Cryptocurrency have become popular since the inception of Bitcoin in 2008. Bitcoin-like cryptocurrencies aim to create a decentralized transaction ledger and defend against double-spend attacks from malicious nodes that are also parts of the network. However, the consensus mechanism behind bitcoin, proof-of-work [Nakamoto 2008], is proven to be too slow to adapt to number of daily scenarios, often costing more than one hour to confirm and verify a transaction.
Alternative techniques including Proof-of-stake (PoS)[King and Nadal 2012] and its variations aim to solve the problems of processing speed and high cost in electricity. However, this technique compromises the security by allowing possible attacks such as “nothing-at-stake” .
To solve the scalability and consensus problem caused by traditional PoS and PoW, we are launching IOS, the Internet of Services blockchain network. IOS provides a next-generation, decentralized ecosystem for online service providers and users with safeguarded and fast transactions based on blockchain technology. Using our innovative Efficient Distributed Sharding (EDS) system and Proof-of-Believability (PoB) consensus mechanism, our network is capable of processing millions of transactions of goods and services, and optimizes the speed of block generation and the validation process.
We are going to release our white paper 1.0 with more description of technical detail and application realms on January 10th. We also described our future plan and timeline in the white paper v1.0.
Please note, we are constantly evolving our vision of IOS and updating our plan. Please follow our twitter account (https://twitter.com/iostoken) and medium account (https://medium.com/@iostoken) to learn more about our progress! More technical information will be on our homepage
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IOS is great. The future is now.
