IOST to Launch Its Mainnet on March 10. Does It Threaten EOS and Tron?

  • Alex Morris
    📰 News

    Will IOST be able to solve the ‘scalability trilemma’?


IOST to Launch Its Mainnet on March 10. Does It Threaten EOS and Tron?
Contents

IOST, the Beijing-based crypto startup, has just announced, that it's going to launch its mainnet on March 10, VentureBeat reports. It's native IOST token currently occupies 51st place on CMC with a market cap of $94.3 mln.

Combining decentralization and scalability

The IOST network is based on the so-called ‘proof-of-believability’ consensus algorithm. Hence, IOST allegedly succeeds where most popular cryptocurrencies fail - combining decentralization and scalability by rotating nodes.

While Bitcoin and Ethereum excel in the first department, the proof-of-work (PoW) algorithm takes a toll on their speed (the two O.G. cryptocurrencies are only able to reach 7 TPS and 25 TPS respectively). Their competitors that rely on the proof-of-stake (PoS) algorithm, such as Tron and EOS, are able to process transactions much faster by reducing the number of nodes, which subsequently makes the network less centralized.

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IOST is prepping for a big year

The build-out of the platform, which will feature decentralized exchanges, wallets and other apps, was completed six months ahead of the plan.

According to Zhong, their startup boasts a big number of partners, including Huobi. IOST has raked in

$35 mln in funding. Currently, they have a 100-strong team with offices in New York and Beijing.

Cover image via u.today
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