What is IOST?

IOST, or Internet of Services Token, is a decentralized blockchain network and ecosystem that strives to provide an infrastructure for online services. It is built on a unique consensus protocol known as "proof-of-believability" (PoB), which is designed to ensure efficient transactions on the network. IOST's blockchain infrastructure is open-source and is designed to serve as the backbone for future online services. The IOST token is used within this ecosystem and is proposed as a solution to scalability issues that may prevent large companies from adopting blockchain technology in customer-facing environments.

How does IOST work?

IOST operates on a unique consensus protocol called "proof-of-believability" (PoB). This algorithm is designed to ensure that transactions on the network are efficient. To achieve transaction speeds, the IOST team has developed a novel blockchain architecture that combines several innovations, including a Distributed Randomness Protocol, Efficient Distributed Sharding, TransEpoch, Atomix, Proof-of-Believability, and Micro State Blocks. These innovations aim to enable IOST to process up to 100,000 transactions per second, an improvement compared to some other networks.

What are the potential use cases for IOST?

IOST aims to serve as the underlying architecture for online services in a decentralized economy. It is designed to handle heavy loads produced by large tech companies, making it suitable for enterprise use. The IOST token can be used within this ecosystem, potentially addressing scalability issues that may prevent large companies from adopting blockchain technology. Furthermore, IOST's transaction speed and infrastructure may make it a choice for any application that requires fast transactions in a decentralized environment.

What is the history of IOST?

IOST was launched in January 2018 by a team with diverse backgrounds including Jimmy Zhong, Terrence Wang, Justin Li, Ray Xiao, Sa Wang, and Kevin Tan. The team has a diverse background, with experience in tech startups, software engineering, investment banking, data science, and more. An Initial Coin Offering (ICO) was held in January 2018, during which 40% of the total token supply was sold, raising a substantial amount of ETH at the time. Since its launch, IOST has been focused on developing its unique "proof-of-believability" consensus algorithm and blockchain infrastructure to provide a scalable solution for online services.