Social encounters

On Monday, the 13th, IOST Korea Branch held an offline meetup. The event was held in Monaco Space, Gangnam, Korea. A total of 150 people registered in less than a week. It drew a lot of community members, journalists, KOLs, industry leaders, investors, and many others. The team shared the achievements and future plans of IOST.

The itinerary of this meetup was as follows:

Opening introduction

Why I chose IOST Platform as a developer

QED: Speech by a Tier-1 servi node

Past achievements of IOST and 2020 plan

Terry: IOST CTO address

Blake: IOST Korea country manager presentation

Live Q&A: QED & Blake

IOST Hoodie lucky draw

Networking

IOST, ETH, EOS, and TRON are the platforms on which continuous user inflow and DAPP ecosystem are expanded. IOST is clearly a latecomer if compared to the other 3 platforms. However, IOST has a huge advantage compared to ETH, EOS and TRON. QED, which is 1st tier servi node, explained in detail the benefits of the IOST platform.

The three most important elements of the platform that QED considered for development were:

Fast Block Finality time

Stable and low resource fees

Ease of development

If you compare IOST to EOS on block time, you can think of it as 0.5s, and you might think that IOST doesn’t have benefit to use. But if you count the time considering Block Finality, which is recorded as a completely immutable block, the IOST is the fastest 29.5s among four public chains. In other words, IOST is the platform that provides the fastest Block Finality Time.

The fees incurred by a blockchain are divided into 3 main things:

the operations costs of processing, such as plus, subtract, multiply,

the network costs incurred when a transaction is hit on a node,

the storage costs of storing a value.

the fee model of IOST:

IOST combines contract operation cost and network cost and called iGAS, and contract storage cost is called iRAM. As long as you stake, iRam will charge itself and you will not pay any fee. Therefore, the user doesn’t have to care about Resources.

If the transaction stores a value in the blockchain, you will need to pay storage costs. If you delete the saved value on the blockchain, you can refund the storage cost that you paid. Also, if the transaction does not store a value, it is available for free.

Also, developer could pay user’s storage cost instead of user. Comparing IOST and EOS, IOST is 7 times cheaper. Therefore, QED concluded that IOST has the most attractive resources model for developers. QED thought that IOST is really well developed platform with lots of consideration for many potential cases.

Comparing the development languages of the four platforms shows that ETH and TRON use Solidity, EOS uses C++, and IOST uses JavaScript. JavaScript language used by IOST is much more familiar to developers than other languages.

Since the development language is a familiar language, there is an advantage of IOST when writing smart contracts. But there is one more advantage of the IOST platform. IOST can upgrade smart contract, allowing contract owners to enable or disable upgrades.

At the end of the presentation, QED demonstrated a game his team developed, showing how fast the actual IOST is.

IOST CTO Terry was invited to CGTN, the global channel of CCTV in the last quarter, to discuss with Huang Zhen, director of the Financial Research Institute of China University of Finance. Terry was also invited to the 17th China ’s Enterprise Development & Blockchain Forum, held at China’s Great Hall Of The People. IOST is the only public blockchain project invited to both parties. These track records exposed IOST to various high level decision makers in China. Based on this, IOST has created the cornerstone for meetings with various governments and companies.

Expansion of B2B and B2G projects through AIOU Technology, a subsidiary of IOST

The IOST team will expand the use of consortium chains based on the public blockchain IOST. In addition, discussions are underway with 10 MNCs in China for collaboration in 2020. They’ll also work with local governments, starting with the Shanghai Police Blockchain Standardization in China. Through this, 2020 IOST intends to achieve two things.

create sustainable revenue for themselves and reinvest it in IOST to expand the ecosystem

Through the cooperation of B2B and B2G, they will make a practical use case and achieve mass adoption

Find out more about the meetup here:

IOST Seoul Meetup QED PPT