With the outstanding development of blockchain in general and DeFI in particular, infrastructure projects for applications have been receiving more attention recently. And today we will pay attention to a project within the Cosmos ecosystem, which is IRIS Network. So what is IRIS Network? Let’s find out through the article below!
To better understand the article about what IRIS Network is, people can refer to some of the projects below to get an overview of IRIS Network:
- Cosmos – The new home of Delphi Digital after the fall of Terra
- What is Stargaze (STARS)? Stargaze Cryptocurrency Overview
What is IRIS Network?
Overview of IRIS Network
IRIS Network is a cross-chain Dapp platform designed for next-generation distributed applications (Nextgen Distributed Applications), with BPoS consensus mechanism built for infrastructure development on Cosmos-SDK. IRIS hub enables cross-chain interaction through a unified service model, while providing multiple modules to support DeFi applications.
IRIS Network is part of the Cosmos main network, all zones in the network can interact with any other zone in the Cosmos network via the standard IBC protocol. By introducing a semantic service layer to the network, providing an innovative solution that enables a completely new set of business scenarios, this leads to an increase in the scale and diversity of Cosmos.
The difference of IRIS Network
- Providing an ecosystem that allows startup projects to access and develop applications on the blockchain platform.
- Use Cosmos-SDK to build scalable and easily customizable systems to fit each project’s requirements.
- Interchain Service Hub (ISH): IRIS Net provides a multi-chain mechanism for communication between multiple chains using the IBC protocol. ISH helps chains of different connections interact and share information with each other.
Components that make up the IRIS Network
- Providers: Are network users that provide implementations of 1 or more iService definitions and often act as Adapters of off-chain services and resources located in other public and consortium chains. Providers monitor and process incoming requests and send responses back to the network.
- Consumers: As a consumer of iService by sending requests to specified provider endpoints and receiving responses from the providers in question.
- Profilers: Are special consumers acting on behalf of IRIS Foundation Limited – a company incorporated in Hong Kong. The profiler is the only person allowed to call iService in “profiling” mode, to create and maintain profiles for supplier screening.
- Arbitrators: Self-proclaimed collective workers adjudicate consumer complaints against supplier performance.
Mechanism of action
- Step 1: IRISnet supports the deployment of smart contracts through the Cosmwasm development tool. You can Cosmwasm to write and develop smart applications on IRISnet.
- Step 2: After deploying the smart contract, you can deploy your application on IRISnet. To deploy the application, you can use libraries and development tools such as RESTful API, SDK for iOS and Android, CLI or Web App Builder.
- Step 3: IRISnet provides services to allow applications to interact with each other on the IRISnet network. You can create this service to create payments, check account status, store data on the blockchain network, and much more.
Development roadmap
Updating…
Core team
- Bianjie – A national award-winning blockchain technology team based in Shanghai. Is the operating partner of Cosmos in China. In addition to IRISnet, Bianjie also built another potential product, BEAN – a Blockchain that licenses distributed data analysis services to protect user privacy.
- Tendermint – World-famous team that created the Tendermint consensus engine and the Cosmos project.
Investor
In addition, IRISnet owns a professional development team with extensive knowledge of the field of crypto and Blockchain technology. The project also attracted the attention of professional investors such as Binance, Chainlink, CoinMarketCap…
Tokenomics
General information about IRIS Network
- Token Name: IRISnet.
- Ticker: IRIS.
- Blockchain: Ethereum.
- Token Type: Utility Token.
- Token Standard: ERC20.
- Circulating Supply: 1,527,227,759
- Total Supply: 2,000,000,000
Token Allocation
- Ecosystem: 30%
- Token Sale: 25%
- Team: 25%
- Foundation Reserve: 15%
- Cosmos Hub Airdrop: 5%
Token Release
Token Usecase
- Staking: Similar to Cosmos Hub’s ATOM, the IRIS token will be used as a staking token to secure PoS blockchain.
- Transaction Fee: Used to pay fees for all transactions in the IRIS network.
- Services Fee: Service providers in the IRIS network must charge service fees in IRIS tokens
Exchanges
Currently, investors can buy IRIS tokens on centralized exchanges such as: Binance, MEXC, Gate.io,…
Project information channel
- Twitter: https://twitter.com/irisnetwork
- Discord: https://discord.com/invite/bmhu9F9xbX
- Telegram:
Summary
Not only is the project focused on just the Cosmos ecosystem, but IRIS also wants to operate well on other chains. With the recent achievements after mainet, let’s wait and see what the team of developers with a large force and the best performance in the market at the moment will do to take the project further.
