IRISnet FAQ

IRISnet
IRISnet
Jun 21, 2019 · 5 min read

1. What is IRISnet?

IRISnet (a.k.a IRIS Hub) is designed to be the foundation for the next generation distributed applications. Built with Cosmos-SDK, IRIS Hub enables cross-chain interoperability through a unified service model, while providing a variety of modules to support DeFi applications. IRIS Hub is designed to support not only token transfers across internet of blockchains, but also to allow consumption of data and computing resources across heterogenous systems mechanism, token economics, etc.)

2. Where is your technical whitepaper?

https://github.com/irisnet/irisnet/blob/master/WHITEPAPER.md

3. What is the Token name of IRISnet?What's the total supply and circulation?

IRISnet Token is IRIS. The current total supply and circulation can be check here:

Total Supply: https://rpc.irisnet.org/token-stats/supply

Circulation: https://rpc.irisnet.org/token-stats/circulation

4. What’s the initial token distribution?

On Genesis, the initial token supply will be 2,000,000,000 IRIS tokens. The distribution of IRIS tokens is planned to be as follows:

Private Sale: 25%

Bianjie Developer Team: 15% (4-year vesting period starting from IRIS Hub launch, during which the team will vest 1/48th of its IRIS tokens each month)

Tendermint Developer Team: 10% (2-year vesting period starting from IRIS Hub launch, during which the team will vest 1/24th of its IRIS tokens each month)

IRIS Foundation: 15% (reserved to support the operations of the Foundation)

Ecosystem Development: 30% (swap with zones connecting to IRIS Hub; grant to potential users; awards to outstanding partners)

Cosmos ATOM Holder Airdrop: 5% (The goal for this airdrop is to support the long term success of both Cosmos and IRIS hubs. One of the design thinking is to have this airdrop to ATOM holders arranged through a special airdrop to a wallet owned by the Cosmos Hub for ATOM holders and stake to IRISnet. This could enhance security for both Hubs also ATOM holders can enjoy the block rewards from another HUB)

If and when the IRIS network is fully deployed, the annual inflation rate of IRIS tokens will be adjusted to account for the fact that a substantial portion of IRIS tokens in circulation may be voluntarily staked by participants to participate in the consensus engine.

Proceeds from the private sale of IRIS tokens will be used, first and foremost, for the development of the IRIS network. The planned usage distribution is as follows:

Foundation Operations: 10% (including service providers and contractors fees, for example, auditing, consulting, legal and other third party fees, and other overheads)

Software Development: 50% (including costs, fees and expenses directly attributable to the development of launch)

Developer Enablement: 10% (including funding hackathons, awards to volunteers and training programs)

Research and Development Sponsorships: 10% (including conference, research programs, and university outreach)

Marketing and Promotion: 20% (including business development, community programs and outreach, together with related travel, communication, publication, distribution and other expenses)

Here is the “IRISnet Public Token Addresses” in both Chinese and English on our official website, which is also available for tracking.

5. What are IRIS token’s use cases, and its token economics?

Core use cases of IRIS tokens:
(1) At the consensus level, IRIS is the staking token used by validators and delegators to secure the PoS network while receiving rewards for doing so.
(2) IRIS is the default fee token for all transactions on the network.
(3) IRIS token holders can participate in on-chain governance by creating and voting for governance proposals.
(4) IRIS is the base token used by the coinswap protocol for on-chain token exchange
(5) IRIS is the default fee token used by service providers for binding deposit and fee collection

-possible applications across verticals, case by case basis

The interoperability supported by IRISnet is very suitable for those application cases requiring on-chain/off-chain/interchain information exchange and collaboration. The following are some applications that the core team developed using IRISnet technologies, some of which have won national/regional innovation awards.
1. Privacy-preserving healthcare data exchange
2. Digital assets exchange platform for supply chain finance
3. Service e-market

6. What is the relationship between IRISnet and Cosmos?

While the IRIS Network focuses on providing an innovative solution for distributed business applications, it is part of the Cosmos ecosystem. The proposed IRISnet hub is going to be the first regional hub connecting to Cosmos main hub to add more reliability to the network. All zones connected to the proposed IRIS hub would be able to interact with any other zone in the Cosmos ecosystem over the standard IBC protocol. Furthermore, by introducing a layer of service semantics, which we believe could enable a whole new set of business scenarios, the planned IRIS network would represent an increase in scale and diversity to the interchain ecosystem.

7. What’s the collaboration between IRISnet and Tendermint?

Tendermint has written in an article that IRISnet is one project that has been working alongside us at Tendermint since 2017. The team behind IRIS, Bianjie, has been a major contributor to the Cosmos community both on the technical front and on the community building front, where they helped us build presence in Cosmos China. The highly incentive-aligned nature of the two teams was a natural symbiosis.

8. What's the roadmap of IRISnet?

The expected IRIS project is set out below. We reiterate that the roadmap is indicative only, and subject to change. The IRIS project has already accomplished the Pangu stage and is currently in Nuwa stage.

  • PANGU (January 2018 ~ March 2019) The first stage of the IRIS project focused on having the IRIS Hub up and running. Initial version of the mobile client for the IRIS network was released. In this stage we also focused on building the fundamental IRIS Service Layer which was released to IRIS Hub. The fundamental IRIS Service layer enables service definition, binding, invocation and query.
  • NUWA (April 2019 ~ October 2019) In this stage we added more fundational modules to support application development especially DeFi applications. The new modules that have been released in this stage including multi-asset management, Coinswap, multi-sig account etc. We collaborated with 1–2 ecosystem parteners to develop applications using those modules. We also accomplished the test connection with Cosmos Hub through IBC at this stage.
  • KUAFU (Nov 2019 ~ Sep 2020) In this stage we are aiming to accomplish the connection of IRIS Hub with applications blockchains through IBC. We plan to upgrade IRISnet mobile client to support those applications. The third stage will also focus on incremental upgrades to the IRIS network in order to support our planned advanced IRIS Service features.
  • HOUYI (Beyond Oct 2020) The fourth stage will focus on further technology innovations to the IRIS network, SDK and mobile client, as well as developer engagement.

9. What’s your digital wallet?

We have Rainbow App, which is the first mobile client for IRISnet. It now supports both IRIS and ATOM. You can download from IRISnet Official Website, Google Play and App Store.

For more details, please check the following articles:

Install Rainbow App, Create/Import your IRIS Wallets!

How to Delegate Your IRIS?

10. How to be a validator on IRISnet?

There are 100 validators on IRISnet. Here’s the guide to join IRISnet: https://www.irisnet.org/docs/get-started/Join-the-Mainnet.html

Official Channels:

Official website: https://www.irisnet.org/

Telegram English: https://t.me/irisnetwork

Forum: https://forum.irisnet.org

Twitter: https://twitter.com/irisnetwork

Medium: https://medium.com/irisnet-blog

Email: Service@irisnet.org

WeChat: irisnetwork

Telegram Chinese: https://t.me/irisnetwork

IRISnet Blog

IRISnet is an inter-chain service Infrastructure and protocol supporting distributed business aplications.

IRISnet

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IRISnet

IRISnet is the foundation for next-gen DApps. Built with Cosmos-SDK, IRIS Hub enables cross-chain interoperability while providing modules to support DeFi.

IRISnet Blog

IRISnet is an inter-chain service Infrastructure and protocol supporting distributed business aplications.

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