Market Signal

What Is IRISnet (IRIS)?

IRISnet is a service protocol and cryptocurrency, which was officially launched on Mar. 1, 2019. The primary purpose of the IRISnet protocol is to provide a [blockchain]-based, open network to small and medium businesses that are offering a wide variety of services.

According to the official [IRISnet Whitepaper], the protocol aims to employ different public and consortium blockchains to bring the power of decentralized, open networks to thousands of businesses and freelance service providers. Interestingly, IRISnet was named after Iris, the personification of the rainbow and the messenger of the Gods in Greek mythology.

Who Are the Founders of IRISnet?

IRISnet was designed and developed by the team of tech experts behind [Bianjie AI], a Shanghai-based high-tech company founded in 2016.

[Harriet Cao] is a co-founder at Bianjie AI and one of the driving forces behind the IRISnet protocol establishment. She has been working on bringing modern solutions to problems in the financial sector, as well as blockchain-based solutions for healthcare institutions. Besides Bianjie AI, Harriet Cao is also heavily involved with the Blockchain Edge Analytics Network (BEAN). She focuses on the big-data aspect of IRISnet.

Haifeng Xi is the other co-founder at Bianjie AI. He has proven expertise in developing distributed systems and blockchain applications. Combined with Harriet Cao’s interest in big data, the two came up with the idea for IRISnet as a blockchain solution for small and medium businesses.

Another integral part of the team behind IRISnet is Tendermint, the company behind the Tendermint consensus engine, as well as the developers of [Cosmos], an ecosystem designed to facilitate blockchain app development.

What Makes IRISnet Unique?

IRISnet is an innovative read of what blockchain technology can bring to the business world. While most consortium blockchains are owned and operated by big conglomerates of companies, IRISnet aims to bring solutions to small business operations.

One of their latest developments is the IRITA, an enterprise blockchain bringing flexible digital asset modeling and privacy-centric data authorization to the business world.

One of the IRISnet protocol’s main selling points is that it aims to combine both on and off-chain capabilities. While transactions are executed on the blockchain, data processing and business logic will be executed off-chain. In addition, IRISnet also offers products like a smart wallet for business operations.

Related Pages:

Read more about [DeepOnion].

Learn more about [Amoveo].

Find out how [proof-of-stake consensus] works.

Check out our [CoinMarketCap blog].

How Many IRISnet Coins Are There in Circulation?

IRISnet announced an initial token supply of two billion IRIS tokens distributed in several key groups. According to the [IRISnet whitepaper], 25% of tokens were released for private sale, 15% were distributed among Bianjie AI team members and 15% are reserved to support the IRIS Foundation’s functions. Another 30% of issued tokens went towards ecosystem development, while 5% were dedicated to a special Cosmos Hub Airdrop. Finally, 25% of tokens went to the Tendermint developer team; however, most of these tokens will be vested in increments after the IRIS Hub launch.

According to the founders, proceeds from the private sale of IRISnet coins will be directed predominantly towards the improvement and further development of the IRIS network.

How Is the IRISnet Network Secured?

Like many popular altcoins, IRISnet is a delegated proof-of-stake ([dPoS]) coin, based on the Tendermint Consensus. Tendermint emerged a little after the introduction of the [Bitcoin] and [Ethereum] consensuses, and it aims to become an all-encompassing consensus engine.

A delegated proof-of-stake consensus depends on the reputation of nodes, thus eliminating misbehaving nodes as the process goes on. For a transaction to be completed on a dPOS consensus, stakeholders request action from a trusted validator, who then processes the transaction. Because of the reputation model, validators (nodes) are bound to perform accurately; otherwise, they are removed from the network.