IOST
Crypto Overview
Overview
IOST (Internet of Services Token) is a blockchain platform launched in 2018 that aims to provide a scalable, secure and decentralized infrastructure for online services and digital goods. It utilizes a unique consensus mechanism called 'Proof of Believability' (PoB) which considers factors like reputation and contribution to the network.
Intended Utility
IOST was designed to serve as both a utility token for the IOST ecosystem and as a means of value transfer. The token is used for: Transaction fees within the network, Staking for network security, Governance participation, and Payment for services built on the platform.
Actual Utility
The platform has demonstrated real utility through: Active development with regular GitHub commits, Multiple decentralized applications (dApps) running on the network, particularly in gaming and DeFi sectors, Partnerships with various organizations including the Chinese government for blockchain solutions, Active validator network with over 100 nodes securing the network.
Token Distribution and Governance
Initial token distribution included: Team allocation (10%), Foundation (35%), Institutional investors (35%), Community initiatives (20%). Team tokens were subject to a 2-year vesting period. The current circulating supply shows broad distribution among validators, developers, and users.
Technology and Revenue Model
The platform's revenue model is based on transaction fees and network usage, which are distributed to validators and node operators. The consensus mechanism (PoB) does not rely on interest-bearing mechanisms, making it compatible with Islamic principles.
Crypto Impact
To assign a comfort level investing in IOST from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to IOST.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.