Literally caught in the web of intricacies while trying to solve obvious financial downsides, the problem with the blockchain lies in its throughput. From Bitcoin down to Ethereum, there have been different solutions forged to solve the issue.
Internet of Services Token (IOST) is already in the movement to solve the same issue. Waving the script of decentralization on the face of prospects, it didn’t take long before the blockchain attained cult-like following.
Perhaps it rested on its oars or the problem was systematically wavered into the system, there have been lags in transactions. In contrast, the platform touted to outperform the likes of VISA while grappling with low latency. About 2, 000 digital coins are available and each has been trying to meet up with standards.
IOST (IOST) -A Peter in Midst of Pharaohs like Ethereum (ETH)
In recent years, we have seen the coming of Internet of Things (IOT) and the blockchain. While the former hopes to make the internet more interesting, the latter is leveling all mountains for the success of coming innovations.
Internet of Services (IOS) has taken inventory of challenges rocking the blockchain. It was opined that though breeding redistribution of powers, the blockchain has not fully met with standards that top multinational companies can identify with.
Against this backdrop, the Internet of Services Token (IOST) is expected to play vital roles towards overall throughput of the blockchain and positioning it for further adaptations. In the midst of Pharaoh Projects such as Ethereum, one might think IOST’s mission a goner.
However, there is juice in the project. Haven concluded its ICO in the early months of 2017; the project went on to become the 48th on the trading spot. At the moment, it is placed at the 57th position according CoinMarketCap.
What Happens When IOST (IOST) Neutrality Meets Immutability?
Many had accused the blockchain of interfering with transactions because of obvious incursions made by some parties. To this end, IOST developed its platform with the open-source technology that makes it accessible to all parties.
However, this privilege is not to be undermined and that was why it created permissionless blockchain. By its neutrality, users can take active part in transactions and also offers users access to impressive features such as transaction validation.
Coming down, the Internet of Services Token (IOST) can best be described as the blockchain in action. This basis was suggested by its immutability and use of the distributed ledger in removing middlemen.
On the other part, fraudulent transactions cannot make foray into the platform because already-concluded transactions cannot be modified. Thus, the project’s combination of immutability and neutrality is in tandem with the core principles of the blockchain.
Big Ups to Great Architecture
IOST aims to use five core technologies to drive home its latency and decentralized outlook. Powered by its architecture, IOST is releasing a blockchain that will have higher transaction throughput that will meet current demands of the technology.
It is worthy of note that its zeal to provide faster transactions is not by default. It works with the shard technology that devotes nodes into separate networks. This is in comparison with the Directed Acyclic Graph deployed by several chains in order to provide throughput.
With its Efficient Distributed Shard (EDS) technology, IOST splits transactions into nodes that create networks in turn. The idea here is to group nodes into different partitions and attain concurrency in transactions.
Though shards facilitate throughput, it attracts double-spend attacks and opens the pathway to further vulnerability of the platform. To this end, IOST created the Byzantine Shard Atomic Network (Atomix). This in unison with the Shard Protocol will resist attacks on the project.
Another technology we have here is the Micro State Block (MSB). In the light of shards storing only block headers, MBS allows you validate only the latter part of the transaction. Hence, this reduces the time you could have to spend in confirming transactions on all blocks.
A Project Of Many Intellectuals
Internet of Services Token (IOST) has intellectuals formulating its team. Aside its team, the project prides itself as processing over 100, 000 transactions every second. IOST is a great project worth investing.