Why a decentralised network is core to building the Internet of Services

Blockchain may usher in the transition from IoT to IoS

An improved model for developing large, scalable and profitable applications is coming up in the world of internet.

Bitcoin led the blaze with its cryptographically encrypted ledger, peer-to-peer technology, and robust asset model. These features where the starting point for the development of decentralised applications.

Decentralisation of the internet is seriously gaining grounds; decentralised applications are tipped to be the future, there will one day replace some of the most popular web applications used today.

Why?

Because decentralised applications are more reliable: they are flexible, distributed, transparent, resilient, and are developed with a stronger incentivised structure that the current web software models.

The Inception of Blockchain Decentralization

Bitcoin and Ethereum are held as unique platforms that have brought on the dawn of an apparent age of mainstream blockchain applications.

However, both of these formats appear to in dire need of changes to be completely workable as either a form of online currency or as decentralised platform that run smart contracts.

The Internet of Services (IoS) builds on the concept of decentralisation like its predecessors, but presents several technological innovations that significantly reduce the risk of centralisation, increase the feasibility of scaling, and optimise the creation of a user-friendly ecosystem.

The Need for Scalable Decentralisation

For one, Bitcoin has a number of issues relating to the exact time it takes to transfer and trade the coin to make a transaction. That’s why currencies like Litecoin popped up as alternatives.

However, people are beggining to doubt the consistency of the value of cryptocurrency, nobody is certain about the future and even the top guns in the business are beginning to lose faith, for example, the founder of Litecoin recently sold off all his holdings in LTC, a move that triggered lots of mixed reaction in the world of cryptocurrency.

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Asian markets appear to be locking down on regulation of many cryptocurrencies; and in the U.S. new tax laws are making the reporting for blockchain transactions exponentially more complex through the application of capital gains taxes.

As processes and regulations shift, the general public does not have the necessary education to fully grasp to scope of all the information presented in various cryptocurrency Whitepapers. However, in spite of these obstacles, trust and collaboration in the blockchain technology, first launched by Bitcoin’s proliferation, has continuously contributed to the advancement of large-scale, feasible, and quick daily uses that can easily penetrate more niche areas of the market.

The year 2017 came with lots of moves for infrastructural changes in the blockchain system. The primary members of the IOS team started making the necessary moves for a suitable infrastructure that could handle the vision of a scable and decentralised blockchain.

The team looked beyound the potentials of Bitcoin and Ethereum and further into the bigger picture. Bitcoin and Etherem were just a small compenent, decentralisation means much more than just securing the future of cryptocurrencies.

Already knew about the features of decentralization that Bitcoin initially aimed for, the IOS team also recognized the limits of technologies built on the near-decade old peer-to-peer system transactions of Bitcoin.

Getting It Done Right

The IoS industry took the necessary step to ensure that the right individuals were brought in for this big project. These consist of cyrpto-economic researchers, distributed system specialist and other requisite talents that will make sure every stone is left unturned until the aim is achieved.<

The IoS is aiming to deliver the full package of both speed and feasible scale through several key, interlocking breakthroughs in decentralisation that aim to create a user-friendly ecosystem:

PoB (Proof of Believability)

This is the critical backbone for the IOS infrastructure as believability is calculated based on stake, contribution and behaviours. Meanwhile fairness is ensured with algorithmic randomness.

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