IOSToken (IOST) is building a proprietary blockchain, called Internet of Services (IOS), focused on scalable and high throughput smart contract processing. The team plans to build the infrastructure layer for the development and deployment of large-scale decentralized applications (DApps) that will need high throughput processing. IOST is also developing additional services including decentralized storage and a feedback system for developers. Similar projects which IOST plans to compete with include Ethereum, NEO, Stellar, and Zilliqa.
To allow for faster processing IOST uses a new consensus mechanism called proof-of-believability (PoB) and a sharding system called efficient distributed sharding (EDS). In May 2018, the IOST Foundation announced the launch of Theseus, a dedicated DApp research and development team and Bluehill, a $50 million accelerator aimed at spurring development on the platform.
The project launched a public testnet as of June 30, 2018 and a migrated to its mainnet in February 2019.