IOST Weekly Update — March 26th-April 2nd

The Internet of Services Foundation is developing a next-generation, scalable blockchain that will be able to handle the throughput necessary for mass adoption. Its openness, ultra-high TPS, privacy protection, scalability, security, and adoption of many pioneer innovations 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.

Developer Update

There were several big development updates this week.

We announced that our private test network was successfully deployed on schedule. The test network works well and was able to achieve more than 8,000 transactions per second.

We also announced that in order to keep our community up to date with our work progress, we will be uploading a portion of our initial code to GitHub starting on April 9th. Some of our code is still in the development stage and we believe it is important to maintain our competitive advantage as we work towards launching our mainnet. Therefore, we will be selectively disclosing some of our code now and then will be gradually releasing more as we get closer to the mainnet launch.

Development Progress

[Transactions] Signature verification of endorsing peers and parsing the payload are in implementation. Endorsement policies for transactions are used.

[Nodes] End-user functionality of node and the data dissemination mechanism is implementing now. Delivery guarantee,total order broadcast, is tested and used.

[Ledger] All State modules and transition modules are implementing. The ordering service API is in implementing now. Component of delivering ordered transactions as blocks is being implemented now.

Global Growth

China

This week was a busy one as our CEO Jimmy Zhong was a panelist and participant at three major blockchain conferences in China.

On March 27, Jimmy took part in an event hosted by China People’s Daily named “Chain, Future, 2018 Spring Blockchain Technology Forum” and made a keynote speech on the applications and limitations of Blockchain.

In his speech, Jimmy gave a technical analysis on the limitations of current blockchain technology and the solutions he believes will help the industry adapt. Jimmy pointed out that in the face of the current expansion issues of blockchain technology, it should not pursue a one-size-fits-all solution. Instead, it should make tradeoffs in decentralization, consistency and scalability based on the needs of different industries and scenarios. Jimmy also looked forward to the future development of the blockchain industry, emphasizing that soon there will be a variety of different technology solutions to serve different scenarios and needs, allowing blockchain to become a diverse technology field.

On March 28th, Jimmy attended the Zhenben Qingyuan “2018 China Blockchain №1 Defense and Industry Leaders Summit” organized by Jiazi Guangnian in Beijing Wanda Vista Mandarin Hotel. Sogou CEO Wang Xiaochuan, Executive Director of Fenbushi Capital Yu Wenbo, Professor Yang Dong, Director of the Center for FinTech and Internet Security of the National Development Research Institute of the People’s University of China, and Qtum’s founder Shuai Chu attended the summit. The summit brought together business leaders with blockchain industry leaders to have an in-depth discussion on the development and prospective future for the blockchain industry. Jimmy Zhong participated in a round table discussion on whether “blockchain 3.0 will break out in 2018.”

Jimmy urged people to pay less attention to the market and more attention to the development of the underlying technology. He emphasized that Blockchain technology is the technology of the future, but that it is still in its infancy and needs hard working teams to help it grow. He believes that after the initial wave of excitement caused by the massive price rise, the companies that have created truly meaningful products will be the ones that stand the test of time and become the benchmarks for the next era of tech.

The “2018 Fei Niao Community — Blockchain Technology & Application Summit Forum” was held in Beijing on March 29th. The Summit focused on blockchain foundational technology, future risks, and several of the realistic barriers to adoption. Ventures Lab cofounder Mark Mai, GXS (GXChain) cofounder Minqiang Huang, Genesis Capital CTO Yanrui Zhang and many other industry gurus participated. IOS Foundation cofounder Jimmy Zhong was also invited, he presented about the current technical barriers facing blockchain technology and IOS’s proposed solutions.

Jimmy emphasized the DCS (Decentralized-Consistent-Scale) Triangle theory and the tradeoff between decentralization, consistency, and scalability. Every cryptocurrency has had to make compromises among the three and perform a balancing act in order to create a product that works while maintaining the spirit of decentralization. For example, in order to create a network with high throughput, EOS sacrificed true decentralization and runs on a network that is centralized between 21 supernodes. Jimmy was confident that IOS will be able to strike a better balance.

Korea

On March 30th, the IOST team organized the first offline meet-up event in Korea with Monta, a Korean blockchain community. We invited over 100 well-known South Korean investors to participate in this closed-door conference. At the meeting, Jay Lee, Head of IOST South Korea, introduced the technical ideas behind IOST. In the future, we will host more offline meet-up activities so that people can get to know our team and better understand our vision.

On March 31st, the Korean version of Huobi.com website was launched. Huobi Korea will use the Korean won to provide digital assets trading services for local users. IOST, as the first project incubated by huobi, was also very fortunate to be among the first batch of currencies to be supported by Huobi Korea. Huobi South Korea’s launch also has a certain degree of significance for the expansion of IOST’s Korean presence.

Then, on April 1st, IOST co-founder Jimmy Zhong was officially broadcast by Asia Economy TV. In the interview, Jimmy introduced IOST’s core technology and development plan, and received an enthusiastic response. Asia Economy TV is South Korea’s number one economic channel. This was the first time that the IOST team was broadcast on Korean mainstream media but it certainly won’t be the last!

United States

This week, IOST officially became a member of CryptoNYC, and will host more community building activities in New York in the future. Crypto NYC is a New York-based blockchain community dedicated to the use of distributed ledger technology and decentralized app education and lovers of affiliate blockchains and cryptocurrencies. Crypto NYC believes that effective use of blockchain technology will change the lives of New Yorkers and the world. For more information about Crypto NYC, visit: http://www.cryptonyc.org/

The recruitment of IOST’s US team continues. In the past few weeks, more than 50 people have been interviewed for three positions. The competition is fierce and we are excited that so many talented people are enthusiastic about building our vision! We will complete the second phase of the US team building on April 8.

In the past week, we also communicated with several influential blockchain leaders and pioneers. More partnership and advisorship information will be released soon!

New Team Member

This week, IOST’s South Korean team added a new team member, Blake (Euisuk) Jeong. Blake has worked for large consultancy companies such as Boston Consulting Group and Accenture, and led the Korean startup Fast Campus to reach 10 million US dollars as their Bussiness Development leader. Blake has a wealth of work experience and is very knowledgeable about Korea’s business environment. He will be responsible for leading IOST Korea’s domestic market and operations team, and will help IOST as we build a solid foundation in Korea.

Community Update

• We currently have 32,344 unique coin holders.
• Telegram: Language groups — 9% growth
• Kakao Community (Kakao is the biggest communication channel in Korea) — 92.8% growth in 48 hours!
• Reddit — 8.3% growth
• We received an animation of our logo created by @barbarhansoylu - an overseas twitter community supporter, which we were completely blown away by! We would like to thank this friend for their talent and their enthusiasm for IOST. We encourage more community members to interact with us in unique and interesting ways. Extremely cool contributions may even receive surprise gifts!