IOST, the China-based startup has launched its public mainnet recently with over 150 partners and promises to provide a launchpad for the development of various DApps and games. With the launch of its mainnet, the IOST platform would be competing directly with the likes of TRON, EOS, and ethereum.
The crypto space is already crowded with many prominent names providing a launch pad for the development of decentralized applications, IOST promises to better most of the existing competitors. IOST has 150 global partners who will be using the services of the platform to launch their applications and games, right out of the box. Another wave of releases is expected to take place on March 10.
How Does IOST Network Functions?
Jimmy Zhong, the creator of IOST say that his project is unique because of their own hybrid consensus known as Proof of believability, which the creator describes as the best of Proof of Work and proof of Stake combined. The transactions on the network are divided between believable and normal nodes.
Believable nodes are those which are determined on the basis of Believable score. The believable score itself is dependent on a number of factors like the rating of the node, the number of IOST in the node etc. The IOST algorithm also randomly chooses a certain number of validators for the transaction process. Jimmy explains,
“The IOST network will randomly, and algorithmically, select a set number of validators for each block with believable nodes processing the transactions first. Once their batch is finished, samples of their outcomes are validated and verified by normal nodes, with PoB constantly rotating between nodes and block production.”
Jimmy believes this combination of believability nodes combined with the normal nodes leads to a decentralized form of transaction processing making IOST efficient and faster than many of its competitors.
What Makes IOST the Perfect Gaming Launchpad?
The use of a hybrid consensus like Proof of Believability makes the network efficient, scalable and secure. The CEO believes these factors make IOST a platform for a more seamless and transparent gaming experience. The aim of the network is to create one of the most efficient and developer friendly platforms for game developers.
IOST is trying to mint its early popularity and success to launch two products cum service offerings. One is a news aggregator platform which rewards its users with its local token called Berminal and another is a social media platform called Bermi. The news aggregator platform Berminal already boasts of 2.5 million monthly users within six months of its launch.
“Beyond games, and through our other projects and strategies, including Berm and Berminal, we plan to onboard over 2 million users, many of which will have easy access to the wide range of DApps available on IOST,”
Looking at the approach of the IOST to flourish as a decentralized gaming platform along with offering various crypto products and services to bring decentralization and blockchain to the masses. With a foray of various blockchain platforms, the world is nearing towards a decentralized future.
Whether IOST is able to capture a user base as big as Ethereum or TRON, only time would tell. However looking at the current partners and a number of pending releases, the firm has definitely taken the right foot forward.