IRIS Hub’s multi-asset module was enabled in mainnet v0.15 on Aug 29th. This module allows multiple on-chain assets to be issued, managed and used on IRIS Hub. This article will introduce to you the multi-asset feature of IRIS Hub and its usage.
1. Introduction to Multi-Assets
Before operating multi-assets, we need to define several basic concepts of assets on IRIS Hub.
Assets are divided into three types on IRIS Hub: Native Asset, Gateway Asset and External Asset. The currently operable assets are native assets and gateway assets after the launch of v0.15 multi-asset module. Later IBC protocol will support the operation of external assets.
Native Asset
Native Asset are the assets issued by users. Individuals and companies can create and issue their own assets on IRIS Hub for any use cases, such as asset tokenization, stablecoins, collateralized debt, etc.
Gateway Asset
Unlike native assets, gateway assets are assets that rely on gateways to transfer value into and out of IRISnet. Gateway mode is an alternative to InterBlockchain Communication (IBC) protocol before it is ready, which may continue to exist after IBC is enabled.
Gateway can be trusted, basically equivalent to the standard exchange mode. Users exchange cryptocurrencies relying on the exchange’s redemption ability. Gateways usually issue internal assets with prefixes, such as GDEX, OPEN, etc., and these assets are managed and operated by gateways. These assets are the mapping of real BTC, ETH or any other digital assets that people store on the gateway, and the gateway is responsible for the mapping relationship between the assets.
External Asset
In addition to gateway assets, after the IBC protocol is enabled, we can also create external assets on the IRIS Hub that are native tokens on other blockchains to allow interoperability of those assets in a cross-chain manner. The only way to create external assets is to submit an TokenAdditionProposal through IRIS Hub Governance, but for user convenience, BTC and ETH are pre-set in the system.
2. Example of Asset Issuance and Transfer
So, how to issue and use assets on IRIS Hub with the multi-asset module on IRIS Hub? Here we take Axonomy as an example.
Axonomy is a DeFi App that serves users in decentralized investment community. It aims to remove the technical barrier for classic internet users and provide them with better DApp experience. Axonomy aggregates financial management, deposit interest, pledge, DAI loans and other financial services.
Using the multi-asset manangement, Axonomy can tokenize its SKUs in AXON tokens, which can be native assets on IRIS Hub. When Axonomy users want to manage their assets in ETH, BTC or USDT. They can transfer tokens to IRIS Hub through gateway assets issued by GDEX.
IRIS Hub will also provide stable, secure, high-performant and continuously upgrading blockchain infrastructure for DeFi applications. In the future, users will be able to freely use Axonomy’s DeFi products (such as asset management, collateralized debt) on IRIS Hub.
2.1. Asset Issuance
Asset issuance is usually done by asset creators or custodian services.
native asset:
Axonomy can issue its AXON token as native token on IRIS Hub. Following is the command:
iriscli asset issue-token --family=fungible --source=native --name="Axon" --symbol=axon --initial-supply=100000000000 --max-supply=1000000000000 --decimal=0 --mintable=true --fee=1iris --from=<key-name> --commitGateway assets:
If you want to issue asset through a gateway, the first step is to establish the gateway:
iriscli asset create-gateway --moniker=gdex --identity=<pgp-id> --details="GDEX Gateway" --website="https://www.gdex.io/" --from=<key-name> --chain-id=irishub --fee=0.3irisThe moniker name is a 3–8 bit string, similar to a website domain name. The shorter the name is, the more expensive it will be.
The calculation formula is as follows:
(ln(len({moniker}))/ln3)^4Then, the gateway assets are issued:
iriscli asset issue-token --family=fungible --source=gateway --gateway=gdex --canonical-symbol=axon --name="Axon" --symbol=axon --initial-supply=100000000000 --max-supply=1000000000000 --decimal=0 --mintable=true --fee=1iris --from=<key-name> --commit2.2. Asset Transfer
After the issuance of the assets, all users on IRIS Hub can exchange the newly created assets just as they send and receive IRIS.
iriscli bank send --from=<key-name> --to=<address> --amount=10axon --fee=0.3iris --chain-id=irishubThe above is the tutorial for multi-assets operation. If you want to know all the operation commands and their parameters in detail, please refer to our official website technical documentation：https://www.irisnet.org/docs/features/asset.html#concepts
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