IRISnet Price

Introduction to IRISTokens

IRISnet is a Tokens and services protocol launched on March 1, 2019. Its main goal is to provide a blockchain-based network offering a wide range of services for small and medium-sized enterprises. The official white paper of the protocol shows that it aims to leverage various public and consortium blockchains to bring the benefits of a decentralized, open network to many enterprises and independent service providers.

The Core of the IRIS Network

The core of the IRIS network is the IRIS Hub, which is a Proof-of-Stake (PoS) blockchain based on the Cosmos SDK and Tendermint. As one of its zones, it will become the first regional hub connected to the Cosmos Hub. The IRIS Hub comes with a service protocol to coordinate on-chain transaction processing, off-chain data processing, and business logic execution. The IBC protocol has also been improved to call these off-chain services across different blockchains.

Uses of IRIS Tokens

The IRIS Hub network has its local token named IRIS, which has three main uses:

1. Staking: IRIS tokens are used as a marker to ensure the security of the PoS blockchain, similar to the ATOM marker in Cosmos Hub.
2. Transaction Fees: IRIS tokens are also used to pay the fees for all transactions in the IRIS network.
3. Service Fees: Service providers within the IRIS network must charge service fees in IRIS tokens.

What Makes IRISnet Unique

IRISnet offers a unique approach distinct from traditional consortium blockchain models. One of their latest developments is IRITA, an enterprise blockchain that utilizes flexible digital asset modeling and privacy-centric data authorization features. The main selling point of IRISnet is its ability to combine on-chain transaction processing with off-chain data processing and business logic execution through the service protocol. Additionally, IRISnet provides other useful products, like a smart wallet tailored for enterprise operations.