solve key problems with first generation blockchains like Bitcoin and Ethereum namely; Scalability , Sustainability & Usability .”
IOSToken has been making some impressive moves in the crypto world lately. They were recently accepted into the Google Launchpad accelerator program which gives them access to mentorship and resources from some of the best minds at Google. They have also formed partnerships with some major players including Fenbushi Capital (the first Chinese venture capital firm to invest in a blockchain project) and Sequoia Capital (one of the largest venture capital firms ).
IOSToken recently completed its private funding rounds which brought their most recent valuation to $30 million. With exchanges such as Binance adding support for them, they have been listed on Coinmarketcap with a market cap of around $350 million. In my opinion, if IOSToken can achieve what it has set out to do, then we could see some big numbers by the end of 2018.
