Proof-of-Believability is a consensus algorithm developed by IOST, which enables high transaction throughput speeds while ensuring nodes stay compliant, using factors including IOST token balance, reputation-based token balance, network contributions and user behaviors.
In Proof-of-Believability each node will have a "believability score" based on:
- the amount of IOST in the node
- the number of earned Servi tokens
- the number of positive reviews of the node
- the previous actions/transactions of the node.
Proof of Believability relies on a fast grade Byzantine Fault Tolerance mechanism, microstate blocks, Atomic Commit protocol, and a dynamic sharding protocol to secure transactions consistently and quickly. The use of PoB can reduce the use of storage, lower costs of processing power and configuration when compared to a PoW protocol.
Validation of nodes is earned through previous contributions and behaviors. Reputations are evaluated on a non-tradeable token system, servi, where tokens are given to those who support the system. These servi tokens weigh when selecting a validator.
PoB - IOST's Consensus Algorithm: How to achieve decentralized consensus - IOST
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- IOSTokenHigh transaction throughput blockchain that uses a novel consensus mechanism called proof-of-believability
- Proof-of-work systemA proof-of-work (POW) system (or protocol, or function) is an economic measure to deter DOS attacks and other abuses (e.g. spam) on a network by requiring some work from the service requester, usually meaning processing time.
- Proof-of-stakeProof-of-stake (PoS) is a system by which a network (e.g., a cryptocurrency blockchain) aims to achieve distributed consensus.
- Proof of authorityProof of authority (PoA) is a permissioned consensus mechanism wherein consensus is referred to a group of known and reputable validators who are authorized to process transactions.
- Byzantine fault toleranceByzantine fault tolerance is a property of a distributed system such that it can tolerate components of a system failing in arbitrary ways, processing incorrect states, rather than simply stopping or crashing.