Hey everyone today i want to explain about IOST before starting, I will discuss about the blockchain first. Blockchain is a combination of many new technologies that are very mature (mature), including peer-to-peer (P2P), encryption, databases, and consensus or agreement. Within each blockchain node, the data block is encrypted and the encrypted results entered into the next data block. The encryption results are encrypted again, and entered into the next data block, and so on. Can be described as a chain consisting of data blocks.
IOS (Internet of Services) is an enterprise-level blockchain system in the making from the Internet of Services. The platform is focused blockchain technology that is ready for mass adoption through Blockchain as a Service. Efficient distributed sharding, a node-to-shard protocol and Proof of Believability consensus verification marks the technology apart from other blockchain platforms.
What is the blockchain relationship with IOST?
IOS (Internet of Services) and blockchain are closely related, the cause of IOS arises because blockchain technology has the biggest problem, which is the problem of speed of sending data and the slowing of massive mass adoption. IOS provides solutions to overcome the blockchain scalability crisis that hit the cryptocurrency news in 2018.
Jimmz Zhong as Co-Founder of IOST and his team developed IOST in China as an innovative new way to run dApps. Using efficient distributed sharding, a node-to-shard protocol called TransEpoch verification, Proof-of-Believability (PoB), and micro block state to create what is expected will be the needs of the company’s blockchain users.
While some projects such as EOS, Ethereum and NEO can be superior to scability and others, but IOST has been more advanced in faster transaction processing. Recently, China has legalized cryptocurrency, it could be that IOST will increase adoption, especially in China.
We expect developments in China to further enhance the adoption of Blockchain technology not only as cryptocurrency but also in other sectors such as finance, education, health care, food security, and more.
What are the core technologies behind IOST ?
The Internet of Services (IOS) utilizes five primary innovations to traditional blockchain architecture and consensus algorithms. Let’s take a closer look at each one individually.
1. Efficient Distributed Sharding (EDS)
Before getting into EDS, you need to have an understanding of how sharding works. Sharding splits the nodes on a network into groups who then verify a proportional number of transactions. The groupings enable concurrent verifications to take place, increasing the network throughput.
This poses a few questions, though. How do you select which nodes are in which shard? How can you remain resistant to malicious nodes? What’s the node leader election process? (Bitcoin does this through mining.)
To answer these questions, IOS uses the Distributed Random Protocol (DRP). Simply put, this protocol implements client-server communication with non-interactive zero-knowledge proofs (NIZK) and publicly verifiable secret sharing (PVSS) to create an unforgeable, uniformly random value. That may not have been so simple… The IOS white paper spells out the protocol in more detail.
DRP works great if there are no malicious or failing nodes on the network. But, we know that often isn’t the case. To prevent the impact of the activity caused by these nodes, IOS elects leaders using Algorand and Omniledger. These mechanisms ensure that leader nodes run the DRP protocol, and if they don’t, are then excluded from participating on the network.
IOS switches batches of nodes in and out when transitioning between epochs. To do so, it uses TransEpoch, a node-to-shard transition assignment protocol that allows remaining nodes to continue working while having new nodes bootstrap and download history data.
The TransEpoch algorithm keeps the Byzantine Fault Tolerance (BFT) consensus on each shard. This essentially means that malicious nodes shouldn’t be able to take over the shard during the transition.
3. Atomix Protocol
With any sharding system, there’s the likelihood that you’ll need to make transactions across shards. This causes an extra layer of complexity that opens the network up to double spend hacks and inaccuracies between the transaction ledgers of different shards.
IOS’s implementation of the Byzantine Shard Atomic Commit (Atomix) protocol should make those problems a non-issue. Here’s how it works:
- Node a in shard A wants to send funds to node b in shard B.
- If the nodes in A approve the transaction, they’ll log it in A’s blockchain.
- Simultaneously, the client will lock the a funds into a transaction message and send it to B.
- A sends the transaction to B’s blockchain for validation.
- If the nodes in B approve the transaction, b receives the funds.
- If at any point in the process the nodes reject the transaction, the funds return to a.
4. Proof-of-Believability (PoB)
Proof-of-Believability separates all of the IOS nodes into two leagues: believable and normal. First, nodes from the believable league quickly process transactions. After that, the normal nodes validate samples of the transactions and provide verifiability.
The likelihood of a node being selected for the believable league is based on its believability score. This score is comprised of the token balance, reviews, and community contributions, among other things.
The purpose of the normal nodes is to ensure that the believable nodes are acting honestly. If a normal node catches a believable node acting dishonestly, that believable node will lose all of its tokens and its believability score will return to zero.
5. Micro State Block (MSB)
Having each node in a network store the entire blockchain is great for security and immutability. However, as more transactions attach to the chain, this process becomes time and resource intensive. Instead, IOS prunes blockchain storage through Micro State Blocks (MSBs).
With this strategy, each shard only stores the headers of previous blocks and the blockchain state is dispersed across multiple shards. Because of the MSB generation protocol, nodes only need to validate the last part of the blockchain as opposed to checking the entire thing.
What is The Advantage of IOST ?
IOST claims up to 100,000 transactions per second on its Proof of Believability protocol. Mainnet hasn’t launched quite yet, so we haven’t seen real-world numbers yet. However, the network’s capacity will, at the least, dramatically exceed that of much slower alternatives like Ethereum.
IOST wants to implement a “fully-decentralized” on-chain governance system. Interim governance until that happens is handled by the Politburo — er, I mean the Internet of Service Foundation, which is a not-for-profit organization based in Singapore with members around the world.
- Development Complexity
IOST raised funds in January 2018 and is currently in the final stages of testnet and pre-launch voting, with mainnet launch scheduled for February 25, 2019 — and a version 2 mainnet with native sidechain support scheduled for Q2 2019.
- Generalized Features
IOST’s larger set of standard libraries mean developers don’t have to recreate a number of standard features that they need to on most other smart contract platforms.
IOST’s domain name system provides human-readable names, and IOST transactions will be free — up to a point. Once a wallet exceeds a certain transaction threshold, transaction fees kick in. This helps prevent spam and keep the network’s economics making sense without the inconvenience of transaction fees for casual users.
- Market Position
IOST is an underdog, but the focus on rapid development has brought it to launch in record time. Several significant projects have committed to launching on IOST when mainnet launches. Venture funds as large as $50 million have gotten behind IOST projects, and the team offers involved collaboration with developers, above and beyond the usual documentation and support that platforms offer.
Technology is now increasingly advanced to follow the digital era blockchain and IOST is trying to solve a big issue plaguing scability . IOS is attempting to build a more scalable blockchain infrastructure. Easily one of the more complex projects in the space.