What is IOST (IOST)?
IOST seeks to build a strong infrastructure for a scalable, private, and secure blockchain.
IOST’s consensus mechanism validates nodes based on prior contributions to the blockchain, and behaviour. This gives each node a “believability score” that increases their chance of being selected to validate a block. This has the benefit of enabling high transaction speeds without compromise to network security.
IOST uses Efficient Distributed Sharding Technology, which segregates the network into ‘shards’ for increased efficiency. Compared to its competitors, IOST is set to be able to process up to 100,000 transactions per second as compared to Ethereum’s 20, or even Tron’s 2,000.
Several other technologies such as a Distributed Randomness Protocol, TransEpoch, and Micro State Blocks also contribute to IOST’s positioning as one of the most scalable blockchains.
The team spearheading IOST constitutes the perfect mix of individuals with both top level qualifications as well as industry specific experience. This includes more than 50 individuals with PhDs and graduates from Ivy League institutions such as Harvard, Princeton, and Tsinghua, with experience in organizations such as Google, Linux, and Morgan Stanley.
In addition to its $31.3 million ETH ICO in January 2018, IOST also had a vote of confidence by raising a significant amount of funds from prominent names like Sequoia, Nirvana, and Matrix.