IRISnet (IRIS)

IRISnet

Total supply	2,008,876,307 IRIS
Website	https://www.irisnet.org/

 Basics

• Started in:
• Mainnet release:
• Based in:
• From this article (28-5-2020):

"The IRISnet network is a service infrastructure and protocol that aids the construction of distributed business applications. The goal is to establish a technical foundation for the construction of the next-generation in distributed applications. They want to do this by solving current blockchain issues such as face performance, operability, and governance issues."

Token

Utility

"Similar to the Cosmos Network, the IRIS network, as presently designed, is intended to support a multi-token model. The tokens will be held on the various zones, and can be moved from one zone to another via the IRIS Hub. There are two types of tokens that are expected to support IRIS network's operation:

• 1. staking token (IRIS)
• 2. fee token (network fees and service fees)

IRIS token will be integrated in the IRIS network's consensus engine validators through a system of validators and delegators, and give voting power to participate in the IRIS network's governance.


The IRIS network is intended to support all whitelisted fee tokens from the Cosmos network, e.g Photon, plus the IRIS token. Network fee token is for spam-prevention and payment to validators in maintaining the ledger and service fee token is used for payment to service providers who deploy iServices. The default payment service token is IRIS token."

Stablecoin

• IRISnet finished its private sale in early March 2018. On Genesis, the initial token supply will be 2,000,000,000 IRIS tokens.
• Annual inflation will be adjusted to the number of tokens used in staking.

Tech

• Whitepaper can be found [insert here].
• Code can be viewed [insert here].
• Built on: Tendermint
• Programming language used:

Transaction Details

• Capacity (TPS):
• Latency:

Consensus Algorithm

• Uses a Bonded Proof-of-Stake protocol (BPoS).
• "In Bonded Proof-of-Stake protocols (BPoS) such as Cosmos or IRISnet, both the validator and its delegators are directly punished.” As noted in Bakerz blog, slashing can occur in cases where there’s a “liveness fault” detected on Cosmos or IRISnet. This occurs when the “validator node does not participate in the network consensus for a long time and misses several blocks.”
• Voting rights for the top 10 BPs on IRISnet is currently at 34.3% (as of April 13th, 2019)
• Claims to have these 3 'key innovations':

1. Incorporation of a service-oriented infrastructure into Cosmos
2. Integration of business services offered by heterogeneous systems, including public & consortium chains as well as legacy systems
3. Interoperability of those services across an internet of blockchains

• "IRISnet is a service infrastructure and protocol built on top of Cosmos that facilitates construction of distributed business applications. IRISnet aims to build an interchain service protocol for building next-generation distributed applications. The goal is to provide an interface to integrate business services from heterogeneous systems into the Cosmos Network. IRISnet is extending the Cosmos inter-blockchain communication protocol through standard transaction types with the goal of functioning as an adaptor of business logic from other private or public blockchains or legacy systems." according to Messari
• They continue with the following:
• "The technology team of Bianjie.ai has created IRISnet, the first regional hub in the Cosmos ecosystem, which will focus on providing infrastructure and protocols for distributed business applications. Cosmos is a project that is focusing on the problem of interoperability and scalability of blockchains. Its interchain communication protocol can realize the interconnection of blockchains, allowing tokens on different chains to exchange their values, such as smart contracts, anonymous transactions and other characteristics.'The project is a strategic partner of the Interchain Foundation and Tendermint, who are the main driving forces behind the Cosmos Network. The IRIShub will potentially be the first hub to interoperate with the Cosmos Hub and its connecting zones.
• "The network will support three main actors: Consumers (those who will use off-chain services by interacting with the network), Providers (those who process the requests and charge a service fee in IRIS tokens), and Profilers (the special user, working for IRIS Foundation, authorized to invoke services in the profiling mode).
• In any case where a consumer is unsatisfied with a service response, a mechanism exists allowing the consumer to issue a complaint and have a resolution without having to resort to a centralized authority. A consumer deposit is required for filing a complaint. Where a consumer does not confirm a resolution in a timely manner, a penalty will be deducted from this deposit. Similarly, a provider's deposit will be partially slashed if he fails to respond to a complaint in a timely manner."

Upgrades

• IRISnet has become the first Cosmos chain to connect with the Cosmos hub via IBC (25-2-2021).

Roadmap

• Can be found [Insert link here].

Audits

• Bug bounty program can be found [insert here].

Team, Funding, Partnerships, etc.

Team

• Full team can be found [here].
• Haifeng Xi; Director and Co-founder of Iris Net

• Harriet Cao; Co-Founder at IRIS Foundation
• Tom Tao; VP at Wanxiang Blockchain Co.
• Has two core team working on the project:

1. Tendermint
2. Bianjie AI

"Bianjie Intelligent Technology Co., Ltd. (Bianjie AI), the company behind IRISnet, has been founded in China in 2016. This Shanghai-based start-up focuses on developing innovative products and solutions for healthcare and financial industries, using advanced Blockchain and AI technologies. Besides IRISnet, Bianjie's also building another core product BEAN (Blockchain Edge Analytics Network), which is a permissioned chain which delivers distributed data analytics services for privacy preserving healthcare data analysis and exchange using NLP and machine learning technologies. Bianjie AI is also the operation and service partner of Cosmos Network in China."

• Figment is a staker. From their website (9-3-2020): "Original testnet participant. Genesis block producer. Serving the world’s largest IRIS holders + IRISnet foundation. Receive 85% of staking rewards (15% fee)."

Funding

• Institutional supporters include: Amino Capital, Bibox, Huobi Capital, GBIC, 8Decimal Capital, Bihu.com, BA Capital, BKFund, Byzantium, Chainpe, CP, Coefficient Ventures, Consensus Capital, Dushu Foundation, Genblock Capital, Hayek Capital, INK Labs Foundation, LinkVC, MediShares, Milestone, Nirvana Capital, NGC, Origin Capital, Satoshi Fund, SV Insight, Timestamp Capital, Tranference Fund, U Network, Unity Ventures, UniValues Associates, Waterdrip Capital, SNZ
• Part of the portfolio of 8 Decimal Capital
• Has had investment and possible contributions from NEO Global Capital
• Has funding from Interchain

Partners

• IRIS has (21-2-2020) "made major contributions to the core Cosmos software, protocols, tools, and/or community."