The Beginner’s Guide
What is IRISnet in this guide? We will answer the questions of who created it and how it works.
According to the platform’s statements, IRISnet, also known as IRIS Hub, is designed as the foundation for next-generation distributed applications. Built with the Cosmos-SDK, IRISnet provides a variety of modules to support DeFi applications, while also enabling cross-chain interoperability through a unified service model.
IRIS Hub does not only support token transfers over the internet with Blockchains. It can also be used for heterogeneous systems mechanism, token economy etc. It also works to allow access to data and computing resources across the world.
Besides, IRIS Network is part of the Cosmos ecosystem while focusing on providing an innovative solution for distributed business applications. According to the statements made, the IRISnet hub will be the first regional hub to connect to the Cosmos main hub to add more reliability to the network. All regions connected to the IRIS hub will be able to interact with any other region in the Cosmos ecosystem over the standard IBC protocol.
Additionally, interoperability powered by IRISnet; It is very suitable for application situations that require on-chain, off-chain, inter-chain information exchange and collaboration. There are applications developed by the core team using IRISnet technologies, some of which have won national/regional innovation awards:
- Healthcare data exchange protecting privacy
- Digital asset exchange platform for supply chain finance
- Service e-marketplace
What is IRIS Coin?
IRIS is the native cryptocurrency of IRIS Network. According to the platform’s statements, the IRIS token basically has 5 uses:
- At the consensus level, IRIS is the staking token used by validators and grantors to secure the PoS network and receive rewards.
- IRIS is the default fee token for all transactions on the network.
- IRIS token holders can participate in on-chain governance by creating and voting on governance proposals.
- IRIS is the base token used for on-chain token exchange by the coinswap protocol.
- IRIS is the default fee token used by service providers for deposit and fee collection.
Who Are the Founders of IRISnet?
IRISnet was designed and developed by the team of technologists behind Bianjie AI, a Shanghai-based hi-tech company founded in 2016.
Harriet Cao is the co-founder at Bianjie AI and one of the driving forces behind the founding of the IRISnet protocol. In addition to bringing modern solutions to the problems in the financial sector, she is working on blockchain-based solutions for healthcare institutions. Alongside Bianjie AI, Harriet Cao is also heavily involved in Blockchain Edge Analytics Network (BEAN). It focuses on the big data aspect of IRISnet.
Haifeng Xi is the other co-founder of Bianjie AI. It has proven expertise in developing distributed systems and blockchain applications. Combined with Harriet Cao’s interest in big data, the duo came up with the idea of IRISnet as a blockchain solution for small and medium businesses.
Another integral part of the team behind IRISnet are the developers of Tendermint, the company behind the Tendermint consensus engine, as well as Cosmos, an ecosystem designed to facilitate blockchain application development.
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 Bitcoin and Ethereum consensus were introduced and aims to be an all-encompassing consensus engine.
A represented proof-of-stake consensus is tied to the reputation of the nodes, thus eliminating the misbehaving nodes as the process continues. For a transaction to be completed in a dPOS consensus, stakeholders request the transaction from a trusted validator who then processes the transaction. Because of the reputation model, it is imperative that validators (nodes) work correctly otherwise they will be removed from the network.
What is IRISnet in this guide? We answered the questions of who created it and how it works. Keep following us.
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