We will gradually upgrade security and personal information protection for games, social media, messengers, etc.
The goal is to run all online and mobile services on IOST.

“Based on blockchain technology, which enhances information processing speed by hundreds of times compared to existing methods, we will build a ‘Web 3.0 Internet’ ecosystem that is safe from personal information leaks and hacking.”

IOS, a company specializing in blockchain, has announced its entry into the Korean market with IOST, a blockchain platform based on fast information processing speeds.

IOST is a project similar to Ethereum that aims to enhance security, privacy, and reliability by rapidly replacing everyday internet services with blockchain-based alternatives. It plans to upgrade previously weak security and privacy protection by gradually replacing internet services such as games, social networks (SNS), and messengers with blockchain-based services.

CEO Jimmy Jeong stated, “Just as all apps run on the Android operating system of smartphones, our ultimate goal is to execute all online and mobile services on the blockchain above our IOST project,” adding, “This is expected to enable the preemptive prevention of damage caused by user information leaks or hacking, which have long been considered chronic problems.”

IOST's strength lies in its fast processing speed (TPS; transactions per second). To process financial services, a speed of over 1,000 TPS is required. Ethereum is at the 20 TPS level. In contrast, IOST currently has about 8,000 TPS and aims to reach 100,000 TPS within this year.

This fast processing speed is made possible by an algorithm called 'PoB (Proof of Believability).' CEO Jeong explained, “With PoB, tokens can only be obtained by performing good deeds directly, and it has a self-destructive characteristic. It designates validators not as people with large assets or high-performance computers, but as those who have demonstrated trust in the blockchain ecosystem.”

The existing electricity-intensive Proof of Work (POW) mining verification method has been criticized for wasting blockchain resources, while the Proof of Stake (POS) method cannot overcome the limitation that it favors those holding large amounts of cryptocurrency.

PoB designates validators through a random draw from among those who have actively participated in the blockchain ecosystem, such as people who have diligently developed or used apps, or those who have executed actual payments using the relevant cryptocurrency. Validators receive monetary compensation in cryptocurrency issued by IOST in return for verifying hacking, personal information leaks, etc.

CEO Jeong said, “Once we finish all tests and launch the mainnet (main server) within the year, we expect to be able to process information at a very fast level,” adding, “Most internet services, with the exception of finance and national defense, will be able to run immediately on IOST.”

He stated, “We have locked 35% of the funds raised through the ICO, excluding development costs, in an escrow account separate from the company,” adding, “In order to gain the trust of IOST investors, no one will be able to touch these funds until the project is implemented.”