What Is Internet of Services Token (IOST)?
Internet of Services Token (IOST) is a distributed shard network designed for enterprise Blockchain-as-a-Service (BaaS) use. The unique platform architecture allows scalability to the levels needed by large enterprises. The mainnet has been operational since 2018, and its processed more transactions than Ethereum to date. IOST is the native coin of the IOS network, and Servi is the proprietary cryptocurrency token used for tokenized transactions on the platform.
Who Is IOST?
IOST is maintained and operated by the China-based IOS Foundation. Co-founders include Jimmy Zhong, Justin Li, Terrance Wang, Ray Xiao, Sa Wang, and Kelvin Tan.
Use Cases of Internet of Services Token
Many blockchains are decentralized, which means the entire digital ledger resides on each node processing the network. This helps immutability at the expense of scalability, but distributed networks go a different route, more similar to modern cloud computing, TOR, and torrents. This reduces immutability enables exponential scalability. The IOS network essentially makes this technology palatable for modern enterprises.
How to Mine IOST and Servi
IOST was distributed during the Juanary 3, 2018 token sale. It can be bought on a variety of popular cryptocurrency exchanges. IOST is rewarded to partner nodes who produce blocks using a hybrid Proof-of-Work (PoW) and Proof-of-Trust (PoT) algorithm.
Servi is also earned for providing services, reviews, and engagement on the IOS platform. These tokens are soulbound and affect your trust on the network and ability to validate a node. The difference between Servi and Partner nodes is how much of which type of token they receive, as Partner nodes produce blocks and Servi nodes validate them.
Learn More About IOST
If you want to learn more about IOST, I wrote a full coin intro guide at Crypto Briefing. Or you can learn more about other cryptocurrencies across Thought for Your Penny.