IOSTokenIOS stands for Internet of Services. IOSToken is designed to offer infrastructure for online service providers. It could be understood as a blockchain version of Alibaba.
What is IOSToken?
IOS stands for Internet of Services. IOSToken is designed to offer infrastructure for online service providers. It could be understood as a blockchain version of Alibaba.
How does IOSToken work?
IOST uses Efficient Distributed Sharding technology to improve the scalability of this network. It dynamically partition the IOS network into subspaces through a bias-free stochastic process, improving the speed of transactions on the network.
IOST uses a special consensus mechanism which aims to speed up the confirmation of blocks. The mechanism is known as Proof-of-believability which is based on the credibility and reputation of users on the network. Basically there are two types of validators on the network, the believable validators and the normal validators. When there is a transaction arises, a random validator from the believable group would be selected to validate the transaction. Since only one validator is validating each transaction, the confirmation time is much faster. Once the transaction has been confirmed by the believable validator, it will be passed on to the normal validator for final confirmation. If the transaction is valid, it will be added to the block. Otherwise the believable validator will be banned from the validator group and lost the token. This gives the believable validator incentives to behave.
Validators in the believable group is selected based on their contribution to the community, behavior and token balance. By combining this aspect with algorithmic randomness and the punishment for malicious behaviors, it ensures the safety of the network.