IOST is an ultra-fast, decentralised blockchain network based on the next-generation consensus algorithm “Proof of Believability” (PoB). Led by a team of proven founders and backed by world-class investors, our mission is to be the underlying architecture for online services that meets the security and scalability needs of a decentralized economy.
Problems & Solutions
Excessive commission fees, privacy violations, frauds and censorship are common issues encountered during daily interactions with centralized online service providers. Given these well-recognized problems with centralization, a wide range of blockchain technologies attempting to resolve these issues have been developed since the launch of Bitcoin in 2008. Specialized projects like SteemIt, Bitshares, and Syscoin, as well as more versatile projects like Ethereum and EOS, are some of many examples. However, most of those attempts are either too specialized in certain applications, or burdened by low transaction throughput. Due to these limitations in flexibility and transaction throughput, it is impossible for developers and enterprises to bring heavy services like Facebook or Amazon onto the blockchain – not to mention something more complicated like digital asset exchanges.
The heart of the scalability issue lies in the fundamental design of these existing blockchain technologies — their consensus protocols and blockchain architectures. Most of the existing blockchain technologies face two major challenges in their way of scaling up: a) every full node must store the entire ledger in order to participate; b) every participating node in the network is obligated to handle every transaction. Since all the participating nodes are essentially conducting the same work, the number of transactions the system can process will not exceed that of a single node. Moreover, the growing size of the blockchain increases the requirements and costs of storage space, bandwidth, and computational resources for a node to fully participate in the network. The increasing mining cost will inevitably make the participation in the network become a privilege for the few, leading us straight back to the problem of centralization.
The IOS is designed to fill the void. In our vision, the IOS is a next-generation blockchain technology that provides the network infrastructure to support a service-oriented ecosystem. The IOS platform not only provides its users a completely decentralized way to exchange online services and digital goods, but also enables developers to deploy large scale dApps with the ability to support massive number of users. With a series of groundbreaking innovations, such as Efficient Distributed Sharding (“EDS”) and Believable-First consensus approach, we are able to increase the system’s throughput enormously while guaranteeing security.
We developed EDS based on the sharding technique. It is widely adopted in distributed systems and databases to enable parallel transaction processing. Inspired by the classic “Divide and Conquer” principle in computer science, sharding is a technique that partitions the entire IOS network into certain numbers of subspaces called shards. We can consider each shard as a miniature network that runs its own consensus protocol in parallel. Instead of having the entire network validating the same set of transactions, subsets of transactions can be handled by various consensus groups simultaneously. Therefore, the throughput of the system can be significantly enhanced even if the size of the network and number of transactions grow rapidly. Moreover, in order to ensure the network is divided homogeneously, we have developed a Bias-Resistant Distributed Randomness protocol in order to introduce unbiased and transparent randomness into the sharding process.
With the EDS, the IOS is also packed in a very powerful arsenal of technologies that empowers deployment of large scale dApps with high-performance and flexibility. It allows developers to build a wide range of products: from counterparts of traditional monopolistic online service providers to brand new business models that would have been considered impossible previously. Admittedly, running such services could be quite expensive when the size of the IOS network is relatively small. However, with increasing number of nodes and resources in the network, the cost of running such large scale dApps might be greatly reduced. Additionally, there are many benefits including: avoiding cyber attacks, high-level of data security, and the immutable property.
Features & Highlights
Proof-of-Believability ("PoB"): A Byzantine consensus protocol with a Believable-First approach that guarantees safety and liveness of the system while largely maximizing the transaction throughput by size-one-shard.
Micro State Block ("MSB"): Mechanism to minimize the storage and bootstrapping costs for validators.
Efficient Distributed Sharding ("EDS") (under testing): Sharding scheme that makes shards sufficiently large and strongly bias-resistant via a combination of a client-server randomness scavenging mechanism and leader election via cryptographic sortition.
TransEpoch (under testing): Secure validators-to-shards assignment during epoch transitions while maintaining transaction operability.
Atomix (under testing): Two-step inter-shard atomic commit protocol that guarantees transaction atomicity in Byzantine setting.
Token Sale & Economics
- Project website: https://iost.io/
- Project whitepaper: https://iost.io/iost-whitepaper/
- Token sale start time: 30 Dec 2018
- Ticker: IOST
- Token type: ERC-20 at TGE
- Total hard cap: $35,000,000
- Total supply: 21,000,000,000 IOST
- Initial circulating supply: 47.58% of total supply
- Public sale token price: No public sales
- Public sale allocation: No public sales
- Private sale token price: 200,000 / 150,000 / 100,000 IOST = 1 ETH and raised a total of 35,000 ETH ($35.0MM) at ~$0.004167 per token
- Private sale allocation: 40% of total supply
- Private sale vesting period: No lockup
- Seed sale token price: No seed sales
- Seed sale allocation: No seed sales
- Seed sale vesting period: No seed sales
Token Release Schedule
Token Allocation & Release Note
- Private Sale: 40% of total supply
- No lockup
- Strategic Sale: 5% of total supply
- No lockup
- Team: 10% of total supply
- Advisors: 2.5% of total supply
- Community: 5% of total supply
- BD & Marketing: 2.5% of total supply
- Token Treasury: 35% of total supply
Token Utility & Use Cases
In the IOS system, IOS Token, like tokens in other blockchain systems, serves as the medium of exchange for all transactions and commission fees. More importantly, IOS also plays a important role in calculating a user’s believability score. All IOS tokens will be generated in the Genesis Block. In the IOS ecosystem, IOS tokens can be used for:
- Payment: Payments for services and goods provided by merchants or other community members.
- Commission: Payment to validators as compensation for running smart contracts, processing messages and transactions, and using resources shared by the general ecosystem including but not limited to storage space, computing power, etc. The commission fee incentivizes the validators and prevents malicious users from damaging the interests of the community through excessive deployment of smart contracts.
- Believability: IOS tokens will be used to calculate users’ believability scores (will be explained in the following section).
In addition, as a member of the IOS ecosystem, each user can acquire IOS tokens through validating transactions and contributing resources (e.g., running smart contracts, providing storage space, etc.).
As mentioned in previous sections, A major challenge faced by traditional Proof-of-Stake consensus mechanism is the tendency towards centralization. In order to mitigate this risk, we introduce Servi as both a measurement of users’ contribution to the community and a way to encourage members to contribute to the continued development of the IOSChain. It has the following attributes:
- Non-tradable: Since Servi is not designed as a medium of exchange, Servi can not be traded or exchanged in any way.
- Self-destructive: After validating a block, the system will automatically clear the Servi balance owned by the validator. In this way, nodes with high believability scores can take turns in validating blocks, to ensure a fair block generation process.
- Self-issuance: Servi will be generated and deposited to user accounts automatically after certain contributions, such as providing community services, evaluating services provided by another entities, and/or making other special contributions.
Roadmap & Updates
- Q1 2018
- Launch MVP private test net
- Q2 2018
- Implement and test PoB on testnet
- Official launch of public testnet (V0.5 Everest)
- Q3 2018
- release IOST smart contract framework and document drafts
- Deploy supporting modules (new opcodes) to testnet
- Q4 2018
- Release of public testnet (V2.0 Everest)
- External security audit of IOST network
- Q1 2019
- Release if IOST nwtwork client and walet
- Official launch of IOST mainnet network (V1.0 Olympus)
- Integrated development, production measurement and optimization
- Q2 2019
- Launching proprietary dApps and commercial applications on network
- Launching IOST mainnet with native sidechain support (V2.0 Olympus)
Theseus - Theseus helps companies and organizations identify how blockchain technology can be used to improve their business. Theseus was created to support the development of decentralized applications capable of leading the charge for the mass adoption of blockchain technology. They also provide engineering solutions for third-parties that want to integrate their products and businesses onto the IOST blockchain.
Bluehill - Bluehill is a global network of talented individuals established to support startups, DApp development and blockchain technology innovations. They work with the best developers and entrepreneurs in the industry to facilitate the growth and adoption of blockchain technology. Bluehill provides services including funding, advisorship, operations, marketing, recruitment and industry partners.
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Plair - We intend to establish and grow a community space where gamers can not only engage with one another through online and offline events and tournaments, but where they will have access to tools that will allow them to earn a sustainable living and forge a career path in video game play. The Plair platform will reward and empower every member of the video gaming community, both socially and financially.
Blockfolio - The world's most popular Bitcoin & cryptocurrency portfolio tracker. 100% free. Now with Blockfolio Signal, a first-of-its kind communications platform for receiving updates directly from team leaders of the tokens you care about.
National University of Singapore - The National University of Singapore (NUS) is the first autonomous research university in Singapore. NUS is a comprehensive research university, offering a wide range of disciplines, including the sciences, medicine and dentistry, design and environment, law, arts and social sciences, engineering, business, computing and music in both undergraduate and postgraduate levels. Founded in 1905 as the King Edward VII College of Medicine, NUS is the oldest higher education institution in Singapore.
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