Home Crypto Education Cryptocurrencies What’s IRISnet (IRIS)?

What’s IRISnet (IRIS)?

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Contractual relationships have been part of society since time immemorial. Relationships inherently require trust, and in modern society, trust is costly. From lawyers to intermediaries to hours and hours of verification processes, it’s expensive to achieve trust. 

Blockchain, a tech that entered the space 11 years ago, unleashed an era of trustless transactions. They are trustless because everything is available on the public blockchain for every participant to see. They’re also trustless since when records go on the blockchain, they are irreversible and hence fraud-proof. 

The drawback is that blockchain, like any new tech, is still experiencing growing pains. We’re talking about scalability issues that impact performance, security issues, lack of interoperability, etc. The result is that these drawbacks prevent the technology from going mainstream. 

IRISnet is a blockchain framework that wants to enable businesses to capitalize on the potential of blockchain. It’s a safe, secure, and decentralized platform for building enterprise applications, thus bridging the gap between blockchain and the business world. 

The IRIS network takes its name from the Greek goddess Iris, who’s viewed as the personification of the rainbow and messenger of the gods.  

This article will look at IRISnet’s infrastructure and how it hopes to accomplish this mission. We’ll also examine the network’s native token – IRIS, and its place in the picture.

Who are the Participants of the IRIS Network? 

The IRIS network has three kinds of players: consumers, providers, and profilers. 

#1. Consumers

These are users who utilize off-chain services by relaying requests to and getting feedback from the chain. 

#2. Providers

These are users who monitor and process off-chain requests and relays them on-chain. Providers can also be consumers of other providers’ services. Providers charge fees – dominated in IRIS – for their services

#3. Profilers

These are users that execute various processes on behalf of the IRIS Foundation. Profilers maintain accurate profiles of providers so that consumers can make informed choices when selecting them.

IRISnet: Roadmap and Stages

IRISnet hopes to accomplish its grand vision in several stages, with its roadmap being as follows: 

HUOYI: Beyond July 2021

This will be the fourth stage, and it will focus on things like more innovation, tailored software development kits, mobile clients, and more engagement with the developer community.

KUAFU: November 2019 -to June 2021

The IRIS team will connect the IRIS Hub with application blockchains such as Ethereum to enhance interoperability between blockchains. During this stage, the team will also carry out upgrades to the network to support advanced services. 

NÜWA: April 2019 to October 2019

The IRIS team added more models to support the creation of decentralized finance (DeFi) DApps – things like multisig accounts, support for multiple currencies, etc. 

PANGU: Jan 2018 to March 2019

This was the very first stage of the project. The goal was to kick IRIS Hub into motion. The team created the fundamental IRIS Service Layer and other ground-up functionalities. 

Recent TidBits of IRISnet

  • September 2020: IRISnet announces its DeFi and interchain testnet – Bitfrost, is going live on September 2
  • August 2020: IRISnet partners with digital wallet platform MYKEY to help secure user funds even further and expose users to DeFi applications
  • July 2020: Bianjie Al, the Core Development Team, joins the Blockchain-based Service (BSN) Network Development Association. 
  • June 2020: IRISnet teams up with KAVA to integrate the cryptolending platform
  • June 2020: IRISnet teams up with OKChain to develop a DeFi protocol and an interchain ecosystem
  • April 2020: IRISnet’s Brockton Enterprise is appointed by BSN to power the latter’s interchain ecosystem
  • April 2020: IRISnet teams up with Chainlink to integrate the latter’s oracle service
  • April 2020: IRISnet announces the Community-centric Delegation Campaign and its token burning plan
  • March 2020: IRISnet announces that its enterprise blockchain, IRITA, is now open source 

Current Community Strategy of IRISnet 

  • Expand community-building efforts to China, Korea, and Europe
  • Conduct the Validator Jumpstart Program to facilitate the validated with knowledge and skills to maintain and secure network
  • Equip node runners with the requisite info to improve user experience
  • Conduct programs to support developers so they can build apps around IRIS Hub
  • Inform the community bi-weekly on technical updates
  • Contact ambassador programs to connect with local communities
  • Actively engage with fans and the community on social media

Tokenomics of IRIS 

The IRIS network will be supported by a dual-token system: the staking and fee tokens.

i) Staking Token 

IRIS will be the staking token for the IRIS Hub. In order for network participants to be chosen as delegators and block validators, they have to stake in IRIS tokens. Also, participants who want to become voters for the future direction of the platform have to stake in IRIS. 

ii) Fee Token 

There are two types of fee tokens in the network: network fee and service fee tokens. The network fee token is used to help ward off spam and as payment to validators for securing the network. The service fee token is used to pay service providers. 

How was IRIS Distributed? 

The IRIS token was distributed as follows: 

  • 6.14% went to the seed sale
  • 13.96% went to the private sale
  • 4.9% went to the strategic private sale
  • 15% went to the team
  • 15% went to the IRIS Foundation
  • 0.18% went to advisors
  • 10% went to the Tendermint team
  • 5% went to the Cosmos Hub
  • 29.82% went to the ecosystem development reserve

Tokenomics of IRIS

As of September 14, 2020, IRIS traded at $0.068849, with a market cap of $56,823,777 that placed it at a market rank of #141. IRIS has a 24-hour volume of $4,700,152 and a circulating and total supply of 825,335,778 and 2,000,855,038, respectively. The token’s all-time high and all-time low were $0.194640 (April 22, 2019) and $0.008254 (March 13, 2020), respectively. 

Buying and Storing

The IRIS token is paired with currencies such as USDT, BTC, and ETH in exchanges like Bibox, Binance, MXC, Huobi Korea, Huobi Russia, Bittrex, Coinsuper, HotBit, and Gate.io.

You can store IRIS at Rainbow wallet

Closing Thoughts

IRISnet is yet another blockchain project to take on the challenge of closing the chasm that exists between blockchain tech and business. The team believes that blockchain can be used outside the finance world to better society, and for now, it’s focusing on businesses. With blockchain, businesses can unleash so much potential, and IRISnet is at the forefront, helping them realize this. It will be interesting to watch the project’s growth. 

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