Article Summary, Automatically Generated By AI
Summary of IRISnet
Key Points
- IRISnet is a service protocol and cryptocurrency launched on Mar. 1, 2019.
- Aims to provide a blockchain-based, open network to small and medium businesses.
- Combines on and off-chain capabilities.
- Initial token supply: 2 billion IRIS tokens.
- Token distribution: 25% private sale, 15% Bianjie AI team, 15% IRIS Foundation, 30% ecosystem development, 5% Cosmos Hub Airdrop, 25% Tendermint developer team.
- Secured by delegated proof-of-stake (dPoS) consensus based on Tendermint Consensus.</li
About IRISnet: Empowering a New Era of Interoperability
Introducing IRISnet (IRIS): A Revolutionary Blockchain Ecosystem
IRISnet, a pioneering service protocol and cryptocurrency, officially debuted on March 1, 2019. At its core, the IRISnet protocol is designed to provide a decentralized, open network for small and medium-sized businesses, empowering them to offer a diverse range of services.
According to the official IRISnet Whitepaper, the protocol seeks to harness the potential of diverse public and consortium blockchains, thereby empowering thousands of businesses and freelance service providers with the transformative power of decentralized, open networks. Notably, IRISnet derives its name from Iris, the mythological embodiment of the rainbow and the revered messenger of the Gods in ancient Greek lore.
Unveiling the Unparalleled IRISnet: A Trailblazer in the Blockchain Realm
IRISnet embodies a visionary approach to harnessing the transformative power of blockchain technology in the business realm. Unlike most consortium blockchains, which are typically dominated by large corporate entities, IRISnet is dedicated to providing innovative solutions tailored to the unique needs of small business operations.
One of their latest innovations is IRITA, an enterprise blockchain solution that introduces flexible digital asset modeling and privacy-centric data authorization, thereby revolutionizing the business landscape.
One of the IRISnet protocol’s most compelling advantages lies in its ability to seamlessly integrate both on-chain and off-chain capabilities. While transactions are executed on the blockchain, data processing and business logic are handled off-chain, thereby optimizing efficiency. Furthermore, IRISnet also provides innovative solutions such as a smart wallet tailored to facilitate seamless business operations.
The Circulating Supply of IRISnet Coins: A Closer Look
IRISnet has announced an initial token supply of two billion IRIS tokens, strategically allocated across several key groups. As outlined in the IRISnet whitepaper, 25% of the tokens were reserved for private sale, while 15% were distributed among Bianjie AI team members. A further 15% have been set aside to support the operational functions of the IRIS Foundation. Additionally, 30% of the issued tokens are dedicated to fostering ecosystem development, with 5% earmarked for a special Cosmos Hub Airdrop. Notably, 25% of the tokens have been allocated to the Tendermint developer team, although the majority of these will be vested incrementally following the launch of the IRIS Hub.
According to the founders, the proceeds garnered from the private sale of IRISnet coins will be predominantly allocated towards the enhancement and continued development of the IRIS network.
The IRISnet Network’s Robust Security Mechanisms
Similar to numerous prominent altcoins, IRISnet operates on a delegated proof-of-stake (dPoS) consensus mechanism, built upon the Tendermint Consensus. Emerging in the aftermath of the introduction of the Bitcoin and Ethereum consensus algorithms, Tendermint aspires to evolve into a comprehensive consensus engine.
A delegated proof-of-stake consensus mechanism relies on the reputation of nodes, thereby systematically eliminating misbehaving nodes as the process unfolds. To facilitate a transaction on a dPOS consensus, stakeholders submit requests to a trusted validator, who subsequently processes the transaction. Owing to the reputation-based model, validators (nodes) are incentivized to perform with utmost accuracy, lest they risk being expelled from the network.
Where to Acquire IRISnet (IRIS) Tokens
For those seeking to acquire IRISnet coins, Binance presents a viable exchange option, having facilitated a substantial trading volume of approximately $2,226,424 worth of IRISnet as of January 2021.
Alternatively, Hotbit presents another avenue for acquiring IRISnet coins, boasting an impressive trade volume of $148,196 as of January 2021.
Delve into the world of digital assets and discover the intricacies of purchasing cryptocurrencies.
Associated Resources:
Delve into the world of DeepOnion.
Delve into the world of Amoveo.
Delve into the intricacies of proof-of-stake consensus and uncover the mechanisms that underpin this innovative approach to blockchain validation.
Explore the latest insights and trends in the cryptocurrency universe on our CoinMarketCap blog.