IOST has experienced a small 2.61% price hike over the past 24 hours of trading. The cryptocurrency is currently trading at $0.0206 after suffering a steep 10% decline over the past 7 trading days.
IOST is a relatively new project which launched on January 16, 2018, making the coin just 7 months old. It has been slated as a “next generation” blockchain, and a solution to the scalability problems currently plaguing the blockchain industry.
IOST uses a range of scalability proposed solutions to provide an on-chain blockchain which the team promises can achieve over 100,000 transactions per second.
One of the main features of the IOST blockchain is its Proof-of-Believability (PoB) consensus mechanism. This is a new style of consensus which creates 2 leagues of nodes that verify transactions on-chain: believable nodes and normal nodes.
The believable nodes quickly process transactions as fast as possible. The selection process to become a believability node relies on the nodes believability score which is a range of factors regarding token balance and reviews amongst other things.
After the believability nodes have processed some transactions, the normal nodes will then come and validate samples of the transactions and provide a level of verification to the transactions.
If the believability node is found to be dishonest, they will lose all their tokens in the node and their believability score will fall to 0. This mechanism creates a fairness algorithm that also allows for a great deal of transactions per second to be processed.
The IOST team has launched their testnet product in July 2018, and during the testing it was found that a significant 7000-8000 transactions per second was achievable on-chain.
To put this into perspective, the Bitcoin network can currently only handle a total of 7-10 transactions per second. Further advanced competitors, such as Ethereum, are still only able to process around 25 ...