Thanks for ICO Pantera to organize such a great AMA for us in Korean community. Here comes the review of the output from the event.
Q1: 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, including DeFi apps as well as those apps involving onchain-offchain/interchain interoperability.
Q2: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? What synergies can arise from each other?
Thanks for the question. This is almost a question we got asked in every AMA. Very often, we call ourselves 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.
I also want to post 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.
Q3: IRISnet’s goal is to achieve interoperability between off-chain-based operations and blockchains. What are the problems and how do you plan to solve them?
I will use an example to illustrate the problems. For the DeFi applications, many of them will need market data information. E.g the rate between BTC and ETH. And the market data informationcan be provided by coin market cap or other exchange API.
Those information are not on chain, however it isvery important for distributed applications. Using the iService module provided in IRISnet, anyone can link this type of off-chain (or even cross-chain) data or computation to blockchain. We solved this through providing a service infrastructure on IRISnet, which we call iService.
Q4: 1. I want to know why you made 2 types of tokens (staking token and fee token)?
2. For the fee token, there will be changes of price all the time and the price would be different for all exchanges. If fees change for dollar price, there can be inconvenience,so it would be important to peg the fee to dollar. I want to know whether will IRIS try to fix fees to a certain dollar price? And if IRIS will try it, how it can achieve fixed fees?
Question 1: Staking tokens are utility tokens supporting PoS functionality; fee tokens are utility tokens for payingnetwork transactions fee, iService fee, also issuing assets on IRIS Hub,etc.
IRIS token can be used as both staking token on IRIS Hub as well as fee token on IRIS Hub or any other network whitelists that IRIS also supports through interchain communication protocol (IBC).
For question 2: Actually multi assets are supported on IRIS Hub, and we are working with GDex which is a DEX also gateway. They are going to help bridge in stable coins to IRIS Hub within this quarter. So for service providers, they can chose freely to use IRIS or stable coins to charge for their service. However,they have to use IRIS to deposit before they can publish their service.
Q5: What did you like best about Tendermint as you proceeded with the project?
1. High performance, very fast, one block finality.
2. High quality code: industry tested open source.
3. Modular: easy to allow you focus on the application business logic and no need to worry too much on the consensus implementation.
Q6: What are the benefits of using blockchains in the development of decentralized business applications?
The benefit is “trust”. Blockchain works as a trust machine to enable collaboration among parties which are not necessarily trust each other. People/parties can do business with each other without a central agency greatly improves the collaboration efficiency. E.g if you lend/borrow to/from DeFi application on blockchain instead of doing that from a bank, you can get better interest rate, since the cost of managing the risk is minimized. There are also other benefits. However in my opinion, trustless, permissionless, censorship resistant provided by blockchain allow collaboration so efficient. So blockchain is a trust machine.
Q7: In the future, there will be projects using Cosmos / Tendermint in the same industry. What competitive advantage does IRISnet have?
IRISnet from day one of design is focusing on providing good foundation to build next-gen distributed applications. Our team has been working in this area since 2016. Right now it has iService module allow you to consume resources from other systems(public blockchain, consortium blockchains and even legacy systems) in a very easy way. We also just released multi asset management module on our Testnet Nyancat last week, which is the foundation for people to develop DeFi applications.
Q8: I know IRISnet is also going to airdrop to ATOM holders. These airdrops are good for the recipient. However, I wonder where the funds come from. What is the demand for IRISnet?
To be more accurate, this is an airdrop to ATOM Hub to stake IRISnet. There are more details on our whitepaper:
5% of IRIS tokens are reserved for Cosmos Hub to stake IRIS Hub and to explore Hub economics enabling healthy multi-hub collaboration. This 5% is not directly airdrop to each individual ATOM token holders, it is for staking only.
Q9: In my opinion, the current project seems to be undervalued in terms of price. What do you think and what are the countermeasures?
While we are continuously dedicated to progress technology and ecosystem development — — new version of IRIS Hub supporting DeFi App are currently on testnet. We are also improving our communication. We plan to do more AMA and communication to our English speaking community,which we haven’t been doing a good job and we plan to improve.
Q10: What’s the latest update of IRISnet?
we just rolled out our new version to testnet. If everything goes well on the testnet, in a couple of weeks, the community is expect to see a smooth upgrade of IRIS Hub. The upgrade is going to be supported by on-chain governance. Yes, the on-chain governance is for community to vote and if the vote passes, the upgrade then be possible. We are also working with Gdex,which is a DEXalso a gateway to bring in BTC/ETH/USDT/BITCNY to IRISnet. We are also working with Axonomy — — a new DeFi application to help them build on the top of IRISnet.
Official website: https://www.irisnet.org/
Telegram English: https://t.me/irisnetwork
Telegram Chinese: https://t.me/irisnetwork