Canadian Web3 investment firm BitValue Capital announces a strategic partnership with IOST through a USD 10 million long-term investment aimed at “enhancing IOST’s mainnet capabilities and supporting the continuous development of its ecosystem.”
BitValue Capital will also “play an advisory role,” helping IOST with the following:
- The diversified international expansion process centered around Hong Kong,
- Conducting global marketing campaigns,
- Further building the IOST ecosystem,
- Introducing the North American professional trading institution, Spield Algorithm.
BitValue Capital’s investment in IOST highlights “the project’s regulatory compliance in Japan and its development as an enterprise-level public chain platform for online service providers.”
Upon its mainnet upgrade, IOST will “achieve higher throughput and availability, becoming a true Web3 blockchain operating system.”
As mentioned in the update, in IOST 2.0’s subchains, “the AI Native Blockchain will have vast potential for development with the integration of Web3 and AI technologies.”
On the one hand, AI can “optimize computation and processes to reduce network load and improve latency to enhance blockchain efficiency.”
On the other hand, blockchain can “provide a record of AI’s decision-making processes.”
As these two emerging technologies converge, the combined potential is substantial.
Based in Hong Kong, IOST’s Web3+AI concept in its subchains “will bring a handful of high-quality dApps.”
A Joint Ecosystem Incentive Fund by BitValue and IOST
As noted in a blog post, BitValue and IOST will jointly “launch a $5 million Ecosystem Incentive Fund to provide more support for global developers and accelerate the construction and development of the IOST ecosystem.”
They believe that this Ecosystem Incentive Fund will “expedite the implementation of IOST’s ecosystem, leading to exponential growth in its application layer and on-chain users.”
More resources and innovation “will be injected into the ecosystem by leveraging both parties’ rich experience in the blockchain industry and global investment portfolios.”
The fund plan is “divided into two parts: the “New Ecosystem Fund” and the “Accelerator Fund,” which will provide customized support services for projects at different stages of development, including funding, technology, token models, marketing, community building, and exchange platform connections.”
As explained in a blog post, IOST is “a globally renowned public chain platform developed for online service providers and backed by more than 30 top-tier global investment firms, such as Sequoia, Matrix Partners, ZhenFund, Hillhouse Capital, and FBG Capital.”
After its mainnet upgrade, IOST 2.0 “will boast higher throughput and availability, becoming a real Web3 blockchain operating system.”
IOST 2.0 — The Merge will “adopt a Beacon Chain + Smart Chain architecture compatible with EVM, and both will communicate using the standard Engine API.”
In addition, IOST 2.0 will “continue to evolve and upgrade multiple subchains, including generic EVM smart contract chains and specialized subchains, such as NFT, gaming, and AI Native chains.”
IOST’s AI Native Blockchain subchain will employ a novel mechanism called “Proof of Inference.”
Under this mechanism, DApps can “reach deep learning inferences within smart contracts, and validators will process these inferences. Validators will receive more rewards upon completing these inference tasks, effectively upgrading the traditional “Proof of Work” mechanism.”
IOST 2.0 is tentatively “divided into three stages: consensus, execution, and communication.
Consensus Layer: Upgrading IOST to serve as IOST 2.0’s Consensus Layer (or Beacon Chain), maintaining the existing consensus mechanism.”
Execution Layer: Introducing Go-Ethereum as IOST 2.0’s Execution Layer (also known as Smart Chain), a fully EVM-compatible version of Geth.”
Network Communication: In IOST 2.0, the Consensus Layer and Execution Layer will communicate “using the standard Engine API and adhere to the Ethereum JSON-RPC API specifications.”
BitValue Capital’s investment in IOST is “based on the project’s strengths and potential in the blockchain sector, as well as a profound understanding of the prospects for Web3 and AI integration.”
BitValue looks forward “to collaborating with IOST to create more value for global developers and users, jointly promoting the development and application of blockchain and AI technologies and driving the flourishing growth of the global digital economy.”