A new cryptocurrency called IOStoken (IOST) has taken the market by storm over the last week and, as of Thursday, has already worked its way up to the most traded coin by volume on trading platform Binance.

IOStoken incredible rise has come in a very brief period of time. The digital token launched on Jan. 16 and was trading at just $0.02. The IOST price has already reached $0.11 and has been one of the most traded tokens in world over the last 24 hours, since getting listed on Binance Wednesday.

The reason for the sudden rise of the altcoin has to do primarily with its backing and the promise of the platform behind it.

The “IOS” in IOStoken stands for “Internet of Services,” and the creators of the platform are promising “a solid infrastructure for all kinds of online service providers.” Essentially, IOS aims to provide a system for developers to create other services that will operate atop the blockchain.

IOStoken is built on top of the Ethereum network. Unlike many platforms that launch initial coin offerings (ICOs) in order to generate interest for their platform, IOStoken was sold privately, allowing only institutional investors to participate in the initial sell off of tokens.

A primary selling point of IOS as a platform is the scalability that it provides. The creators (which include graduates of Princeton, Harvard, Johns Hopkins and other top institutions) have emphasized its ability to handle millions of transactions per second—something few other cryptocurrencies can claim to offer.

“We designed the Proof-of-Believability mechanism to eliminate the need for an energy-hungry proof-of-work protocol, which stands as a barrier to blockchain scaling up for much wider use,” the creators explain . “Believability of a node is calculated based on contribution and behaviors; Meanwhile fairness is ensured with algorithmic randomness.”

IOS also uses a Hyper Universe Distributed System (HUDS), which allows it to serve as a platform for a wide variety of different services, whether it be a small business or a massive one like Amazon.