What Is IRISnet (IRIS)?
IRISnet is a service protocol and cryptocurrency, which was officially launched on Mar. 1, 2019. The basal determination of the IRISnet protocol is to provide a blockchain -based, open network to little and medium businesses that are offering a wide diverseness of services. According to the official IRISnet Whitepaper, the protocol aims to employ different populace and consortium blockchains to bring the power of decentralized, candid networks to thousands of businesses and freelance serve 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 technical school 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 drive forces behind the IRISnet protocol establishment. She has been working on bringing advanced solutions to problems in the fiscal sector, equally well as blockchain-based solutions for healthcare institutions. Besides Bianjie AI, Harriet Cao is besides 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 expertness in developing distribute systems and blockchain applications. Combined with Harriet Cao ’ s interest in boastful data, the two came up with the idea for IRISnet as a blockchain solution for little and metier businesses. Another integral part of the team behind IRISnet is Tendermint, the caller behind the Tendermint consensus engine, ampere well as the developers of Cosmos, an ecosystem designed to facilitate blockchain app development .
What Makes IRISnet Unique?
IRISnet is an advanced learn of what blockchain engineering can bring to the business populace. While most consortium blockchains are owned and operated by boastfully conglomerates of companies, IRISnet aims to bring solutions to belittled occupation operations. One of their latest developments is the IRITA, an enterprise blockchain bringing flexible digital asset model and privacy-centric data authorization to the business earth. One of the IRISnet protocol ’ second main sell points is that it aims to combine both on and off-chain capabilities. While transactions are executed on the blockchain, data process and business logic will be executed off-chain. In accession, IRISnet besides offers products like a bright wallet for business operations .
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How Many IRISnet Coins Are There in Circulation?
IRISnet announced an initial keepsake supply of two billion IRIS tokens distributed in several key groups. According to the IRISnet whitepaper, 25 % of tokens were released for individual sale, 15 % were distributed among Bianjie AI team members and 15 % are reserved to support the IRIS Foundation ’ randomness 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 individual 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 delegate proof-of-stake ( dPoS ) coin, based on the Tendermint Consensus. Tendermint emerged a small after the introduction of the Bitcoin and Ethereum consensuses, and it aims to become an across-the-board consensus engine. A delegate proof-of-stake consensus depends on the reputation of nodes, therefore eliminating misbehaving nodes as the procedure goes on. For a transaction to be completed on a dPOS consensus, stakeholders request action from a trust 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.
Where Can You Buy IRISnet (IRIS)?
Binance is one option for an exchange if you are looking to acquire some IRISnet coins, as around $ 2,226,424 of IRISnet have already been traded through the platform as of January 2021. Another option to buy IRISnet coins is Hotbit, which has already processed trade volumes to the sum of $ 148,196 as of January 2021 Read more here about buying cryptocurrencies .