When the OST developers describe the project in a nutshell, it is “the first smart contract chain that is both decentralized and scalable”.
A chain that achieves both the same dispersibility as Ethereum and the same scalability as EOS. This IOST solves many of the problems that emerged from the preceding two previous experiments.
Let ’s look at IOST in the order of ①Basic design → ②Ecosystem design
① Basic design
・ Block generation / approval
BFT is used for block approval, and a unique algorithm, Proof of Believability (PoB), is used for block proposal. This is similar to EOS. However, unlike EOS, where 21 block proponents are fixed for a long period of time, PoB takes 17 proponents to change frequently for every several blocks approved. 17 candidates are selected from hundreds of nodes.
Since there is a characteristic of frequent replacement, the value of reliability Servi is used. First, people with this high value are selected. When the proposed block is approved, the lowest Servi value among the elected members is subtracted from all elected members.
In this example, the next Servi value changes to 5, 3, 0, 4 and 1 from the right, and C is not elected and D is elected in the next round. This Servi value is not a cryptocurrency and cannot be sent to others. Therefore, this system is not a PoS variant.
Rather than selecting block proponents, these candidates are currently being increased by scouts, like Ripple's XRP.
Byzantine resistance is 33% at the BFT setting. If 1/3 of the entire network collaborates and attacks, that cryptocurrency will be paid twice.
② Ecosystem design
IOST does not use a cryptocurrency as a usage fee. If you have the cryptocurrency IOST, a token called iGas / iRam, which is the right to use the contract on the chain, is generated. iGas is not a cryptocurrency. Here is the reason why this mechanism is used.
How rewards are defined is directly related to who will be burdened among users, minors and Dapps developers and where the disability is created. So, what is the problem with Ethereum and EOS?
Ethereum's fee payment system places a burden on users. This is because the user must buy through the exchange because the user cannot perform any action unless he / she has gas as a commission
Also, the gas specification cannot separate the storage burden from the mining burden, which can be a problem for minors.
The EOS system solves the Ethereum problem described above, but instead puts a lot of burden on Dapps developers. In order to maintain the contract, a sufficient amount of EOS token must be lent out even for volatility with high computational resources and uncertainty.
A bigger problem is that EOS is a chain of aristocratic character with 21 selected members. The system that makes the chosen nodes more wealthy and easier to be elected is, in the words of IOST developer Terrence, “Rich people become richer”. In other words, under this obscure system, the developer is charged a high contract maintenance fee, and the burden on the developer increases.