Editor’s Note: Thanks for Coinsuper to organize this AMA. Here comes the review of the outputs from event.
1.Could you please explain to us what is IRISnet?
IRISnet is an interchain service hub built with Cosmos-SDK. It provides the foundation for next generation distributed business applications. IRISnet enables cross-chain interoperability through a unified service model, and allows integration and interoperability of computing services offered by heterogeneous systems including public blockchains, consortium chains and legacy (centralized) systems.
It is also another Cosmos Hub and is designed to work with ATOM Hub to add enhanced security and scalability to Cosmos ecosystem.
2. Many people learnt IRISnet also from knowing it is a very important ecosystem partner to Cosmos, however could you please share more insights about this relationship?
Yes, we are kinda like brother projects. The core dev of Cosmos Hub — Tendermint team is providing support to IRIS Hub, while the core dev team of IRIS Hub — Bianjie has been a very active contributor to Cosmos technology stack as well. Tendermint and IRISnet has recently entered into a formal strategic partnership.
The blog from Tendermint team gave a good explanation on our collaboration.
I would also like share with you a chart.
Being a part of the larger Cosmos network, IRIS Hub focuses on providing a foundation for distributed business applications. Right now we are working to empower consortium blockchains such as BEAN for healthcare data exchange, to support DeFi applications such as Axonomy, and to tap into privacy computing offered by PlatON.
Cosmos also has a vision of independent hubs and application specific blockchains collaborating while keeping independent governance. IRIS Hub is going to be the first regional hub connecting to ATOM Hub to add more reliability to the network. All zones connected to IRIS Hub would be able to interact with any other zone in the Cosmos network over the standard IBC protocol.
Furthermore, by introducing a layer of service semantics, which enables a whole new set of business scenarios, IRIS Hub represents an increase in scale and diversity of the Cosmos ecosystem.
3. What are IRIS token’s use cases,and its token economics?
I would like to share the following core module chart to illustrate the IRIS token economics design as well as its usage cases:
IRIS tokens can be used as both staking tokens and fee tokens.
The design of the IRIS Hub economic model can be divided into three levels:
(1) IRIS is the fee token used to pay for all types of network transactions.
(2) IRISnet consensus layer is inherited from Cosmos SDK and Tendermint. IRIS token holders can participate in network validation through staking the tokens to network and receive new block provision fee as well as network fee.
(3) On top of the consensus layer, IRIS Hub offers two key components:
- multi-asset management module, which provides the underlying support to Defi applications;
- iService module that enables onchain-offchain interoperability based on a service oriented architecture.
To interact with the multi-asset module, one has to pay fees when issuing tokens, minting tokens or creating gateways.
To act as an iService provider, one has to deposit IRIS tokens; IRIS and other whitelisted tokens on IRIS Hub can be used by service providers to charge service fees. IRIS tokens are also required as deposits for service governance to resolve disputes.
4. What are the unique values and innovations offered by IRISnet?
(1) We are the first BPoS chain that has implemented comprehensive on-chain governance and advanced on-chain software upgrade. This allows us to be self-evolutionary.
(2) IRIS Hub allows off-chain resources and services to be “consumed” across chains and heterogeneous systems, bridging the gap between the blockchain world and the traditional world.
5 What are the key milestones of IRISnet in next few months?
In Quarter 3:
Our next major release of IRIS Hub is v0.15, which brings multi-asset management and atomic swaps into action, it is targeted for July, and next week, this new module will start tested on our new Nyancat testnet next week, validators are welcome to join us.
Also we are targeting to bring two DeFi ecosystem partners on board in July, and introduce a couple of stable coins into IRIS Hub. Please stay tuned and we will announce more details in the next couple of weeks when we finalize the release plan.
In Quarter 4:
We are targeting to bring live interchain services to IRIS Hub, which could possibly be privacy computing service other blockchain can use. However this will also depend on the progress with our ecosystem partners.
6. Could you please give an example how this new function can be used? Do you plan to have any app running on IRISnet? Can you give some examples?
Yes, as mentioned earlier, in the coming July we are targeting to bring stable coins as well as a community wealth management app to IRISnet. More details will be shared soon.
We are also working with different application specific blockchain projects and want to help them to extend the value of their network to greater interchain ecosystem. Through iService, IRISnet can also bring more resuable resources to help expedite application development.
For example, a consortium blockchain for healthcare data exchange such as BEAN , can use the proxy re-encryption capablity offered by PlatON and doesn’t need to make great effort to develop that capablity itself.
7. From the record on CMC,the total supply is about 2 billion,but the private sales only account for a small propotion of 25%,could you please explain the usage of the other portion and how do you plan to release.
We have a document give detailed explanation on the token distribution together with its IRISnet address, following is the link.
Besides the team tokens allocated to the core development team: Bianjie (15%) and Tendermint (10%). The goal of the reserved ecoystem tokens (30%) are focus on long term success of project, e.g grant to ecosystem collaborators, also 5% reserved for ATOM hub to stake IRIS hub etc.
8. There is 30% of IRIS tokens are reserved for ecosystem development,how that is going to be used? Could you please give more details?
Delegation program to support validators, bug bounty, community awards, also most important to support apps/application specific blockchain development in IRISnet.
9. Who are your business partners? How you plan to work with them?
We listed some of our collaborators on our web as well as illustrated on this chart.
We are collaborating with them on the areas of privacy computing (PlatON), DeFi application providers (Axonomy, GDEX) etc. We are also working with the Fosun which is a healthcare conglomerate in China on BEAN. We are also piloting a consortium IRIS Hub with Nanjing city to address integration needs of various consortium blockchains and legacy information system. Actually I am sitting right now in Nanjing office doing this AMA.
10. Facebook Libra is going to be live in a year, do you see any collaboration opportunity of IRISnet with Libra?
From a technology point of view, Libra will start as a BFT consortium blockchain while moving gradually toward a permissionless chain secured by public validators, the whitepaper also mentions Tendermint as an example of advanced BFT consensus engines.
IRIS Hub team is a very experienced and competent.
Official website: https://www.irisnet.org/
Telegram English: https://t.me/irisnetwork
Telegram Chinese: https://t.me/irisnetwork