IOST is building an ultra-high TPS blockchain infrastructure to meet the security and scalability needs of a decentralized economy. Led by a team of proven founders and backed by world-class investors, the mission is to be the underlying architecture for the future of online services. IOST’s blockchain infrastructure is open-source and designed to be secure and scalable — all in the hope that it will serve as the backbone for online services in the future. The team has developed a “proof-of-believability” consensus algorithm to ensure transactions on the network are secure and efficient.
The team plans to build the infrastructure layer for the development and deployment of large-scale decentralized applications (DApps) that will need high throughput processing. IOST is also developing additional services including decentralized storage and a feedback system for developers. Similar projects which IOST plans to compete with include Ethereum, NEO, Stellar, and Zilliqa.
To allow for faster processing IOST uses a new consensus mechanism called proof-of-believability (PoB) and a sharding system called efficient distributed sharding (EDS). In May 2018, the IOST Foundation announced the launch of Theseus, a dedicated DApp research and development team and Bluehill, a $50 million accelerator aimed at spurring development on the platform.
The project launched a public testnet as of June 30, 2018 and a migrated to its mainnet in February 2019.