IOST, also known as The Internet of Services Token, is a fast and secure blockchain that seeks to tackle the scalability issue that major blockchains face. IOST was launched in 2018, and the IOST mainnet went live in 2019. Built as an alternative to Ethereum, IOST has its own ecosystem of nodes, wallets, consensus protocol and dApps.
The IOST blockchain runs on their novel Proof of Believability (PoB) consensus mechanism – whereby nodes are validated on the basis of past validator behavior patterns and contributions. IOST is the native utility token that powers the IOST network.
IOST sets itself apart from other blockchains with its unique sharding-based approach. Through sharding, data is broken into fragments and distributed evenly across the network, massively increasing throughput and reducing blockchain bloat. IOST claims to handle a high throughput of 7,000 to 8,000 transactions per second.
This sharding system also incorporates an innovative distributed random protocol and Atomix, an inter-shard protocol for verifying transaction atomicity. IOST further reduces blockchain bloat with a micro-state block generation protocol that ensures only the most important information, such as block headers, are stored on the blockchain.
