I noticed IOST more than one year ago, when it was just starting, and i was surprised about how fast is evolving as a project, and the founders of the project are quite easy to reach, especially Jimmy Zhong. But before i start to say more stories about it, lets see what is this project.
As they state on their website: ''IOST is an ultra-fast, decentralized 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, our mission is to be the underlying architecture for online services that meets the security and scalability needs of a decentralized economy.''
Not, i have used their main network, and it is as fast as they say. At the moment they have 365241 Mainnet accounts, 310067011 transactions, 435 nodes
and 738 contracts. The total Nodes Reward Pool of 840M is a combination of 420M IOST Ecosystem Reward Pool and 420M IOST Token Issuance Reward Pool. In terms of reward distribution, 25% of the total Nodes Reward Pool is based on block production, 50% based on the share of votes received and 25% based on contribution rating. IOST is a decentralized network and protocol. It is owned and led into the future by its users. Voting is an important self-governance mechanism in blockchain ecosystem. By voting with tokens, voters will be deciding who represents them to govern the IOST network and contributes to the future development of the ecosystem. IOST hopes to see more community members participate in voting and will pay voters generous rewards in return. IOST mainnet started voting on March 10th, and has supported 4 channels so far. (Note: None of these four channels is official.) It is good to know that Token holders who vote for a Partner / Servi Node that successfully reach the 2.1M token during the election, will receive an on-going 50% or more (as set by the node) share of that node rewards as voting dividends.
A Partner Node is a node that does not produce blocks and is meant for non-technical users who wish to contribute to the ecosystem and earn rewards. There is no setup or maintenance required by you. It is the easiest way to earn from contributing to the ecosystem and recommended for marketers, websites, investors, evangelists etc. You earn rewards based on your share of votes as well as your contribution to the ecosystem in which ever way you choose. A Servi Node is a “full” node that stores the full transaction history of the IOST blockchain, produces blocks and validates transactions. This requires a moderately powerful server and large disk space. It must stay up to date with the current IOST protocol version and remain stable. Servi Nodes are rewarded for this by earning from the “Block Production” reward pool (25% of total rewards). Opting to be a Servi Node is recommended for those with technical knowledge of servers, coding and blockchain protocols.
Minimum requirements: AWS c5.2xlarge (8-core CPU with 16GB RAM), with at least 5TB storage for the first year or equivalent. Estimated $500 usd per month rental cost.
Let's find something more about the token.
IOST (IOST) value as per today was $0.003584 USD or 0.00000047 BTC and it is ranked 94 on CoinMarketCap. This is quite good for a relatively new token. They got already some decent PC wallets ( IWallet Chrome and Jetstream ) and App wallets ( TokenPocket, COBO, Huobi and Starteos).
The open-source IOST project is meant to meet the security and scalability needs of a decentralized economy by providing blockchain infrastructure that might serve as the architecture for the future of online services. Utilizing factors that include IOST token balances, reputation-based token balance, contributions to the network and user behaviors, their so-called “Proof of Believability” consensus algorithm was developed to ensure the security and efficiency of transactions on the network. The team at IOST recognizes that without sufficient scalability, multinational corporations may not be able to deploy blockchains to service their customers at the level expected today. As such, the teams at IOST propose the Internet of Services Token as a means to reach these ends.
They got many pool staking partners, as you can see on the website, personally i use Kucoin Pool-x to stack for 2-4% yearly, as they pay daily and you can add it to the main deposit, using compounding to your advantage. Binance is also offering a good opportunity as flexible savings with 2.10% interest.
To find more about it, check these links:
- IOST Partner Node Contribution Reward System
- Servi Node Guide: Requirements and On-boarding
- IOST Mainnet FAQ
- Mainnet launch and Ecosystem Overview
- IOST Node Mainnet Voting Guide