Project Introduction

IOST, short for Internet of Services Token, is a blockchain-based decentralized network that aims to provide an enterprise-level solution for online service providers.

Established in 2017 and headquartered in Singapore, IOST is an enterprise-level blockchain application platform developed for online service providers, supported by globally leading USD investment institutions such as Sequoia Capital, IDG Capital, and ZhenFund.

IOST 2.0 features high throughput and availability, making it a true Web 3.0 blockchain operating system.

IOST 2.0 - The Merge IOST adopts the Beacon Chain + Smart Chain architecture to be compatible with EVM, and the communication between the two will use the standard Engine API.

IOST 2.0 is continuously evolving and upgrading multiple sub-chains, which include both general-purpose smart contract chains using EVM and specialized sub-chains such as NFT chain, gaming chain, AI Native chain, and more.

Technology

IOST is a blockchain-based enterprise-level application platform developed for online service providers. By utilizing the Proof of Believability (PoB) consensus algorithm and the design of second-layer scaling solutions, IOST achieves its goals of horizontal scalability and high throughput. In addition, IOST provides a platform for third-party developers, creators, and enterprises to realize value through the development community network.

In the PoB mechanism, the access threshold for becoming a candidate node is lower, allowing more community members to participate in the selection process. At the same time, through frequent rotations, most candidate nodes are eligible for selection, resulting in a highly decentralized committee with much greater decentralization than the DPoS mechanism used by EOS, which relies on a small number of super nodes and candidate nodes. This achieves better community autonomy and ensures higher security.

IOST has created a decentralized economic system that is high-performance, secure, transparent, and sustainable. Currently, IOST's market coverage spans nearly 30 countries and has a large number of global developers.

Features:

1.Censorship Resistance - IOST allows developers to create censorship-resistant applications and smart contracts.

2.Algorithmic Election of Committee - IOST selects verification committee members based on contributions to the community and the number of tokens held, using an algorithm instead of an on-chain voting system like most DPoS-based blockchains.

3.Equal Distribution of Economic Incentives - The unique design of the Proof of Believability (PoB) consensus mechanism in IOST is that Servi (node points) are self-destructive. After a node validates and produces a block, the system automatically reduces the node's Servi balance. Since all nodes take turns verifying blocks based on their credibility scores from high to low, nodes with high credibility will constantly change due to the destruction of Servi points, ensuring equal distribution of block rewards.

4.Proof of Believability - The original consensus mechanism of IOST.

5.Scalability - Improves scalability through protocol-level and Layer-2 expansion solutions, including state channels, sharding, and side chains.

In short, it has these technical advantages: developer-friendly, high-throughput, more decentralized, and highly scalable.

The IOST mainnet was officially launched on February 25, 2019. The IOST development team has maintained an attitude of continuous innovation and has undergone more than 50 version updates and optimizations by March 2023, from Olympus 1.0.0 to Olympus 3.9.2.

Currently, the IOST mainnet is experiencing rapid growth in terms of DApp numbers, mainnet account numbers, and mainnet transaction volumes. In the 27th edition of the CCID Global Public Chain Technology Evaluation Index released by the China Electronics and Information Industry Development Institute (CCID Research Institute) on December 27, 2021, IOST ranked first in basic technology and third in overall technology.

IOST is a secure, user-friendly, and high-speed decentralized blockchain network based on the highly scalable Proof of Believability (PoB) consensus algorithm. Additionally, IOST has achieved its goals of horizontal scalability and high throughput. Its peak TPS can reach 8000, with a total network transaction volume of 700 million and a block height of over 240 million.

Project funds and liquidity

The circulation of IOST is about 18.7 billion. At the same time, IOST has been listed on over 100 exchanges, providing good liquidity for the project.

IOST ecosystem

As of March 2023, more than 500 node partners and numerous high-quality partners from nearly 30 countries around the world have joined the IOST ecosystem. These include dozens of mainstream media outlets (such as Cointelegraph, Jinse, Coinpost, Bitcoin.com), mainstream exchanges (Binance, Huobi, OKEx, CoinCheck, Upbit), top-notch technical teams (Metanyx, Platinum Egg, NFT-Japan Inc.), and enthusiastic community builders. With everyone's joint efforts, the extensive ecological layout of IOST has achieved impressive results.

Including:

1.Truly useful for TO B applications

2.DApps

3.Rich wallet support

4.Global node partners

5.DeFi

6.NFT

7.Global university activities

8.Global cooperation

IOST's ecosystem has developed rapidly and has deep cooperation with various institutions such as Enterprise Singapore, Singapore Blockchain Research Institute, Fuji City Government in Japan, China Software Industry Association, China Enterprise Council, AWS, Hyperledger, CCID, and Japan Blockchain Association. These collaborations effectively utilize blockchain technology to promote the development of the real economy.

Compliance

IOST project adheres to strict compliance globally. In September 2020, IOST received licenses from the Financial Services Agency (FSA) and the Japan Virtual Currency Exchange Association, becoming the 29th compliant token in the Japanese cryptocurrency market. Subsequently, IOST was listed on major compliant exchanges in Japan like Coincheck, OKCoin Japan, Bitpoint Japan, and Huobi Japan, making it a compliant token on these exchanges.

IOST's development in the South Korean market is as follows: In July 2018, IOST was listed on Gopax, a cryptocurrency exchange audited by the Korea Blockchain Association's self-regulation committee, and Upbit, South Korea's largest compliant exchange. In April 2020, IOST was listed on the compliant exchange Bithumb in South Korea and became the first supported cryptocurrency for Bithumb Staking. In October of the same year, IOST's ecosystem partner, Donnie Finance, was launched on Coinone, a leading compliant trading platform in Korea.

In Southeast Asia, since 2018, IOST has been listed on well-known exchanges in multiple countries and regions, including Zebpay and Wazirx in India, KKCoin and Crypto.com in Singapore, and INDODAX and TokoCrypto in Indonesia. Furthermore, IOST has been included in the curriculum of the Singapore Blockchain Research Institute alongside Ethereum and Hyperledger, further proving its leadership in blockchain technology and applications.

In addition, from 2018 to 2021, IOST has been listed on several major compliant exchanges worldwide, including Bitfinex in Hong Kong, BitMart in the Cayman Islands, HitBTC in the UK, Binance Exchange, Latoken in Russia, Gate.io in the Cayman Islands, and BitPanda in Europe.

Recent Plans

This is an overview of IOST's development plans and goals: IOST plans to accelerate the development and construction process of EVM, upgrade and optimize the IOST block explorer, improve the user experience of the plugin wallet, and support NFT display. At the same time, IOST will continue to lower the threshold for account creation, simplify the new account registration process, and launch a new round of high-quality project funding to strengthen the IOST ecosystem construction. IOST also plans to continue promoting relevant cooperation in the Web3 field, establishing the IOST Vietnam market team to deeply develop the Southeast Asian community, and expand more high-quality ecological partners worldwide. In addition, IOST will increase the popularization of basic knowledge of IOST chain through multiple channels.

In the future, IOST plans to announce the progress of its support for EVM (Ethereum Virtual Machine) and explore the on-chain governance DAO (decentralized autonomous organization) mechanism. It will standardize code development processes, improve the IOST improvement proposal process, and strengthen the research and development of on-chain infrastructure in the fields of DeFi, NFT, GameFi, Web3, and others. At the same time, the team will publish the development status and cooperative relationships of EVM fund investment projects, and continue to incubate high-quality Web3 projects to comprehensively develop the IOST ecosystem. IOST also plans to optimize its ecosystem construction reward mechanism, expand the Thai market, continue to cultivate the Southeast Asian community, and establish key ecosystem growth regions including Southeast Asia, East Asia, North America, and Europe. Finally, the team plans to increase the coverage of IOST on global exchanges.

On the other hand, the project team recently had a series of ecological development activities in Hong Kong, including:

On April 7, 2023, the IOST Hong Kong office was officially completed, the Hong Kong market team was formed, and cooperation and negotiations for IOST's business in Hong Kong have gradually begun;

On April 13, IOST participated in the 2023 Hong Kong WEB3 Carnival and met with Cyberport to exchange Web3.0 development;

On April 14, IOST held a closed-door meeting with the Hong Kong Science and Technology Park on "Blockchain +" empowering enterprise digital transformation and upgrading;

On May 15, IOST jointly organized the "2023 Hong Kong Web3.0 Exchange Conference" with BitValue Capital, Alibaba Cloud, Animoca Venture, Cyberport, RACA, HashKey, and OSL;

In mid-May, the Hong Kong Metaverse music interaction platform MUXIC officially became an IOST node partner;

On May 25, IOST officially became a strategic partner with Web3.0 social platform DBX Global;

In late May, IOST officially established a strategic partnership with Hong Kong's WEB3HUB;

On May 31, IOST cooperated with Professor Emil Chan, a Hong Kong fintech education evangelist, to create a global emerging technology education DAO;

On June 2, IOST officially launched the 223 Booster incubator in Hong Kong in cooperation with BitValue Capital;

On June 7, IOST was invited to participate in the "Seminar on Cloud and Innovative Technology Application and 10th Anniversary Celebration of Association" in Hong Kong;

On June 14, Spark Digital Capital, BSCS, 852Web3, and other well-known institutions from major global crypto markets officially joined the 223 Booster and became the first executive committee;

In late June, Hong Kong's well-known Metaverse platform AiR Metaverse officially joined the IOST ecosystem, establishing a strategic partnership;

On July 7, Hong Kong's well-known art company Art Group officially joined the IOST ecosystem, establishing a strategic partnership;

In mid-July, IOST and MUXIC jointly held the "Love Fund 10th Anniversary Charity Concert - MAD SHOW 3: Encounter Legend" at the Kowloon Bay International Trade & Exhibition Centre STAR HALL in Hong Kong and issued IOST on-chain NFT tickets "iMUXIC".

Conclusion

Overall, the IOST project has shown strong potential and prospects with its unique technological advantages and clear development plans. Its efforts in the application and promotion of blockchain technology not only provide an enterprise-level solution for online service providers but also provide a platform for developers and users worldwide to realize value. In the future, IOST will continue to deepen cooperation with global partners, promote the development of the IOST ecosystem, and provide more value to global users. We look forward to IOST continuing to play a leading role in the blockchain field and promote the progress and application of blockchain technology.