IOST Foundation announced its strategic partnership with Force Protocol on 22 April. The embrace was aimed at leveraging Force Protocol technology to add value to IOST infrastructure.
IOST commenced by conveying that just one month after the mainnet launch, IOST had become a major blockchain. IOST blockchain distinguished itself as one of the big four public chains alongside Ethereum, EOS, and Tron. IOST network had started processing more transactions per day surpassing Ethereum. This number set IOST as the third largest network among its peers.
IOST expressed that Force Protocol is an open blockchain financial service platform, which provides services for developers of different public chains. Such developers can leverage the services to build decentralized financial applications. Currently, Force Protocol is being used on public chains such as ETH, EOS, and Bitcoin RSK network. The developers on these platforms are benefited from financial services development tools.
IOST cited on the collaboration with Force Protocol as –
“In line with the deep technology expertise provided by IOST, along with the scalability and security of the IOST network, financial services is expected to play an important role in the ecosystem of IOST. The cross-chain technology of Force Protocol will bring more traffic and value from other blockchains into the IOST ecosystem.”
IOST set a clear idea that the focus on financial transaction efficiency was the common goal between the two companies. IOST Foundation expected economic services to play a significant role in the growth and development of its framework. The partnership would open up the IOST protocol to the endless possibilities that novel technologies are bringing to distributed ledgers.
To emphasize the collaboration between firms towards blockchain research, recently Protocol Labs, innovative research, development and deployment lab for network protocols announced a research collaboration with the Ethereum Foundation. Protocol Labs conveyed that this bonding comes as a need to develop at least one efficient, secure and usable Verifiable Delay Function (VDF) construction.
IOST added with much vigor about the prosperous growth that would arise from the combined forces of Force Protocol and IOST. Monetary services is a key area in the ecosystem of IOST and would stand benefited from comprehensive technical expertise. The security and scalability of the IOST network would also play a singular role. IOST finally extended support for the public to join the IOST community. Avenues like chat, social media or a general discussion aimed at product development could be accessed from respective portals.