What is IRISnet?
The IRISnet coin, or just IRIS, is the official currency powering the IRISnet network. The latter is a blockchain infrastructure focused on businesses.
IRIS has more than one use case. There are three core functionalities behind IRIS - securing the network by staking as well as covering the transaction fees and services fees.
At launch, IRISnet announced a total token supply of 2,000,000,000. They have distributed them as follows:
- 30% - Ecosystem;
- 25% - Private Sale;
- 25% - Developer Teams;
- 15% - IRIS Foundations;
- 5% - Airdrop.
Please keep in mind that the majority of the distributed tokens have a vesting period.
You can acquire IRIS by visiting major supported exchanges. Check out our list of recommended exchanges for IRIS down below.
It’s important to remember that IRIS is a cryptocurrency, and, like many other crypto projects, tends to go through periods of volatility. To put it simply, the IRIS price experiences fluctuations. This makes it crucial to do proper research before making any investment decisions.
A good starting point is the graph provided above. It will give you a more in-depth look at the current IRISnet price and trends, among other details.
What are the Main Features of IRISnet?
As discussed in the “What is IRISnet“ section, IRISnet is a business-focused internet of blockchains. It aims to pave the way for small and medium-sized businesses to access blockchain technologies and implement them into their operations. IRISnet’s focus shifts from large enterprises to smaller businesses.
It brings value to a sector that has barely been touched by blockchain technologies as most blockchain-based projects target large-scale businesses.
IRISnet introduces an exclusive protocol that fuses both on-chain and off-chain capabilities for processes. In this case, the transactions themselves are entirely on-chain while operations like data processing are off-chain.
Another interesting product offered by IRISnet is IRITA. The latter is an enterprise blockchain that enables the modeling of crypto assets.
Some of the other IRISnet’s unique features include cross-platform data support, Terse IBC, NFT-based services, and many more.
The Iris Network itself is built on Cosmos and Tendermint. It operates using a Delegated-Proof-of-Stake (DPoS) consensus mechanism. In essence, DPoS greatly depends on a network of reputable nodes.
Reputation is determined by the network participants themselves as users request validators to complete transactions. If validators fail to successfully complete a given transaction, then they can lose their status as a validator.
The name behind the project comes from Greek mythology. Here, Iris is a child of the gods who links heaven and earth through the rainbow. She’s often referred to as a messenger.
Who Developed IRISnet?
Bianjie AI is the company behind the IRISnet crypto project. It was co-founded by tech entrepreneurs Harriet Cao and Haifeng Xi in early 2016. IRISnet, however, was launched in the early spring of 2019.
Heng Harriet Cao has a background in business performance analytics, AI, and blockchain technologies. She holds a bachelor’s degree in Automation and a master’s degree in Robotics. Prior to the launch of Bianjie AI, she worked as an analytics leader at IBM Research. She takes the position of Chief Scientist and IRISnet responsible for big data.
Haifeng Xi, on the other hand, put his experience and knowledge of blockchain distributed systems and put it towards the development of the IRISnet project.
Speaking of development, there are two core teams responsible for the development of IRISnet - the aforementioned Bianjie AI and Tendermint.
Furthermore, IRISnet has partnered up with major players in the crypto sector including Binance, Chainlink, Interchain, and HashKey, among many others.
Don’t forget to check out the IRIS price chart before making your final purchase decision.
