IRIS Foundation to Roll Out a Community-Centric Delegation Campaign & the Second One-Year Token Burn Plan!

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IRISnet Blog

5 min readApr 20, 2020

A Community-Centric Delegation Campaign

How to best utilize the Eco-Development Funding initiative has always been a priority at IRISnet. Over the past few months，the IRIS Foundation weighed in on several propositions discussed within the community and has come up with a community-centric delegation campaign catered to expanding the utilization of the funds while focusing on aligning the incentives of network participants with their business objectives. On a high level, the campaign highlights several fields of interest in crypto-economic primitives, encourages voluntary staking, and promotes long-term network security.

Outside of the regular execution plans for the Eco-Development funds (e.g. delegations, grants, airdrops, and coin burns), we will continue to explore new territories and work together with our community towards encouraging business growth and building positive relationships on every front.

The delegation campaign is set to start on April 1st, 2020, and will occur on a monthly basis for one year. Following the conclusion of the campaign, the IRIS Foundation will evaluate the necessity for possible adjustments and/or extension based on performance analysis and community feedback.

Revising Our Annual Token Burn Plan

To build off of the success of last year’s token burn, the IRIS Foundation is pleased to announce that we will be extending the Token Burn by another year. Continuing the goal of sustaining a zero percent actual inflation rate in the IRIS network, this follow-up burning plan will further remove IRIS tokens from circulation by 1) burning all delegation rewards the eco-development fund has received each month.2) burning part of the IRIS held by the Eco-Development fund’s main address to ensure a zero percent actual inflation; Ultimately with the revised token burn plan the IRIS Foundation aims to keep the network’s perceived inflation rate (4%) and actual inflation rate (0%) intact in order to facilitate sustainable economic growth within IRISnet.

The Token Burn plan is set to start on April 1st, 2020, and will occur on a monthly basis for one year.

Specific execution plans for each category can be found in the table down below:

Newly approved additions and modifications are shown in bold.

Delegators Rewards

Delegators will be rewarded tokens as direct deposits to their IRIS Hub delegation addresses in an amount equal to their monthly delegation reward earnings, the purpose of which is two-fold: 1) reward those who are voluntarily and actively partaking in staking; 2) maintain and gradually drive up the network’s staking ratio as the Foundation’s influence minimizes over time. To preserve the state of the blockchain, a snapshot will be taken at the end of each month, by which a reward distribution process is immediately followed at the beginning of next month. For instance, if Anna received 500 IRIS tokens in total for the month of April, she’d be expected to receive an additional 500 IRIS tokens as a direct deposit to her delegation address from the IRIS Foundation by the beginning of May.

Delegation rewards in IRISnet are calculated based on a variety of criteria, including but not limited to, validator commission rate, validate uptime and validator self-bonded ratio. Click here to learn how you as a delegator can choose validators according to your own subjective criteria(s).

Validators Rewards

It’s been 13 months of smooth sailing for the IRIS Hub since its mainnet launch in March last year. All this would not have been possible without the great help from our validators around the globe and their continued contribution to the ecosystem. One of the primary purposes of the Eco-Development funding initiative is to join forces with the validators and work together on securing the network.

To ensure our validators’ incentives are well aligned with their business goals, and also to help the validator community to grow more decentralized, the IRIS Foundation plans to reward small validators on a regular basis. The Foundation’s criteria include, but are not limited to, continuously operating for a long time, attracting a relatively large number of community delegators, and operating for a while yet still ranking relatively low in terms of the voting power.

* The IRIS Foundation reserves the right of final interpretation for the content hereinabove.

*The IRIS Foundation reserves the right, at its discretion, to change, modify, add, or remove portions of these terms at any time by posting the amended Terms. Please check these Terms periodically for changes.

The Grants program of the Eco-Development Fund

IRIS Foundation will also publish detailed rules of the Grants program recently to provide a clear application method for technical advisors, developers, and community activists who want to make contributions to the project, thereby developing a sustainable IRISnet ecosystem. If you have any suggestions, welcome to leave a message under our twitter, or join the forum or telegram group chat to discuss with us!

About IRISnet and IRIS

IRISnet (a.k.a IRIS Hub), the world’s first self-evolving, BPoS (Bonded Proof-of-Stake) blockchain, is designed to be the foundation for next-generation distributed applications. Built with the Cosmos-SDK, IRIS Hub enables cross-chain interoperability through a unified service model, while providing a variety of modules to support DeFi applications.

The core development team behind the IRISnet project consists of world-class engineers from Bianjie , an award-winning blockchain company based in Shanghai, and Tendermint Inc., a core contributor to Tendermint Core and the Cosmos Network.

IRIS is the native staking token in IRISnet, the core utility of which is to be used as a means to secure the IRIS network. Being transactional by design, the IRIS token also functions as a fee token for paying transaction fees and/or service fees in a multitude of different use cases.

Public Addresses

The Eco-Development fund, as described in IRISnet’s whitepaper, took up 30% of the initial token supply defined in the genesis block. This number has since gone down to 26.71%. All token addresses owned by the IRIS Foundation can be found on IRISnet’s Github for your record, available in both Chinese and English.