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IOST

Last updated: Sep 09, 2019

IOST is a decentralized blockchain App platform.

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Overview

Project industry	Blockchain Infrastructure
Product type	Platform

What is IOST

IOST is an ultra-fast, decentralised blockchain network based on the next-generation consensus algorithm “Proof of Believability” (PoB). Led by a team of proven founders and backed by world-class investors, our mission is to be the underlying architecture for online services that meets the security and scalability needs of a decentralized economy.

Despite the recent hype in the cryptocurrency market, the underlying blockchain technology is still at an early stage and is far from mass adoption. One of the well-recognized issues with current blockchain technologies is scalability. Without the capability of processing large volumes of transactions swiftly, heavy usage services like Facebook, Amazon, and digital asset exchanges are nearly impossible to deploy onto the blockchain.

We propose the Internet of Services (“IOS”), an innovative and secure blockchain paradigm designed to provide horizontal scalability and high transaction throughput. By implementing our novel sharding architecture and consensus mechanism, the IOS system is able to process up to 100,000 secure transactions per second.

This work makes the following contributions. It introduces:

Efficient Distributed Sharding (EDS) - an innovative sharding scheme that makes shards sufficiently large and strongly bias-resistant via a combination of a client-server randomness scavenging mechanism and leader election via cryptographic sortition.

TransEpoch - a secure validators-to-shards assignment during epoch transitions while maintaining transaction operability.

Atomix - a novel two-step inter-shard atomic commit protocol that guarantees transaction atomicity in Byzantine setting.

Proof-of-Believability (PoB) - a groundbreaking Byzantine consensus protocol with a Believable-First approach that guarantees safety and liveness of the system while largely maximizes the transaction throughput by size-one-shard.

Micro State Block (MSB) - a novel mechanism to minimize the storage and bootstrapping costs for validators.

Note: the IOS is a work in progress.