The Internet of Things has changed the way we interact with the world around us by having our devices or appliances “talk” to each other. There are limitations to this, so now the Internet of Services is looking to bridge the gap where the IoT comes up short.
IOSToken is a platform that will use blockchain technology to allow for disparate “things” to be linked according to the services they offer.
IOS leans towards being an enterprise platform for big businesses since it hopes to improve scalability of the blockchain and allow for thousands of transactions per second.
A behemoth like Amazon, for instance could never work on the blockchain in its current form. By scaling the technology IOS is trying to solve the ever elusive scalability issue.
How To Buy IOST
So you’re interested in buying IOST? Currently, there is no way to buy IOST directly with fiat, so the best way to buy IOST is to first purchase Ethereum, transfer it to your chosen trading platform and change it to IOST. We’ll show you how.
2. Once your account has been created and confirmed, log into your Binance account. Once you have logged into the account, go to the menu, click on the funds section and then deposit on the drop down bar.
3. Once you’re on the Deposit section, click the drop down menu labeled “Select Deposit Coin” and look for Ethereum, or type ETH and select.
4. This is your Ethereum Deposit Address, we have chosen Ethereum instead of Bitcoin due to the lower fees and transfer times. Next we’re going to look at buying Ethereum and depositing it into your Binance account.
1. First change the Buy option from BTC to ETH for USD and then choose your amount.
2. When you have chosen the amount of Ethereum you want to purchase (A minimum of 0.05 ETH is required), you will need to register and confirm your CEX account and payment details.
Once that has been confirmed and the ETH has been deposited into your account, we will then need to move it over to Binance.
3. Select the Withdraw option at the top of the site and select Ethereum as your currency. You will then be given a field, where you will add a wallet. This is where you can transfer your money to Binance.
4. Go back to your Binance Account and copy the alpha numeric code under your Ethereum Deposit section and paste it into your Ethereum Withdrawal section on CEX.io. Confirm that this address is correct and press “Withdraw“.
Your Binance account will now be credited with Ethereum.
2. On the trading platform, select the ETH section and use the search function to search for IOST/ETH and confirm.
3. On the IOST/ETH trading section you can now choose how much IOST you want to buy with your Ether. Once you have chosen your amount, press Buy IOST and place your order.
Once your order has been fulfilled, your account will be credited. Congratulations you’re now the proud owner of IOST.
How does IOS work?
It is becoming painfully clear, the Proof of Work protocol used by Bitcoin and others is too expensive to maintain due to the electricity it needs to validate blocks, plus the slow transaction time required.
Proof of Stake used by Ethereum for example is better, but still hasn’t been able to bring transaction speeds into the thousands per second.
For consensus, IOS has introduced Proof of Believability. Using this new protocol they hope to increase throughput while still maintaining security.
It is a fairly complicated procedure, but the gist of it is that the chain is divided up into shards so each shard can act as a mini blockchain. Within the shard, nodes are then divided into 2 groups. The believable league and the normal league.
Within the normal league, nodes need to have a higher ranking to bump up to the believable which includes how many tokens the user validating the node has, similar to Proof of Stake. Once these nodes are in the believable league, it creates a sort of template, so other nodes that follow that template are allowed to pass the validation process with less work. This is how transactions will be sped up.
What is the IOSToken for?
For the validation of the blocks to work, consensus is built by paying users with the IOSToken to run smart contracts, process payments and transactions and pay for the resources used to run the ecosystem. The more tokens a user has, the more believability they have.
It will also be the native token used on the platform to pay for goods and services provided by merchants.
Can IOS actually work? Is the new Proof of Believability viable? Of course, as with most things related to the blockchain, this all remains to be seen.
It pays to remember that even though the blockchain is now 10 years old, it has only recently taken off. It is still in its infancy so to speak and has a lot of room to grow.
IOS could be the platform that takes the blockchain to the next level that will allow for mass adoption and help big business migrate to a more secure and efficient blockchain.