IOST – the Internet of Services Token

What is IOST?

The Internet of Services (IOS) is a blockchain infrastructure project for running decentralized applications that was founded by a group of successful Chinese entrepreneurs. Based on the idea of improving on their predecessors, IOS and its’ token (IOST) aim to provide a more secure and scalable solution with higher transaction throughput than the likes of Ethereum and EOS.

Fair & Scalable

Using the innovative Proof-of-Believability (PoB) consensus algorithm and a complex sharding system, IOST solidifies decentralization and stability of the network. By implementing Micro State Blocks (MSB), the system minimizes storage, as each shard is only obliged to store information necessary for identification of a specific block. Additionally, two resources are used: iGAS as payment of transaction fees and iRAM for distributing memory resources. The first one can be acquired by pledging tokens, while the second one can be bought with a 2% handling that gets destroyed to reduce IOST circulation.

Voting

Nodes are selected via voting, or delegation of IOST funds in return for a share of their rewards in case the candidate succeeds in collecting enough votes to become a partner node. Currently, the annual reward pool stands at 840 million IOST, and voters will receive half of the election and contribution rewards, so it’s important to choose candidates that are bringing something valuable into the project. Magnum’s main focus is maintaining the network’s efficiency, which makes us an active contributor eligible for the additional rewards. If you vote for us, you will support our project and earn passive income without any risk.

Validation

Those nodes that choose to become Servi nodes get a chance to participate in validation directly and get block production rewards. The ones with the most Servi – a believability score assigned for users’ contributions – are chosen to be part of a committee that produces blocks and claims rewards. Once a block is validated, the Servi balance of those involved gets depleted to ensure rotation and even wealth distribution. Presently, this metric is based on voting share, but other factors will be included in the future.

Where to store IOST?

Magnum Wallet has been cooperating with the IOS team since before the mainnet launch, and we provide our users with a secure and convenient service that supports hardware wallets and has a built-in instant exchange. Magnum doesn’t have access to any personal information or private keys. Vote for our node on the IOS network and receive a continuous 50% share of our rewards.