The Internet of Services (IOS) project has the lofty goal of disrupting the blockchain technology. It seeks to present the next generation ecosystem for online service providers. The IOS paradigm is an innovative blockchain system that aims to offer massive scalability as well as high transaction throughput.
The IOS project takes note of the crucial role that blockchain technology has played in resolving centralization issues that plague the current online service provision industry. But it points out the limitations that stand in its way, preventing it from reaching full potential and mass adoption. Current blockchain solutions are either too specialized and thus inflexible or limited in terms of transaction throughput.
The IOS system is built with the capability of supporting up to 100,000 transactions per second using an innovative sharding technology (Efficient Distributed Sharding – EDS) and a novel consensus algorithm (Proof-of-Believability). This is the kind of architecture required for heavy usage services in the level of Facebook, Amazon or even digital asset exchange platforms.
Support System for Online Service Providers
IOS has the vision of becoming the next generation blockchain system to fill this market void by offering the level of infrastructure required to facilitate an online service provision ecosystem. One of the features of the platform is that it has a complete decentralized network for trading digital goods and online services.
But the platform goes a step further to offer the opportunity for developers to create and deploy decentralized apps (DApps) within the system. Thanks to the IOS system’s novel design, these applications can support large numbers of users offering high transaction processing speeds and sufficient capacity for massive scaling.
IoT Devices as Nodes
On the IOS network, all Internet of Things (IoT) devices can function as nodes. These include all computing devices, vehicles with self-drive capabilities, drones or even storage devices. The concept works in the same way as the “first class citizen” in Java only but in this case, they are referred to as “first class nodes”. Such nodes in this ecosystem provide the technical support functions for the network, enforcing rules, offering maintenance and providing necessary services.
Other devices that cannot qualify as first class nodes are able to carry out Simplified Payment Verification (SPV) using an IOS light client. Every node on this network has a distinct identification hash to allow for registration, discovery, and processing when applicable.
Secure Data Storage
The IOS system also has a technology referred to as the Hyper Universe Distributed System (HUDS). This allows it to host a wide array of service providers regardless of size and orientation. As a hosting system, it also offers to its users the provision of secure metadata or files storage across disparate nodes on the network.
The IOS blockchain design makes it one-of-a-kind when it comes to scalability and transaction speeds. The robust framework eliminates downtimes altogether and its unique consensus mechanism reduces the energy consumption associated with a majority of blockchain models. The project has the support of major investors including Sequoia, Metropolis VC, Zhenfund and Banyan Capital among others.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of coinmarketcap.com
Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve,…
CoinFlip Scores Big with BRD Wallet Partnership
As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map. Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells. BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit. The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.
Cryptocurrencies are already making a huge difference around the world. Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…
Cryptocurrency Collateralized Debt Positions Are Growing in Popularity
While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle. Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance. One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess. That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS. These projects have managed to find a foothold in the market and have a better chance than most of staying there. While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.
What is a Cryptocurrency CDP?
In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount. There are several examples of this in our day to day lives. Auto title loans from large companies like TitleMax are extremely popular with consumers. Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has. The consumer can continue using their car as long as debt payments are made.
The same concept applies to cryptocurrency CDPs. Consumers are able to put up crypto tokens, such as…
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