IOST co-founder Terrance Wang featured recently in an interview done by Chain Teahouse where he discussed how IOST is changing the dapp ecosystem game, IOST’s entrepreneurial story and its core strengths as a public chain. This interview is a translation of the original version in chinese. We try as much as possible to provide a quality translation in English.
What is the new efficient consensus PoB created by IOST?
The IOST public chain began research and development from the end of 2017. Faced with many technical difficulties, the underlying architecture has been polished for a year and a half. The main network was finally launched at the end of February this year. With the mainnet online, the PoB consensus created by IOST is also being understood by more and more people. In short, PoB work’s in like this, in order to achieve a certain position in the IOST ecosystem, you must not only have Token, but also have a certain Reputation. And you only have to do good things for the entire community to get a reputation.
In Proof of Stake (PoS), you have more coins, and you have a greater chance to pack the next block for a longer period of time. Although you have saved your power compared to the proof of work (PoW), the Rich nodes get wealth faster than other nodes.
The IOST Blockchain’s Proof Of Believability (PoB) system not only rewards the node partners who obtained the voter’s pledge vote, but also how much the node partner has contributed to the community.
This means that groups that actively contribute to the IOST network can be rewarded, meaning that the right people will be rewarded.
One unique design of the Trustworthiness Proof (PoB) consensus mechanism is that Servi will self-destruct. This means that after the node verifies and produces a block, the system automatically clears the node’s Servi balance. Therefore, all nodes will rotate the verification block in high or low order according to the credibility score, and the nodes with high credibility will be replaced by the destruction of Servi, which guarantees equal block reward distribution.
PoB’s consensus mechanism is obviously superior to EOS’s DPoS consensus mechanism and ETH’s PoS consensus mechanism. The latter two consensus mechanisms will recognize users with more money, and the long-term will cause the monopoly of the chaebol, while PoB Not only does it only recognize the number of pledges, but it also motivates the user’s positive behavior.
At the same time, IOST has also completed the efficient expansion of the public chain under decentralized conditions. Terrence said that in theory, IOST can support up to 10,000 nodes at the same time, and the working mechanism of the nodes adopts a rotation system. Every 10 minutes, there will be 17 nodes to form a committee to process the work and go out of the block, and then switch to the new 17 nodes to form the committee in the next 10 minutes. Under the premise of such high decentralization, the TPS of the IOST public chain can still reach a maximum of 8000, and the efficient expansion under decentralized conditions is completed.
The threshold is too high, and the new economic model is designed to ease the burden on users and developers.
At present, there is still easy free public chain in the blockchain industry, because the operation mode of DApp on each public chain is quite different from that of traditional APP, and the user experience is quite different. EOS users need to accept the cost of Gas. EOS users need to understand Ram, Net and CPU. In addition to these, the private key system and the uplink operation of tools such as wallets are very troublesome for users, and even why the blockchain application needs to be A big question for users.
Faced with this situation, the IOST team strives to lower the threshold as a key target for development. Terrence said the team designed new economic models, namely iGas and iRam. First of all, the new economic model will not be diluted in the IOST ecosystem, and the CPU resources on the EOS will be diluted. When new people come in, the resources allocated by the users will be less, and it is possible to run a chain yesterday. Travel, the next day will not work. IOST will give users a stable amount of resources. Each user will succumb to a certain IOST, and the resources obtained will be fixed and stable and will not change.
In addition, IOST guarantees the enforceability of scheduling transactions, and the user’s transactions will be processed within a fixed time. Some transactions on ETH may be put on hold for a few days without miners, and will eventually be discarded, and all transactions on IOST will be processed. Users don’t need to worry about how much network resources and computing resources they spend. IOST combines the two resources because the two resources are generally proportional and there is no need to separate them.
Terrence said that it is not necessary to design each transaction to pay for Gas, and the user experience is very poor, so IOST adopted a pledge mode. At present, the cost of a pledge in IOST is very low. One IOST can generate 300,000 iGas. The cost of the Gas fee is tens of times lower than that of ETH. The iGas expenditure of dozens of transactions is only a few cents.
IOST’s six favorable policies for DApp developers
Compared with the current mainstream public chain, IOST has the following three core competitive advantages:
First, due to the existence of the PoB decentralized efficient consensus mechanism, IOST will support more nodes than other public chains, and the whole ecosystem will be more decentralized ;
Second, compared to some public networks with low TPS performance, IOST performed up to 8000 TPS and can support more DApp operations similar to traditional applications;
Third, in order to reduce the threshold for users and developers, IOST has designed a new economic model iGas and iRam, and provides free assistance to developers for pledge services.
In addition, in reducing the blockchain usage threshold, IOST also participated in the investment of the OnBlock platform, which can complete the application of the blockchain application under the premise of the user ‘s perception of the blockchain. When users enter the IOST ecosystem, they do not need to remember their private key and the main network account. They only need to register for an account to log in. The IOST server saves information that is difficult to store and remember for the user. If the user wants to get his or her private key after understanding the blockchain, he can submit the application and save it, so IOST will not save the private key information for the user.
With the above core competencies, IOST provides six favorable policies for DApp developers.
Second, IOST will hold a developer contest from time to time, providing IOST self-help as a start-up fund for outstanding developers. The DApp development team that becomes a node partner will participate in the first year of participating in the distribution of 4% of the total token Token reward.
Third, IOST proposed the concept of the DApp flagship project, and selected a number of excellent DApps to become the flagship project. Use IOST’s traffic pool in the US to promote these DApp flagship projects and provide resource pledges and certain rewards.
Fifth, IOST officially uses its own media matrix resources to assist the DApp team in promotion. It regularly selects the industry media among the node partners to assist the DApp team in making an exclusive interview.
Sixth, to help solve the exchange and financing needs of the DApp team, IOST’s investors have the top institutions such as Zheng Capital and Sequoia Capital, so they can help the DApp team in financing.
Terrence said that IOST is currently online with more than 30 DApps, mainly based on chain games, but with fewer spinach projects. There is a well-behaved chain tour that is “XPET Monster World”, which is a casual-type + combat RPG product that plays a little different from traditional game perception. There are also some chain tours that set up the trade union system. The trade unions are composed of real players. They will help blockchain newcomers understand the gameplay of chain tours and assist them in their early tasks, thus assisting the healthy development of the entire IOST ecosystem.
IOST hopes that the DApp ecosystem is rich and diverse. IOST is a decentralized project, and developers can freely develop on the IOST main network. Terrence believes that a long-term experience can be provided to users, and a sustainable DApp is a good product that the ecosystem really needs.
IOST’s future work focuses on expanding more users, node partners and developers.
The IOST public chain has now opened a cross-chain interaction with stable currency and ERC20 digital assets. Users can use IOST to convert USDT, USDC and TUSD freely. The IRC20 assets created by IOST can be traded with ETH’s ERC20 assets. After the cross-chain interaction of these mainstream stable coins, the user’s largest cross-chain demand is basically satisfied, and the cross-chain interactive IOST team of other chains is still under consideration.
Terrence said that the development of blockchain technology is difficult to predict, and it is still too early in the industry, just as e-mail was developed in 1965, but limited to early technical thresholds and real-world problems, e-mail used for a long time. It was inconvenient to be accepted by users, and it was not until the 1990s that technology matured. Blockchain technology is like the e-mail of the year. He also thinks that DApp should not be distinguished from APP. The final function of the two will be the same, and it is the application that serves the user.
He believes that the three things that need to be solved in the current blockchain industry are:
First, reduce the developer’s development threshold;
Second, it is necessary to reduce the user’s entry and use thresholds;
Third, the infrastructure of the public chain platform needs to be more perfect.
In addition to technical work, Terrence will be responsible for the development of IOST in the future. Recently, he has often visited technology universities in Japan to hold technical sharing sessions. Currently, he has conducted offline activities at Nagoya University and Kyoto University. The online exhibition will be presented in the form of a technology-sharing open class, which will promote the ecological concept of IOST to more developers and users.
At present, IOST has hosted several developer contests in Singapore, India, the Philippines, Japan, South Korea, and China. It provides developers with IOSTs ranging from tens of thousands to hundreds of thousands. In the future, this competition will always be Stick to it, the excellent DApp project will be invited to settle in the IOST ecosystem. Terrence said that IOST is also a member of the blockchain industry explorer, committed to the improvement of B-side technology, the future work will focus on expanding more users, node partners, and developers.