1. Project introduction

IOST is an ultra-fast, decentralised blockchain network based on the next-generation consensus algorithm “Proof of Believability” (PoB). The PoB consensus protocol uses an intra-shard Believable-First approach. The protocol divides all validators into two groups, a believable league and a normal league. Believable validators process transactions quickly in the first phase. Afterwards, normal validators sample and verify the transactions in the second phase to provide finality and ensure verifiability. The chance of a node being elected into the believable league is determined by believability score which is calculated by multiple factors (e.g., token balance, contributions to the community, reviews, etc). One with higher believability score is more likely to be elected into the believable league. Believable validators follow the procedures to decide the set of committed transactions and their order, as well as process them in order. Believable validators also form smaller groups - one validator per group. Transactions will be randomly distributed among these believable validators. Consequently, they produce smaller blocks with extremely low latency.

In the IOST system, IOST token, like tokens in other blockchain systems, serves as the medium of exchange for all transactions and commission fees. More importantly, IOST token also plays a important role in calculating a user’s believability score. All IOST tokens will be generated in the Genesis Block.

2. Team introduction

Co-Founder: Kevin Tang

Linkedin: https://www.linkedin.com/in/kevin-tang-a09428bb/

Co-founder：Yannan (Tery) Wang

Linkedin: https://www.linkedin.com/in/yannan-tery-wang-3092252a/

3. Investment institution

Sequoia, Matrix

4. Application

In the IOST ecosystem, IOST tokens can be used for:

(1) Payment: Payments for services and goods provided by merchants or other community members.

(2) Commission: Payment to validators as compensation for running smart contracts, processing messages and transactions, and using resources shared by the general ecosystem including but not limited to storage space, computing power, etc. The commission fee incentivizes the validators and prevents malicious users from damaging the interests of the community through excessive deployment of smart contracts.

(3) Believability: IOST tokens will be used to calculate users' believability scores。