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.
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XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…