IOST is developing an advanced blockchain infrastructure designed to achieve ultra-high transaction per second (TPS) capabilities, addressing the critical needs for both security and scalability within a decentralized economy. With a team of experienced founders at the helm and substantial backing of $40 million from esteemed investors like Sequoia and Matrix, IOST aspires to serve as the foundational framework for the future of online services.
The innovative consensus mechanism known as “Proof-of-Believability” facilitates exceptional transaction speeds while maintaining node compliance. This is achieved by evaluating various factors such as the balance of IOST tokens, reputation-based token metrics, contributions to the network, and user behavior. Additionally, IOST employs a faster-grade Byzantine Fault Tolerance system, microstate blocks, the Atomic Commit protocol, and a dynamic sharding protocol (referred to as Efficient Distributed Sharding) to ensure that transactions are secure, consistent, and rapid, all while minimizing storage and processing requirements for validators.
Participation is open to everyone at every level of the ecosystem, enabling users to engage with the services on the blockchain as well as run nodes and validate transactions. The project promotes transparency, as its rules and code are accessible to the public, eliminating barriers to participation. IOST seeks to revolutionize traditional business methodologies by establishing a self-governing, trustless network that enhances value for all stakeholders. Prioritizing decentralized and secure data storage solutions, IOST also supports decentralized applications (DApps) and smart contracts, both of which are essential components of modern blockchain technology.
In line with the core principles of blockchain, IOST is dedicated to creating a censorship-resistant, trustless ecosystem that invites participation from all, effectively removing intermediaries and maximizing network value for every participant.
The project was co-founded by the highly capable trio of Terrace Wang, Kimmy Zhong, and Ray Xiao. Alongside these founders, IOST boasts a team of 12 employees and 4 advisors, including Ryan Bubinski, a co-founder of Codecademy and a recognized figure in TIME's Most Influential People list, who plays a significant advisory role. IOST has formed partnerships with around sixteen blockchain and cryptocurrency-focused companies, including Sequoia, Nirvana Capital, and DFund, underscoring the strong support and confidence of its investors.
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