What is IRISnet (IRIS) | What is IRISnet coin | What is IRIS coin
What Is IRISnet (IRIS)?
IRISnet is a service protocol and cryptocurrency, which was officially launched on Mar. 1, 2019. The primary purpose of the IRISnet protocol is to provide a blockchain-based, open network to small and medium businesses that are offering a wide variety of services.
According to the official IRISnet Whitepaper, the protocol aims to employ different public and consortium blockchains to bring the power of decentralized, open networks to thousands of businesses and freelance service providers. Interestingly, IRISnet was named after Iris, the personification of the rainbow and the messenger of the Gods in Greek mythology.
Who Are the Founders of IRISnet?
IRISnet was designed and developed by the team of tech experts behind Bianjie AI, a Shanghai-based high-tech company founded in 2016.
Harriet Cao is a co-founder at Bianjie AI and one of the driving forces behind the IRISnet protocol establishment. She has been working on bringing modern solutions to problems in the financial sector, as well as blockchain-based solutions for healthcare institutions. Besides Bianjie AI, Harriet Cao is also heavily involved with the Blockchain Edge Analytics Network (BEAN). She focuses on the big-data aspect of IRISnet.
Haifeng Xi is the other co-founder at Bianjie AI. He has proven expertise in developing distributed systems and blockchain applications. Combined with Harriet Cao’s interest in big data, the two came up with the idea for IRISnet as a blockchain solution for small and medium businesses.
Another integral part of the team behind IRISnet is Tendermint, the company behind the Tendermint consensus engine, as well as the developers of Cosmos, an ecosystem designed to facilitate blockchain app development.
What Makes IRISnet Unique?
IRISnet is an innovative read of what blockchain technology can bring to the business world. While most consortium blockchains are owned and operated by big conglomerates of companies, IRISnet aims to bring solutions to small business operations.
One of their latest developments is the IRITA, an enterprise blockchain bringing flexible digital asset modeling and privacy-centric data authorization to the business world.
One of the IRISnet protocol’s main selling points is that it aims to combine both on and off-chain capabilities. While transactions are executed on the blockchain, data processing and business logic will be executed off-chain. In addition, IRISnet also offers products like a smart wallet for business operations.
How Many IRISnet Coins Are There in Circulation?
IRISnet announced an initial token supply of two billion IRIS tokens distributed in several key groups. According to the IRISnet whitepaper, 25% of tokens were released for private sale, 15% were distributed among Bianjie AI team members and 15% are reserved to support the IRIS Foundation’s functions. Another 30% of issued tokens went towards ecosystem development, while 5% were dedicated to a special Cosmos Hub Airdrop. Finally, 25% of tokens went to the Tendermint developer team; however, most of these tokens will be vested in increments after the IRIS Hub launch.
According to the founders, proceeds from the private sale of IRISnet coins will be directed predominantly towards the improvement and further development of the IRIS network.
How Is the IRISnet Network Secured?
Like many popular altcoins, IRISnet is a delegated proof-of-stake (dPoS) coin, based on the Tendermint Consensus. Tendermint emerged a little after the introduction of the Bitcoin and Ethereum consensuses, and it aims to become an all-encompassing consensus engine.
A delegated proof-of-stake consensus depends on the reputation of nodes, thus eliminating misbehaving nodes as the process goes on. For a transaction to be completed on a dPOS consensus, stakeholders request action from a trusted validator, who then processes the transaction. Because of the reputation model, validators (nodes) are bound to perform accurately; otherwise, they are removed from the network.
IRISnet FAQ
What’s the initial token distribution?
On Genesis, the initial token supply will be 2,000,000,000 IRIS tokens. The distribution of IRIS tokens is planned to be as follows:
Private Sale: 25%
Bianjie Developer Team: 15% (4-year vesting period starting from IRIS Hub launch, during which the team will vest 1/48th of its IRIS tokens each month)
Tendermint Developer Team: 10% (2-year vesting period starting from IRIS Hub launch, during which the team will vest 1/24th of its IRIS tokens each month)
IRIS Foundation: 15% (reserved to support the operations of the Foundation)
Ecosystem Development: 30% (swap with zones connecting to IRIS Hub; grant to potential users; awards to outstanding partners)
Cosmos ATOM Holder Airdrop: 5% (The goal for this airdrop is to support the long term success of both Cosmos and IRIS hubs. One of the design thinking is to have this airdrop to ATOM holders arranged through a special airdrop to a wallet owned by the Cosmos Hub for ATOM holders and stake to IRISnet. This could enhance security for both Hubs also ATOM holders can enjoy the block rewards from another HUB)
If and when the IRIS network is fully deployed, the annual inflation rate of IRIS tokens will be adjusted to account for the fact that a substantial portion of IRIS tokens in circulation may be voluntarily staked by participants to participate in the consensus engine.
Proceeds from the private sale of IRIS tokens will be used, first and foremost, for the development of the IRIS network. The planned usage distribution is as follows:
Foundation Operations: 10% (including service providers and contractors fees, for example, auditing, consulting, legal and other third party fees, and other overheads)
Software Development: 50% (including costs, fees and expenses directly attributable to the development of launch)
Developer Enablement: 10% (including funding hackathons, awards to volunteers and training programs)
**Research and Development Sponsorships: 10% **(including conference, research programs, and university outreach)
Marketing and Promotion: 20% (including business development, community programs and outreach, together with related travel, communication, publication, distribution and other expenses)
Here is the “IRISnet Public Token Addresses” in both Chinese and English on our official website, which is also available for tracking.
What are IRIS token’s use cases, and its token economics?
Core use cases of IRIS tokens:
(1) At the consensus level, IRIS is the staking token used by validators and delegators to secure the PoS network while receiving rewards for doing so.
(2) IRIS is the default fee token for all transactions on the network.
(3) IRIS token holders can participate in on-chain governance by creating and voting for governance proposals.
(4) IRIS is the base token used by the coinswap protocol for on-chain token exchange
(5) IRIS is the default fee token used by service providers for binding deposit and fee collection
-possible applications across verticals, case by case basis
The interoperability supported by IRISnet is very suitable for those application cases requiring on-chain/off-chain/interchain information exchange and collaboration. The following are some applications that the core team developed using IRISnet technologies, some of which have won national/regional innovation awards.
1. Privacy-preserving healthcare data exchange
2. Digital assets exchange platform for supply chain finance
3. Service e-market
What is the relationship between IRISnet and Cosmos？
While the IRIS Network focuses on providing an innovative solution for distributed business applications, it is part of the Cosmos ecosystem. The proposed IRISnet hub is going to be the first regional hub connecting to Cosmos main hub to add more reliability to the network. All zones connected to the proposed IRIS hub would be able to interact with any other zone in the Cosmos ecosystem over the standard IBC protocol. Furthermore, by introducing a layer of service semantics, which we believe could enable a whole new set of business scenarios, the planned IRIS network would represent an increase in scale and diversity to the interchain ecosystem.
What’s the collaboration between IRISnet and Tendermint?
Tendermint has written in an article that IRISnet is one project that has been working alongside us at Tendermint since 2017. The team behind IRIS, Bianjie, has been a major contributor to the Cosmos community both on the technical front and on the community building front, where they helped us build presence in Cosmos China. The highly incentive-aligned nature of the two teams was a natural symbiosis.
What’s your digital wallet?
We have Rainbow App**, which is the first mobile client for IRISnet. It now supports both IRIS and ATOM. You can download from **IRISnet Official Website, Google Play and App Store.
How to be a validator on IRISnet?
There are 100 validators on IRISnet. Here’s the guide to join IRISnet: https://www.irisnet.org/docs/get-started/Join-the-Mainnet.html
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