IOST Weekly Update — May 28th-June 4th
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.
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Summary
It was an exciting week for the IOST team as we added new team members for the creation of a Southeast Asia office, were listed in the HB 10 Index Fund, were listed on two new exchanges, and much more. Read on to see what the IOST team has been up to!
HB 10 Index Fund
On June 1st, Huobi Pro issued HB10, an index product that consists of the “10 most promising virtual currencies based on trading volume, market capitalization and technological superiority.” HB10 is designed to reflect the overall performance of the currency market, and Huobi is committed to making it the standard in digital assets. HB10 will be listed by Bloomberg and other top financial institutions.
IOST is proud to have been selected as one of the 10 elite cryptocurrencies that make up the index.
IOST will make up 3.02% of the index fund, coming in just below Litecoin and at a higher percentage than Ethereum Classic (ETC) and Dash (DASH). The introduction of HB10 will not only create an easy platform for institutional investors to invest in IOST, it will also greatly enhance IOST’s liquidity.
International Growth
China
On June 2nd, IOST co-founder Kelvin Tan was invited to attend the “Exchange and Public Security Summit.” The summit was organized by rating agency TokenInsight and network security company Chaitin Technology. It brought together chief scientists, security leaders, and technical experts from several exchanges and top projects to discuss security issues faced by industry leaders in blockchain technology.
At the summit’s roundtable forum, Kelvin underlined that the security of public chains is crucial to the success of a decentralized ecosystem. Smart contract platforms have strong propagating properties due to their support of dApps. If the contract platform or the contract itself has a security hole, it can lead to more complex consequences than more traditional website vulnerabilities, and can be extremely difficult to repair quickly. Recent security lapses by several projects serve to illustrate that security needs to be a top priority.
This focus on blockchain security is why IOST established a partnership with Chaitin Technology at the beginning of 2018. Chaitin Technology is a world leader in network security and their clients include the Bank of China, Huawei, Bitland and numerous other famous enterprises. Chaitin Technology will continue to work closely with the IOST technical team during our development process, and they will also conduct stringent code audits and penetration tests before the launch of the IOST mainnet.
Southeast Asia — New Team Members
We are excited to announce the addition of Ben Waters to the IOST team. Ben will act as IOST’s Global Marketing Director, and will be responsible for the planning of IOST’s brand strategy and cooperation ecosystem, including marketing, strategic development, cooperation, and media communications.
Ben has spent 10 years in the technology field and has extensive experience in marketing, corporate strategy and management. Prior to joining IOST, Ben was the managing director of Lion & Lion, a digital marketing agency with offices in the Asia Pacific region. Some of their clients include Coca-Cola, Nestlé and L’Oreal. Ben previously served as Managing Director of an e-commerce start-up company, and helped the company expand its business to more than 100,000 users in 11 countries.
Ben has been an investor and supporter of digital currency since 2014. Ben has actively participated in the construction and development of blockchain communities since 2016, and has worked with blockchain agencies and teams such as FirstBlock Media, TK101 Global, WisePass, Token2049 and BlockchainWeek Festival.
Ben will spend the next several weeks helping the IOST Singapore team to develop in the Southeast Asian market. After that, he will head to the Silicon Valley office and lead the US team as we continue to build international awareness of IOST.
We are also excited to announce the addition of Yang Xu and Lawrence Lim to our team. Yang and Lawrence will lead the Business division in Singapore.Both have extensive operational and management experience and are very familiar with the Southeast Asian markets.
Yang Xu graduated with the highest honors from the Department of Electronic Engineering at the National University of Singapore and obtained a full scholarship from the Singapore government. Previously, Yang Xu served as general manager of OFO Hong Kong. He opened the Hong Kong market and established Hong Kong as the best global profit market for OFO within half a year. Prior to joining OFO, he worked at ExxonMobil and has extensive experience managing large-scale IT projects around the world. In addition, Yang Xu is a digital currency investor and has long been active in Singapore’s blockchain community.
Prior to joining IOST, Lawrence Lim worked for TradeGecko’s global sales team and provided consulting services for the global digital supply chain transformation business. Lawrence also has extensive banking experience. He has worked in global asset management and M&A consulting positions at JP Morgan, BNP Paribas and KPMG.
This week, the IOST team conducted an in-depth planning session in the Singapore office with our new hires. Topics included a development plan for Southeast Asia along with Q3 market planning for the Southeast Asian market.
Japan
The launch of Theseus received heavy media attention and was even covered by leading blockchain media outlet, Crypto Times. Crypto Times is a blockchain and cryptocurrency media outlet that offers real-time updates including various cryptocurrency parsing, cryptocurrency updates, and cryptocurrency trader columns. It is committed to offering top quality blockchain knowledge and coverage for investors, and often provides firsthand information.
Developer Update
- [Transactions] Endorsing peers signature visa and payload resolution have been put into use. The performance and function of the basic unit of any trading object has been put into use. Transaction ordering and commitment have been tested and are ready for use. Transaction initialization, network peer verification & execution, response inspection, endorsement assembly and transaction commitment have been tested and completed. A Transaction lifecycle has been completed. A bug has been repaired that effected the transaction submission order when new channels were created.
- [Nodes] The end-user functionality and data dissemination mechanism of the node, the guaranteed delivery of the delivery service, and the full-sequence broadcast have been put into use. Peer links, function executions, and Ledger event updates have been put into use. An identity security protocol used to protect user privacy when signing, authenticating, and transferring certified attributes has been executed and is ready for use.
- [Ledger] All state modules and state transition modules, sorting service APIs that the sorting service will use, and modules that send ordered transaction generation blocks have been put into use. The base and key lookup functions for the query ledger are ready for use.The configuration blocks of the policies and access control list defined in the book have been executed. The entire Ledger update process includes a peer node appending the block, commitment of each valid transaction to the current state database, the event emitting of transaction appending, notification of whether the transaction is validated or invalidated, and the test has been completed. A functional library used to test the book’s entire lifecycle (from proposal and endorsement, to ordering, validation and commitment) has been implemented and used, and there is a complete cycle of correctness verification for the transaction sets that make up the block.
According to TokenInsight, the IOST team submitted code 107 times in the past 7 days, ranking fifth; and submitted code 418 times in the past 30 days, ranking fifth.
New Exchange Listing
This week, IOST was listed on Zebpay, one of the largest cryptocurrency exchanges in India, and KKCoin, a top cryptocurrency trading platform in Singapore.
Founded in 2015, Zebpay was the first Bitcoin trading platform in India. It has listed a variety of assets and along with Koinex is one of the two biggest cryptocurrency exchanges in India. Zebpay is the second Indian cryptocurrency exchange to list IOST.
KKCoin is one of the most influential exchanges in Southeast Asia, with a daily trading volume of over $15M USD. Singapore is an important global financial center and the most economically developed country in Southeast Asia. Singapore’s cryptocurrency industry has developed rapidly due to its open policies and, as the leader of the Southeast Asian market, it holds large industry influence.
Community Progress
This week saw an extreme growth of IOST Korea’s Facebook group and steady growth among our other platforms. Make sure to interact with the team and ask us questions about IOST on twitter, telegram, reddit and discord.
