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Home / SmartTech / IOST is nearing the start of its mainnet blockchain platform

IOST is nearing the start of its mainnet blockchain platform



IOST announced that its Mainnet network for its IOST cryptocurrency is now ready and decentralized applications may be released for consumer operation on March 10.

Beijing-based IOST has built its infrastructure for its past token In an interview with VentureBeat, there will now be a network of more than 150 partners, said Jimmy Zhong, CEO of IOST.

The IOST Mainnet will support a number of new distributed apps (DApps) The coming weeks were built by hundreds of enthusiasts from a global network of more than 150 partners, including Huobi, DDEX, iBank Digital Asset and CoinGecko. It uses Blockchain, the secure and transparent decentralized ledger that enables digital currencies, known as cryptocurrencies. The goal of the company is to establish a trustworthy trading form for everything from games to banking.

The milestone is six months ahead of schedule, marking the launch of an accessible, community-friendly platform, Zhong said. He would debut with games, purses, decentralized exchanges, sturdy coins and other applications that start in tandem, he said. These apps are compatible with the popular simple contracts of Ethereum Cryptocurrency.

"We can create a new platform that is scalable and solves problems such as high latency," Zhong said. "Other platforms sacrifice a lot of decentralization to achieve speed. With our consensus protocol we can achieve a few thousand transactions per second.

Above: Jimmy Zhong is CEO of IOST.

Credit: IOST

The IOST network uses "Credibility" to achieve consensus or enough verification for anyone to trust the system -of-stake-consensus algorithms take less control and compensation nodes, IOST constantly rotates nodes and blocks production.

Bitcoin and Ethereum take advantage of the decentralized verification of transactions to process transactions with tens of thousands of nodes to one This will make transactions trustworthy, but also slow Competing Networks EOS and Tron use a smaller number of trusted nodes to reach consensus, resulting in less trust but high transactional speed.

Zhong said The credibility mechanism for credibility reduces centralization however, it continues to use hundreds of nodes to consensus on a transaction. This reduces the risk of fraud and still allows thousands of transactions per second, Zhong said.

Top: IOST partners.

Image Credit: IOST

IOST has a relatively low market value of approximately $ 97 million for tokens, but has raised $ 35 million from a range of venture capital funds, including Nirvana Capital, Matrix Partners, Huobi, Sequoia , Theseus, ZhenFund and Bluehill.

the leading projects in 2018, "Zhong said. "The support and support from top institutional investors such as Sequoia Capital and Matrix Partners and the launch of our ready-to-use Mainnet six months ahead of schedule confirm that."

Prior to the launch, IOST also announced its support to the Global Partner Program, which aims to provide a more accessible path for individuals, teams and organizations, both technical and non-technical, to contribute to the future of the IOST network, and at the same time to decide on their contribution to the ecosystem. This was the first time that retail users were able to participate in the growth and security of a blockchain network at an early stage.

"Building the iStablecoin service on IOST has accelerated our ability to reach and introduce a broader user base into a vibrant, fast-growing ecosystem," said Davis Gay, co-founder of Rate3, in a statement. "Significantly, IOST is the first to bring to market a mainnet that immediately represents the appearance of the broader blockchain ecosystem, including both native and non-native applications and existing users." These included the completion of IOST's public test network, which reached processing speeds of more than 8,000 transactions per second (TPS), and the establishment of the $ 50 million IOST ecosystem fund. The company has more than 100 employees in offices in Beijing and New York.


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