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IRIS Network

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Discover IRIS Network's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is IRIS Network?

The IRIS Network (IRIS) is an internet of blockchains designed to facilitate the construction of distributed business applications. It is built on the Cosmos SDK and Tendermint, with a Proof-of-Stake (PoS) blockchain at its core, known as the IRIS Hub. The IRIS token serves three purposes: staking, transaction fees, and service fees. The network integrates services from heterogeneous systems, including public and consortium chains, as well as legacy systems, bridging the gap between blockchain and conventional business applications.

How is IRIS Network used?

The IRIS Network (IRIS) is a cryptocurrency token used within the IRIS network, a service infrastructure and protocol designed to facilitate the construction of distributed business applications. The IRIS token serves three primary purposes:

  1. Staking: It is used as a staking token to secure the Proof-of-Stake (PoS) blockchain, ensuring the network's security and integrity.

  2. Transaction Fee: The IRIS token is used to pay fees for all transactions within the IRIS network, making it a necessary component for network operations.

  3. Service Fee: Service providers in the IRIS network are required to charge service fees denominated in the IRIS token. This fee structure enables the network to support various business scenarios and applications.

In addition to these core functions, the IRIS token is also used to facilitate the interaction between on-chain and off-chain services within the network, enhancing the overall functionality and scalability of the IRIS network.

How do I store IRIS Network?

To store IRIS Network (IRIS) tokens, you can use various wallets that support the IRISnet blockchain. Some popular options include:

  • Rainbow Wallet: Available for both Android and iOS devices, this wallet allows you to store and transfer IRIS tokens, as well as delegate them to validators.
  • Math Wallet: This wallet supports IRIS tokens and is available for both Android and iOS devices.
  • Wetez Wallet: Another option for storing IRIS tokens, available for both Android and iOS devices.
  • Cosmostation Wallet: This wallet supports IRIS tokens and is available for both Android and iOS devices.
  • SyncNode Wallet: This wallet is available for iOS devices and supports IRIS tokens.
  • ViaWallet: This wallet supports IRIS tokens and is available for both Android and iOS devices.
  • LoyToken Wallet: This wallet supports IRIS tokens and is available for both Android and iOS devices.
  • Keplr Wallet: This wallet supports IRIS tokens and is available as a web extension.

These wallets enable you to manage your IRIS tokens, delegate them to validators, and participate in the staking process.

How to buy IRIS Network?

To buy IRIS Network (IRIS) tokens, you can follow these steps:

Using a Centralized Exchange (CEX)
  1. Choose a CEX: Select a reliable and trustworthy crypto exchange that supports IRIS Network (IRIS) purchases, such as Pionex, KuCoin, or Binance.
  2. Create an Account: Register on the exchange's website or app, and set a secure password. Enable two-factor authentication (2FA) for added security.
  3. Verify Your Identity: Complete Know-Your-Customer (KYC) verification, which may require government-issued identification documents.
  4. Add a Payment Method: Follow the exchange's instructions to add a credit/debit card, bank account, or other supported payment methods.
  5. Buy IRIS Network (IRIS): Use fiat currency to buy IRIS Network (IRIS) directly if supported, or first purchase a popular cryptocurrency like USDT and then exchange it for IRIS Network (IRIS).
Using a Crypto Wallet
  1. Choose a Wallet: Select a reliable and reputable crypto wallet that supports IRIS Network (IRIS), such as MetaMask.
  2. Download the App: Download the wallet application to your device from the Google Play Store, App Store, or as a browser extension.
  3. Create a Wallet: Create a new wallet address or import an existing one. Make sure to write down the seed phrase and keep it secure.
  4. Buy IRIS Network (IRIS): Purchase IRIS Network (IRIS) using a supported payment method. If your wallet doesn't support direct fiat-to-IRIS purchases, you can first buy a more popular cryptocurrency like USDT and then exchange it for IRIS Network (IRIS) through your wallet or on a decentralized exchange.
Using Trading Bots
  1. Choose a Trading Bot: Select a trading bot platform like Pionex, which offers 16 built-in trading bots.
  2. Create an Account: Register on the trading bot platform and set up your account.
  3. Set Up the Bot: Configure the bot to buy IRIS Network (IRIS) based on your preferred strategy, such as arbitrage trading or dollar-cost averaging.

Remember to always check the fees associated with each method and ensure you are comfortable with the payment processors used by your chosen wallet or exchange.

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History of IRIS Network

The IRIS Network (IRIS) is a blockchain infrastructure designed to facilitate the construction of distributed business applications. It was created through a collaboration between several blockchain businesses, including Tendermint, Wancloud, and Bianjie AI.

IRISnet was founded by the technology team of Bianjie Intelligent Technology Co., Ltd. (Bianjie AI), a Shanghai-based start-up established in 2016. The company focuses on developing blockchain-based products and solutions for enterprises, particularly in the healthcare and financial industries.

IRISnet is a vital partner of the Interchain Foundation and Tendermint, the core contributors behind the Cosmos Network. It was built as the first regional hub in the Cosmos ecosystem outside of the Cosmos Hub, aiming to provide infrastructure and protocols for decentralized business applications.

The IRIS Network is designed to support a multi-token model, similar to the Cosmos network. The native token, IRIS, is used for staking, paying transaction fees, and participating in network administration. It is a utility token with multiple usage scenarios.

The project has raised approximately $22 million through private token sales and has a strategic focus on community building in China, Korea, and Europe, with plans to expand to other markets as it gains popularity.

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How IRIS Network works

The IRIS Network (IRIS) is a blockchain-based infrastructure designed to facilitate the construction of distributed business applications. It is built using the Cosmos SDK and supports various modules such as IBC, EVM, NFT, and iService, which enable the development of interchain decentralized applications (dApps).

Consensus Mechanism

IRIS Network employs a delegated Proof-of-Stake (BPoS) consensus mechanism. This mechanism allows network participants to stake their tokens and receive additional rewards. The staking process helps secure the network and ensures the smooth operation of the consensus mechanism.

IRIS Hub

The IRIS Hub is a blockchain at the center of the IRIS Network. It is a Proof-of-Stake (PoS) blockchain built on the Cosmos SDK and Tendermint. The IRIS Hub coordinates on-chain transaction processing with off-chain data processing and business logic execution. It also supports enhanced IBC protocol, which facilitates cross-chain invocation of off-chain services.

IRIS Tokens

The IRIS token is the native token of the IRIS Network. It serves three primary purposes:

  1. Staking: The IRIS token is used for staking to secure the PoS blockchain.
  2. Transaction Fee: It is used to pay fees for all transactions within the IRIS Network.
  3. Service Fee: Service providers in the IRIS Network charge service fees denominated in the IRIS token.
IRIS Services

IRIS Services, also known as "iServices," bridge the gap between the blockchain world and conventional business applications. They mediate the complete lifecycle of off-chain services, including definition, binding, invocation, and governance. Providers offer these services, and consumers can use them by sending requests to designated provider endpoints.

Key Features
  • Interoperability: IRIS Network enables interoperability across heterogeneous chains, allowing for seamless communication and collaboration between different blockchain networks.
  • Off-Chain Services: The network supports the integration of off-chain computing and resources on a distributed ledger, enhancing its capabilities for building distributed business applications.
  • Client-Side Tools: IRIS Network provides client-side tools, including a smart wallet for cross-chain multi-asset storage, to facilitate the use of iServices.

Overall, the IRIS Network is designed to provide a robust infrastructure for building scalable and trustworthy distributed business applications by leveraging its innovative consensus mechanism, token economics, and service infrastructure.

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IRIS Network's strengths

The token IRIS Network (IRIS) has several strengths that contribute to its potential and value:

  1. Reliable Team: The team behind IRISnet has a proven track record in developing blockchain projects, including the Blockchain Edge Analytics Network for the healthcare sector. This experience and expertise lend credibility to the project.

  2. Functional Compatibility: IRISnet is designed to facilitate information exchange and collaboration between different blockchains and applications, making it suitable for a wide range of use cases, such as medical data sharing while maintaining confidentiality.

  3. Staking and Governance: The IRIS token is used for staking, which helps secure the Proof-of-Stake (PoS) blockchain. Additionally, it is used to pay transaction fees and execute smart contracts, as well as for creating and voting on management proposals.

  1. Infrastructure and Modules: IRISnet is built using the Cosmos SDK and supports various modules such as IBC, EVM, NFT, and iService, which enable the development of interchain dApps and provide a robust foundation for the network.

These strengths position IRISnet as a versatile and reliable blockchain solution with a strong team and a wide range of applications.

IRIS Network's risks

IRIS Network (IRIS) is a comprehensive risk management system designed to help organizations and businesses manage financial risks effectively. Here are some key financial risks that IRIS addresses:

  1. Project Failure Risks: IRIS helps organizations identify and mitigate risks that can lead to project failures, which can result in significant financial losses. By implementing sound risk management processes, IRIS reduces the likelihood of project failure, ensuring that financial goals are met.

  2. Budget Overruns: IRIS's risk management techniques help organizations manage budgets more effectively, reducing the likelihood of budget overruns and ensuring that financial resources are utilized efficiently.

  3. Cost Efficiency: By identifying and mitigating risks, IRIS helps organizations achieve cost efficiency, which can lead to significant financial savings and improved profitability.

  1. Schedule Efficiency: IRIS's risk management processes also improve schedule efficiency, ensuring that projects are completed on time and within budget, thereby reducing financial losses due to delays.

  2. Return on Investment (ROI): IRIS provides tools to calculate ROI, enabling organizations to prioritize activities that generate the highest returns on investment and maximize financial benefits.

  3. Quantitative Risk Exposure: IRIS's statistical analysis tools help quantify risk exposure, allowing organizations to make informed financial decisions and minimize potential financial losses.

  1. Regulatory Compliance: IRIS ensures that organizations comply with regulatory requirements, reducing the risk of financial penalties and reputational damage.

By addressing these financial risks, IRIS Network provides a robust risk management framework that helps organizations minimize financial losses, optimize resource allocation, and maximize returns on investment.

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Did IRIS Network raise funds?

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IRIS Network's ecosystem

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IRIS Network’s team

  • Harriet Cao: Co-founder and CEO of Bianjie AI, a key partner in the development of IRISnet.
  • Yubo Ruan: Founder of 8 Decimal Capital, one of the consultants supporting IRISnet.
  • Adrian Brink: Chief developer and head of community at Tendermint / Cosmos, another key partner in the development of IRISnet.
  • Tom Tao: VP at Wanxiang Blockchain Co., involved in the core team working on IRISnet.

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The fundamental analysis assistant for crypto value investors.

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