The Internet of Services Foundation is developing a next-generation, scalable blockchain capable of handling the throughput necessary for mass adoption. Its openness, ultra-high TPS, privacy protection, scalability, security, and adoption of many pioneer innovations will provide infinite new possibilities for online service providers to serve their customer base.

Learn more about us on our website and interact with the team on our twitter, telegram, reddit and discord.

Summary

The IOST update is back and better than ever. Going forwards, we will be publishing updates every two weeks in order to give clear, high quality summaries of the project progress!

It has certainly been an interesting start to July as the team has been busy all over the world. IOST has started beta testing for the IOST Community Hub, added a new fiat pairing (AUD/IOST), and even a new real world use case at a Korean nap cafe! Read on to see what the IOST team has been working on.

IOST Community Hub

IOST is excited to announce the private beta launch of the IOST Community Hub, an initiative in our community building plan.

The IOST Community Hub will serve as an information center and an official announcement page to keep our community informed about the latest IOST developments, announcements, project progress and dApps.

Additionally, community members will be able to complete various tasks and quests to earn real IOST. Every day, a total of 10,000 IOST will be distributed to IOST Community Hub members.

Currently the hub is in beta but every beta tester is allowed to invite 5 new members. Head to our telegram, reddit and discord to get referral codes from current beta testers!

Addressing the Ethereum “false recharge” problem

This week, there was a problem with the “false recharge” of Ethereum tokens on exchanges and wallets. The IOST team quickly investigated and found that exchanges where IOST is traded have adopted safe transfer verification, and were not vulnerable to this exploit.

The design principles of Ethereum transactions makes the state of the transactions easily confusable, and a number of ERC-20 tokens may be affected by this problem. IOST has pledged to help partners, exchanges and wallets to troubleshoot such issues. We are committed to creating secure public blockchains and believe it is important to help all in the industry strengthen their systems.

Many of the exchanges where IOST is traded securely

International Growth:

China

On July 11th, IOST co-founder and CEO Jimmy Zhong accepted an exclusive interview with Yan Yanqiang, the founder of Brock Technology, and talked about IOST’s technological development and market expansion, as well as the impressive capabilities of the Everest testnet.

Jimmy also spoke about his belief that in the next three years it will be extremely hard to break the “impossible triangle” of scalability, security and decentralization. In his opinion, it is important to keep pushing the current limitations of blockchain technology and also pursue as healthy a balance as possible. He spoke to the many projects claiming to be capable of reaching 1 Million tps and argued that many were misleading the community with grandiose claims. Instead of claiming outlandish numbers, he stated that projects should instead be working towards creating scalable and developer friendly infrastructures able to meet the needs of a decentralized economy. Lastly, when asked about EOS, his response was that while the project has some good ideas, it is far too centralized and fails to fulfill the fundamental promise of blockchain technology.

You can read the full interview in chinese here.

Recently a blockchain training camp was organized by several Business Schools in China. IOST CEO Jimmy Zhong was invited to be the first speaker, and analyzed the rapid expansion of the blockchain. He stated that one of the biggest challenges facing blockchain technology today is the capacity for scalability, namely the difficulty of finding the most suitable balance point in decentralization, consistency and scalability.

Korea

Recently, an offline store in Seoul, South Korea, Danzam announced that it has accepted IOST payment. This is another great achievement for IOST in the Korean market, and yet another offline payment usecase for IOST.

Danzam is located in Yeouido, known as the Wall Street of South Korea. It is a Nap Cafe store popular with younger people. IOST CEO Jimmy Zhong got a chance to head to the store and pay for a nap with IOST. The payment process was convenient and fast. All it took was scanning the payment QR code and entering the amount and password, no different from common mobile payments options.

Danzam’s boss said he started to understand and buy IOST last month. In his view, IOST is a project with strong technical strength, clear objectives and considerable prospects. He decided to support physical IOST payments to prove that IOST can be conveniently used in real life scenarios.

The video can be found in korean with english subtitles here.

Additionally Newsis, the largest private news agency in Korea, had two articles that featured IOST over the last two weeks.

The first report compared the “four major public chain projects” IOST, ADA, EOS and TRON. In its contrast with EOS, Newsis claimed that IOST is more decentralized and more developer-friendly than EOS, and therefore more likely to succeed as a next-generation public chain project.

The full report can be found here.

The second report mentioned that many high-quality blockchain projects have recently landed in South Korea, including the IOST project. In June, IOST laid out the plan for the construction of our ecosystem, including incubating the DApp team Theseus, which will serve to inspire and support developers building on the IOST blockchain. It also covered the $50 million raised for Bluehill, a blockchain incubator and accelerator to support projects collaborating with IOST, as well as dApps developing within the IOST ecosystem.

The full report can be found here.

In addition, Financial News, the leading economic news outlet in Korea, covered Crypto Heroes, the dApp game being developed by the Theseus team. According to the reporters who got to preview the game, Crypto Heroes will be a leader in blockchain gaming and serves to demonstrate the possibilities that the IOST blockchain enables.

The full report can be found here.

Japan

On July 4th and 5th, our Japanese team represented IOST at the “TokenSky Tokyo 2018” event, which attracted heavy attendance.

TokenSky Tokyo is an event organized in Tokyo with the theme of “blockchain +” — The event introduces blockchain +games, blockchain+Internet of Things, blockchain+security as well as several other blockchain combinations. The meshing of various industries has helped to promote a deep cross-industry cooperation on blockchain development.

Southeast Asia

Yang and Lawrence, heads of the IOST Southeast Asia team, were invited to the “Tech in Asia Product Development Conference” in Jakarta, Indonesia. This is the largest technical conference held in Indonesia, a blockchain market still in the early stages of its development. Yang and Lawrence met with leaders of the regional blockchain community and will be exploring IOST expansion into Indonesia in the near future.

IOST Southeast Asia team members Yang (left) and Lawrence (right)

Developer Update

1. [Wallet] Optimized the key query for the storage and value of wallet values by fixing bugs in publishing .sc files and transactions.

2. [Private network] simplifies the process of publishing a private network IOST server using Docker and deploying private and public node usage.

3. [Testnet Node] iServer completes the main code refactoring and compresses the size of the build image.

4. [Smart Contract] added the functionality of the smart contract playground, developers can use -h to view all features.

5. [Documentation Update] We are continuing to improve the documentation on our Github in order to make the IOST blockchain as developer friendly as possible.

Technical Research

After the launch of Everest, we have focused on investigating new developments and breakthroughs in the blockchain ecosystem, including reading many of latest academic achievements and dialoging with luminaries in the field about best practices, implementation details and theoretical approaches. We hope to learn more about the ideas and implementation details of some existing and new projects in order to determine if there are ideas that can be helpful in the next stages of our blockchain development.

During this ideation and research period, we have also conducted independent research and testing. This period will last until July 23rd, when we will enter the development of the second iteration of our test network. We expect to release the second iteration of our testnet within the 3rd quarter.

New Fiat Pairing

On July 5, Crypto exchange Huobi started trading in Australia with 10 pairs against the AUD, including IOST. This is IOST’s first Australian dollar exchange pairing and is an extremely exciting development! We will strive to use this opportunity to vigorously develop the market potential of Australia and further expand IOST’s global reach.

Community Update

It was an extremely active two weeks for IOST community growth as the reddit jumped from 3,467 subscribers to 5,728 subscribers! Our Telegram also increased by over 4,000 subscribers, a 10% jump! We thank all of our incredible community members for their passion and excitement about IOST!