We are thrilled to share yet another update on IOST!
According to IOST Co-Founder Terry, “IOST’s unique Proof of Believability consensus is trying to solve the scalability trilemma in blockchain, which states that you can only choose two of three: scalability, decentralization, or security. In short, IOST is more decentralized than EOS and TRON while being about the same level of scalability, and being more scalable than ETH.”
In 2019, the team saw multiple milestones successfully met: launched the mainnet 6 months prior to the original plan, reached 8000 transactions per second, topped global staking program, collaborated with key industry players, attracted 400+ nodes in one year.
Olympus v3.3.3 is now running steadily reaching more than 77,577,619 block height and more than 339,047,155 transactions as of May 20th, 2020, voting ratio stably close to 36%, 945 tokens issued and 757 smart contracts.
One of the great benefits of IOST Smart Contracts over some other Blockchains is the ability to upgrade a contract after it has been deployed. IOST developed a great feature into their Smart Contract platform to help with this problem — the Update Contract feature.
Furthermore, IOST has recently introduced its NFT Standard dubbed as IRC-721. NFT stands for “non-fungible token,” a new type of cryptographic digital asset used to represent something that is unique. For developers, IOST’s IRC-721 presents a standard protocol for which they can issue their own scalable NFT assets. This will lower the threshold and difficulty for developers that would allow them to allocate valuable development resources to other important aspects of their project.
Moving on to the recent collaborations with IOST! The IOST Foundation has announce their partnership with one of the most complete Dapp listing and analytics platforms, DappStats. IOST section is now available at the DappStats platform. Users will be able to check the latest stats for all IOST Dapps in the IOST section, Dapp balance, 24h users, 24h transactions, and 24h volume are shown on the default page.
Another exciting news! IOST cofounder Terry was invited to an AMA session with more than 10k users in the OKEx official telegram community on May 6th.
Moreover, Alina Yao, head of OKEx Pool, was invited to conduct an AMA session in the IOST official telegram community on 13 May 2020, as part of the Serial AMA.
In this biweekly report you’ll also find out about the IOST Global Alliance(IGA) and their primary objectives.
Read on for more details!
Development
GitHub metrics:
Developer activity (from Coinlib.io):
IOST Developer Documents
IOST Developer Community
FAQ — Most Frequently Asked Questions in IOST Official International Telegram Group
IOST Smart Contract “UPDATE”
One of the great benefits of IOST Smart Contracts over some other Blockchains is the ability to upgrade a contract after it has been deployed. There have been countless times Smart Contracts have been deployed to other Blockchains where bugs and security issues have been found after the fact sometimes resulting in massive loss of funds!
IOST developed a great feature into their Smart Contract platform to help with this problem — the Update Contract feature (https://developers.iost.io/docs/en/3-smart-contract/Update-Contract.html).
Social encounters
Terry’s Interview with Uptrennd Cofounder Jeff
In this chat, Terry Wang, Cofounder of IOST, shares insights on the crypto space, the future of IOST and a lot more.
AMA Recap on Staking Economy In Crypto Serial with Alina Yao, Head of OKEx Pool
Alina Yao, head of OKEx Pool was invited to conduct an Ask Me Anything (AMA) session in the IOST official telegram community on 13 May 2020, as part of the Serial AMA. Here is a summary of the AMA.
OKEx Pool is a leading comprehensive mining pool built upon the world’s famous cryptocurrency exchange OKEx, offering a one-stop mining and trading experience for users. Currently, OKEx Pool supports the mining of a plethora of PoW, PoS, and PoS-variant cryptocurrencies.
Terry’s AMA in OKEx Telegram Group Recap. The 3rd Event of 10-day 6000 USD Giveaway
IOST cofounder Terry was invited to an Ask Me Anything (AMA) session with more than 10k users in the OKEx official telegram community on May 6th.
The main highlights of the AMA:
Terry:
“IOST’s unique Proof of Believability consensus is trying to solve the scalability trilemma in blockchain, which states that you can only choose two of three: scalability, decentralization, or security. In short, IOST is more decentralized than EOS and TRON while being about the same level of scalability, and being more scalable than ETH.
Our Servi system enabled even the Servi node with the least number of votes among our 60+ block producers to have the opportunity to produce blocks, comparing to the 21 biggest nodes holding up the block-production spots rather unshakably in EOS and 27 super representatives in TRON
Proof of Believability is abbreviated as POB
How POB works: a smart points system to determine which nodes get into the node producing committee, which changes every 10 minutes. Nodes receive points based on their staking amount, and these points are used up as they produce blocks. This creates a system where all the nodes get to participate in block production (decentralized), while at the same time allowing the IOST network to reach speeds of up to 8,000 transactions per second (scalable).”
“The IOST Node Program is to bring in Nodes who are invested and committed to the growth of the IOST ecosystem and community nodes are incentivized by staking rewards, contribution rewards, and block production rewards. They, can make contributions to the IOST ecosystem in many different ways, including but not limited to marketing & promotions, media publicity, integration / dApps developments, and events organization like hackathons and workshops.
IOST has over 400 global nodes & we work very closely with Nodes to grow education and awareness of IOST for the mass public, build and launch innovative DApps for the global crypto community, and implement and drive practical blockchain use cases for enterprises and consumers
Just recently, I personally had an online conference meeting with our Japanese nodes to discuss and clarify our directions moving forward.
Every year, 840 million IOST is given out to Nodes and Voters who support these Nodes by staking. Both Nodes and Voters are rewarded with attractive returns for their support and growth of the IOST ecosystem and are incentivized to participate and contribute to the community.”
“We saw multiple milestones successfully met in 2019
- Launched our mainnet 6 months prior to our original plan
- Reached 8000 transactions per second
- Topped global staking program
- Partnership with key industry players
- Attracted 400+ nodes in one year
2020 has been busier as we are heading to
- A more mature blockchain ecosystem update
- Improvement has been made in our Partner and Staking program.
- The NFT standard was launched
- Cross-chain bridge expected to be brought into effective by Q3 this year”
Finance
Token holders and the number of transactions dynamics (information from iostabc.com )
Mainnet Statistics
As of May 20, 2020
source: https://www.iostabc.com/
How to stake IOST in OKEx?
Users can use this link https: https://www.okex.com/pool/lock/index to access the IOST staking page of OKEx Pool.
They provide 4 staking period: flexible, 30 days, 60 days, 90 days, users can choose according to their own situation. The Est. Ann. Yield : flexible-3.35%, 30 days- 4.57%, 60 days-5.71%, 90 days-7.03%.
Users can stake IOST on OKEx official website or APP. In APP, for example:
Step 1: open Open the OKEx APP and go to “Pool”;
Step 2: go to “staking”, select “IOST”;
Step 3: Enter the amount you want to stake and select a staking period
Users need to transfer their assets to their Mining/Staking Account before staking.
NFT Non-Fungible Token
IOST has recently introduced its NFT Standard dubbed as IRC-721. NFT stands for “non-fungible token,” a new type of cryptographic digital asset used to represent something that is unique.
Fungibility is an economic term used to describe goods whose individual units hold the same value. Since each of its units essentially caries the same value they are therefore interchangeable. In contrast, non-fungible tokens are not mutually interchangeable as each of these tokens or digital assets may represent a different value from a seemingly similar item.
Non-fungible tokens (NFT) are differentiated with a unique token ID to distinguish them from each other. This helps identify ownership as well as establish the value of the NFT. This is especially important for collectible NFTs to determine scarcity, hence its value.
Finally, NFTs are indivisible and have a minimum unit of 1. You cannot cut a trading card in half and retains half of its value.
IOST’s Official NFT Standard
Proof-of-Believability enables it to process 8,000 transactions per second (TPS) compared to Ethereum’s deplorable 25 TPS. It also features feeless-like transaction models through its unique resource allocation model similar to EOS but more efficient, without volatility since resources are not tradeable. Furthermore, it does not use miners to validate and confirm transactions making it more power-efficient.
What does IOST’s IRC-721 have to offer?
For developers, IOST’s IRC-721 presents a standard protocol for which they can issue their own scalable NFT assets. This will lower the threshold and difficulty for developers that would allow them to allocate valuable development resources to other important aspects of their project. IOST’s NFT standard protocol offers the same level of scalability, decentralization, and security of its fungible as well as benefit from its superior resource allocation model that is more effective than EOS and much less costly than Ethereum.
For users, the use of IOST NFT assets will enable them to use NFTs that are more scalable, allowing them true digital ownership, have a standardized process for seamless cross-chain interoperability, and offer other advance NFT features not found in any other blockchains. These include external storage of metadata when it becomes too big for internal storage, locked transfer mechanism for more flexible NFT asset issuance, and blacklist management functions to meet the management needs for various applications.
Read more detailed info about NFT in the article here
How to create IRC20 token?
IOST launched “One-click Token Launch” program, “IOST Tool”.
Now you can create your own IRC20 token in IOST Tool via Jetstream. In this article, you’ll learn how to create IOST-based IRC20 token.
If you do not have an IOST account, please refer to the link below to create an IOST account: How to create an iost account?
If you don’t have Jetstream installed, please install it via the link below! Jetstream Installation
Roadmap
IOST 2020 roadmap has been finally revealed! In 2020 IOST will surely continue to contribute to an open, efficient and rapidly developing blockchain network! A creative and progressive IOST team never fail to inspire the most advanced community!
Q1:
- IOST Node Program v2.0
- Cross-Chain Technology Mass Adoption And Application Showcase
- IOST Staking Mechanism v3.0
- Start Compliance Progress in Japan, Korea, The US, Singapore, Vietnam, etc.
- Start Organizing Offline Meetups In 23 Cities Worldwide
- Launch Three Top-Quality DApps
- Improve Ecosystem Services And User Experiences
Q2:
- Accelerate The Expansion of IOST Partners Program to 30 key countries, Forming An Ecosystem With Global Connectivity And Healthy Competition
- Fulfill Compliance Standards in Japan, Korea, The US, Singapore, Vietnam, etc.
- Develop Partnership With At Least five Leading Enterprises
- Built and Sustain a Better Community Ecosystem
- Plan Initiate Campus In 80 Universities Globally
- Popularize Blockchain Tool Applications
- Improve Ecosystem Services And User Experiences
Partnerships and team members
IOST and DappStats
The IOST Foundation has announce their partnership with one of the most complete Dapp listing and analytics platforms, DappStats. IOST section is now available at the DappStats platform.
Users will be able to check the latest stats for all IOST Dapps in the IOST section, Dapp balance, 24h users, 24h transactions, and 24h volume are shown on the default page. In addition, it is also possible to order Dapp by categories such as title, balance, category, and numerous 24h/7d stats.
DappStats is a DApp analytic site that provides all the necessary data a user looks for in DApps while also rewarding the DappStats token holders by sharing its revenue with them in the form of Tron, ETH, and other blockchain coins, creating a sustainable dividend system for token holders and a great opportunity for DApp developers to get the attention they need.
IOST Global Alliance outlines Ecosystem and Governance objectives
The underlying objective of the IOST Global Alliance(IGA) is to help the IOS Foundation achieve a truly permissionless decentralized Blockchain and to grow the International IOST community. On April 7th, 2020 the IGA held a comprehensive review of the IOST Blockchain after its first year anniversary.
The IGA believes the IOS Foundation should introduce a Contribution Reward Fund based on the existing Contribution rewards scheme replacing the Vote based contribution rewards that go to the node partner. The vote based contribution reward for voters would remain the same.
The IGA proposes to
- Create a Contribution Rewards Fund to improve Ecosystem development
- Network Goverance by creating network DAO
- Transparency around Contribution Reports
- Correct Circulating Supply figures
Attendees
- Metanyx
- Blockarcade
- Everstake
- IOST Watch
- Bitboy
- otbTrade
- Stache
- IOST Toronto
Overview
The IGA held their first meeting of 2020 to review the state of the IOST Public Blockchain and to openly discuss from an International perspective how we could improve the ecosystem. The IGA believe the IOST Protocol is one of the most advanced, robust and mature protocols that currently exist. Since the mainnet launch we have 100% uptime and the network has performed as expected. The protocol was feature complete on day 1 with a significant amount of thought going into its design which was led by the IOST CTO Terry Wang.
Contribution Tier Rewards
The current contribution rewards are split 50/50 between Vote based and Tier based. At the end of each quarter the IOS Foundation and previously ICAC would review submissions ranking them from Tier 1 to 5. The IGA believes many of these nodes do not contribute anything but receive rewards anyway.
Rewards
In 2020 the protocol rewards increase as they are a percentage of the currently minted tokens. On January 1st, 2020 there were 21.63 Billion IOST issued, this can be verified by https://api.iost.io/getTokenInfo/iost/true. As of April 8th 2020 there is 21.80 Billion IOST
For 2020 the 3% issuance would equal 648.9 million as opposed to 630 million in 2019, this will continue to increase annually as it is a percentage of the current supply.
- 216.3 million Block Rewards
- 216.3 million Vote Rewards
- 216.3 million Foundation Rewards
Read the full article to find out about the strategic development and the future of IOST
Implementing the IOST Blockchain in Improving the Nigerian Rice Production
How can introducing the IOST blockchain to Agriculture in Nigeria help transform rice production in the country? Read the article to find out!
Other
Social media metrics
Social media activity:
The graph above shows the dynamics of changes in the number of IOST Facebook likes, Reddit subscribers and Twitter followers. The information is taken from Coingecko.com.
This report is not financial advice.
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