IOST (Internet of Services Token) - Token, NFT & Roadmap
What is an IOST (Internet of Services Token) project?
IOST, an enterprise-grade blockchain service, was launched in January 2018 by Jimmy Zhong, Terrence Wang, Justin Li, Ray Xiao, Sa Wang, and Kevin Tan. Zhong has also founded various tech startups in the US and China.
During his college years, he sold a marketplace company where students could exchange college notes for $40 million.
He later returned to Beijing and founded IOST, among other projects he has developed. This project focuses on blockchain technology that is ready for mass adoption by providing blockchain as a service product.
Since IOST is a blockchain, the native currency that supports the protocol is technically coins. However, before the IOST mainnet went live, the project launched its currency via the Ethereum blockchain. This is the original Ethereum ERC-20 IOST token.
Then, when the mainnet of the project went live, the original IOST coins were introduced into circulation. Holders are encouraged to exchange their IOST tokens for IOST coins at a 1:1 ratio through Binance.
IOST coins have the same functions and utilities as IOST tokens. Plus, IOST uses its own IRC-20 token standard, similar to Ethereum's ERC-20. In turn, all cryptocurrencies that operate to native standards are fully compatible and interoperable with other applications in the IOST crypto ecosystem.
Also, the IOST coin is compatible with some external decentralized applications (dApps) as well.
The core function of the IOST coin or token is to provide security and privacy protection to the network. In turn, the IOST coin plays an important role in supporting the new consensus algorithm, PoB.
In addition, users and developers will need IOST coins or IOST token holdings to pay transaction fees within the IOST crypto network. IOST Coin is the primary currency for users as a medium of exchange for services on the platform.
Token Non-Fungible IOST (NFT)
Currently, three major non-fungible token applications operate within the network. These are "Awakening", "RIZIN Fighting Collection" (RIZIN FC), and "TOKENLINK".
Revival is the first multi-chain NFT aggregator application running on IOST, which implements a margin reward mechanism for its users. In short, this means Revival can allow users to bookmark artwork, create NFTs, and buy and sell non-exchangeable assets from multiple chains in one place.
Starting September 30, 2021, the strategic partnership between NFT-Japan Inc. and IOST presents RIZIN FC. Available on the Japanese martial arts NFT market based on IOST, the project plans to provide “RIZIN Fighters Highlights NFTs” for fans to invest in and trade by the end of 2021.
The IOST crypto ecosystem is constantly evolving, with many projects and developments in progress. In this way, the project keeps its users, investors, and the public up-to-date with a frequently updated roadmap.
During Q3 2021, the project expanded its interoperability with the Binance Smart Chain (BSC) to increase utility and liquidity. Also, this quarter saw the launch of the IOST-based NFT marketplace Revival. In addition, the project implemented several new protocol updates to improve user experience (UX) and security precautions.
The project plans to increase brand awareness in Q4 2021, alongside updates to the software development kit (SDK), plug-in wallet, and browser support.
With plans to collaborate with international partners and implement new use cases for non-equivalent tokens (NFT), the project also plans to enhance blockchain education by hosting university hackathons across China and India.
In addition, the project aims to conduct research and evaluate community feedback on how to improve the blockchain experience.