Home Crypto Altcoin News Exclusive: IOST CEO Jimmy Zhong discusses current trends in dApp development

Exclusive: IOST CEO Jimmy Zhong discusses current trends in dApp development

The Internet of Services Token (IOST) platform, a blockchain-based network for building enterprise-grade decentralized applications (dApps), processed 580,231 transactions (TXs) on April 6th, 2019. The numbers correspond with a press release shared with Crypto Insider earlier this week.

Notably, this is more than what the Ethereum (ETH) network processed on that same day, as the world’s largest smart contract platform only settled 558,272 transactions on April 6th. While the number of transactions processed, or transaction throughput, is not always the best indicator of how well a blockchain is performing, this milestone is seemingly quite impressive for IOST.

IOST Has More Than 213,000 Live Accounts, Only Weeks After Mainnet Launch

That’s because its mainnet only went live a month ago. Moreover, other notable network performance statistics for the IOST platform are as follows:

  • More than 213,000 “live accounts” registered on its network, with “an average of 15,000 wallets added per day;”
  • “9 DApps, including 6 games (one of which hit 700 million IOST tokens in a single day) and a USD-pegged stablecoin” launched;
  • IOST token trading supported on 26 different cryptocurrency exchanges;
  • Processed over 25 million transactions (TXs), “including a peak of 580,231 transactions per day;”
  • More than 100 business partners and developers “onboard to build the IOST ecosystem, all partners totalling to more than 200” as of April 10th, 2019.

This past week, IOST’s management team also announced that it had partnered with Ehang, a Chinese autonomous vehicle, or self-driving automobile manufacturer. The partnership between the two entities involves the development of flight analytics tools for the Civil Aviation Administration of China (CAAC). The project reportedly leverages blockchain technology to “deliver secure and reliable data to prevent data tampering by third parties,” the release noted.

During an exclusive interview with Crypto Insider, Jimmy Zhong, the CEO of IOST, shared his views and insights regarding the latest developments in the crypto space. Zhong’s comments were mainly focused on the current trends in the blockchain industry and decentralized application development.

Advantages Of Building On IOST

Crypto Insider: What are the advantages of building dApps on IOST instead of Ethereum?

Jimmy Zhong: “Scalability is one of the main issues that dApps face on first generation blockchains like Ethereum. As we’ve seen with the popularity of CryptoKitties, a surge in transactions in one single dApp can cause a massive bottleneck [which can impact] the whole network.

IOST’s unique Proof-of-Believability Consensus Mechanism (PoB) not only tackles issues with scalability, but also ensures security and a level of decentralization that developers are on the lookout for. The PoB mechanism combines the benefits of Proof-of-Work (PoW) and Proof-of-Stake (PoS) systems, randomly and algorithmically selecting a set number of validators for each block, with believable nodes processing the transactions first.

This enables throughput speeds of up to 8,000 transactions per second, supporting the needs of dApps today. Our record surpassing of Ethereum’s total daily transactions by 20,000 on April 6 demonstrates our scalability and serves as a strong indication of IOST’s growth to come.”

Crypto Insider: What kinds of applications should be decentralized? There are a lot of gaming/betting dApps, however what may be some other use cases?

Jimmy Zhong: “Gaming dApps serve as a launchpad for the mainstream adoption of blockchain. To date, IOST has launched multiple gaming dApps, stablecoins, and wallets on its network, including Endless Game, Team Joy, and iUSD. But we’re not stopping here.

We have over 200 partners and developers in our ecosystem today and we are looking to support them with creating dApps that remove barriers to adoption for blockchain and allow enterprises and consumers to experience the benefits of smart contracts and the full value that blockchains bring. One example is Bermi, a social network that rewards users for interacting and sharing viral videos, earning them cryptocurrencies in the process. This gives everyday users access to cryptocurrencies in a way that they are familiar with, contributing to increased mainstream adoption.”

Crypto Insider: What core technologies does IOST use, and which programming languages, development environment were used to create it?

Jimmy Zhong: “In addition to our PoB consensus mechanism, the IOST network combines the benefits of Efficient Distributed Sharding, or the process of splitting a network of nodes up into smaller groups to verify a share of the total transactions proportional to the numbers of shards, Atomix Protocol to prevent double spending and maintain the consistency of transactions, and MicroState Blocks for data storage.”

Crypto Insider: Please share some details regarding the “100 partners” IOST has onboarded. If you’ve signed NDAs, please elaborate on the purpose/nature of the collaborations.

Jimmy Zhong:  “Some of our partners today include the likes of Huobi, DDEX, iBank Digital Asset, and CoinGecko.

In the coming months we will continue to work closely with all our partners to explore and develop the most valuable use-cases for IOST’s technology and support developers, exchanges, companies, and authorities in making the benefits of blockchain more tangible to everyday users.”

Crypto Insider: What are some long-term and short-term goals for IOST?

Jimmy Zhong: “Our immediate priority is to bring the very best developers, exchanges, companies, and authorities to partner with us and grow the IOST ecosystem. Building on our early success with a suite of 11 DApps and soaring transaction volumes, we are looking to work closely with our partners to introduce more real-world use cases for blockchain to wider users. In the long-run IOST will become the public chain that eliminates barriers to mainstream adoption and make the benefits of blockchain technology more accessible to everyone.”

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The above is to be considered opinion and not investment advice in any way, as an unbiased media, no one interferes with the Editorial content of CryptoInsider.com, writers have freedom to choose their own direction, members of Crypto Insider do not participate in trades based on content.

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Omar Faridi
Omar Faridihttps://cryptoinsider.media
I enjoy writing about all topics related to Bitcoin, Blockchain, and other cryptocurrencies. The topics that interest me most are crypto regulations, quantum resistant blockchains, Ethereum and Bitcoin Core development, and scams orchestrated under the guise of ICOs. My academic background includes an undergraduate degree in Computer Science, with a minor in Mathematics from the University of Nevada, Las Vegas. I also possess a Master of Science degree in Psychology from the University of Phoenix. I've been writing about cryptocurrencies and distributed ledger technology (DLT)-based platforms since December of 2017. To date, I have written about 800 articles - which have all been published. I have also edited about 300 articles. While completing my academic coursework, I engaged in independent study programs focused on public-key cryptography and quantum computing. My professional work experience includes working as an application developer for the University of Houston, data storage specialist at Dell EMC, and as Teacher of Mathematics in the United States, China, Kuwait, and Pakistan.

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