The Internet of Services Foundation has announced a contest in which the crypto community can submit slogan proposals for the chance to win cryptocurrency and have their slogan featured around the world.
The Internet of Services (IOST) was designed to handle incredibly high throughput using a mixture of innovative technologies. Dissatisfied with the PoW and PoS consensus mechanisms, the team designed an innovation on PoS called Proof-of-Believability which allows for faster blocks. Believability of a node is calculated based on contribution and behaviors; meanwhile fairness is ensured with algorithmic randomness. Other solutions relying on Proof-of-Work protocols consume too much energy, which subsequently hinders their potential to scale for widespread adoption.
IOST also attempts to address the scaling issues plaguing the current industry leaders with a combination of Efficient Distributed Sharding (EDS) and Micro State Block technology. EDS vastly improves scalability by dynamically partitioning the IOS network into subspaces via a secured, bias-free stochastic process. Meanwhile, Micro State Blocks minimize storage and update overhead, allowing for easy on-boarding of new or crashed validators who won’t need to download the entire blockchain form it’s first block in order to secure the network.
After launching out of China with considerable fanfare and backing from several major Venture Capital firms, including Sequoia China and Zhenfund, IOS is seeking to grow its user base and name brand recognition. In true democratized fashion, the company is looking to its growing user base for inspiration and input. They are offering a bounty of 100,000 IOST (their proprietary cryptocurrency) to the audience member who devises an original slogan that effectively and memorably communicates IOS’s overarching mission.
Anyone with an idea can join. In order to participate you will need to:
1. Retweet the original contest announcement tweet with your idea in the comment
2. Include the #IOST and #IOSToken hashtags
In addition to the top three entrants receiving 100,000, 50,000 and 25,000 IOST respectively, the 10 ideas that receive the most likes will receive 10,000 IOST each and an additional 40 participants will be selected at random to receive 1,000 IOST.
The contest will end at 11:00 AM on March 2nd, 2018. For more information check out their original announcement here.
May the best slogan win!