IOStoken (IOST)

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Truth and facts[edit]

  • IOStoken is a decentralized Internet of services platform, the next-generation, secure, highly scalable ecosystem for online services.
  • The secure, scalable blockchain that actually works. The IOS (Internet of Services) offers a solid infrastructure for online service providers. Its high TPS, scalable and secure blockchain, and privacy protection provide infinite possibilities for online service providers to serve their customer base.


  • Slogan: Changing the way you eat, pray and love.
  • Slogan: Decentralized Internet of Services platform.
  • IOStoken (IOST) is based in Singapore / San Francisco, California.


  • The official ticker symbol for IOStoken token: IOST
  • Token type: ERC20
  • Total token supply: 21,000,000,000 IOST
  • Circulating supply: 6,794,109,922 IOST


  • Only institution-only private token sale was held. No public sale will be held.

Video Playlist[edit]

IOST: IOS Techtalk - Episode 1: Consensus (POB vs. POW vs. POS)

00:00 Hello everyone, my name is Terrence and I'm the co-founder for the Internet of Services foundation.
00:10 This is the first of our whiteboard session where I will covering that about consensus protocol, in blockchain systems, and how the OS system is solving the more complex problems preventing widespread adoption of blockchain.
00:24 Blockchain technology enables participant to read from and write through a common shared measure or as known as blockchain, which state is collectively maintained by the network in a decentralized way.
00:37 The blockchain is updated by the consensus protocol and ensures a common word we have transactions and blocks and guarantees the integrity and consistency of block chain across geographically distributed nodes.
00:51 Bitcoin, which first introduces the concept of blockchain, also introduced the proof of work based consensus, which scales to thousands of completely trustless nodes.
01:01 Proof of work based consensus require those to solve a hard crypto puzzle by brute forcing and producing a winning value, being able to add to your block into blockchain.
01:13 It however has a few drawbacks such as high latency, low transaction rate and energy waste, which makes this not a perfect fit for many applications.
01:24 As Blockchain independently emerged as a powerful technology, it decoupled from the Bitcoin.
01:30 Its consensus mechanism also involving patently dictated by the blockchain platform and application requirements.
01:37 Since the consensus model maintains the integrity and data records on the blockchain, it's important to ensure that it functions correctly under all conditions.
01:47 So this talk provides an overview of consensus models as adopted by popular blockchain platforms.
01:55 What is blockchain, a blockchain based system is a classical distribute system with shared state where all participants geographically distributed and connected by different kinds of networks.
02:09 Blockchain platforms can be classified into two main types, permissionless and permissioned.
02:15 All antique systems such as Bitcoin and Ethereum are permissionless, they are publicly available for use.
02:24 And you know can come back transactions as well as participate in the consensus process to advance the blockchain.
02:31 Permissioned platforms such as RIpple, HyperLedger fabric are aimed at consortium where participation is close ended.
02:41 While clients are allowed to semi transactions, advancing the blockchain is restricted to a fixed set of nodes that are running by the consortium members.
02:52 In a permissionless set up, the number of nodes is expected to be large and these notes are anonymous and untrusted since any node is allowed to join the network.
03:08 Consensus mechanism for such a seller have to account from religiousness, particularly simple attacks.
03:15 Simple attacks on blockchain network can allow a single user to generate several online identities, very influenced in a manipulate the consensus process.
03:24 Bitcoin solved this problem by designing the consensus route to be computationally hard.
03:30 Nodes have to prove that they have expanded the significant amount of energy towards solving a hard crypto puzzle with proof of work.
03:41 This approach, the wisp oh in terms of energy is required to ensure the safety of consensus process.
03:49 The IOS system solve this problem by designing the proper protocol to require believability.
03:56 Nodes in our system have to prove that they have good reputations.
04:02 They contributed to the community and they have tokens.
04:05 Proof of Believability is a variant of proof of stake.
04:11 Early blockchain platforms are designed to be permissionless, directly adopted the proof of work mechanism from Bitcoin, for example Litecoin, dogecoin, Monero, and many others.
04:24 Permissioned platforms have semi trusted members where only known participating nodes that are part of the consortium are verified and registered.
04:37 This groups expected to be small in number and therefore can employ alternative consensus mechanism.
04:43 Achieving consensus in distributed system have no solutions in research literature, such as pexos, raft and various Byzantine fault tolerance algorithm/ permissioned blockchain platforms have largely adopted this algorithms.
05:00 As blockchain platforms have been challenged to meet rigorous real-world application requirements such as low latency, immediate transaction confirmation, high performance and good scalability.
05:14 Limitations of existing cases models are being recognized.
05:16 On one hand, while proof of work model support open-ended participation, they have a poor match for applications that needed immediately transaction conformation and high connection range, and they also waste a lot of power.
05:33 Recent study found that the electricity wasted in Bitcoin mining is comparable to average electricity cost of Ireland.
05:40 On the other hand, considers model designed for closed systems do not scale well beyond twenty peering nodes and cannot have open-ended participation.
05:51 To address all these limitations, new consensus models such as proof of stake and proof of believability have been designed, the new nodes are still emerging.
06:02 There's another important aspect of consensus model that is the security.
06:09 The security of consensus model is very important aspect, they requires attention when choosing a blockchain platform.
06:16 A consensus mechanism maintains the integrity of data recorded on the blockchain.
06:21 The block chain system were safeguards the transaction and block order, therefor safeguarding all the key property is the production such as immutability and auditability.
06:34 Only one other line assumptions are correct and the consensus model can uphold this state of blockchain shake under our failure conditions.
06:41 For a choice of a consensus mechanism, can render the blockchain system useless, therefore compromising the data recorded on blockchain.
06:51 Many things can happen when we have a poor choice of consensus mechanism.
06:56 Firstly fork, a blockchain fork can result in different nodes in the system, converging on different blocks has been part of the blockchain.
07:06 In Bitcoin, the template first may exist if you network latency.
07:10 The protocol is designed that all nodes will eventually converge on single chain.
07:15 A blockchain fork can damage our application, leading to inconsistent view of data recorded on the blockchain, therefore forcing application to misbehave unpredictable manner.
07:27 Secondly, dominance.
07:31 Consensus outcomes can be manipulated by a single or group of entities if it is not designed to be resilient against single attack.
07:40 In simple attacks, where one or more nodes can generate millions of identities they can control.
07:47 Having such dominance allows the dominating group to confirm transaction and blocks as per their rules, even include translations that can double spend the cryptocurrency in the system.
07:59 Dominance can also be achieved by other means, such as controlling 51% of mining power, in proof of work network.
08:07 Thirdly, consensus failure.
08:11 Certain consensus algorithm may not guarantee the ability to achieve consensus.
08:17 For example, if the consensus algorithm require supermajority vote for a 30% of nodes.
08:21 Failing to achieve this number because of the network failures, not competitive nodes or as a result of very honest nodes not being able to make a decision did you in consistent message received from other nodes, all may result in consensus failure.
08:41 All right, so we have covered what is blockchain.
08:44 Now we will cover what is consensus in blockchain.
08:47 Consensus mechanism allows secure updating of shared state.
08:53 It has been an active research topic for a long time.
08:57 A common technique used for achieving tolerance in a distributed system is distributed the shared state across multiple replicas in network.
09:07 Updating the shared state happens according to pre-defined rules, defined by a state machine that is active on all the replicas.
09:16 This technique is known as the States machine replication.
09:18 Replication of state ensures that the state is not lost if one more node crashes.
09:26 The safe machine rules ensures that all those executing with identical input, which eventually produce the same output.
09:35 This result in the eventual agreement on changes of state where the consensus protocol.
09:41 With the blockchain based system, the shared state is a blockchain and the state transition rules, other rules are the blockchain consensus protocol.
09:52 Achieving consensus in distributed system is challenging.
09:55 Consensus the algorithm have to be resillient to failures of nodes, prices patient of networks, message delays, message reaching out of order and a corrupted messages.
10:05 They also have to deal with malicious nodes.
10:08 Several algorithms are proposed in research into research to solve this.
10:13 With each algorithm making the required set of assumptions in terms of synchrony, message broadcast failures, malicious node, performance and security of the messages exchanged.
10:25 For blockchain network, achieving consensus ensures that all nodes in the Network agree upon consistent global state of the blockchain.
10:34 A consensus protocol has three key properties.
10:39 First, safety.
10:39 A consensus protocol is determined to be safe if all nodes produce the same output and the output produced by the nodes are valid according to the rules of the protocol.
10:49 This is also known the consistency of the shared state.
10:53 Second, likeness.
10:53 A consensus protocol guarantees the likeness if all non-fault nodes participating in the consensus eventually produce a value.
11:03 This also referred as the availability of the shared state.
11:08 And third, fault tolerance.
11:08 A consensus protocol provides fault tolerance if they can recover from failure of those participating in the consensus.
11:18 Well all above three properties are very crucial, a famous result by Fisher Lynch and parison, known as FLP, possibility result states that no deterministic consensus protocol can guarantee safety, likeness and fault tolerance in a asynchronous system.
11:35 Well, fault tolerance is crucial for global rapid state.
11:41 Three systems tend to choose between safety and lightness depending on their system requirements and assumptions.
11:49 Fault tolerance here refers to two types the false in the distributed systems.
11:56 Fail-stop fault and Byzantine fault.
12:00 Fail-stop fault deals with node failures that hostile to stop participating in consensus protocol.
12:06 There's a benign fault caused by hardware or software crushers, where fail-stop fault occurs, the nodes stops responding.
12:16 The second category of faults are Byzantine faults, which cause nodes to behave erratically.
12:21 This category of fault was identified and characterized a lasting LAN port as a Byzantine generous problem.
12:29 Byzantine fault or failures can occur because of software bugs or as a result of the nodes being compromised.
12:37 A Byzantine node can collide, can produce ambivalent responses or mislead other nodes to evolve in the consensus protocol.
12:46 The consensus protocol has to be able to operate correctly and reach consensus in the presence of Byzantine nodes, as well as number of nodes within the system are limited.
12:59 To achieve consensus with Byzantine nodes, critical thought, Byzantine fault tolerance as known as pbft was first produced by Castro at least cough, this is the first practical approach that achieves consensus for Byzantine tolerance applications with low overhead.
13:20 Byzantine fault tolerance requires at most a third replica to be found in the system.
13:29 Practical Byzantine fault tolerance use the concept of primary and secondary replicas where the secondary replicas automatically check vicinity and likeness decisions taken by the primary, and can collectively switch to a new primary if the primary is found to be compromised.
13:47 We now know what is blockchain and we know what is consensus in blockchain.
13:55 Now let's dive into specific consensus algorithm.
13:58 Bitcoin system facilitates transfer of cryptocurrency from one division to another in completely decentralized way and no central entities control either the production or the transfer.
14:12 The Bitcoin blockchain is replicated on multiple nodes and this nodes were the transactions based on a proof-of-work consensus mechanism.
14:22 To add blocks to the blockchain, each node has to show that it has performed some amount of work, also known as proof of work.
14:31 In Bitcoin, the node has to find a hash, that is with a third in number of leading zeroes or similar criteria, also known as a difficulty level set by the network.
14:42 The difficulty level is the dynamic e2 and by the Bitcoin protocol, which currently ensures that one block is produced every ten minutes.
14:52 The process of solving the proof-of-work puzzle is to find a winning hash, this was known as mining.
15:00 The first node to find the winning hash gets to add is purpose block to the blockchain, it also claim the winning reward.
15:06 Due to the distributed concurrent nature of the process, sometimes, more than one node is being able to find a way hash at the same time.
15:17 This winning node and add its own proposed block to the blockchain and a broadcast of this information over the peer-to-peer network.
15:25 In such cases, there's a temporary fork in a blockchain, where some nodes are adding blocks on one branch, others adding blocks to another branch, based on which winning node is closest to them.
15:37 However, as more blocks are being added to the Forks, the protocol will eventually ensure that the branch were the longest length get included in the blockchain, and the others will be discarded.
15:51 This leads to eventual consistency among all notes regarding the state of the blockchain.
15:56 The Bitcoin proof of work consensus algorithm works well in open environment, where any number of nodes can participate in the network, yes are mining, no knowledge or authentication is needed of any participants.
16:13 Therefore making this kind of consensus model extremely scalable in terms of supporting thousands of nodes.
16:19 A Bitcoin proof of work consensus is however vulnerable to 51% attack where mining pool, there is able to control 51% of the mining power can write its own blocks to the blockchain and fork it to create a dependent branch that converges at a later point with the main blockchain.
16:39 Very obvious, the vantage of this attackers is lossless attack.
16:43 They can double spend their own funds and they can selectively reject any transactions that that they do not want on blockchain.
16:51 Bitcoin uses proof of work model, this guarantees eventual consistency in the Bitcoin blockchain despite a temporary Forks.
17:00 This approach results in longer transaction confirmation times to ensure reasonable consensus finality, resulting in slower transaction confirmation rate, which is approximately seven transactions per second.
17:13 This is considered very slow in the real world payments.
17:19 Think about MasterCard or Visa, they have 5,000 transactions per second.
17:25 Bitcoin's proof-of-work also wastes a lot of energy.
17:29 In cavitation is hashes during the mining process.
17:31 It however has very little ability in terms of node participating in the network and operates in completely decentralized way.
17:39 Now, proof of stake.
17:44 Blockchain platforms use a range of consensus models which are proof of work or practical Byzantine fault tolerance in original form or variations.
17:58 This provides certain advantages desired over the original model.
18:01 Both new models are also proposed, such as proof of stake and proof of believability, and some variations of pbft.
18:12 They all appear as viable alternatives.
18:15 For proof of stake, especially proof of stake in Ethereum are designed to overcome the disadvantages of proof-of-work algorithm, in terms of the high electricity consumption involving the mining operations.
18:32 The proof of stake completely replaced the mining operation with alternative approach involving use of stake or ownership of virtual currency in a blockchain system.
18:43 So put it another way, is that as a user spelling say $1,000 buying mining equipments to engaging proof of work algorithm and win them a mining reward.
18:55 With proof of stake, they can buy 1000 worth of cryptocurrency and use it at stake.
19:01 You can proportionate block creation chances in the blockchain system by becoming a validator.
19:09 The proof of stake algorithm see you randomly selects validators for blockchain creation, therefore, nobody can predict his turn to invest.
19:20 Naive proof of stake algorithm suffer from a problem called nothing at stake.
19:26 This in plantations did not provide incentives for nodes who vote on the current block.
19:32 Therefore nodes can vote on multiple blocks, supporting multiple Forks to maximize their chance at winning a reward as they do not spend anything in doing so.
19:41 As opposed to proof of work, where nodes would be splitting up its resources.
19:47 This nothing stake problem needs to be solved for a correct and efficiently implementation of proof of stake.
19:56 Ethereum proof of stake algorithm called Casper is perhaps the most best proof of stake algorithm.
20:02 Though multiple rounds of proof of concepts has been released, Casper is still in testing.
20:09 Casper use the concept of security puzzles, advanced to achieve consensus.
20:16 In Casper, nodes are allowed to bound with Ethereum system, making significant security deposit set protocol.
20:25 The nodes are bounded validators and show commitment and interest, advancing the Ethereum blockchain, best staking their security deposits.
20:34 The initial list of bonded validators is tracked by a special known contract called Casper contract, from their own, the bonded validator can involve based on newer nodes joining in and older nodes leaving the system.
20:52 Each validator is pseudo-randomly selected to produce a block, from the active validator set.
20:59 With the probability of selection linearly weighted by each validator deposit.
21:05 If a validator is offline, a different validator is selected and this process repeats until an online validator is found and he creates a block.
21:15 If the validator produce a block, that gas included in the main chain, they receive a block reward equal to the total ether in the active validator set.
21:27 If the validator produce a block that does not get included in the chain, the protocol works such that the validator loses security deposits equal to the block reward.
21:40 This mechanism proposed to solve nothing state problem, where it stops node from producing blocks that all can included in the main chain.
21:53 Proof of stake was first designed and naive version of it was used by peercoin.
21:58 Different variations of proof of stake are also used by bitshares and determined.
22:04 And finally, proof of believability.
22:06 The IOS system has proposed this new proof of believability consensus protocol, in short, is POB.
22:18 The POB algorithm a design to overcome the disadvantages of the proof of work algorithm in terms of the high energy consumption and the disadvantages of proof of stake in terms of the nothing at stake problem and the rich gets richer problem.
22:36 POB replaced a mining operation with alternative approach involving a users reputation level in a blockchain system.
22:44 Putting it another way, instead of a user spending $1000 buying mining equipment to engage in the proof of work algorithm and winning the mining reward, or buy one thousand 1000 worth of cryptocurrency proof of stake.
23:02 In POB, user would have 1000 reputation score and use it as a stake to get block creation chances in a blockchain system by becoming a validator.
23:12 Unlike proof of stake, validators are selected using a certain algorithm, not only by chance and their wealth.
23:22 POB guarantees that nodes have negligible probability to misbehave while largely increasing the transaction throughput.
23:32 The POB consensus protocol use a believable first approach.
23:38 The protocol divides all predators into two groups, a believable group and a normal group.
23:44 Believable validators process transactions quickly quickly in the first phase.
23:50 Afterwards, normal validators sample and verify the transactions, the second phase, to provide final confirmation.
23:58 The chance of it not being elected into the believer League is determined by reputation score, which is calculated by multiple factors such as contributions to the community, behaviors and token balance.
24:13 By contributions to the community, we mean the users contribution of their storage, their computation power to the whole system.
24:22 An node with higher reputation score is more likely to be elected into the believable group.
24:31 Believable validators follow the procedures to decide both the set of the committed transactions and their orders as well as processed them in order.
24:39 Transactions will be randomly distributed among each of these Believable validators and consequently, they produce smaller blocks with extremely low latency.
24:52 However, this may introduce a security problem as only one node is performing the verification.
24:59 As a result, some corrupted transaction might be committed by misbehaved validators.
25:05 To actually solve the security problem is best by assembling probability that normal group were simple transactions and the attacking consistencies.
25:17 If a validator respected detected as misbehaving, it will lose all tokens and reputations while the defrauded users will be compensated for any loss.
25:31 The believable first approach makes processing transactions extremely fast, as only a single validator is doing the verification and they are heavily incentivized from misbehaving.
25:44 In the IOS system, the party file specifies the size of the believable and the normal group, as well as the sampling probability.
25:57 Depending on the believability score, validators will be assigned to either their Believable group with a normal group or the rest.
26:04 Remember, only nodes that have met certain Believable level can participate in the two validating groups and those nodes with nothing at the stake needs to continue to contribute to the community in order to participate, and this solve the nothing and stake problem.
26:26 In the first phase, transactions that are processed by the Believable group produce validated blocks.
26:35 Those blocks serve as input for separate validation by normal group which all runs concurrently.
26:41 The normal group also combines input from multiple processing Believable groups and this could maximize the throughput of the whole system.
26:52 If transactions are validated successfully, they will be included in the finalized block and this will be added to the blockchain.
27:00 However, will normally detects any inconsistency, the corresponding validated transaction will be excluded from the blockchain and validator who signed the invited block will be detected and held accountable.
27:19 We divide the punishment scheme to be powerfully harsh so that the validator has no incentive to misbehave under any circumstances.
27:27 If a validator is detected as misbehaving, the invaded her will lose all tokens and reputations in the system.
27:37 And also, all previously validated transactions will be rechecked.
27:45 Giving this minimum incentive to be at fault, clients can achieve real-time processing speed with assurance.
27:54 The normal group who runs the modified PBFT with collective signature.
27:58 To ensure robustness, we also use a fallback scheme in the people first approach, well there's not enough Believable validators to form the group, due to either the temporary down time of this system or the system being the post wrapping phase, the two league would fall back to one league.
28:21 All transactions that directly processed by the normal group following the standard PBFT consensus protocol with the cognitive signature.
28:31 All right, so today we have covered proof of work, prove a stake, proof of believability.
28:41 Beside these three protocols, there are also other protocols establishing consensus, such as the dedicated proof of stake, the proof of elapsed time, proof of work and a multiple hybrid proof of work, proof of stake protocols, which we will cover some of them in the future sessions.
29:00 This consensus in blockchain field is still wide open to innovations.
29:06 As blockchain system continue to gain in popularity, they also continue to grow in scale and complexity.
29:12 Which of these consensus system is best suited to handle the ongoing expansion remains to be seen.
29:20 We think that proof of Believable is going to be the consensus mechanism that breaks through traditional scaling and security trade-offs, also allows for the widespread adoption of blockchain technology, the everyday life.
29:35 Alright, that's it for today's talk.
29:39 If you have questions about today's talk or if you have any questions about our system, I'll be hosting an AMA session on reddit very soon.
29:51 Also, there'll be more Tech Talks given in the future, thanks.


List of exchanges, trading platforms and marketplaces to trade, buy and sell IOStoken (IOST).


  • List of supported wallets for IOStoken (IOST).


  • List of development timeline, roadmap, events and milestones on IOStoken (IOST).

Team members[edit]

  • List of team members in IOStoken (IOST).


  • List of advisors for IOStoken (IOST).
Name Details
Yusen Dai Advisor
Ryan Bubinski Advisor
Bman Lee Advisor
Jia Tian Advisor


  • List of partners, supporters and investors for IOStoken (IOST).

IOStoken (IOST) partners.png

White papers[edit]

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Frequently asked questions[edit]