The Internet Of Services Token (IOST) is a project out of China that aims to address the fundamental scalability challenges faced by blockchain technology. The project was founded by Jimmy Zhong, Terrence Wang, Justin Li, Sa Wang, Ray Xiao, and Kelvin Tan to develop an innovative new way to run dApps. IOST uses a brand new consensus mechanism known as proof-of-believability, wherein nodes are validated based on past contributions and behavioural patterns. The project has attracted considerable investment from established entities such as Sequoia, Nirvana Capital, and Matrix. IOST uses dual-tokens — IOSToken and Servi. IOSToken (IOST) is tradeable while Servi is non-tradable and only used as a trust score.
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