Singaporean blockchain company IOS will make a foray into the Korean market. The company plans to create a safe internet ecosystem where people do not worry about the leakage of personal information and hacks by enhancing security, speed and scalability a great deal.
Jimmy Zhong, CEO of IOS, held a press conference at Four Points by Sheraton Gangnam Hotel in Apgujeong-dong, Gangnam-gu, Seoul on May 9 to express his will to enter the Korea market. "We know that Korea has the best IT infrastructure and a lot of talented people," he said. "We want to build a new blockchain ecosystem by attracting many blockchain developers and companies."
Headquartered in Singapore, IOS expanded to New York, San Francisco, Beijing and Tokyo. Currently, the company is assembling a Korean team to develop apps and carry out marketing. IOS will collaborate with several blockchain companies in Korea in the first half of this year.
IOS is currently working on an IOST project to build a next-generation blockchain platform. "Our goal is to run all online and mobile services based on an IOST project by way of block chains," Zhong said. "We expect to preemptively prevent damages from user information leaks or hacks which have been pointed out as chronic problems." The CEO suggested a decentralized exchange, an online advertising platform, content distribution and virtual goods trade as cases which utilize IOST.
In particular, the IOST project attracted much attention from those in the blockchain industry by introducing the completely different Proof of Believability (POB) algorithm totally different from existing blockchains. The POB method is evaluated as a third-generation block chain that completely eliminates problems of wasting resources and the gap between the rich and poor in the POW (Proof of Believability) and POS (Proof of Stake) methods.
The IOST project based on the POB method is expected to replace the existing Internet service with a breakthrough processing speed much faster than the existing blockchain. Current projects are excellent for security, while application to real life is premature. Its information processing is slower than that of existing apps and platforms due to increased security.
IOST, on the other hand, succeeded in processing information at a significantly faster rate than the existing blockchains in tests conducted earlier this year. "If we run the main net (the server) after all tests within this year, we will be able to process information very fast," Zhong said. "We will be able to immediately run most Internet services except finance and defense services on IOST."