IRISnet and OKChain Collaborate to Develop DeFi Application as well as Interchain Ecosystem
Editor’s Note:
Decentralized Finance (DeFi) is shaping up to be one of the most promising use cases of blockchain and IRISnet is actively involved in advancing the development of the whole ecosystem. Since last year, IRISnet and OKChain have collaborated to develop the DeFi application blockchain as well as the interchain ecosystem.
Cosmos is without doubt one of the most innovative cross-chain projects. It has brought three vitally important contributions to the blockchain industry: Tendermint, Cosmos SDK and IBC(Inter Blockchain Communication). IBC is currently being tested in Game of Zones (GoZ). Cosmos SDK supports building high performance application specific blockchains using Tendermint as a consensus engine. Then IBC supports those application blockchains to interoperate and form an internet of blockchains .
Since 2017, IRISnet’s core development team, Bianjie, started participating in Cosmos SDK open source development. The team’s contribution to the Cosmos ecosystem has been held in high regard by various collaborators. IRISnet (mainnet IRIS Hub) was the first external application blockchain developed using the Cosmos SDK, and the first mainnet launched in the Cosmos ecosystem. IRISnet is an interchain service hub providing foundation for next generation distributed applications. The service infrastructure (iService) not only supports token cross-chain transfer, but also data and complex calculations that can be called across heterogeneous systems. Additionally, it also supports interoperability of public chains, consortium chains, and even traditional systems.
DeFi is one of the most anticipated use cases for blockchain technology. As an interchain service hub supporting complex distributed applications, IRIS Hub introduced many core functions that can empower DeFi last year. More recently, this functionality has also included a test version of Coinswap (on-chain flash exchange) which can work with IBC. Moving forward with DeFi ecosystem development, IRISnet and OKChain have also committed to engaging in deeper collaboration in order to further support the development of the DeFi applications in the Cosmos ecosystem.
As contributing developers of the Cosmos SDK and IRISnet, we are very pleased to see how Cosmos SDK developed OKChain has successfully entered the testnet stage, and believe that OpenDEX on OKChain will provide new value to the cross-chain ecosystem. We are honored to be invited to become OKChain’s first ecosystem partner, and look forward to an even more interconnected future made possible by the IBC protocol. Right now, IRISnet and OKChain have already worked on following areas:
1. The IRISnet team was invited to provide technical support for the development of OKChain
OKChain is also developed using Cosmos SDK and uses the Tendermint Byzantine consensus mechanism. In 2019, the IRISnet core team was invited to provide Cosmos technical training for the OKChain team — including blockchain development, stress testing, node operation and maintenance, etc. The OKChain team also invited the IRISnet core team to provide technical advice when solving technical challenges during the development process.
2. OKChain and IRISnet team collaborates for the Game of Zones
The Game of Zones Challenge aims to verify Cosmos’ IBC cross-chain protocol on a large scale before launch. The game is in the third stage now and both the IRISnet team and the OKChain team are working together. As of now, the IRISnet team has contributed Relayer’s incentive design to the competition, helped to discover multiple bugs, and launched the GoZ network status browser and cross-chain wallet Rainbow-GoZ wallet.
The Rainbow-GoZ wallet integrates a cross-chain transfer function with Coinswap (on-chain flash exchange), and completes the docking with OKChain. The Rainbow-GoZ wallet is available for download now and users can experience the cross-chain transfer of IRIS Hub and OKChain in the GoZ testnet environment. Through the on-chain flash exchange, tokens on OKChain can be exchanged with IRIShub’s native token, IRIS Token, as well as tokens of other Zones connected to IRIShub. It is expected that when IBC is officially launched, these transactions will be reflected in the main network environment.
Looking forward to more interchain ecosystem collaboration
1. iService can provide interchain computing and data services for DeFi applications on OKChain
IRIS Hub is designed to be the foundation for the next generation distributed applications, and its iService can conveniently support the integration of off-chain or interchain resources including computing and data. iService can support centralized system and heterogeneous blockchains (even including blockchains which are not based on Tendermint) to conduct interoperability.
Recently, IRISnet team established a partnership with Chainlink and opensourced the integration code of IRIS iService and Chainlink on Github. Through this integration, applications on other blockchains/legacy systems can convenient consume oracle data services. In future, it is possible for the applications on OKChain to use the data and computing services provided by IRIS Hub, the other examples include privacy computing services provided by a blockchain such as PlatON in IRISnet ecosystem, data mining services running off chain to calculate certain market risk factors etc.
2. When Rainbow digital wallet integrates with OKChain
Rainbow digital wallet (www.rainbow.one) is developed by the core team of IRISnet and also supports delegation and staking through selecting trusted network validators based on secret key and token management of traditional encrypted digital wallet, maintaining network stability and being rewarded tokens for block provision. Users can also vote on chain through Rainbow, this results in a more decentralized network development process and for the different needs of different users. The Rainbow digital wallet also supports ‘red envelope’ gifting functionality based on blockchain. There are also enhanced security of keys protection through cold wallet/watch wallet. Rainbow ID based on the HD wallet makes it easier for users to manage multi-chain addresses at once.
In addition to the mainnet wallet, the Rainbow testnet wallet is also frequently bringing out new and innovative features. Rainbow-IBC in 2019 and Rainbow-GoZ in 2020 are the first to bring IBC cross-chain transfer and on-chain flash exchange to the global Cosmos ecosystem in the form of a cross-chain wallet.
The Rainbow digital wallet currently supports both IRIS Hub and Cosmos Hub. In the future, when OKChain is integrated into Rainbow, users will be able to easily perform the above operations on OKChain.
3. When IRISplorer browser integrates OKChain
The IRISplorer browser (irisplorer.io) is developed by the IRISnet core Bianjie team, and currently supports querying of IRISnet’s blockchain status, on-chain management and other information. Visualized in a clear and detailed way, the IRISplorer enables real-time data changes on the chain to be visually communicated to users.
In the future, when OKChain is integrated into the IRISplorer browser, users can: view the blockchain status of OKChain in real time, browse their block data, transaction data, verifier node information, check OKChain’s block height, transaction hash, address information, carry out related searches, see related asset ranking pages and a list of the top 100 addresses using OKChain.
Users would also be able to query OKChain governance proposals, voting governance processes, and other governance parameters.
Thank you for reading! Please CLICK the clap button 👏 if you like our story.
💌 Community
•Email: contact@irisnet.org
•Website
•Forum
•Twitter
•Medium
•Youtube
•Facebook
•WeChat subscription: irisnetwork
•WeChat group: irisnetwork2018
•English Telegram
•Chinese Telegram
•Korean Telegram
•Philippines Telegram
•Italian Telegram
•French Telegram
