Here is from an interview with UE5 team:
https://www.gamesradar.com/were-abl...ssible-tomorrow-inside-epics-unreal-engine-5/
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Sony, you see, had listened. PS5 was going to make Nanite possible. "It was three or four years ago at least when we started to talk with Mark Cerny about possibilities for the next generation," Sweeney says. Their discussion wasn't just about graphics, but about the growing realisation that storage architecture in game hardware –
having to load data from a hard drive, the huge amounts of latency between mass storage and a processor – was a limiting factor in Epic's and all developers' future plans for game-making. The team at Epic received very early hardware access to the next-gen console, and the Sony collaboration has been far longer-running than the Microsoft one, Sweeney says, something which naturally influenced Epic's decision to reveal Unreal Engine 5 using PS5 instead of Xbox Series X.
"And Sony really did a fantastic job of implementing a new platform around that realisation that storage could be revolutionised," he continues. "
PlayStation 5 is built not only on a huge body of flash memory, but also a very high bandwidth and low latency framework for accessing it, and for getting it to wherever you need for any type of work."
He describes how
PS5 renders a texture highly efficiently, fetching it from the high-speed SSD decompressed, into video memory in the exact place it's needed. This is thanks to PS5's IO (or input-output) system, which according to Epic's VP of engineering Nick Penwarden, is "the major innovation with the next-generation console hardware. They have faster CPUs, they have faster GPUs, and that was really important to be able to achieve the visuals that we showed – but the biggest change across console generations is absolutely going to be the IO bandwidth that we're able to achieve with the SSDs that are in next-generation consoles."
So that would be "PS5 IO". They can use such a name since they don't work with DS standard but this is the same with what DS will do on MS consoles and Windows.