IOST is built using proof of believability consensus protocol, as it is called by the creators. In practice, it is an implementation of delegated proof of share consensus algorithm, which provides consensus by with limited number of bodies verifying transactions, but still saves decentralization. This approach allows to build networks capable of very large number of transactions per second.
The IOST network has also implemented new mechanisms, such as Distributed Randomness Protocol, that allows decentralized generation of random numbers, Efficient Distributed Sharding, which increases the network’s fault-resistance in case of major Internet disruptions, etc.
IOST was created by Terrence Wang, Singapore-American tech and blockchain enthusiast. The project was crowdfunded with an ICO in December 2017 – January 2018, which raised $31 million. The main network launch of IOST commenced on on February 25, 2019.