Place/Date: - July 22nd, 2020 at 9:00 am UTC · 5 min read
IOST – the leading ultra-fast, decentralized blockchain network based on the next-generation consensus algorithm “Proof of Believability” (PoB) and ProDeFi – a decentralized financial network – are coming together in a collaboration that will see both platforms benefit from expanded technical support and resources.
The combination of IOST – a global top 100 token listed on Binance with ProDeFi’s hybrid financing solutions is one that will add another layer to the decentralized global economy. IOST and ProDeFi have features and aspects that complement each other, and this partnership is the next logical step in opening up classical finance to blockchain benefits, while also enabling broader access to IOST’s high-speed blockchain network.
The IOST platform emerged as a response to the scalability problem which it aims to tackle once and for all. To that effect, it implements an array of technologies, including the Proof-of-Believability algorithm, and Micro State Blocks technology, all of which are supposed to offer higher TPS rates of up to 8000 transactions per second.
IOST is its own fully-development blockchain ecosystem with its own over 400 global nodes, multiple wallets, and unique consensus protocol. Speed is the name of the game for IOST, a blockchain dedicated to being “ultra-fast” with a peak value for TPS of 8000 through a combination of unique technologies such as Proof of Believability (POB).
Based on its original PoB consensus mechanism and the layer2 expansion scheme, IOST obtains horizontal expansion and high throughput, providing value creation for third-party developers, content creators, and enterprises. IOST is more decentralized than the DPoS based EOS and more scalable than Ethereum smart contracts platform.
With the IOST platform, its developers want to create and offer a transparent and permissionless system built on the open-source principle.
Terrence Wang, Co-Founder of IOST, said:
“This partnership between ProDeFi and IOST aims to connect the IOST Dapp ecosystem with off-chain real-world financial services in a secure, trustworthy and timely manner. IOST and ProDeFi shall mutually benefit each other with community expansion, product development, technical support and marketing resources. The two aim to jointly create a decentralized world with blockchain mass adoption becoming a new norm, by enhancing cooperation in the integration of blockchains and traditional financial solutions.”
ProDeFi will facilitate cross-chain transactions across one or more protocols within the IOST network, making it easier for users of both chains to send and receive money globally.
The collaboration between ProDeFi and IOST comes as part of a worldwide endeavor that has IOST trying to build the “world’s first scalable AND decentralized blockchain project.” ProDeFi’s semi-centralized approach, where lending risk is offset via classical mechanisms such as KYC procedures, credit risk bureaus, and traditional judicial processes, will open up traditional P2P lending markets to the benefits of the IOST ecosystem while enabling lenders to benefit more from the same amount of capital, thanks to products using under-collateralization or even no collateral at all.
James Hong, ProDeFi Co-Founder, said:
“We look forward to continuing to build the future of the ProDeFi protocol together with the IOST community and our partners towards a new global model of decentralization.”
The combination of DeFi and CeFi exposure for the broader IOST ecosystem will drive adoption to native solutions on our blockchain, thanks to the protocol-agnostic liquidity pools and access to more traditional financial services that will address a much larger userbase than the current DeFi niche.
ProDeFi’s integration into the broader IOST platform will make for the provision of services which involve larger customer bases as well as expand the provision of online services, while relieving the users from the grip of existing monopolies and financial systems.
ProDeFi is a next-generation open ecosystem that supports the integration of existing and future financial solutions through the combination of the best elements of decentralized finance with measured regulatory control, ProDeFi is bridging DeFi and traditional finance with a semi-decentralized approach to constructing solutions, leveraging on the transparency and security of decentralized architectures. A decentralized network of oracles deployed across various protocols will power the transmission of information and data between the ProDeFi Chain and other blockchains, leveraging on our liquidity pool smart contracts as a micro-ledger. With support from our partners, both in the blockchain industry and traditional financial markets, ProDeFi plans to spearhead the transition to a fully decentralized ecosystem, while keeping solutions realistic and applicable during the process.
Supported by Sequoia, Matrix, ZhenFund and other world-class investors, IOST is a blockchain platform developed for online service providers, empowered by its unique, next-generation Proof of Believability consensus.
The IOST project team is currently mainly composed of R&D personnel focusing on blockchain distributed technology. The team is formed by more than 50 blockchain industry experts who have graduated from world top universities such as Princeton, Stanford, MIT, Tsinghua University, and Beijing University, and have more than three years of blockchain-related research experience.
With a one-year-old mainnet, IOST has swiftly risen to become a world-leading public chain renowned for its numerous government collaborations and enterprise partnerships around the world. IOST is one of the Big Four public chains with a rich user base and real applicability alongside Ethereum, EOS, and TRON. 500,000 community members, over 20 countries worldwide, and over 400 nodes, top staking economy, and growing.
If you would like to hang out with the IOST community on chat, social media or to discuss product development, we have something for everyone: International English Telegram Group, IOST Announcement Channel, IOST Official Twitter, IOST CTO Terry Wang Twitter, IOST CEO Jimmy Zhong Twitter, Slack Developer Community, Uptrennd, Reddit, Facebook Page, Facebook Group.