IOST | Sharding and Proof of Believability to improve Blockchain scalability and security

Summary

The video discusses the transformative potential of blockchain technology for business and online services, focusing on the need for a high-speed, scalable, and secure network. It highlights the limitations of current systems, introducing IOST as a solution with its innovative Proof of Believability consensus algorithm. This enables faster, secure transactions using factors like reputation and behavior. IOST's advanced technology, including dynamic sharding and microstate blocks, ensures scalability and usability. With backing from leading venture capital firms and an experienced team, IOST aims to bring blockchain from concept to mainstream reality.

Takeaways

• 🚀 Blockchain technology has vast potential for the future of business and online services.
• 🌐 A high-speed, scalable network is needed for global adoption of blockchain technology.
• 🛠️ Current systems are criticized for being slow, insecure, and difficult to develop on.
• 🌟 IOST offers a solution with a network that scales globally while ensuring usability and security.
• 🔒 IOST's consensus algorithm, Proof of Believability, promises fast transactions and security.
• 🛡️ Innovative mechanisms like microstate blocks and atomic commit protocol ensure app safety and speed.
• 💡 Dynamic sharding is used to reduce size, cost, and hardware requirements for the network.
• 🌍 IOST aims to create a trustless, developer-friendly platform that maximizes network value for users.
• 💼 Funded by top venture capital firms, IOST has a strong financial backing and ecosystem for development.
• 👥 Comprised of over 50 blockchain professionals with experience from companies like Uber and Google.
• 🌉 IOST has a global presence with offices in seven key cities, indicating a wide reach and ambition.

Q & A

What is the main problem with current blockchain systems?

Current blockchain systems are too slow, insecure, hard to build on, and open to manipulation.

What is IOST, and how does it solve the issues of current blockchain systems?

IOST is a blockchain network that scales for global use, ensuring usability and security for mainstream adoption. It resolves issues through features like its Proof of Believability consensus algorithm, Byzantine fault tolerance, microstate blocks, and dynamic sharding.

What is the Proof of Believability (PoB) consensus algorithm?

The Proof of Believability (PoB) consensus algorithm ensures high-speed transactions while maintaining security by evaluating factors like reputation, participation, and behavior.

How does IOST ensure both speed and security in transactions?

IOST ensures speed and security through its PoB algorithm, Byzantine fault tolerance mechanism, microstate blocks, atomic commit protocol, and dynamic sharding, which safeguard the system while reducing size, cost, and hardware requirements.

What are microstate blocks, and what role do they play in IOST's system?

Microstate blocks are a feature in IOST that help reduce the size and cost of transactions while improving transaction speed, allowing for fast and efficient processing.

What is dynamic sharding in IOST, and why is it important?

Dynamic sharding is a mechanism in IOST that divides the network into smaller parts to handle more transactions simultaneously, improving scalability and performance.

How does IOST ensure that apps on its platform are easy to use and safeguarded?

IOST ensures ease of use and safety for apps through its secure consensus mechanisms, dynamic sharding, and user-friendly developer tools that make it easy to launch decentralized applications (dApps).

What kind of ecosystem has IOST built for developers?

IOST has built an ecosystem that includes developer funding, support, and a platform that is easy to build on, aiming to encourage the creation of dApps and the use of blockchain services.

Who supports and funds IOST, and how does this contribute to its success?

IOST is funded by leading venture capital firms and has a team of over 50 blockchain professionals from companies like Uber and Google. This backing provides the knowledge, experience, and resources to achieve their ambitious goals.

What is IOST's long-term vision for blockchain technology?

IOST's vision is to build a self-operated, trustless, and developer-friendly platform that uses blockchain technology to eliminate middlemen, maximize network value, and bring blockchain from concept to reality for mainstream adoption.