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IOSToken — Launch of Testnet v0.5 Everest! — Weekly Update 7/2

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 twitter, telegram, reddit and discord.

Testnet v0.5 Everest

The IOST testnet was officially launched on June 29th!

As a global project that aims to support large scale, practical use-cases for blockchain technology, it is important that the IOST blockchain is tested under real world conditions. As such, we are proud to announce that IOST testnet v0.5 ‘Everest’ achieved two important milestones.

1. Everest used six shards under the POB consensus mechanism to achieve a peak TPS of 7000–8000.

Our internal test deployed two test networks in the Amazon EC2 service, using 1,700 slaves and 900 slaves, each configured with 1.73Ghz Xeon LC-3518 processor, 32 GB of RAM, 256 KiB L2 cache. In the EC2 example, we used nine data centers in Asia, Europe, and the Americas to simulate real-world scenarios and test scenarios for different situations.

2. Proof-of-Believability functioned well in real-world conditions!

Moving forwards the IOST team will continue to update, stress test, repair and upgrade the testnet. We will release at least 2 major testnet updates before the launch of the IOST mainnet. These updates will include the following:

  • More extensive testing and general infrastructure developments
  • Additional functionality and security checks for smart contracts
  • IOST Virtual Machine optimization
  • PoB running under increasingly diverse environments
  • Increased stability of node life-cycle
  • Integration of Layer 1 and Layer 2 scaling solutions with our research progress
  • More documentation guidelines for developers

International Growth

Nanyang Technological University Hackathon

IOST and Nanyang Technological University (NTU) co-organized a Hackathon to celebrate the release of Everest. Nineteen teams participated in the 36-hour Hackathon Challenge, six teams entered the final round, and the final four teams won cash prizes and were given the opportunity to be incubated by the NTU SPIRIT Research Center.

At the opening ceremony of the Hackathon, Yang Xu, head of the IOST Singapore office, introduced the progress of the IOST project and its core technology. Later, CTO Terrence demonstrated how to use the test network and participate in the Demo game — “Lucky Bet.”

Terrence spoke to the power of Everest and demonstrated how it makes the IOST blockchain more powerful and dynamic. However, he noted that there are many areas that need to be improved before the launch of the IOST mainnet, and encouraged all the developers present to push the limits of the testnet make suggestions for features that they want to see.

IOST is excited to partner with NTU, which ranks #1 in Asia and #11 in the world according to 2018 QS World University Rankings. The NTU SPIRIT Research Center is funded by Singapore’s National Research Foundation and is a major player in leading R&D efforts to design and develop large-scale, complex smart systems for Singapore’s Smart Nation Program. It is also an advisor to multiple Multinational Corporations and government agencies on cutting-edge blockchain initiatives.

New Exchange Listing

This week IOST will be listed on Coinzest which was founded by Hanbitsoft, a famous Korean game software company. Since its inception in 1999, Hanbitsoft has released heavyweight games such as Starcraft and Diablo.

Coinzest will co-host a trading competition with IOST from July 3rd — July 10th at 23:59 (Seoul time). Participants with the top three trading volume will receive rewards of 80,000 IOST, 40,000 IOST, and 20,000 IOST respectively.

In addition, IOST has been included in the Korean version of Wikipedia, Namuwiki,which is Korea’s number one knowledge platform. You can view the details by following the link below:

https://namu.wiki/w/IOST

Community Progress

An ingenious community member from the Netherlands named Pascal had the IOST logo and a small rocket engraved onto a glass using Lemsterglas. We are always excited by the amazing creativity demonstrated by our community and as always welcome more community members to express their support for IOST in interesting ways!

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

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The Internet of Services Foundation Official Medium Publication

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