IOST Weekly Update — April 23rd-April 30th
The Internet of Services Foundation is developing a next-generation, scalable blockchain capable of handling the throughput necessary for mass adoption. Its openness, ultra-high TPS, privacy protection, scalability, security, and adoption of many pioneer innovations will provide infinite new possibilities for online service providers to serve their customer base.
Learn more about us on our website and interact with the team on our telegram, reddit and discord.
Summary
This week IOST was listed by several DEX’s, we added team members in Korea and the US, and CTO Terrance was interviewed by a major Chinese broadcast network. Additionally, much of this week was spent in preparation for the coming month which will be filled with activity. CEO Jimmy Zhong is currently en route to Singapore where he will be a panelist at the World Digital Asset Summit. He will then be heading to NYC to speak at several events during NYC Blockchain Week. While there, the IOST team will be holding our first NYC meetup. There’s also lots of exciting news in the pipeline, including further anouncements regarding our DApp team, so stay tuned!
Exchange Listings:
This week IOST was listed on IDEX, the world’s largest decentralized exchange which supports real-time trading of ERC-20 tokens.
IDEX consists of a smart contract, a transaction engine, and a transaction processing arbiter. Smart contracts are responsible for storing all assets in a trustless manner and for performing transaction settlement. IDEX has led the way for decentralized exchanges worldwide.
IOST was also listed on Kyber Network on April 30. Kyber Network is a third-party decentralized exchange that provides instant and liquidity-guaranteed decentralized as trust-free encrypted asset transaction protocols.
In addition to exercising the functions of the exchange, KyberNetwork also provides various payment APIs to allow accounts to easily receive payments in the form of various types of encrypted tokens. Kyber Network will promote the mobility of encrypted assets in the blockchain ecosystem as well a promote public awareness of encrypted tokens as tradable assets.
Developer Update:
1. [Transactions] Endorsing Peers signature verification and Payload resolution have been implemented. The performance and function of the basic unit of any trading object has been achieved.
2. [Nodes] The End-user functionality and Data dissemination mechanism of the nodes, the guaranteed delivery of the delivery service and the full-sequence broadcast have been tested and put into use. Peer links, function execution, and Ledger’s event updates have been implemented and are currently being tested.
3. [Ledger] All state modules and state transition modules, sorting service APIs that the sorting service will use, and modules that send ordered transaction generation blocks have been implemented. The base and key lookup functions used to query the ledger have been scoped.
4. [Debug] An IOST debug library that includes debug mode and debug related equations has been implemented.
International Growth
China:
This week IOST CTO Terry participated in the live broadcast hosted by BiShiJie and introduced the PoB consensus mechanism. In the live broadcast, Terry stated:
“The ETH PoS is a simple system, basically the more money one holds, the easier it is to get rewards, which eventually causes a certain degree of centralization - with power concentrated among the wealthy. On the other hand, EOS DPoS is a much rougher system, where the direct approach is to recognize the status of these rich actors immediately and reward them.
For example, PoS is like a naturally formed society. DPoS is like a society with an oligarchical system. These two kinds of society have existed in the real world and come with a variety of implicit problems.
Our take on consensus, called PoB, takes a unique approach to this problem. In a nutshell, in order to gain a certain status in IOST, you have to not only have money which acts as your stake, but you also need a certain amount of reputation (servi). You can only get a good reputation by doing good things for the entire community. Then, every time the system issues you a token reward, your reputation will be cleared, thus incentivizing actors to continue to contribute to the entire community.”
Click here for more details on IOST CTO Terry’s explanation of how PoB is not just a technology, but an ideal.
Korea:
This week, Sunny Ryu joined the IOST Korea team. Sunny studied law at Korea University where he obtained bachelor’s and master’s degrees. After graduating, Sunny worked as a reporter for several mainstream Korean TV stations and newspapers. He focused on the financial and IT industries, and reported on a number of large events in the Korean financial community. Since 2017, Sunny has focused primarily on the blockchain field and has conducted in-depth coverage of a number of large-scale South Korean blockchain companies. He has a sterling reputation in the Korean blockchain industry and we are excited to welcome him to the team!
US:
We also would like to welcome Simon Manka to the US team. Simon will be a critical extension to our business development and marketing operations as we tackle go to market in the US and Canada. We’re very excited, as Simon joins us with a stellar track record in enterprise SaaS and real estate sales. His passion for blockchain technology and his shared vision for the Internet of Services make him a strong addition to our growing team.
In addition, we are pleased to announce that New York eatery Pokee now accepts IOSToken as a payment method, making it the first offline merchant to accept IOST! In the coming months, IOST will continue to achieve partnerships and business cooperations in order to open new use cases. We are happy to be following in the footsteps of our great predecessors as Bitcoin’s first real-world transaction was the purchase of two pizzas in Jacksonville, Florida.
Community Update:
This week we conducted our first Discord AMA, where the community gathered to ask CEO Jimmy Zhong questions on every aspect of the Internet of Services. Jimmy had a great time interacting with the english speaking community and will be making Discord AMA’s a regular event where The founding team members of IOST will take turns speaking with the community. Our next one is scheduled for Wednesday May 2nd at 6:30 PM PST / 9:30 PM EST. We encourage anyone interested in our technology and our story to attend!
Additionally, this week the IOST telegram Chinese group grew from 2,075 to 2,377, an increase of 14%.
We are Hiring!
The Internet of Services Foundation IOST plans to further expand our team in The United States, Europe, Southeast Asia and Japan. We are looking for skilled individuals who are as passionate about blockchain as we are. If you believe you have what it takes, please send resumes to Career@iost.io
