It's a fork of node.js with ES6 support. The goal is a faster release cycle and an updated V8 engine, plus an "open governance model" as opposed to Joyent's domination of node.js prime.
Current Project Team Members
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Isaac Z. Schlueter
Ben Noordhuis
Bert Belder
Fedor Indutny
Trevor Norris
Chris Dickinson
Colin Ihrig
Mikeal Rogers
Rod Vagg
https://github.com/iojs/io.js