IRISnet

What is the IRIS Network?

The IRIS network is an innovative project within the larger Cosmos network, aimed at establishing an Internet of Blockchains to serve as a technological foundation for building distributed business applications. This initiative is designed to enhance the scale and diversity of the Cosmos network by introducing a layer of service semantics. The key feature is the capability for all zones in the IRIS network to interact seamlessly with any other zone within the Cosmos network through the standard Inter-Blockchain Communication (IBC) protocol.

IRIS Hub: The Central Blockchain

At the core of the IRIS network lies the IRIS Hub, a Proof-of-Stake (PoS) blockchain constructed on the Cosmos Software Development Kit (SDK) and Tendermint. Functioning as a regional hub, it connects to the Cosmos Hub as one of its zones. The IRIS Hub is equipped with a service protocol facilitating the coordination of on-chain transaction processing with off-chain data processing and business logic execution. This allows for an innovative approach to business scenarios, expanding the possibilities within the Cosmos network. The IRIS Hub's service and enhanced IBC protocols may potentially be integrated into the Cosmos SDK, enabling compatibility with the IRIS network for SDK users.

Core Features and Upcoming Developments

The IRIS network incorporates key features such as IBC and iService protocols, akin to the TCP/IP and HTTP protocols of blockchains, supporting cross-platform data and application services. The integration of the Ethereum Virtual Machine (EVM) allows developers to deploy EVM-based smart contracts seamlessly. The Terse IBC (TIBC) protocol accelerates heterogeneous interchain technology. Upcoming features include the deployment of the ICS-721 standard for interchain transfers of Non-Fungible Token (NFT) assets. This comprehensive approach positions the IRIS network at the forefront of advancements in blockchain technology, fostering interoperability and innovation.

IRIS Services, also known as "iService," play a crucial role in connecting the blockchain and conventional business application realms. They manage the entire lifecycle of off-chain services, from definition and binding to invocation and governance. Providers, acting as network users, offer implementations of iService definitions, while consumers send requests and receive responses. Profilers, authorized by the IRIS Foundation Limited, act on behalf of the foundation to invoke iService in profiling mode, aiding in creating and maintaining objective provider profiles for consumer reference.

IRIS Tokens

The IRIS Hub has its native token, IRIS, serving three essential purposes within the network. Firstly, similar to the ATOM token in the Cosmos Hub, IRIS is utilized as a staking token to secure the PoS blockchain. Additionally, the token is used to pay fees for all transactions in the IRIS network, including both transaction fees and service fees charged by providers. The network aims to support various whitelisted fee tokens from the Cosmos network, broadening the options for users to pay fees.

Staking Rewards and Validator Responsibilities

Staking rewards in the IRIS network involve the distribution of block inflation, block proposer rewards, and transaction fees among validators and their delegators. Validators, responsible for securing the network, have the dual responsibilities of maintaining a correct software version and actively participating in governance. Validators face risks, including unavailability, double signing, and censorship, with corresponding penalties and slashes to their bonded tokens.

Irisnet Team Background

IRISnet, created by the tech experts from Bianjie AI, a Shanghai-based high-tech company founded in 2016, is a blockchain project aimed at providing modern solutions for various sectors. Harriet Cao, a co-founder at Bianjie AI, played a key role in establishing the IRISnet protocol, focusing on financial and healthcare solutions through blockchain technology. Her involvement extends to the Blockchain Edge Analytics Network (BEAN), where she concentrates on the big-data aspect of IRISnet. Alongside Cao, Haifeng Xi, the other co-founder at Bianjie AI, contributes his expertise in developing distributed systems and blockchain applications, envisioning IRISnet as a blockchain solution tailored for small and medium businesses.

The team behind IRISnet is further strengthened by the involvement of Tendermint, the company responsible for the Tendermint consensus engine and developers of Cosmos, an ecosystem designed to facilitate the development of blockchain applications. Together, this team of professionals combines financial, healthcare, and blockchain expertise to drive the development and implementation of IRISnet, positioning it as a versatile and comprehensive blockchain solution.

Partners

Strategic Partners:

• INTERCHAIN
• Tendermint
• HashKey Ecosystem Partners:
• BINANCE
• Chainlink
• Uptick
• Gravity Bridge
• CertiK
• CoinMarketCap
• KAVA
• e-Money
• StaFi
• Babylon ...

Project Development

In anticipation of a significant milestone, IRISnet prepares for the Mainnet 2.1 upgrade set for early January 2024. To ensure a smooth transition, developers can explore and test the upcoming features on the live Nyancat testnet, accessible through Discord. A standout feature of IRISnet 2.1 is the integration of the nft-transfer module, introducing Interchain NFT functionality.

This groundbreaking addition, tested during the GoN event and audited meticulously, is set to debut on mainnets, offering developers a transformative Interchain NFT journey. Additionally, IRISnet 2.1 responds to demands by introducing expanded API functionality for querying NFTs through the x/nft module API, along with under-the-hood improvements and dependency upgrades. Validators, service providers, and dApp builders are invited to test these enhancements on the Nyancat testnet.

IRISnet Price Analysis

As of December 25 2024 IRISnet has a marketcap of $6.7M. This is {{percentagefromath}} from its all time high of $0.299467. In terms of its tokenomics, there's a total supply of 2B with 82% currently outstanding. Keep in mind IRISnet has a fully diluted value of $8.2M which many investors might interpret as overvalued.

Of course, don’t trust price predictions alone, always check the Coinrotator token screener to follow the trending market.