Achieving Maximum Decentralization without Compromising Security: DeFi’ing the Odds with IOST

Achieving Maximum Decentralization without Compromising Security: DeFi’ing the Odds with IOST

By insidetrader | HODL the Universe | 28 Sep 2020


As at the heart of our lives, in the world of cryptocurrencies, objects that have the ability to always create '‘hype’' and the wind they take behind them are a well-known fact. Sometimes it was called ‘'high earnings throıgh ICO sales'’, sometimes it was ‘'altcoinseason’' and sometimes it was ‘'Bitcoin mining’'. Although their names are different, the topic they mostly resemble is related to when they appear. As a pioneer of the crypto ecosystem, the volatile price of Bitcoin has been able to easily attract the attention of players in the new world that is taking shape. When there are limited changes in Bitcoin price movements, that's when people start creating new ideas, upgrading existing ones and looking for a ‘'player's chair’' in the new world order. The volatility I'm talking about is low Bitcoin price movements, like we faced throughout this summer. After a daily decline of up to 50% in March 2020, BTC/USDT parity, which quickly recovered and re-tested the Pre-Fall price of 10,500$ managed to move up. And after that crash, the price movements are limited  from 10,000 to 12,500$ over the whole summer. As a natural result of this minimal movements, people became interested again in issues that already existed, but they did not have much time to think about. More successful than its competitors in creating ‘hype’ this summer were DeFi projects known as Decentralized Finance.

 

What is DeFi, briefly?

For the last 4 months, this question has appeared in front of all of us at least once. Anyone interested in cryptocurrencies and blockchain technology around the world has also not stopped finding different answers during the past time. According to some, DeFi projects consist of a simple website and a governance token price chart. But for the other group, DeFi projects have been placed at the top of the most important tools that we will use to build our future by another segment.

’'DeFi" represents decentralization and independence as a word meaning. It guarantees that you will not be affected by any third party or entity when deciding your future. In this way, you can be sure that the decisions you make are consistent, solution-oriented and independent of external factors. In this way, you can become individuals who can create their own future and calculate the steps they will take. Here, DeFi platforms bring us these opportunities. But although the good aspects outweigh, they also have to deal with many problems because they are still very new. At the beginning of these problems, as always, is the detection of real projects. No one wants to spend their money on an ideal that never existed. In addition, access to DeFi platforms is another major obstacle. If you're able to find the right platform and get the access, you're ready to face the end-of-episode monster: Network and blockchain related problems…

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(Image by Gerd Altmann from Pixabay)

Many of today's DeFi projects, as with other altcoins, prefer the ERC20 network due to the prevalence of use, high recognition and convenient access. But apart from these positive aspects that I count, there are problems faced by every coin created on the ERC20 chain and the platforms that lie behind it. High commission fees, excessive network accumulation and ever-rising user demand are just a few examples. Because such an environment is no longer intolerable, users tend to turn to projects that have recently been created on different networks and can produce alternatives for existing problems. In order to close the gap at this point, the IOST team, chain and infrastructure come to the fore in order to provide a suitable environment for both users and developers.

 

How to Explain IOS Foundation, IOST and IOST Network?

For most of us, 2017 has been characterized by the unexpected rise in the price of Bitcoin and its subsequent ‘'AltSeason'’. But for IOS Foundation members and their 18 professional employees, the meaning of 2017 is much different. Under the leadership of Jimmy Zhong, Kevin Tang and Tiancheng Li, the creation of IOS idea was made which will enable to produce DApps, a variety of applications and ultra-fast network structure. After taking the fight against ETH and EOS networks, one of the leading blockchains of that era, the developments will have many benefits for all cryptocurrency believers.

IOST is building an ultra-high TPS blockchain infrastructure to meet the security and scalability needs of a decentralized economy. Led by a team of proven founders and backed by world-class investors, our mission is to be the underlying architecture for the future of online services.

IOS (Internet of Services), as the name implies, was created to help existing online applications to integrate with blockchain, and applications that have not yet accessed the online location step into this area. Instead of putting forward any specific product and limiting themselves, the IOST team is committed to the path of running all kinds of applications, creating new products and making great improvements to the performance of existing ones. Although it is so short to tell in words, it is not so simple to make it a reality. Various projects have used different chains to create decentralized applications, this is a fact. But many of them had to do maintenance under the name of constant development, upgrade or update because of the problems I wrote above. In such an ecosystem, IOST (Internet of Services Token) was created on the ERC20 network, with a total supply of 21 billion units. The use of this network makes no sense other than the repetition of the same problems. From the related article you can learn how to become the owner of an IOST account, and you can also go to the ‘Validator’ position on the network if you want.

The same problems have never been solved by the same methods and they will not be solved in the future. So the ERC20 network had to be abandoned quickly. As a result of this need, mainnet's work was successful and IOST Mainnet became operational on 25.02.2019. So far, more than 90% of the tokens produced on the ERC20 network have been burned, never to be used again. With the produced mainnet, users will not experience the intensity of the ERC20 network. They have a network that will always be open to everyone and will not fall victim to any manipulation. But most importantly, the IOST mainnet network does not only have the function of transferring assets. Its main function is to provide infrastructure to support service-oriented ecosystems. In this way, it also aims to create expansion in its target audience.

 

What’re the Advantages of Using IOST Mainnet?

  • Doesn’t focus one, single, specific product
  • It’s available to build&run different DApps
  • Provides high performance and high flexiblity at the same time
  • Uses PoB (Proof-of-Believability)
  • Enables ‘’parallel transcation processing’’ via EDS (Efferent Distributed Sharding)
  • Provides P2P storage and subscription method via HUDS (Hyper Universe Distributed System)
  • No need to process all data with all runing nodes and No need to validate every transaction by every node. So doesn’t waste energy and time.

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How to Utilize IOST Network for DeFi Purposes?

IOST Network offers a unique infrastructure for the development and execution of DApps, of course, also provides technical convenience for users in terms of creating a DeFi platform. The trust that mainnet gives, which has been running for over 1.5 years, the lowest commission fees that can be found, open-source code etc... Each of them means a plus for developers. But, of course, meeting DeFi with the IOST Network is not limited to providing infrastructure. The IOST partnership was created with Pumpking to create a groundbreaking platform with the slogan ‘'All-In DeFi’'

Pumpkin Pump is introduced as an upgraded and simplified version of the popular DeFi platform Uniswap. Pumpkin pump will reward the IOST Stakers  with pumpkin, governance token of Pumpkin Pump platform. At the same time, the user experience will be maximized thanks to low density and commission fees that are almost 0. The Pumpkin Pump platform became open for transactions from September 11, 2020. For detailed information, please refer to the relevant description.

2 separate incentive programs have been organized by the IOST Foundation to encourage and encourage developers. If you want to contribute to the DeFi ecosystem and reach the necessary support for running your own applications on the IOST Network, please contact the IOST Foundation, which announced that it will distribute incentives worth 1million$ in the first step and 6million$ in the second step as incevtives. Please visit Telegram group. You can also follow official Twitter page to be updated.


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insidetrader
insidetrader

Freelance crypto writer & translator


HODL the Universe
HODL the Universe

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