Hello and welcome to this blog post about IOST White Paper. I am very excited to know that you are interested in this amazing technology, you will be going to amazed by the incredible potential of the blockchain.
There is a lot to learn about this futuristic tech, lets get started to dive into the IOST white paper and start to leverage it to build a more secure and trusted ecosystem for Industry 4.0 applications.
The aim of this blog post is to help you quickly understand about the philosophy behind the IOST (IOST).
I can ensue you that, you will be able to understand every bits and pieces related to IOST (IOST) after going through the IOST white paper.
Without wasting any further time lets get started to dive right in and lets understand white paper first.
What is white paper?
A white paper is an informational, influential, well-structured document, usually published by an organization, to provide in-depth information about a specific solution.
A white paper is used to provide a good insight into the challenges for a specific problem and a proposed solution for the same.
IOST White Paper
IOST white paper will be going to provide you, all the information that is needed to get started with IOST (IOST), including the inspiration for creating, the problem it is trying to solve and the solution proposed by IOST (IOST).
“ Despite the recent hype in the cryptocurrency market, the underlying blockchain technology is still at an early stage and is far from mass adoption. One of the well-recognized issues with current blockchain technologies is scalability. Without the capability of processing large volumes of transactions swiftly, heavy usage services like Facebook, Amazon, and digital asset exchanges are nearly impossible to deploy onto the blockchain.
In this paper, we propose the Internet of Services (“IOS”), an innovative and secure blockchain paradigm designed to provide horizontal scalability and high transaction throughput. By implementing our novel sharding architecture and consensus mechanism, the IOS system is able to process up to 100,000 secure transactions per second.
This work makes the following contributions. It introduces:
- Efficient Distributed Sharding (EDS) – an innovative sharding scheme that makes shards sufficiently large and strongly bias-resistant via a combination of a client-server randomness scavenging mechanism and leader election via cryptographic sortition.
- TransEpoch – a secure validators-to-shards assignment during epoch transitions while maintaining transaction operability.
- Atomix – a novel two-step inter-shard atomic commit protocol that guarantees transaction atomicity in Byzantine setting.
- Proof-of-Believability (PoB) – a groundbreaking Byzantine consensus protocol with a Believable-First approach that guarantees safety and liveness of the system while largely maximizes the transaction throughput by size-one-shard.
- Micro State Block (MSB) – a novel mechanism to minimize the storage and bootstrapping costs for validators.”
White Paper Link: IOST White Paper
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