Join the Wiki Wizards
Sign up for our newsletter!
IOST
Give me the basics
IOST is a decentralized blockchain platform designed for scalability and security. Launched in 2018, it aims to address the challenges that many other blockchain networks face, such as slow transaction speeds, high fees, and low scalability. IOST uses innovative technologies like the Efficient Distributed Sharding (EDS) and Atomix to enable high transaction throughput while maintaining decentralization and security.
The platform uses Proof of Believability (PoB) as its consensus mechanism, which is designed to be more energy-efficient than traditional Proof of Work (PoW) and Proof of Stake (PoS) algorithms. PoB is designed to achieve a fair and democratic consensus, with nodes selected based on their contribution to the network rather than the size of their stake.
IOST also has a user-friendly and developer-friendly infrastructure that makes it easy for developers to build decentralized applications (dApps) on top of the platform. The IOST network has a native cryptocurrency called IOST, which is used to pay for transaction fees and other services on the platform.
Overall, IOST aims to provide an efficient, scalable, and decentralized blockchain platform that can support a wide range of use cases, from decentralized finance (DeFi) to gaming, social media, and more.
In-depth explanation
IOST is a next-generation blockchain platform that aims to address the challenges of scalability and security that many other blockchain networks face. Launched in 2018, IOST is designed to be a fast, secure, and decentralized platform for building decentralized applications (dApps) and executing transactions.
One of the main problems with many blockchain networks is their slow transaction speeds and high transaction fees. IOST addresses this problem by using innovative technologies like Efficient Distributed Sharding (EDS) and Atomix. EDS allows the network to be divided into smaller sub-networks that can process transactions in parallel, thus increasing the overall transaction throughput of the network. Atomix, on the other hand, is a cross-chain communication protocol that enables interoperability between different blockchain networks.
IOST also uses Proof of Believability (PoB) as its consensus mechanism, which is designed to be more energy-efficient and more democratic than traditional consensus mechanisms like Proof of Work (PoW) and Proof of Stake (PoS). PoB selects nodes based on their contribution to the network, rather than the size of their stake, making it more democratic and reducing the risk of centralization.
IOST is not just a fast and secure blockchain platform; it is also designed to be developer-friendly. The platform has an easy-to-use infrastructure that allows developers to build dApps quickly and easily. Developers can build smart contracts using multiple programming languages such as Solidity, Java, C++, and more.
Another important feature of the IOST network is its native cryptocurrency, IOST. IOST is used to pay for transaction fees, voting, and other services on the platform. IOST is also listed on multiple cryptocurrency exchanges, making it easy for users to buy and trade the cryptocurrency.
IOST is a versatile platform that can be used for a wide range of applications, including decentralized finance (DeFi), gaming, social media, and more. For example, IOST’s high transaction throughput and low transaction fees make it an ideal platform for DeFi applications like decentralized exchanges (DEXs) and lending platforms.
Overall, IOST is a promising blockchain platform that is designed to be fast, secure, and decentralized. With its innovative technologies and developer-friendly infrastructure, IOST is well-positioned to become a leading platform for building dApps and executing transactions in the blockchain ecosystem.
