What is the IOST coin and its Proof-of-Believability system?
IOST is a coin made in 2018 by Jimmy Zhong and a team of experienced tech builders. All of the team members have worked with world-leading companies like Google, Uber, or Amazon which have their own blockchain networks.
IOST has its own blockchain network. It operates with a Proof-of-Believability (PoB) consensus which was designed to provide high transaction speeds, security, and scalability for any business.
Interesting technology of IOST
The IOST blockchain network focuses on fast and efficient operations. The network can handle up to 100,000 transactions per second. With its consensus algorithm, Proof-of-Believability (PoB), the network has extremely high transaction speeds when compared to popular smart contract networks like Ethereum
Proof of Believability was invented by IOST, allowing a transaction reviewer to be voted and chosen based on Servi points or trust scores in order to ensure that those who are selected will audit honestly.
The IOST Block Creation process is based on the users with the top 17 Servi points who are Committee members, and within the Committee, they will take turns reviewing transactions and creating blocks. After 10 minutes, the first Committee's Servi points will be reset to open up opportunities for those who are not yet included in the committee to get a chance to participate in the future.
As for the Servi Points’ earning methods, some will be from the minimum deposit of 2,100,000 IOST coins, and partly from the votes of other nodes, which corresponds to the credibility of transaction verification.
After Servi points are reset, deposited coins can be withdrawn or redeemed to get new Servi Points after 10 days.
IOST is considered as another coin with a fast, secure, and efficient working network. Including the function of writing smart contracts to create decentralized apps, attracting developers from all over the world.
*However, investing in all types of digital assets contain risks. Investors should always conduct adequate research before making any investment decision.