IRISnet is a part of Cosmos, one of the most fascinating and fastest evolving ecosystems in the crypto industry! But what is the protocol’s purpose?And what about IRISnet’s tokenomics? This article provides all information you need to know.

What is IRISnet?

IRISnet is a service infrastructure that serves as a communication layer between other blockchains and applications. In particular it aims to build a technology standard to facilitate the construction of distributed business applications.

Notable key challenges IRIS tries to address are interoperability of services between heterogeneous chains and the onboarding of off-chain computing and other resources on a blockchain.

The IRIS Hub will serve as the “center” of the IRIS network that will connect the other zones within the IRIS network both to each other and to the greater Cosmos ecosystem.

The protocol is built with the Cosmos SDK and uses a Bonded Proof-of-Stake (BPoS) consensus mechanism, a particular form of Delegated-Proof-of-Stake consensus mechanism. The maximum number of validators is limited to 100. These validators are selected according to the amount of IRIS tokens they choose to stake.

IRIS is the blockchain’s native token. Use cases are governance participation as well as paying transaction fees and securing the network through staking.

Good to know

Partners

Latest developments

  • Launch of a protocol-native DEX called Coinswap
  • China’s state-backed blockchain initiative “BSN – Blockchain Service Network” chose IRITA protocol as their interoperability layer
  • The protocol gains traction in the NFT space through Uptick
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Tokenomics/Key Metrics (01.10.2021)

Given that we now have an idea of what IRIS actually is, let us have a look at the protocol’s tokenomics!

Initial Coin Distribution

Important Links

IRISnet website: https://www.irisnet.org/ 

Github: https://github.com/irisnet 

Whitepaper: https://github.com/irisnet/irisnet/blob/master/WHITEPAPER.md 

Twitter: https://twitter.com/irisnetwork 

MapOfZones (number of IBC transfers): https://mapofzones.com/?testnet=false&period=24&tableOrderBy=totalIbcTxs&tableOrderSort=desc 

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