|Price||$0.0073 (191 sats)|
|24H Mkt. Cap ($MM)||$88.14 MM|
|30 Day Avg. Mkt. Cap ($MM)||$81.00 MM|
|24H Volume ($MM)||$6.09 MM|
|30 Day Avg. Volume ($MM)||$6.14 MM|
|Circ. Supply||12,013,965,609 IOST (57.2%)|
|Total Supply||21,000,000,000 IOST|
|All-time High USD||$0.14 (24 Jan 18)|
|All-time High BTC||1,101 sats (24 Jan 18)|
IOST (or "the Project"), which stands for Internet of Services Token, is an enterprise-level blockchain system for the Internet of Services. The platform is focused on blockchain technology that is ready for mass adoption by providing a Blockchain as a Service product.
The Project's mission is to be the underlying architecture for the future of blockchain services.
|Token Type||ERC-20 at TGE|
|Private Sale Allocation||40% of Total Supply|
|Token Sale Date||Dec 2017|
|Token Sale Price||Phase 1: 200,000 IOST / ETH Phase 2: 150,000 IOST / ETH Phase 3: 100,000 IOST / ETH|
|Amount Raised||$35.0MM (35,000 ETH)|
|Circulating Supply||12,013,965,609 (57.21%)|
IOST holds its funds in cold storage with multi-sig wallets. The keys are held by the CEO, CTO and CDO. 2 out of 3 signatures are required to unlock the multi-sig wallet.
As of 18 January 2018, IOST has already used 9.81% of the funds from their total raise, all of which were used for community building.
The following chart represents the number and breakdown of all IOST tokens that are to be released into circulation on a monthly basis.
Remaining tokens for Token Treasury, Community, and BD & Marketing will continue to be released till 2036
IOST is the core utility token of the IOST network. A few examples of the use cases of the IOST token include:
IOST has been on time for all communicated milestones, with an updated roadmap approximately 6 months ahead of the initial schedule.
|PLANNED DATE||MILESTONE||ACTUAL DATE||TIMING||COMMENTS|
|2018: Q1||Launch MVP private testnet||2018: Q1||On time||Medium|
|2018: Q2||Implement and test PoB on testnet||2018: Q2||On time|
|2018: Q2||Official launch of public testnet (V0.5 Everest)||2018: Q2||On time||Medium|
|2018: Q3||Release IOST smart contract framework and document drafts||2018: Q3||On time|
|2018: Q3||Deploy supporting modules (new opcodes) to testnet||2018: Q3||On time|
|2018: Q4||Release of public testnet (V2.0 Everest)||2018: Q3||Early||Medium|
|2018: Q4||External security audit of IOST network||2018: Q4||On time|
The IOST token is listed on 30+ exchanges. Core crypto trading pairs include IOST/BTC, IOST/USDT, and IOST/ETH.
Core fiat trading pairs include IOST/KRW, IOST/INR, and IOST/THB. Below is the breakdown of IOST's volume by its top 4 trading pairs.
IOST has 42 public repositories and 22 private repositories; the team elected not to share the private repositories at this time, citing that they are still in research stages and not ready to be shared yet.
IOST Core implemented in golang
Site for IOST Documentation
IOST Blockchain Explorer
IOST Python SDK
IOST's consensus algorithm , Proof-of-Believability ("PoB"), includes a decentralized committee election process while still maintaining the scalability benefits and censorship resistance.
IOST's design ensures a voting and committee formation process where most nodes are qualified for block production (instead of only the top few nodes) and where nodes with more votes are assigned a higher probability to produce a block.
To achieve this, IOST does not use the voting result as the only factor for selection. Instead, IOST introduces a point system (Servi) to decide and rotate members of the committee.
To ensure network safety, PoB has an entry barrier for block producer candidates. In the current version, this barrier has been set to 0.02% of available votes on the network. When a node has received more votes than the threshold, it can then send a specific transaction to become a candidate and participate in the committee formation and block production process.
Although the results of voting does not directly determine the committee members, they do have proportional impact on Servi acquisition rate. In the current version, 17 committee members are selected for block production each round.
Each round consists of three steps:
2) Ranked by Servi, the top 17 nodes will form a committee who are in charge of the block production for the next round.
In the current version, the voting period is 10 minutes. This results in the committee rotating once every 10 minutes in the IOST network.
Assume a simplified version where 3 nodes are selected for each committee and the current candidate pool is 5.
The nodes are awarded with 10, 8, 5, 4 and 1 Servi respectively. Let's name them A, B, C, D and E. Also let's assume the votes are unchanged throughout the voting period.
In the first round, their points are 10, 8, 5, 4, 1. A, B and C will become the committee member since they have the highest amounts of Servi.
Their Servi balances are then subtracted by 5, the same amount that C had. The Servi balance of D and E remain unchanged. We now have the Servi balances of nodes to be 5, 3, 0, 4 and 1.
In the second round, Servi is awarded to each node again. Their balances are now 15, 11, 5, 8 and 2.
A, B and D now become members of the committee, and they all lose 8 Servi (the Servi balance of node D). Their Servi balances are now 7, 3, 5, 0 and 2.
In the third round, they have balances of 17, 11, 10, 4, 3. This round A, B and C are voted committee once again.
Fast forward to Round 9. Their Servi balances are now 26, 8, 5, 12 and 9. Node E will become a committee member despite only receiving 1 Servi each round.
2) In most cases, the candidate with the most Servi will become a member of the committee. To limit this, a rule is set such that Servi balances are prevented from being more than ten times the total amount of votes cast.
4) Candidate nodes need to submit a validation transaction once every 6 periods (1 hour) to prove availability. Otherwise, this candidate will lose candidacy and all votes.
6) Tokens used to vote are redeemed after 7 days, and the same applies to a node that loses candidacy. Therefore, nodes that lose candidacy due to reasons above will have a "cooling off" period and not be eligible for selection.
IOST tokens are paid out to nodes based on blocks produced (25% of 840 million IOST tokens reward pool), share of votes received and cast by IOST token holders (50% of reward pool), and contribution score to IOST ecosystem development (25% of reward pool). Node rewards will also be given via 10-30% of fees incurred by the users invited by individual Servi Nodes.
IOST token holders who vote for nodes with their tokens share 50% of that node's rewards, excluding block production rewards. IOST token holders, by staking tokens to vote, will also get 100,000 GAS per day per IOST staked, which can be used as transaction execution fees.
Ecosystem participants earn a percentage of all IOST network fees (iRam, iGas and account creation) that they process. For example, a dApp team will earn a percentage of fees spent by users while using their dApp.
IOST's PoB consensus mechanism aims to provide a more decentralized voting and committee formation process by introducing a Servi point system, where the number of blocks produced will be proportional to the votes they receive.
While this design provides advantages in achieving decentralization of the block production process, it also does not compromise the benefits of a DPoS system that enables high scalability and throughput speeds.
IOST has specific teams focusing on 2 core communities: developer and user community. For the developer community, IOST has an active team conducting outreach and business development to educate developers about IOST and the benefits of the platform. IOST encourages and incentivizes developers to build on the IOST network through a range of initiatives.
For IOST's user community, the team tries to provide as much frequent updates and transparency regarding what progress the Project has made and is currently focusing on. This includes a full bi-weekly update, weekly tech update, weekly partner node update, and daily announcements of specific events and developments. IOST also has various initiatives for user engagement including content creation submissions, puzzles and challenges, AMAs, giveaways and other ad hoc initiatives.
IOST's community is spread globally worldwide, with strong user bases in China, Korea, Japan, South East Asia, Europe, North and South Americas, and more. The team also has active private groups & communities on Kakao and WeChat.
IOST considers Ethereum and EOS as two of its main competitors. The team provided the following comparison chart amongst the three chains.
IOST Management Team
Three key differentiating factors of IOST when compared to its competitors include: