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IOST (IOST)

A Blockchain as a Service platform focused on mass adoption

KEY METRICS [as at 27 Feb 2019]
TickerIOST
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. Supply12,013,965,609 IOST (57.2%)
Total Supply21,000,000,000 IOST
All-time High USD$0.14 (24 Jan 18)
All-time High BTC1,101 sats (24 Jan 18)
Project Websitehttps://iost.io

KEY HIGHLIGHTS

  • Raised $35.0MM (35,000 ETH) via private token sales in December 2017
  • Launched mainnet on 25 February 2019
  • Validators are selected and rotated based on the Proof-of-Believability consensus protocol

RECENT NEWS

  • Feb 2019: Launch of IOST mainnet Olympus v1.0
  • Jan 2019: Release of IOST voting portal & launch of IOST Global Partnership Program
  • Dec 2018: Opening of IOST mainnet node application
  • Dec 2018: Launch of Everest v2.0 testnet
  • Nov 2018: Launch of IOST Developer Bounty Program
  • Oct 2018: Everest v1.0 public release and tesnet update
  • Jun 2018: Everest v0.5 public testnet launch
  • Jun 2018: Launch of Bluehill, a blockchain accelerator supporting partner projects, dApp development, and other blockchain advancements within the IOST ecosystem

WHAT IS IOST?

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.

Key Features of the IOST

  • Proof-of-Believability (“PoB”): A Byzantine consensus protocol with a Believable-First approach that guarantees safety and liveness of the system while largely maximizing the transaction throughput by size-one-shard.
  • Micro State Block (“MSB”): Mechanism to minimize the storage and bootstrapping costs for validators.
  • Efficient Distributed Sharding (“EDS”) (under testing): Sharding scheme that makes shards sufficiently large and strongly bias-resistant via a combination of a client-server randomness scavenging mechanism and leader election via cryptographic sortition.
  • TransEpoch (under testing): Secure validators-to-shards assignment during epoch transitions while maintaining transaction operability.
  • Atomix (under testing): Two-step inter-shard atomic commit protocol that guarantees transaction atomicity in Byzantine setting.

The Project’s mission is to be the underlying architecture for the future of blockchain services.

TOKEN SALE & ECONOMICS

KEY METRICS
Token Name IOST
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%)

Token Supply Distribution:

  • Private sale tokens made up 40% of total token supply.
  • Team was allocated 10% of total tokens issued (unlocked in Jan 2019).
  • Advisors & equity investors received 2.5% of issued tokens
  • Strategic sale tokens made up 5% of issued tokens.
  • Token treasury constitute 35% of total token supply.
  • Community was allocated 5% of issued tokens.
  • BD & marketing was allocated 2.5% of issued tokens.

Private Token Sale:

  • Conducted over 3 phases in December 2017 for 8.4MM IOST at a rate of 200,000 / 150,000 / 100,000 IOST = 1 ETH and raised a total of 35,000 ETH ($35.0MM) at ~$0.004167 per token, selling 40% of total supply.

Token Governance & Use of Funds

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.

IOST Token Release Schedule

The following chart represents the number and breakdown of all IOST tokens that are to be released into circulation on a monthly basis.

Note: Remaining tokens for Token Treasury, Community, and BD & Marketing will continue to be released till 2036

IOST Token Overview & Use Cases

IOST is the core utility token of the IOST network. A few examples of the use cases of the IOST token include:

  • Payment for services and goods provided by service providers and merchants on the IOST platform
  • Payment for fees and commissions for running native smart contracts
  • Processing transactions and using shared resources such as storage space
  • Payment as rewards for contributing network resources
  • Exchanging for other 3rd party issued IOST network tokens

ROADMAP & UPDATES

IOST has been on time for all communicated milestones, with an updated roadmap approximately 6 months ahead of the initial schedule.

Original Roadmap & Achievements
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: Q3 Release of public testnet (support Javascript for smart contract) (V1.0 Everest) 2018: Q3 On time Medium
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

Updated Roadmap

Q1 2019:
  • Release of IOST network client and wallet
  • Launch IOST mainnet network (V1.0)
  • Integrated development, production measurement and optimization
Q2 2019
  • Launching proprietary dApps and commercial applications on network
  • Launching IOST mainnet with native sidechain support (V2.0)

Commercial Partnership and Business Development Progress

  • Partnership agreement with Chaitin Technology: Chaitin Technology will serve as a network security technical support provider for IOST and will be leading IOST’s security testing services.
  • Medium
  • Theseus, IOST-incubated R&D team: Theseus is an IOST-incubated R&D team dedicated to pushing the envelope in blockchain technology and paving the way for the IOST developer community. Its stated goal is to develop practical applications for consumers and companies in industries that can potentially be transformed by utilizing the power of the IOST blockchain.
  • Medium
  • Bluehill, a blockchain incubator and accelerator founded by IOST: Bluehill supports partnership projects, dApp development and other blockchain advancements within the IOST ecosystem.
  • Medium
  • Covalent x IOST partnership: Covalent (COVA) is partnering with BlueHill, the blockchain incubator and accelerator founded by IOST. Covalent’s focus is on creating a private blockchain and data utilization infrastructure on the IOST blockchain platform.
  • Medium
  • Rate3 partnership: Rate3 is designing a simple infrastructure for trustworthy e-commerce relationships and merchant-to-consumer payment channels, while also creating a reliable credit scoring system for traditional lenders and capital providers. Rate3 will be utilizing the IOST blockchain platform.
  • Medium
  • DDEX decentralized exchange: DDEX, one of the largest decentralized exchanges on the Ethereum network, will create a dedicated decentralized exchange on the IOST network, providing a trading platform for IOST token pairings.
  • Medium
  • IOST Game: IOST Game will be building the Realm 10 ecosystem on the IOST network. The IOST Game team is independent of IOST and are a third party team that wants to contribute more high-quality blockchain games towards the IOST ecosystem.
  • Medium
  • More recent partnerships through node elections
  • Medium

TEAM OVERVIEW

  • Jimmy Zhong
    Co-Founder, CEO

    Founder of multiple successful VC backed/exited startups. Early BTC/ETH adopter & miner.

  • Terrence Wang
    Co-Founder, CTO

    Former software engineer at Uber and Microsoft. Developed CoinLang at Princeton, a higher-level functional language for Bitcoin.

  • Justin Li
    Co-Founder, CIO

    Former Associate at Goldman Sachs, Analyst at Morgan Stanley & Deloitte, and former Senior Strategic Associate at Mobike.

  • Ray Xiao
    Co-Founder, COO

    Founder/Co-Founder of three VC-backed companies in New York, Beijing and around the world.

  • Sa Wang
    Co-Founder, CMO

    CMO/Marketing Advisor at several internet companies in China and the US. Founder of Pokee and MemorybySa Event.

  • Kevin Tan
    Co-Founder, CDO

    Computer Science Gold Medal (National Olympiad in Informatics) and Gold Medal (ACM/ICPC Regionals). CTO of EtherCap.

  • Ben Waters
    Head of International Markets

  • Lawrence Lim
    Business Development Lead

  • Lei Li
    Sr. Developer, Team Lead

  • Pejian He
    Core Developer, Lead

  • Hao Xu
    Sr. Blockchain Developer, Lead

  • Jiannan Liang
    Sr. Core Developer, Lead

  • Xiao Zhou
    Blockchain Developer, Lead

  • Haifeng Li
    Core Developer, Team Lead

  • Ziran Liu
    Sr. Developer, Team Lead

  • Laijun Meng
    Core Developer, Lead

TRADING DATA

Liquidity

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.

TECHNICAL OVERVIEW

Github Overview

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.

Top Public Github Repositories

IOST Core

IOST Core implemented in golang

28 People   7,596 Commits  
IOST JS SDK

IOST Javascript SDK

5 People   141 Commits  
IOST Docs

Site for IOST Documentation

21 People   438 Commits  
Explorer

IOST Blockchain Explorer

3 People   24 Commits  
pyOST

IOST Python SDK

3 People   24 Commits  

BLOCKCHAIN & NETWORK

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.

Becoming a Candidate

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.

Acquiring Servi and Voting

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:

    1. All candidates will get Servi proportional to their votes.
    2. Ranked by Servi, the top 17 nodes will form a committee who are in charge of the block production for the next round.
    3. All selected committee members will have their Servi balance reduced by the balance of the 17th node. In other words, the 17th node will have its Servi reset to zero, and the other 16 nodes will lose the same amount.

In the current version, the voting period is 10 minutes. This results in the committee rotating once every 10 minutes in the IOST network.

Example Scenario

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.

Other Features and Mechanisms

1. When voting and committee member selection has completed, a “round robin” DPoS-like rotating block generation begins. In other words, for each committee that is formed, each member takes turns to produce one block, while all other committee members validate all blocks.
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.
3. If there is a tie for the 17th spot, the node that acquired candidacy first will win. In practice this will be extremely rare.
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.
5. If a committee member does not produce a block in a round, it will lose votes and candidacy.
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.

Nodes and Voter Rewards

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.

COMMUNITY DATA

Social Community Overview & Strategy

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.

Community and Social Channels

  • Telegram (English) | 61K members
  • Twitter (English) | 195K followers
  • Facebook (English) | 1.2K Likes
  • Medium | 5K Followers
  • Reddit | 48.2K Subscribers

COMPETITOR OVERVIEW

IOST considers Ethereum and EOS as two of its main competitors. The team provided the following comparison chart amongst the three chains.

Source: IOST Management Team

Three key differentiating factors of IOST when compared to its competitors include:

  • Validator Process: Rotating committee which can have over 1,000 block producers each day.
  • Higher throughput: In testnet, IOST claims to have already achieved 7,000-8,000 TPS - higher than ETH, NEO and Cardano - with its PoB Consensus Mechanism & up to 6 shards.
  • Developer-friendliness: The IOST team has focused on providing a faster virtual machine & offering SDKs to make it easier for developers to build on using Javascript, Python, or Go.

APPENDIX

  • IOST Economic Model, Consensus Mechanism and more
  • Voting Mechanism
  • What is IOST? Next-Gen Blockchain - Explainer 101
  • Meet the Team: Discussion with Co-Founders about the IOST blockchain

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