IOST Weekly Update — May 21st-May 27th
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.
Theseus Launches to Build the IOST dApp Ecosystem
On May 28th, Theseus, a blockchain application team incubated at IOST, was launched in conjunction with Sequoia Capital China, Matrix Capital China, Zhenfund and K2VC.
Theseus is an R&D team dedicated to pushing the envelope in blockchain technology and paving the way for the IOST developer community. Its stated goal is to develop practical applications for consumers and companies in industries that can potentially be transformed by utilizing the power of the IOST blockchain.
The team’s name is inspired by the famous Theseus Paradox, which raises the question of whether an object that has had all of its components replaced remains fundamentally the same object. The Theseus team believes that all technological advancements inspire a “cascading effect” wherein innovations inspires branching innovative ideas, all of which build upon each other, ultimately altering and advancing the original breakthrough completely. By beginning with small innovations and building upon them, Theseus hopes to bring about a quantum change in the industry.
Developer Update
1. [Transactions] Endorsing peer signature visas and payload resolution have been put into use. The performance and function of the basic unit of any trading object have been put into use. Transaction ordering and commitment have been tested and are ready for use. Transaction initialization, network peer verification & execution, response inspection, endorsement assembly and transaction commitment are all undergoing further testing. A transaction lifecycle has been completed. Some known bugs have been fixed, including the writing policy fix to define at channel creation time which user is entitled to submit a transaction to that channel.
2.[Nodes] The End-user functionality and Data dissemination mechanism of the node, the guaranteed delivery of the delivery service, and the full-sequence broadcast have been put into use. Peer links, function execution, and ledger event updates are ready to go. An identity security protocol used to protect user privacy during signing, authentication, and the transfer of certified attributes is under investigation and is ready to begin implementation.
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 put into use. The base and key lookup functions for the query ledger are being tested. The configuration blocks of the policies and access control list defined in the book have been executed. The entire Ledger update process including peer nodes appending the block, commitment of each valid transaction to the current state database, the event of emitting of appending transactions, notification of whether the transaction is validated or invalidated is undergoing further testing and significant progress has been made. A functional library used to test the book’s entire lifecycle (from proposal and endorsement, to ordering, validation and commitment) has been implemented and used, and there is a complete cycle of correctness verification for the transaction sets that make up the block.
According to TokenInsight statistics, the IOST team submitted code 124 times in the past 7 days, ranking second; in the past 30 days IOST submitted code 434 times, ranking third.
IOST CTO Terrence Wang stated that by the end of June, IOST will launch a complete code audit and test by the network security technology company Chaitin before the online testing of the network. Terrence emphasized that blockchain security involves multiple aspects: the stable operation of the node, the solid foundation of the underlying architecture, the expected implementation of the smart contract, and the all-round protection of the upper application. As a public-linked project, the main security appeal of IOST lies in the security of consensus agreements and smart contracts.
International Growth
China
On May 23, Huobi Pro announced that they will be launching a Crypto Market Index consisting of the 10 most promising virtual currencies based on trading volume, market capitalization and technological superiority. IOST was honored to be included in this top 10 index due to the strength and promise of its underlying technology.
Huobi also announced its intention to publish this index in globally renowned information agencies such as Bloomberg.
In response to this, Jimmy stated, “this represents a growing awareness of IOST in both the market and developer circles. We are extremely pleased to see more and more interest directed towards IOST’s underlying technology and ecosystem. Proof-of-Believability optimizes PoS and DPoS, and we believe that optimization will be a better technical solution than what has been offered by ETH and EOS. We urge the crypto community to continue to focus on the development of underlying technology in order to speed the arrival of a truly decentralized paradigm shift.”
United States
During Blockchain Week NYC, Jimmy sat down with top cryptocurrency youtuber CryptoLove to discuss the PoB consensus method, the unofficial roadmap expectations the team is striving to meet, and how IOST is taking both tech development and community development incredibly seriously.
He also further analyzed the advantages of the PoB consensus mechanism as a capacity expansion solution over sharding, DAG and other technical solutions. Jimmy pointed out that efficient distributed sharding (EDS) will still be one of the main research directions of IOST, but that the team has made greater progress on PoB. He emphasized that with PoB IOST will be capable of supporting the deployment of large-scale dApps during the next year’s mainnet launch.
Jimmy was also interviewed last week by CryptoBeadles after his speech at the 2018 NYC Blockchain Center Tech and Invest Summit. In the interview he spoke about several of the major developments that IOST is planning to release over the next three months, including the announcement of Theseus! CryptoBeadles also caught Jimmy’s speech at the summit on camera and it can be found 8 minutes into the video.
In addition, IOST US team members also participated in the Token Galaxy Blockchain Summit held in California this week and shared PoB technology at the summit. PoB’s philosophy and technical solutions received significant interest from developers and investors that attended the summit.
Korea
IOST’s expansion in the Korean market has continued to be a smooth process. The Korean media maintains a high degree of interest and enthusiasm for IOST and this week, MTN, one of the largest economics focused media outlets in Korea covered IOST as their coin of the day.
In addition, more than a dozen South Korean mainstream media outlets continued to report on IOST. The reports ranged from analysis of IOST’s technology, coverage of the launch of Theseus, and comments about the expected market patterns.
Southeast Asia
This week, the IOST team completed the initial layout for our Southeast Asia strategy. In addition to Singapore, the IOST Singapore office will also operate in five other countries in Southeast Asia: Thailand, Vietnam, Indonesia, Malaysia and the Philippines. The IOST Southeast Asia team is actively developing communities and establishing cooperation in these countries.
Community Progress
This week, the development of the IOST Korean community continued with the number of KaKaotalk users growing from 2700 to 2900.
We have also created an IOST Line official account, and we welcome the participation of the Japanese crypto community.
Monthly Summary and Look Forward
In May, IOST made great progress in international market expansion.
We held our first media conference in South Korea and received coverage in more than 30 South Korean mainstream media reports. Through this press conference, awareness of IOST grew rapidly and its reputation was significantly enhanced. The Korean IOST community has also grown significantly to become one of the largest communities in the Korean crypto scene.
In the Indian market, Koinex, one of the largest cryptocurrency exchanges in India, launched support for IOST and also organized the largest airdrop activity in the Indian market. The activity participation was extremely high, with the top three participants combining for over 10 million IOST transacted.
In the United States, IOST co-founders traveled to New York to participate in Blockchain Week NYC. Jimmy was invited to several summits to give keynote speeches and was able to popularize the PoB consensus method with many participants. The IOST team also held its first New York Meetup event on the Heights Rooftop next to the Empire State Building. It attracted more than 200 industry elites and became one of the most popular events in Blockchain Week.
June will be an extremely important time for IOST. We will be launching our public testnet at the end of the month and look forward to engaging in an open source manner on the live platform. Theseus, the newly announced dApp team will also release its first app — a decentralized game. The game will have a rich and interesting game experience, but also incorporate decentralization, allowing players to interact and trade on the blockchain.
In addition, IOST will hold its first domestic meetup event in Beijing. The event will invite several industry leaders, as well as active cryptocurrency enthusiasts from our incredible community. Further details will be announced this week and community members are encouraged to sign up and meet the IOST team!
