What is the IOST blockchain ecosystem and the IOST token?

The IOST blockchain ecosystem is one of the oldest projects in the crypto industry. Introducing a new Proof-of-Credibility (PoB) consensus model, the project offers a faster, cheaper, scalable, compatible, reliable and secure development environment than the leading Ethereum decentralized finance Network (DeFi).

Thus, the platform hosts a wide range of applications, including platforms for launching cryptocurrencies and NFT trading platforms.

In this article, we will look at the IOST blockchain ecosystem and discuss a number of available decentralized applications (dApps). In addition, we will study how the proof-of-credibility (PoB) consensus algorithm works and identify the roles and main functions of our own IOST coin and IOST token.

What is IOST?
IOST Token
IOST Wallets
IOST Ecosystem
Proof-of-credibility (PoB)
Notes (Memos)
Non-interchangeable IOST Tokens (NFT)
Create your own NFT Market
IOStarter
Road map
Results

What is IOST?
IOST, an abbreviation of "Internet-of-Services Token", is a new generation blockchain. The platform implements advanced technologies to facilitate split-second transaction settlements and scalability. To achieve this, the project works using a new Proof-of-Belief consensus algorithm ("proof of ownership").

IOST

In addition, the native IOST token supports the PoB consensus model. IOST is a project supported by the world's leading investors, whose team members are specialists with experience in well—known international companies.

The team collectively strives to create a basic architecture for a decentralized economy that meets all the necessary requirements for scalability and security.

The main IOST network was launched in 2019, and it offers a secure smart contract development environment that is faster and cheaper than Ethereum. Initially, the blockchain offered users 8000 transactions per second (TPS).

Since the introduction of solutions for scaling "efficient distributed segmentation" and "microstate blocks" in 2020, at the moment the project can process 100,000 TPS, and transaction confirmation, on average, takes less than half a second.

The IOST blockchain can host decentralized applications (dApps), and by hosting the native IOST token, developers can gain access to tools and resources that will help in the development of dApps. This helps to keep development costs to a minimum. Moreover, the platform allows developers to design and deploy their applications using one of the most familiar programming languages — jаvascript.

IOST Token
Since IOST is a blockchain, its own currency supporting the protocol is technically a coin. However, before the launch of the main IOST network, the project launched its currency through the Ethereum blockchain. These are native Ethereum ERC-20 IOST tokens. Then, when the main network of the project was already launched, native IOST coins were put into circulation. The holders were offered, through Binance, to exchange their IOST tokens for IOST coins in a ratio of 1:1.

IOST token

The IOST coin has the same function and utility as the IOST token. In addition, it uses its own IRC-20 token standard, similar to Ethereum's ERC-20. In turn, all cryptocurrencies working with their own standard are fully compatible and interact with other applications in the IOST crypto ecosystem.

Among other things, IOST coins are also compatible with some external decentralized applications (dApps). The IOST coin is the main currency for users as a means of exchanging services on the platform.

The main function of the IOST coin or token is to ensure the security and privacy of the network. The IOST coin plays an important role in supporting the new PoB consensus algorithm. In addition, users and developers will need either IOST coins or IOST tokens to pay transaction fees on the IOST crypto network.

IOST Wallets
The project ensures that holders of IOST tokens and IOST coins have a wide choice of ways to keep their assets safe and sound in various crypto wallets. At the same time, the project emphasizes that users conduct their own due diligence and verification before making a purchase of an IOST wallet.

In order to create an IOST wallet, users need to register an account in the main IOST network. There are two main types of crypto wallets available: Chrome PC extension web wallets (such as iWallet and Jetstream) and mobile wallets. Compatible mobile wallets include Huobi Wallet, Citadel Wallet and TokenPocket Wallet.

IOST Ecosystem
The project ecosystem contains a wide range of decentralized applications (dApps) and services. Using the original PoB design, the blockchain expands its solutions for developers, including a non-interchangeable token utility (NFT), a cryptographic launcher and betting tools. Let's consider how the innovative PoB consensus model is connected with the IOST project.

Proof-of-believability (PoB)
Proof-of-credibility, or PoB, is a new IOST consensus algorithm. In addition, PoB is an extension of the traditional "delegated share confirmation" (DPoS) model, which reduces the barrier to entry by introducing a points system.

The PoB algorithm ensures the security, scalability and decentralization of the network. Moreover, by combining the native IOST coin and the IOST token, PoB guarantees the decentralization of block production, transaction verification and protocol management.

PoB uses a decentralized mechanism for selecting a block producer and forming a so-called "committee". This gives a fair opportunity for the most qualified nodes, or nodes with a large number of votes, to get a higher probability of creating a block. In addition to node votes, another factor to consider building blocks is a point system called "Servi".

The committee has 17 seats for nodes that are shuffled every ten minutes. The top nodes with the highest Servi score will receive places in turn to complete the production of blocks.

Every time a node is a member of the committee, it "spends" its Servi points. This means that with each round, the unelected nodes have an increased chance of getting a place in the formation of the committee. Thus, within one day, hundreds of different nodes can create blocks.

Notes (Memos)
IOST Memos 
Instead of a random combination of numbers and letters of wallet addresses, the project network uses "notes". Notes work as an identifier of the user's balance and wallet with human-readable names, such as, for example, "myiostname".

In addition, users can use notes when sending or receiving funds from users and exchanges. For some exchanges, such as binanceiost, it is important to fill in the "memo" field when transferring funds. Without this, users may even lose their funds forever.

The project emphasizes the importance of ensuring the security of the private key, since it is not a storage-related service. This means that if users lose their private keys when restoring or buying a new computer, IOST will not be able to receive any funds from the wallet.

In order for users to access their funds at any time, it is imperative that users keep their private keys safe.

Non-interchangeable IOST Tokens (NFT)
Currently, there are three main applications of non-interchangeable tokens running on the network. These are "Revival", "RIZIN Fighting Collection" (RIZIN FC) and "TOKENLINK".

Revival is the first multi—chain NFT aggregator application running on IOST that implements a margin reward mechanism for its users. In short, this means that Revival can allow users to tokenize art, create NFT, and buy and sell non-interchangeable assets from multiple chains in one place.

On September 30, 2021, a strategic partnership between NFT-Japan Inc. and IOST introduced RIZIN FC. The project plans to provide "RIZIN Fighters Highlights NFT" for martial arts fans so that they can invest and trade by the end of 2021.

TOKENLINK, developed by Platinum Egg, a specialized blockchain-based game and entertainment development company, is part of NFT IOST. TOKENLINK offers investments in non-interchangeable assets in many areas. This includes cryptographic images, games, music, and NFT avatars. As one of the first successful NFT trading platforms with mixed assets, TOKENLINK has gained wide recognition and popularity.

Create your own NFT Market
IOST allows businesses and individual developers to develop and deploy their own NFT marketplace. For its users and clients, the project offers ultra-fast and practically free transactions.

The project also offers a simple and familiar development experience for developers using the jаvascript "V8" smart contract language. Along with using this popular programming language, IOST is a highly scalable network providing complete reliability with "zero downtime since the launch of the main network in 2019."

Moreover, the project uses familiar token standards for cryptocurrency and NFT deployment. Developers can use the IRC-20 standard, as well as the IRC-721 token standard for NFT, similar to the Ethereum ERC-721 standard.

IOStarter
The cryptocurrency launch panel of the network is implemented through the Donnie Finance digital asset management and exchange platform. Since the appearance of "IOStarter" on Donnie Finance, the platform has attracted huge attention from developers and investors. In addition, IOStarter is the first cryptocurrency launcher launched on the IOST blockchain. At the time of writing, the Donnie Finance team stated that they were "considering projects to increase liquidity in IOStarter."

To participate in the initial offer of the DEX (IDO) crypto startup, users must purchase IDO tickets. Users can do this by placing their own token "DON" or partner token "Blocery" (BLY). In addition, if users become liquidity providers (LP), they can also place their LP tokens to earn IDO tokens.

Each IDO event will consist of two pools: standard and premium. The IDO premium pool offers investors a higher maximum purchase limit. The more IDO tickets you have, the more chances you have to get into the IDO premium pool. In addition, the number of IDO tokens required to enter the IDO premium pool depends on the project.

Road map
The IOST cryptocurrency ecosystem is constantly growing, and many projects are under development. However, with the help of the roadmap, the project keeps its users, investors and the public informed of all developments.

In the third quarter of 2021, the project developed interoperability with Binance Smart Chain (BSC) to increase utility and liquidity. In addition, the NFT Revival market based on IOST was launched at the same time. The project has already implemented several new protocol updates to improve user interaction (UX) and security measures.

Planning to cooperate with international partners and implement new options for using non-interchangeable tokens (NFT), the project also plans to expand education in the field of blockchain by holding Hackathon forums in China and India. In addition, the project aims to conduct research and evaluate community feedback on how to improve work with blockchain.

Results
The IOST blockchain, offering an alternative to the high-performance Ethereum development environment with a shorter transaction time, has become quite an interesting and popular project. Due to the transaction confirmation time in less than a second, and minimal fees, the project is able to process up to 100,000 transactions per second (TPS).

Since the launch of the main network of the project in 2019, the IOST blockchain has become a stable and reliable network with zero downtime.

Perhaps this is due to the innovative PoB consensus algorithm. The new consensus model is a fairer, safer and more distributed version of the commonly used DPoS model. In addition, developers can take advantage of the PoB consensus in their own applications. In turn, this gives them the opportunity to develop and deploy the necessary and useful applications.

The native coin or IOST token, in turn, plays a crucial role in supporting the IOST crypto ecosystem. The project is one of the leading operational blockchains with support for smart contracts in the industry.

The IOST blockchain hosts various applications, including non-interchangeable token platforms (NFT), a cryptocurrency launchpad and exchanges. With more than 400 active nodes and 500,000 active subscribers on social media platforms, IOST is truly a project worthy of attention.