IOST (Internet of Services Token) is a cryptocurrency and blockchain platform designed to provide a scalable and efficient infrastructure for building decentralized applications (DApps).
IOST tries to address some of the scalability and performance challenges faced by existing blockchain networks by introducing innovative consensus mechanisms and technologies.
Proof of Believability
It uses a unique consensus mechanism called “Proof of Believability” (PoB), which aims to improve network scalability while maintaining security and decentralization. PoB enables faster transaction confirmation times and higher throughput compared to some traditional blockchain networks, making IOST suitable for high-frequency transactions.
Moreover, IOST implements sharding, a technique that divides the network into smaller shards to process transactions in parallel, further enhancing scalability.
Gas-free transactions
IOST introduces a concept called “Gas-Free Services,” allowing DApp users to interact with DApps without paying transaction fees. Developers can choose to subsidize user transactions.
The platform also supports decentralized identity solutions, enabling users to have control over their personal data and digital identities.
IOST is the native utility token of the IOST platform. It is used for transactions, staking, voting, and participating in the platform’s ecosystem. IOST token holders can participate in network governance and consensus by staking tokens and voting for validators.
Disclaimer. This article is for informational purposes only and should not be viewed as an endorsement by CoinIdol. They are not a recommendation to buy or sell cryptocurrency. Readers should do their research before investing in funds.
Source: https://coinidol.com/iost-internet-of-services-token/