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What is IRISnet (IRIS)?

IRISnet is a cryptocurrency and service protocol that was launched on March 1, 2019. Its main objective is to provide a blockchain-based network that offers a wide range of services to small and medium-sized businesses. The protocol's official whitepaper reveals that it seeks to leverage various public and consortium blockchains to bring the benefits of decentralized, open networks to a large number of businesses and independent service providers. It's worth noting that IRISnet was named after Iris, the Greek goddess of the rainbow and messenger of the gods.

How does IRISnet (IRIS) Work?

At the heart of the IRIS network lies the IRIS Hub, a Proof-of-Stake (PoS) blockchain based on Cosmos SDK and Tendermint. As one of its zones, it will become the first regional hub that connects to the Cosmos Hub. The IRIS Hub comes with a service protocol that coordinates on-chain transaction processing with off-chain data processing and execution of business logic. The IBC protocol has also been improved to enable the invocation of these off-chain services across different blockchains.

The service protocol and enhanced IBC protocol could be eventually integrated into Cosmos SDK to enable SDK users to build blockchains that are compatible with the IRIS network. Additionally, client-facing, programming language-specific SDKs will be available to make it simple to offer and use off-chain services within the IRIS network.

What makes IRISnet (IRIS) Unique?

In the world of business, blockchain technology has the potential to offer innovative solutions that can revolutionize the way small businesses operate. IRISnet is a prime example of this, offering a unique approach that differs from the traditional consortium blockchain model.

One of their latest developments is the IRITA, an enterprise blockchain that leverages flexible digital asset modeling and privacy-centric data authorization features. IRISnet's main selling point is its ability to combine on-chain transaction processing with off-chain data processing and business logic execution through its service protocol. Moreover, IRISnet provides other useful products, such as a smart wallet tailored for business operations.

What is the IRIS Token?

The network of IRIS hub has its own native token called IRIS, which serves three main purposes. Firstly, it is used as a staking token to secure the PoS blockchain, similar to the ATOM token in the Cosmos Hub. Secondly, the IRIS token is also used to pay fees for all transactions in the IRIS network. Lastly, service providers in the IRIS network are required to charge service fees in the IRIS token. The IRIS network is expected to eventually support all whitelisted fee tokens from the Cosmos network, which can be used to pay transaction and service fees.