IOST Weekly Update — May 7th-May 14th

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

We’ve been around the world in 7 days this week as the team gave presentations in Korea, Singapore, Japan and the United States. IOST was also listed on a major DEX and the developer team kept their nose to the grindstone and has continued to have one of the top 3 most active GitHub’s in the industry. Read on to see what the team has been up to this week!

International Development

Korea

On May 9th, the IOST team held their first press conference in Seoul, South Korea and briefed the Korean media and audience on the IOST project and its expansion plans.

The conference attracted more than 30 South Korean mainstream media outlets, including South Korea’s largest outlets, Yonhap and Newsis, South Korea’s largest economic media outlet, MK, South Korea’s largest technology media, Etnews, and South Korea’s largest blockchain specific outlet, Coindesk Korea. There has been significant coverage of IOST in Korean media following the press conference.

IOST co-founder Jimmy Zhong introduced the technology underlying IOST and announced that the current development plan is on schedule, with the public testnet scheduled to launch at the end of June. In addition, the IOST Korea team is working with a local Korean team to develop dApps that will run on the IOST blockchain. Expect more announcements in the near future concerning further collaborations to accelerate the growth of the IOST ecosystem.

In addition, IOST co-founder Jimmy Zhong conducted 1-on-1 interviews with four major Korean outlets, including Seoul Economy Daily and CoinDesk Korea. Established on August 1, 1960, Seoul Economy Daily is one of the most authoritative economic report publications in Korea and is their oldest economic specific publication. CoinDesk is one of the preeminent media outlets in the field of blockchain and cryptocurrency. They are currently hosting the Blockchain Week NYC.

Jimmy was also interviewed by South Korea’s popular YouTube channel COINsight and YouTube KOL Taeyong. COINsight is a YouTube channel focused on introducing information on blockchains and cryptocurrencies in a simple and easy-to-understand manner. Taeyong is well-known in South Korea and has made a name for himself by interviewing high-tech companies in Silicon Valley. He has interviewed Kakao CEOs among many other prominent South Korean businessmen.

United States

On May 12th, Jimmy was invited to attend the Blockchain Without Borders Summit 2018 in New York, USA. This summit was among the many activities being held for Blockchain Week NYC and was the first large China-US blockchain dialogue and technology exchange summit in the eastern United States - attracting more than 100 guests in the blockchain field.

The summit focused on technology development trends in the blockchain field. Jimmy participated in a roundtable discussion on the “Blockchain 3.0 Revolution” and discussed supernodes and consensus methods with the other panelists.

While talking about the vision of the IOS blockchain Jimmy emphasized that the IOS Foundation is building a next-generation blockchain technology committed to establishing and supporting a decentralized business system. He also stated that “the first-generation blockchain, exemplified by Bitcoin, and the second-generation blockchain technologies, represented by Ethereum, have their epoch-making significance, but they also have many defects. For example, high latency, low throughput, energy waste and low scalability. Meanwhile for the IOS Blockchain, using our innovative PoB consensus mechanism, we have achieved a quantum leap in throughput while still being able to ensure security.”

China

On May 13, IOST co-founder Jimmy Zhong visited the Token Club’s live studio and talked about the development of the public chain and the technical core of IOST. Token Club is a blockchain-based investment research service community dedicated to providing investors with comprehensive services including blockchain information, investment advice and investment strategies.

Jimmy stated that there are many public-linked projects, but in the future, the public-linked sector will not be “full of flourishing flowers,” nor will there be only one or two monopolies. Because the needs of different industries are diverse, it is difficult to have a project that can meet all needs.

When referring to the various proposed solutions to the capacity expansion problem of the current public-linked projects, Jimmy stated that it is unrealistic to use only one sharding technology, and that super-nodes are too centralized and offer scalability in exchange for the betrayal of the full decentralized capabilities of blockchain technology.

Because of these technological deficiencies, IOST created the PoB consensus mechanism. It introduced the concept of credibility, which can be achieved in a more efficient manner in the nodes under the control of decentralized risk.

Japan

IOST co-founder Bosch traveled to Japan this week to interact with local blockchain community representatives and potential business partners. The IOS Foundation is planning to rapidly expand our Japanese team as well as our presence in the Japanese market. We will soon host more offline meetup events and roadshows in Japan.

IOST recognizes the important role Japan is playing in the blockchain revolution and aims to make it one of the centerpieces in our global development strategy. Japan is the first country in Asia to recognize Bitcoin and fiat currency as being equally effective. It approved the establishment of 11 digital currency exchanges last year alone and the yen trading volume accounts for more than 60% of the global cryptocurrency market, ranking first in the world with absolute advantages.

Developer Update

1. [Transactions] Endorsing peers signature visa 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 completed. Transaction initialization, network peer verification & execution, response inspection, endorsement assembly and transaction commitment are all undergoing testing.

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’s event updates have been 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 put into use. The base and key lookup functions for query ledgers have been implemented. The configuration blocks of the policies and access control list defined in the book are being executed. The entire Ledger update process includes peer nodes appending the block, commitment of each valid transaction to the current state database, the event emitting of transaction appending, notification of whether the transaction is validated or invalidated, and the test has been passed.

According to TokenInsight’s statistics, the IOST team submitted code 93 times in the past 7 days, ranking third; and submitted code 368 times in the past 30 days, ranking third. Currently, the R&D team is working overtime, and is on track to meet all announced deadlines.

New Exchange Listing

This week IOST was listed on the US decentralized exchange AirSwap. Airswap is a decentralized trading platform based on the Ethereum’s blockchain and was just opened on April 29. On their first day of trading the volume exceeded US $1 million. IOST is one of the first currencies to be traded on their exchange!

IOST is a great supporter of decentralized exchanges and is excited to soon support them with a faster, more secure blockchain. To date, IOST has been listed in 5 major decentralized exchanges: Kyber Network, IDEX, DDEX, RadarRelay and now Airswap.

Community Progress

The number of fans in the Telegram Language Group continued to grow rapidly this week, from 6879 to 7509 people, an increase of 9.15 % . The number of Chinese group fans increased from 2779 to 3268, an increase of 17.6%. We also saw significantly more presence on our subreddit and the number of Kakao Talk community fans in South Korea increased from 2,052 to 2,235, an increase of 9%.

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