The open-source IOST project is meant to meet the security and scalability needs of a decentralized economy by providing blockchain infrastructure that might serve as the architecture for the future of online services. Utilizing factors that include IOST token balances, reputation-based token balance, contributions to the network and user behaviors, their so-called “Proof of Believability” consensus algorithm was developed to ensure the security and efficiency of transactions on the network. The team at IOST recognizes that without sufficient scalability, multinational corporations may not be able to deploy blockchains to service their customers at the level expected today. As such, the teams at IOST propose the Internet of Services Token as a means to reach these ends.
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