IOST THE POWER OF BLOCKCHAIN

SofSorrow
SofSorrow
Oct 22, 2019 · 3 min read

IOST is an ultra-fast, decentralised blockchain network based on the next-generation consensus algorithm “Proof of Believability” (PoB). Led by a team of proven founders and backed by world-class investors Like Huobi,Nirvana Capital,AlphaCoin Fund And Many Others,One of the recognized issues with current blockchain technologies is scalability. Without thecapability of processing large volumes of transactions swiftly, heavy usage services like

Facebook, Amazon, and digital asset exchanges are nearly impossible to deploy onto

the blockchain.

Propose the Internet of Services (“IOS”), an innovative and secure

blockchain paradigm designed to provide horizontal scalability and high transaction

throughput. By implementing our novel sharding architecture and consensus

mechanism, the IOS system is able to process up to 100,000 secure transactions persecond.

This work makes the following contributions With :

1. Efficient Distributed Sharding (EDS)

2. TransEpoch

3. Atomix

4. Proof-of-Believability (PoB)

5. Micro State Block (MSB)

why iost called The Power Blockchain?Because The infrastructure of IOSChain is similar to existing well-known blockchains like Bitcoin and Ethereum, where nodes disseminate data through gossip protocol. The system split its data and state into shards. Each node is responsible for one shard of the system. Unspent transactions (UTXOs) are stored in the memory of the nodes in the corresponding shards. This raises several new challenges.

· How to divide the system into shards.

· How to reach consensus in each shard.

· How to perform inter-shard transactions.

In order to solve the above challenges in a fair and secure manner, we have to perform many random operations, for example, assigning nodes into shards, electing leaders in each shard. As a result, we have to first design an unforgeable and unbiased (uniformly random) distributed random number generation protocol. With the random number generation protocol, the above challenges can be addressed one by one.

Techniques and methods used to address these challenges:

· In Section 4, Distributed Randomness Protocol (DRP), which is unforgeable and unbiased when the ratio of malicious nodes are below some certain predefined threshold. The random numbers generated by DRP is used to divide the system into shards, assign nodes to different shards, and elect leaders in each shard.

· In Section 5, Efficient Distributed Sharding (EDS) — a novel scheme to form shards (subsets of validators to record state and process transactions) that are both sufficiently large and strongly bias-resistant using a combination of DRP and a VRF-based leader election via cryptographic sortition.

· In Section 6, TransEpoch — a secure validators-to-shards assignment protocol during epoch transitions while maintaining system operability.

· In Section 7, Atomix — a novel two-step inter-shard atomic commit protocol that guarantees transaction atomicity in Byzantine setting.

· In Section 8, Proof-of-Believability (PoB) — a novel Byzantine consensus protocol with a Believable-First approach that guarantees safety and liveness of the system while largely maximizing the transaction throughput by size-one-shard.

· In Section 9, Micro State Blocks (MSB) — a novel mechanism to minimize the storage and bootstrapping costs for validators.

With Blockchain Storage Pruning Another issue current blockchains are facing is the rapid expanding size of the blockchain storage, which puts on new validators heavy workload for bootstrapping. Blockchains follow the same pattern to store historical data from the beginning.

However, this is a crucial concern for the high-throughput blockchain systems as the the storage will explode. To minimize the storage and bootstrapping costs for validators, we use a blockchain storage pruning approach to summarize the full state of a shard’s blockchain. We use Micro State Blocks (MSB), which is based on the State Block. With this foundation, IOST the Power of Blockchain, which is Scalable, Efficient and Immutable which is very possible will be a very profitable asset for investors now and in the future.

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