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© Internet of Services Foundations Ltd, 2018
IOST scales social and economic cooperation to a new level. We aim to gain universal acceptance and utilize decentralization and the power of blockchain technology to cut out middlemen and maximize network value for all parties.
IOST mitigates the tendency towards centralization by introducing Servi as both a measurement of individual's reputation & its contribution to the community, and as a way to encourage members to contribute to the continued development of IOST.
IOST is using a powerful consensus engine named Proof-of-Believability. Believability factors include IOST token balance, Servi balance, contributions, user behaviors and, it has a definitive range. We use a faster graded Byzantine Fault Tolerance mechanism, that allows for a set of nodes to decide on the next block. A key aspect of Proof-of-Believability is that these nodes are selected fairly by using algorithmic randomness based on input from previously generated blocks. By design, accounts with more contribution to the network are more likely to be selected as the next validators and beneficiaries of the newly generated blocks. Unlike Proof-of-Stake, validators are selected using a certain algorithm, not just by chance and their number of tokens. Proof-of-Believability guarantees that nodes have negligible probability to misbehave, while significantly increasing the transaction throughput.
IOST uses a robust and dynamic sharding protocol. We call it “Efficient Distributed Sharding” (EDS). It benefits the underlying blockchain networks by reducing the transaction processing workload on each validator and increasing the total processing capacity linearly with the increase of new network participants. EDS uses a novel scheme to form subsets of validators to record and process state transactions that are both sufficiently large and strongly bias-resistant.
IOST uses an Atomic Commit protocol to commit transactions instantaneously across shards. The atomic commit protocol ensures that all transactions either commit or abort atomically even when they affect IOS blockchain states distributed across multiple shards. Additionally, application of a two-tier verification processing will minimize the latency of micro-transactions, thus ensuring that IOS transactions are safeguarded and fast.
IOST uses classic distributed checkpointing principles to produce consistent, collectively-signed state blocks periodically. Our micro state blocks minimize storage and update overhead, which helps new or crashed validators quickly catch up to the current blockchain state without downloading the entire blockchain since the first block. The micro state blocks summarize the shards’ states and enable blockchain pruning to reduce storage and configuration costs for validators.