What is IRISnet (IRIS)?

IRISnet (IRIS) is designed to be the foundation for next-generation distributed applications. Built with Cosmos-SDK, IRIS Hub enables cross-chain interoperability through a unified service model, while also providing multiple modules to support DeFi applications. IRIS is designed to support not only internet token transfer of blockchains, but also allow the consumption of computer data and resources through heterogeneous system mechanisms, token economics, etc.

The IRIS network aims to deploy a topology similar to Cosmos while adding a set of additional features to the ecosystem. IRIS will connect to the Cosmos Hub, providing an expanded set of functions for any participant connected at any point in the network. The full IRIS nodes, developed with the IRIS SDK (an extension of the Cosmos SDK), will provide both service-oriented infrastructure and IPFS integration.

IRIS token

IRIS token is the main means of exchanging value among users. The token is used for both staking and paying. The token also provides voting rights to participate in network administration.

IRIS is required to pay Hub fees and can also be used to reward service providers. However, the network will support a multi-token model that allows service providers to freely charge using a set of tokens listed, which will initially include the original Cosmos Network token ( ATOM) and ETH.

A flexible payment system is used to easily accept and increase the number of transactions between blockchains in different currencies. This will increase the demand for IRIS tokens to reward authentication nodes.

Team

The IRIS Network is the result of a collaboration between several blockchain businesses – Tendermint (currently building Cosmos), Wancloud (a subsidiary of Wanxiang Blockchain) and Bianjie AI. Tendermint provides technical supervision and development support to the IRIS Network team. Wancloud acts as a strategic partner to develop the IRIS Network ecosystem. The core team members come from all three organizations.

Haifeng

Haifeng is the co-founder of IRISnet project. He is a technologist and a senior businessman. Haifeng holds an M.S. in ECE from the University of Maryland. Haifeng worked as CTO for the Wanxiang Blockchain Wancloud before starting the IRISnet project. He also worked as a senior architect for two leading US financial companies (Tudor Investment & RBS Sempra), after which he returned to China to work in the capacity of CTO for three companies, one of which is NASDAQ (China Finance Online).

Harriet Cao

Harriet is the co-founder of the IRISnet project. She is also the co-founder of Bianjie, the core development team of IRISnet. Bianjie was founded in 2016 to focus on building intelligent services for blockchain that enable efficient and reliable business cooperation. Harriet is an award-winning practitioner of distributed computing, data analysis and artificial intelligence technology, and recipient of the 2010 INFORMS Daniel H. Wagner Prize.

Jeffrey Hu

Jeffrey Hu is IRISnet’s research director and leads the strategy and technology research and ecosystem development for IRISnet. He is also a former technical analyst at Huobi Research. He has extensive experience in the blockchain industry. He has published many in-depth, highly influential Blockchain research reports in China.

Jae Kwon

After graduating from Cornell in 2005 with a college degree in computer science, Jae worked as a software developer in Silicon Valley, first at Amazon (where he worked with digital assistant Alexa ), then at Yelp, where he led their team mobile application development. After a blockchain error, Jae created the TFTermint BFT consensus algorithm and the Tendermint Core blockchain tool, with the aim of creating a provably secure proof-of-stake algorithm. Besides Tendermint, Jae is also the creator of Cosmos.

Pros and cons

Advantages

  • Significant progress has been made to launch the mainnet
  • The team has experience before building blockchain solutions for businesses
  • Strong technological resources are available to support development

Disadvantages

  • The team is almost exclusively comprised of developers
  • No pilot projects or partnerships have been announced

Conclusion

The ICO adoption of the IRIS Network IRIS token is raising funds for an inter-chain service infrastructure and protocol. The IRIS Network lays the foundation for a network of distributed ledgers capable of integrating various business services, including public and proprietary chains alongside enterprise legacy systems. The IRIS Network is an example of Cosmos and will expand the ecosystem that can interact as a regional center.

You can check IRIS price here.

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