Internet of Services (IOST) Wallet

IOST, which stands for Internet of Service (IOS) and token (T), is a developer-friendly blockchain platform suitable for DApps and online services. It was launched in January 2018 by Jimmy Zhong, Terrence Wang, Tiancheng Li, Ray Xiao, Sa Wang, and Kevin Tang. IOST aims to make blockchain technology adaptable for big companies by tackling the issue of scalability.

The IOST network deploys a unique consensus algorithm, proof of believability, that was developed by its team. In such an algorithm, the credibility of a node is determined by reviewing the node’s past behavior and contributions. Currently, there are more than 400 nodes in the system. PoB combined with sharding allows the IOST blockchain to process 8,000 transactions per second and improved scalability. According to their website it also “handles multiple groups simultaneously, keep cross-shard transactions consistent”. The IOST token is used to support the PoB algorithm by rewarding validators of the network. Also, those with a higher IOST balance are more likely to be randomly selected as a validator.

By the end of 2021, the IOST platform is planning to partner with people in traditional industries to explore new applications for NFTs and metauniverse and improve the IOST mainnet according to the community feedback.