Snapshot:
- What is IOST (IOST)?
- Who are the founders of IOST?
- How does IOST work?
- Key Attributes of IOST
- How to buy IOST (IOST) in India
What is IOST (IOST)?
IOST is a next-generation blockchain network built to deliver scalability with a unique algorithm ‘Proof of Believability’. The blockchain is built to make developers’ experiences easy with simple infrastructure. Developers can build on IOST with Javascript – the most popular programming language.
IOST’s ecosystem consists of partnerships with Node Staking platforms like Moonstake, Ankr, Binance Staking, and Zelo. The network also has some of the finest DeFi platforms including IOStarter, Polkadot, Fortube, Yokozina Finance, Chainlink, and many more.
Who are the founders of IOST?
IOST was founded by Jimmy Zhong, Terrence Wang, Justin Li, Ray Xiao, Sa Wang and Kevin Tan in 2018. Jimmy Zhong founded a few tech enterprises in the U.S and China. Now, he is one of the co-founders of IOST blockchain.
Terrence Wang was associated with Uber as a software engineer. He pursued Computer Science from the ‘University of Minnesota’ and Masters in Computer Science from ‘Princeton University’
Justin Li is an ex-Goldman Sachs and has worked as a data scientist at Mobike.
Kevin Tan co-founded Ethercap and graduated from Tsinghua University with a Computer Science degree.
Ray Xiao studied computer science and quantitative economics at Tufts University. He also co-founded Berminal – Bloomberg Terminal of the blockchain space. Emogi – the most popular crypto short video app in Latin America.
How does IOST work?
IOST works on a community-driven model by juxtaposing two concepts ‘Proof of Stake’ and a voting mechanism to choose the right participants to join the network. For anyone to build on the blockchain, an individual will have to pledge a number of tokens to be deemed as a ‘trusted node’ which is the first step of building on the blockchain.
The next step involves validators joining the network to participate and become a part of the network. As validators enter the ecosystem they will be put through a competition to assess their ability to become trusted validators. The participants who get through the second stage receive Servi – a reputation score required to become a part of the network.
In order to reach faster TPS, IOST developers have created a cutting-edge blockchain architecture, which introduces and combines several tech stacks including a Distributed Randomness Protocol, Efficient Distributed Sharding, TransEpoch, Atomix, Proof-of-Believability and Micro State Blocks.
Key Attributes of IOST
Fast block validating
IOST offers an ultra-fast response on block validation of 0.5 seconds making it one of the fastest networks to build and validate blocks. Faster and uninterrupted block validation on the network is possible owing to POS mechanism and a network of validators that hold a reputation score which not only makes the block validation faster but also secure.
Economical transactions
Stake IOST tokens pay gas fee on your behalf to the network. This makes the blockchain all the more sustainable and scalable.
Scalable and No Downtime
The IOST network can manage up to 8000 transactions per second (TPS). The network has stabilized post the mainnet launch. No Down Time as the network has a robust consensus algorithm ‘Proof of Believability’.
How to buy IOST (IOST) in India
Use this three-step process to buy your first IOST using the CoinDCX crypto app.
- Sign Up for the CoinDCX account: Enter a valid email address and a user name on the sign-up page. Once the Email Id has been verified, set a strong password to secure your account.
- Verify the account: You need to complete your KYC, to buy IOST on the CoinDCX platform. All you need to do is upload the documents and your account will be set up in 15 minutes.
- Buy IOST: After the account has been verified, you can deposit any amount of fiat currency you are comfortable with and start your crypto journey!
