IOST (IOST)

Consensus and Network Participation

IOST tokens are used in the network's unique Proof-of-Believability (PoB) consensus mechanism. Token holders can stake IOST to vote for nodes (block producers), which helps secure and run the blockchain. Nodes earn rewards based on block production, votes, and contributions to the ecosystem.

Transaction Fees and Payments

IOST tokens pay for transaction fees on the network and can be used as a payment method for services within the IOST ecosystem. This includes fees for using decentralized applications (dApps) and creating accounts.

Decentralized Applications (dApps)

Developers use IOST to build and run fast, scalable dApps on the blockchain. The platform supports high transaction speeds, making it suitable for games, exchanges, and other online services.

Tokenization and Real-World Assets

IOST is expanding into tokenizing real-world assets (RWA), enabling seamless transactions across different blockchain networks like Ethereum and Binance Smart Chain. This helps bring traditional financial assets into the blockchain space.

Ecosystem Rewards and Incentives

Participants in the IOST ecosystem, including dApp teams and node operators, earn a share of network fees and rewards, encouraging active development and network growth.

For more details, visit the official IOST website: https://iost.io/en

Pros of IOST

• High Scalability: IOST uses a unique Proof-of-Believability (PoB) consensus mechanism and Efficient Distributed Sharding, allowing it to process up to 100,000 transactions per second, which is much faster than many other blockchains.
• Low Transaction Fees: The network is designed to offer feeless or very low-fee transactions, making it cost-effective for users and developers.
• Strong Developer Support: IOST supports smart contracts with a developer-friendly environment using JavaScript (V8 engine), which helps build decentralized apps (dApps) easily.
• Stable and Reliable: Since its mainnet launch in 2019, IOST has had zero downtime, showing network stability.
• Enterprise Focus: It aims to serve large-scale online services and businesses, handling heavy loads similar to big tech companies.
• Cross-Chain Compatibility: The team is working on interoperability with other blockchains, which could increase its use cases.
• Growing Ecosystem: IOST supports tokenization of real-world assets and has partnerships with financial institutions, enhancing its practical applications.

Cons of IOST

• Lower Market Popularity: Compared to top cryptocurrencies, IOST has a more moderate growth and less hype, which might affect liquidity and adoption speed.
• No Public Token Sale: Only institutional investors participated in the initial token sale, which some see as less community-inclusive.
• Competition: Faces strong competition from other smart contract platforms like Ethereum, Binance Smart Chain, and others with larger user bases.
• Price Volatility: Like most cryptocurrencies, IOST’s price can fluctuate significantly, which may affect investor confidence.
• Relatively New Technology: The Proof-of-Believability consensus is innovative but less tested compared to more established consensus mechanisms.

These points summarize the main advantages and challenges of IOST based on current information.

Founders of IOST

• Jimmy Zhong: CEO and co-founder, known for leading the project and being a key figure in its development.
• Terrence Wang: Co-founder and CTO, with a background in software engineering and blockchain technology.
• Ray Xiao: Co-founder involved in the founding team.
• Jiaming Zhong: Also listed as a founder associated with the Internet of Services Foundation, the organization behind IOST.

These founders come from strong technical and entrepreneurial backgrounds, helping build IOST into a scalable blockchain infrastructure.

Institutional Investors

IOST has attracted funding from well-known venture capital firms and institutional investors such as Sequoia Capital, Matrix Partners, ZhenFund, INBlockchain, Huobi, Metropolis VC, Nirvana Capital, DFund, Danhua Capital, LINKVC, NODE CAPITAL, FBG Capital, Funcity, K2VC, Genesis Capital, AlphaCoin Fund, ChainFunder, Brink Asset, Brixin, and Consensus Capital.

Private Sales

The initial token sales were conducted privately, mainly targeting institutional investors rather than public crowdsales. This helped IOST secure strong backing without a public ICO.

Strategic Partners

Besides direct investors, IOST has formed partnerships with influential blockchain and crypto companies, including Huobi and Binance, which also support its ecosystem growth.

For more details, visit the official website: https://iost.io/en

Halal Status of IOST

• Yes, IOST is considered halal.
• It is similar to Ethereum in structure and use, with no involvement in interest (riba) or forbidden activities.
• The IOST ecosystem complies with Islamic finance principles, making it permissible for investment and use according to Shariah screening by Islamic finance experts.