IOST is a blockchain network with increased speed and scalability, based on the new Proof of Believability (PoB) consensus algorithm, proof of plausibility. The goal of the developers is to form a complete architecture for the operation of online services that would be sufficiently scalable and secure. The network consists of self-managed nodes, and anyone can take part in the ecosystem.
The IOST token is a native blockchain cryptocurrency that has already been listed by many major crypto exchanges, including Binance. The maximum emission is 90,000,000,000 IOST, of which more than 2.5 billion have been issued. Since its launch in 2018, the cryptocurrency has shown high volatility with sharp ups and downs, as well as long declines. But since January 2021, it has attracted attention with periods of steady growth. In total, the exchange rate increased by 1164% over the year.
Thanks to the introduction of innovative architecture, the blockchain is able to process up to 100,000 transactions every second. How it is provided:
- Sharding scheme (sharding) EDS — efficient distributed sharding. Provides large volume and resistance to biases of shards due to cryptographic sorting when choosing a leader and a randomness cleaning mechanism.
- Atomix two-stage atomic commit protocol providing atomic operation and Byzantine fault tolerance.
- TransEpoch Technology — assigns validators to segments during epoch change while keeping transactions healthy.
- A fundamentally new Proof of Believability (PoB) consensus algorithm. Maximizes throughput per shard, and guarantees the viability and reliability of the system.
- The MSB mechanism is a microstate block. Serves to reduce storage costs and workload of validators.
It is noted that the IOST network is still under development. It is possible that other improvements will be added.