IOST (IOS T) is a block chain network that combines scalability (processing speed) and non-centralization .
The project includes innovative technologies such as sharding and its own consensus mechanism .
This page introduces the outline of the project of IOST, explains the technical mechanism and compares it with other major block chains.
What is IOST (IOS T)? Introduction
Introducing the features of IOST!
IOST is a block chain platform that can build DApps using smart contracts such as Ethernet and EOS.
From here, we will explain in detail the sharding and consensus mechanisms supporting such IOST’s network and other special technologies.
Sharding technology to solve the scalability problem
In existing block chains, low scalability (network processing capacity) is a problem.
This is due to the upper limit of the size of the block in which the transaction is recorded, the generation time, etc. Various projects are working on a practical solution to this problem.
The solution implemented by IOST is called Efficient Distributed Sharding .
- What is Efficient Distributed Sharding?
- It is a technology to improve the processing speed by dividing the whole network into groups called shards and by making work in parallel.
It is easy to understand if you think that each shard is a block chain and each shard generates blocks .
Of course, since all of this shard is included in the IOST network, there is also a mechanism (Atomix, TransEpoch, etc.) enabling secure transaction between shards .
Consensus mechanism ensuring non-centralization · PoB
Another appeal of IOST is that it uses Proof of Believability, so-called PoB , a consensus mechanism that secures the network’s non-centralized nature.
The major Proof of Work (PoW) protocol has a large amount of power consumption, and a person with a high mining ability (possessing a large amount of dedicated equipment) becomes a mechanism to easily acquire block generation authority (= compensation) It is.
Also, a problem ( 51% problem ), such as minor possessing mining ability enough to dominate the network to generate illegal blocks, has occurred.
On the other hand, there are protocols like Delegated Proof of Stake (DPoS) that gives block creation rights to specific users by voting.
However, this consensus mechanism is also concerned that a particular node will continue to be a master node (a person who creates a block), and the non-centralized nature of the distributed ledger attraction network will be lost It is.
In order to solve this problem, IOST’s PoB introduces a contribution to the network called SERVI .
A node can acquire SERVI by approving a transaction, executing a Smart Contract, etc. The higher the degree of contribution, the higher the possibility of performing block creation right (further high reward processing) .
The node that gained the block approval right can generate the block only once , and after this work all the SERVI held by this node disappears and it returns to the stage of accumulating the contribution degree.
By doing so, under PoB it is possible to keep the state that certain nodes can not continue to generate blocks (= non-centralized ).
- Who can gain block creation rights?
- PoW: The node that calculated earliest. A winning one with high computer capability.
- DPoS: Master node selected by voting. However, there is a possibility that the same person will continue to be selected.
- PoB: Node with high network contribution. Once you create a block, you return to the contribution level buildup stage.
Microstate block technology to lower the hurdle of node participation
In the public block chain, anyone can perform network maintenance work (becoming a node).
However, when you become a node, you have to save the data of the past block, so there is a problem of straining the storage .
For example, in a Bitcoin, when you become a node you must save everything from the very originally generated block to the latest one.
Therefore, in IOST, a specific block is set as a checkpoint called a microstate block .
- What is easy to understand …?
- When you consider video streaming service such as YouTube, it will be easier to attach images. If you play a movie halfway through these services, only the data after the playback point will be loaded.
Likewise, the IOST node only needs to store from this checkpoint block up to the latest block .
IOST says that by using this microstate block technology, we can save about 80% of node storage.
Comparison of IOST and competing projects
Here I would like to compare similarities and differences between IOST and competing projects.
For comparison, I would like to introduce QuarkChain and Zilliqa which implements sharding technology like IOST , Ethereum and EOS from the viewpoint of scalability and centralization.
【QKC · ZIL】 Projects characterized by sharding
|Project name||TPS||Consensus mechanism||Types of sharding|
|QuarkChain||100,000||PoW *||2 layer structure|
|Zilliqa||2,800||PBFT base||Transaction split type|
* TPS = Transaction per second | Number of transactions processed per second. Represents the scalability of the network.
IOST and QuarkChain are equivalent to TPS . In addition, the mechanism of sharding is similar .
In IOST, whereas PoB was a further non-centralized improved DPoS is being used, we use a special PoW capable of performing the work of node in QuarkChain is different depending on the computer’s capacity.
QuarkChain’s PoW has emerged concerns about illegal block generation called 25% problem .
On the other hand, since QuarkChain is compatible with Ethernet virtual machines, it can be said that Compared with IOST, it has a higher affinity with Ethernet.
IOST and Zilliqa can be said that IOST has overwhelmingly high processing power in terms of TPS.
In IOST, each shard plays the role of a block chain, and each node performs network maintenance work with the attached shard.
On the other hand, Zilliqa implements sharding of a type that divides transactions and makes each node process it , and even if the names are the same, the mechanism is totally different.
Zilliqa is based on a consensus protocol called PBFT and focuses on the point of non-centralization and security rather than scalability.
【ETH · EOS】 Platform project
|Project name||TPS||Consensus mechanism||Non-centralized|
IOST is far higher than TPS in comparison with Ethernet.
Although Ethernet is currently using PoW, it is considering to shift to PoS in the future.
If the Ethernet implements the original PoS (not DPoS etc.), then IOST would be safe and non-centralized.
This is because why there is no mechanism to penalize malicious nodes in conventional PoS Nothing-at-stake Problem ) and those who simply have massive tokens can generate blocks ( Rich people can get richer ) and so on.
On the other hand, in PoB, the IOST token and SERVI (contribution) of the node attempting to cheat are forcibly confiscated . Also, as described in the PoB commentary, the same node can not continue to generate blocks .
EOS uses a protocol called DPoS that decides the master node (block creator) by voting.
However, in this project, it is regarded as problematic because it is highly centralized that the voting right to elect a master node is oligopolized by a part of a large number of tokens.
On the other hand, there is no concept of voting in PoB of IOST, you can obtain block creation right according to the contribution degree obtained by transaction processing and execution of Smart Contract.
In these respects, IOST can be said to be more non-centralized than EOS .
IOST development and activity status
This section introduces IOST’s product development situation and the progress of community development activities.
About product development situation
In the road map that had been released to the other day, the main net launch was supposed to be the third quarter of 2019, but development is going ahead of schedule and the start of the main net will also be done in the first quarter of 2019 It has been with.
Also, it is said that the development of DApps’ products is proceeding smoothly, and now the team is also undertaking the creation of a game called Crypto Heroes.
About community activity situation
At IOST, I am working on educational activities to deepen my understanding of block chain technology, from the viewpoint that I want to understand what I am investing in on what I am not promoting simple products.
Even in Japan, it seems that active participation of community development activities is being carried out in the future considering hands-on, Hackson and others for developers.
Major handling of IOST Exchange exchanges
- List of exchanges
- Twenty companies including Binance, Huobi, Bitfinex
IOST is handled at major exchanges, mainly in China.
In the USDT pair, Huobi has the largest volume of transactions and Binance in the BTC pair.
Balancing scalability and non-centralization! IOST Summary
IOST is a platform that improves scalability by using sharding technology and ensures network non-centralization with PoB protocol.
It is highly possible that the project, which is focusing on safe exchange between shards and solving storage problem of nodes, will be the basis for releasing various DApps from now on.
It is also good to have block chain educational activities done in each community including Japan.
Those who care about this project, please look through the official website, CTO and CMO interview at Crypto Times.
· Scalable platform focused on recognizing block chain technology · Project interview with IOST!
· IOST CTO interview! Study thoroughly the technical mechanisms such as consensus and sharding!
Author: Yuya 【Coin Desk News】 – Source Post: https://crypto-times.jp/iost/
Disclaimer: CoinNewsDesk.com is a crypto news portal, financial discussion forum, and content curator / aggregator. Articles on Coin News Desk are provided for informational purposes only. We are not an investment advisor and do not provide financial advice.
It’s also important to it properly to diligence and analysis, including consulting a professional financial advisor, No content on Coin News Desk makes up a recommendation to enter in any type of investment or to engage in any investment strategy present on this website.