IOST, a scalable, enterprise-grade blockchain network based on the next-generation consensus algorithm “Proof-of-Believability” (PoB) today announced a partnership with leading decentralized financial network ProDeFi to enable cross-chain transactions across one or more protocols within the IOST network.
Adding Another Layer to the Global Decentralized Economy
IOST, an ultra-fast, high-performance blockchain protocol ranked among the top 100 coins on Binance exchange has inked a partnership with ProDeFi to tap the latter’s hybrid financing solution.
The two entities’ complementary tech expertise and features will help the traditional financial infrastructure enjoy the benefits of distributed ledger technology (DLT), while simultaneously paving the way for easy access to IOST’s high-speed blockchain network.
Commenting on the development, 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.”
The collaboration between IOST and ProDeFi will simplify the process of sending and receiving funds globally for the users of both the chains, the announcement reads.
Building the World’s First Scalable and Decentralized Blockchain Project
IOST’s integration with ProDeFi will boost its global endeavor to build the “world’s first scalable AND decentralized blockchain project.”
The partnership opens up traditional P2P lending markets to bolster the IOST ecosystem via ProDeFi’s semi-centralized approach which offsets lending risk through classical mechanisms such as Know-Your-Customer (KYC) procedures, credit risk bureaus, and traditional judicial processes.
This would also democratize the P2P lending landscape as lenders will be able to benefit more from the same amount of capital through financial products using under-collateralization or in some cases, no collateral at all.
James Hong, Co-founder, ProDeFi, commented,
“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.”
A healthy exposure to both CeFi and DeFi platforms will spearhead adoption to native solutions on IOST’s blockchain, in addition to several protocol-agnostic liquidity pools and increased access to legacy financial services that will appeal to a wider userbase compared to the current DeFi niche.
The addition of ProDeFi into the IOST platform will enable it to provide services that involve larger customer bases, thereby expanding the network’s catalog of online services. At the same time, it will provide users attractive alternatives to existing monopolies and financial systems.
IOST Addresses the Pain Points of Blockchain
Despite its promising potential, blockchain technology hasn’t quite been able to overcome its scalability problem. IOST solves this through its cutting-edge technological infrastructure, which includes the Proof-of-Believability (PoB) consensus algorithm and Micro State Blocks technology that equips IOST to provide TPS rates as high as 8000 transactions per second.
IOST’s original PoB consensus mechanism and the layer2 expansion help it achieve horizontal expansion and high throughput which creates value for third-party developers, content creators, and enterprises.
Notably, IOST is more scalable than the Ethereum smart contracts platform and more decentralized than the DPoS-based EOS protocol.
As previously reported by BTCManager, the China Mobile Communications Association (CMCA) had selected IOST’s Enterprise Edition – Aiou Technology – along with mobile payments behemoth Alipay as “Outstanding Blockchain Programs” for their contribution in the battle against the COVID-19 pandemic.