Today the IRIS Foundation announced a one-year token burn plan with the goal of encouraging continued support within the development of the IRISnet ecosystem. As the plan entails, the Foundation will burn IRIS tokens (amount adjusted for inflation) within the first year after Mainnet launch. This dynamic order is intended to help maintain a fixed supply of 2 billion IRIS tokens after each token burn. The first IRIS token burn is scheduled to take place on June 28, 2019, with the last one planned on March 27, 2020.
The planned to be burned IRIS tokens will come from the eco-development funds (accounting for 30% of the initial total) managed by the IRIS Foundation and the corresponding rewards obtained by staking, which will ensure that the validators and the delegators can still enjoy the same rewards at the system set 4% inflation rate. Through this burning plan, the actual inflation rate in the first year after launching is aimed to be zero, which will ensure the healthy and sustainable development of IRISnet.
As the world’s first self-evolving BPoS public chain, IRISnet successfully launched on March 1, 2019 with an initial supply of 2 billion tokens and a fixed annual inflation rate of 4% per genesis file. After more than 3 months of smooth sailing, the total supply of IRIS token has since reached 2.019 billion, with a staking ratio of 25%~30% and an annual staking yield of 13.33%~16%.
Like all PoS networks, IRISnet needs to maintain a reasonable inflation rate in order to drive network participants to take part in maintaining network security. As the project moves on from the exploring phase, we hope that the incremental value of token supply will be primarily used towards building practical applications. A successful execution of the said plan would ensure an effective inflation rate of zero within the first year, and impose a positive impact on the project’s development overall.
IRISnet‘s primary token IRIS with twofold utility: staking and transactional. While transactional in an economic sense, the IRIS token also serves as a means for token holders to participate in distributed consensus as well as on-chain governance by staking their tokens in the network.
The IRIS Foundation is actively working with all parties on developing more application scenarios while promoting the IRIS token as a form of fee token. According to the current plan, IRISnet will be launching support for multi-asset management with DeFi applications in Q3 2019, and cross-chain services to follow in Q4.
To ensure continued growth within a decentralized community of validators, since last July the IRIS Foundation has been using eco-development funds to reward participants in Fuxi testnet series, and open-source contributors in the community. The Foundation aims to keep on improving the utilization of the eco-development funds upon comprehensiveness and effectiveness through various means including “Community Building and Development”, “Application Development Support” and “Node Development Support”.
About IRISnet and IRIS
IRIS Network (a.k.a. IRISnet) is designed to be the foundation for next generation distributed business applications. It is a BPoS blockchain, built with Cosmos-SDK, that enables cross-chain interoperability through a unified service model.
IRIS is the native token of IRISnet. It is designed to be staking token, transaction fee, as well as service fee for DeFi and iService. It is a utility token for various using cases.
About Eco-development Fund & IRISnet Public Token Addresses
30% of the innitial token distribution have been reserved for ecosystem development which is used to swap with zones connecting to IRIS Hub, grant to potential users and award to outstanding partners.etc. “IRISnet Public Token Addresses” document has been published in Chinese and English for your record.
Official website: https://www.irisnet.org/
WeChat: irisnet work
Telegram English: https://t.me/irisnetwork
Telegram Chinese: https://t.me/irisnetwork