BTCMANAGER recently spoke to Terrence Wang, co-founder of IOST, an ultra-fast, decentralized blockchain network based on the next-generation consensus algorithm, Proof of Believability (PoB). Wang summarized IOST’s key milestones & achievements for the year of 2019 & discussed the company’s focus in 2020.
The IOST mainnet was officially launched on 25 February 2019, marking the start of a new chapter for both the Foundation and the IOST community.
Just two months after the launch of mainnet in February, IOST has become one of the Big 4 Public Chains for DApps alongside Ethereum, EOS, and Tron. IOST has already surpassed Ethereum in network transactions while maintaining high levels of decentralization. IOST is now listed on major exchanges including Binance, Huobi, Bithumb, Bitfinex, OKEX, Onblock & other 50 exchanges.
Its unique next-generation Proof of Believability (PoB) mechanism is revolutionizing the industry in providing a real-world working solution to the scalability trilemma.
PoB also shows that it is not impossible to solve the Scalability Trilemma which states that you can only choose two of three: scalability, decentralization, or security. PoB has a points system that determines which nodes get into the node producing committee and it changes every 10 minutes. Nodes receive points based on their staking amount, and these points are used up as they produce blocks. Thereafter, for the next committee, other nodes that have yet to use up their points would take their turn in the block production committee. This creates a fair system where all the nodes get to participate in block production while allowing the IOST network to reach speeds of up to 8,000 transactions per second.
Nodes & Staking
IOST’s Partner Program is widely praised as the globally leading staking program by numerous blockchain research institutions with attractive returns, low risk and ease of use is some of the key program highlights.
To date, IOST has a rich ecosystem of nodes worldwide: 163 elected nodes, 408 candidate nodes & still growing fast. Notably, IOST had onboarded leading staking pools into IOST’s prosperous staking ecosystem: Huobi Pool, OK Pool, OB Pool, HashFin, InfStone, RockStake, HashQuark, HelloPool, CoinInn, BigFour, Liebi Pool, Staking.Games, HyperPay & the latest being Newpool.
In addition, IOST nodes worldwide initiated and launched IOST Global Alliance – a decentralized, autonomous ecosystem to promote decentralization and increase engagement and action in the greater IOST community.
Mainnet dApps Ecosystem Progress
IOST has on-boarded over 50 dApps in less than a year since its mainnet launch, including 25 gaming dApps. 118 tokens & 553 smart contracts have already been issued on IOST blockchain, a number that is set to rise exponentially as developers’ awareness accumulate and existing developers on other blockchains look for a blockchain network that is faster, cheaper and better.
In collaboration with traditional game publishers, IOST launched a series of featured games, including Xianjian 5 and IOST Legend. The latter led IOST into a new era of dApp ecosystem: bringing traditional games users to on-chain games, and offering optimal gaming experience to users while giving them high rewards. Meanwhile, Xianjian 5 represents a milestone in the combination of game and blockchain.
The Featured DApps Program to build on IOST mainnet has attracted a great number of developers and launched a number of quality games: CryptoNinja, Herorats, XPET, IOST Crypto Sanguo, and Eternal Fafnir. CryptoNinja fully demonstrates the value of blockchain technology is the first full on-chain dApp; Herorats combines games with public welfare to increase the value of games; XPET explores a different way of dApps with its new module of cross-chain game asset authenticity.
Notable Partnerships & Programs
Boomstarter- the largest East European crowdfunding platform has become IOST partner node. IOST has completed integration with Boomstarter and will be used as a fundraising currency on one of the largest crowdfunding platforms in Eastern Europe to support entrepreneurs and builders in an international expansion plan spanning Southeast Asia, India, Africa, Eastern Europe, and Latin America.
Singapore Government Agencies
IOST Foundation has always put a focus on working closely with government agencies and regulatory bodies to develop real-world solutions and intellectual property that drives technological innovation.
Earlier this year, IOST had announced its strategic partnership with Enterprise Singapore via Hashed Venture Labs, a blockchain incubator backed by IOST.
Enterprise Singapore is the government agency championing enterprise development and supports the growth of Singapore as a hub for global trading and innovative tech startups. Together with Enterprise Singapore, IOST is working to onboard high potential blockchain startups that can add valuable contributions to the IOST ecosystem and at the same time, cement Singapore’s position as the leading global blockchain hub. The first startup from Hashed Venture Labs has successfully received the Startup SG Founder Grant from Enterprise Singapore.
Besides Enterprise Singapore, IOST strikes another notable partnership with the Infocomm Media Development Authority (IMDA) to leverage their network in developing a seamless data bridge for IOST where information, transactions, and asset values can be easily transferred between IOST and Ethereum. This interoperability solution is expected to expand to other blockchains such as EOS, Stellar, Tron and more in the next phase of development.
IOST partners with Berm Protocol to issue EMOGI tokens LOL on IOST blockchain. Berm’s products include Berminal & Bermi apps. While Berminal is ranked in the top 3 on the Overseas Google Play Store News List, with over 6 million total users and over 50,000 daily active users, Bermi- a fast-growing video content platform also hits 1 million users within one month of its product launch. Berm’s rapid rise is paving the way for IOST global adoption and drive IOST users acquisition.
ColdLar Wallet APP and ColdLar Pro3, the latest hardware wallet by ColdLar – a leading blockchain assets security service provider, have been integrated with the IOST ecosystem to build a more secure and efficient blockchain ecosystem and create a safe environment for sophisticated institutional investors requiring cold wallets and cold staking functions to securely buy and store IOST in their financial portfolios.
P2P Energy Trading Project in Japan
In Fujimi City, Nagano Prefecture, Japan, IOST partnered up with EverySystem and ElDesign to launch a P2P electricity trading project on IOST, and to empower the energy industry. A press conference to launch this project happened on 14th November in Fujimi Town which was reported by many well-known Japanese media including NIKKEI Newspaper, Nagano Nippo, Denki Newspaper, and LCV Cable. The mayor of Fujimi, Mr. Natori, gave a speech at the press conference and pointed out that the commercialization of this PoC project will increase the employment rate and revitalize the region. Locals can expect this project in Feb 2020. It is said that the town-operated solar power generator Fujimi Mega Solar plans to participate in the project as a seller.
EHang x Civil Aviation Administration of China (CAAC) Strategic Public-Private Partnership Takes Flight
In China, IOST forms a strategic partnership with EHang to provide flight data integrity and data analytics effectiveness in a new exciting aerospace project for the Civil Aviation Administration of China (CAAC). The partnership with EHang validates IOST technology in serving established B2B enterprise projects through practical real-world use cases & is a catalyst to build a future where blockchain is more accessible to the public
IOST Education Programmes & Initiatives
IOST free education program in Japan which started at Nagoya Institute of Technology last November. Till now, more than 7 universities and over 300 students have learned & experienced blockchain technology.
To support potential developers on IOST, the Institute of Blockchain in Singapore organizes free coding training events to benefit potential developers who wish to learn to code on IOST. IOST Champ- an online educational tool was also launched by IOST Node BlockDevsAsia to supercharge the on-boarding of developers on IOST and makes use of blockchain technology this year.
IOST’s Leading Position in China
IOST has now become a major representative of public chains in China for being the first project invited by the national television CGTV- China’s National TVCGTV- China’s National TV. This was followed by IOST being featured on multiple national publications & news agencies such as people.cn & Xinhua.
IOST strikes multiple key partnerships with the government such as the strategic partnership with EHang mentioned above as well as with leading traditional gaming companies (e.g.: INFUN) in China, bringing more big gaming dApps online and create a unique and robust dApps ecosystem.
IOST will continue to work towards leading the adoption of blockchain technology across the Chinese economy & overseas.
Up Next For IOST In 2020
Within a short period of time, IOST has achieved multiple significant milestones. For 2020, IOST priority continues to be growing the ecosystem & community exponentially. IOST will bring in more strategic partnerships & initiatives to build on IOST’s early success and introduce more real-world use applications for blockchain to the wider public.
- One-Click Deployment solution will be ready for developers to make a traditional game into a decentralized game with functions of payment, tokens, interests and reward pool.
- One-Click Enterprise Deployment solution for enterprises looking to set up a ready-to-use permissioned blockchain network, as IOST ventures deeper into enterprise blockchain off the back of our MNC and government partnerships.
- Grow the IOST brand and capabilities across China, Korea, Japan and other international markets with more local events and partnerships.
- Strengthen our communications and work closely with node partners, who represent IOST on various international stages, and our token holders community who have steadfastly stood by IOST through the ups and downs of the market cycles.
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