What is IOST? Introduction to the blockchain project
Definition of IOST
IOST According to the developers, the blockchain platform IOST is highly scalable and uses its consensus algorithm, proof-of-believability.
And it disperses requests that can run on IOST and at high speeds of up to several thousand transactions per second. And sharding, the database partitioning method, is used for this purpose.
The developers’ goal behind IOST is to develop the leading platform for online services that meet the high demands of security and scalability in a decentralized ecosystem.
The acronym IOST is composed of the Internet-of-Service (IOS) and the word token (T). The platform vendor service provide and blockchain develope were looking for a fast and reliable infrastructure.
Also IOST suppose to reach up to 100,000 transactions per second and would thus be faster than the well-known blockchains of Bitcoin and Ethereum. However, there are currently references to only 8,000 transactions per second in the documentation.
The blockchain-as-a-service solution BaaS is the third release of IOST after Public Chain and Ecosystem.
This platform design for consortial blockchains of companies with a network of partners that have a business relationship with each other.
The shared blockchain provides the basic framework for individually developed apps and solutions. It helps blockchain developers quickly establish thein enterprise solutions on the blockchain.
In addition to enterprise solutions, IOST also dedicated to the public sector and government entities.
How does Sharding work?
The transaction speed of many long-established protocols like the Ethereum Blockchain is too slow to run valuable applications on it for mass adoption.
And with sharding, the main chain of each blockchain suppose to remain unchanged as transactions run on so-called sub-blockchains. It increases speed and scalability.
However, to adapt the technology to the broad industry, the scalability problem of blockchains must first be believed.
When sharding, the IOS network is divided into several sub-areas. A portion of the nodes are grouped into a so-called shard and executes transactions specific only to that shard.
It allows many transactions to be executed and validated in parallel in the network. It increases the number of transactions per second possible on a blockchain.
The resulting” “sma”l” blockchains take the same characteristics in terms of security and consensus as to the main chain.
In addition to the increased speed of the entire network, users also benefit from reducing the size of the data processed and using a fully decentralized system.
Also Read: What is Lisk? (L) – Definition, work, DPoS, and More
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