Biweekly update 13th June — 27th June
This is not financial advice.
Good tidings, dear friends. We are happy to announce we have become interested in IRISnet, an interchain service hub built with Cosmos-SDK. It really caught hold of us and caught fire, since IRISnet is the first BPoS chain that has implemented comprehensive on-chain governance and advanced on-chain software upgrade and also IRIS Hub allows off-chain resources and services to be “consumed” across chains and heterogeneous systems, bridging the gap between the blockchain world and the traditional world. And speaking of the last two weeks, we think that we must mention some updates. First of them is the development upgrades — Rainbow Wallet V2.0 which now supports Cosmos and IRISHub V0.14.1 which supports the release and exchange of multi-asset. The second point is the important financial news — 1st IRIS Token Burn Complete. To cut a long story short, 19 million IRIS was burned, it will ensure that the validators and the delegators can still enjoy the same rewards at the system set a 4% inflation rate. Thirdly, the foundation published 10 Validator Brief, an article to help users to validate via other Wallets. To be honest, it became very easy and we are blessed that Crypto Apps become so easy-to-use. To conclude, we are looking forward to new achives to tell you about them.
IRISnet aims to establish a technology foundation to facilitate construction of next-generation distributed applications. Current blockchains face performance, operability and governance issues, and the team behind IRIS came with clever solutions to these problems, which are detailed below:
- Interoperability: By incorporating a comprehensive service infrastructure and an enhanced IBC protocol into Tendermint & Cosmos stack, IRISnet enables service interoperability as well as token transfers across an internet of blockchains: private, consortium chains, public chains. IRIS Hub will be the first regional hub connecting to the main Cosmos Hub.
- Governance: Future amendments of the protocol will be managed through on-chain governance. IRIS token holders benefit from voting power to participate in the IRIS network’s governance.
- Bonded Proof-of-Stake (BPoS): BPoS is a variant of Proof-of-Stake, where token holders can earn additional tokens based on the size of their stake. In return for securing the network, validators and delegators will be able to earn an interest rate. If you do not want or know how to run a validator, you can delegate. IRISnet will be limited to 100 validators at the beginning, which will be selected based on the size of their stake, i.e. their own balance plus the amount of IRIS delegated to them. It is important to note that in case of safety or liveness fault, a portion — ranging from 0.5% to 2.0% — of the validators and delegators’ stake will be slashed: carefully choose your validator.
- Rainbow V2.0 is Released
1. create and manage one or more wallets for ATOM;
2. import the existing ATOM address into Rainbow through mnemonic;
3. transfer, delegate, redelegate, undelegate ATOM and withdraw the rewards;
4. create cold wallet and watch wallet to manage your ATOM better.
- IRIShub was upgraded to v0.14.1. And v0.15.0 is under developed, which supports the release and exchange of multi-assets; Nyancat testnet was released for validators to test new functions and practice on-chain software upgrade.
The design of the IRIS Hub economic model can be divided into three levels:
(1) IRIS is the fee token used to pay for all types of network transactions.
(2) IRISnet consensus layer is inherited from Cosmos SDK and Tendermint. IRIS token holders can participate in network validation through staking the tokens to network and receive new block provision fee as well as network fee.
(3) On top of the consensus layer, IRIS Hub offers two key components:
- multi-asset management module, which provides the underlying support to Defi applications;
- iService module that enables onchain-offchain interoperability based on a service oriented architecture.
The unique values and innovations offered by IRISnet?
(1) IRISnet is the first BPoS chain that has implemented comprehensive on-chain governance and advanced on-chain software upgrade. This allows it to be self-evolutionary.
(2) IRIS Hub allows off-chain resources and services to be “consumed” across chains and heterogeneous systems, bridging the gap between the blockchain world and the traditional world.
- 22 July BUIDL Asia 2019: Harriet from @irisnetwork is going to share how to support high performance DeFi applications on IRIS Hub with Cosmos technology stack.
- Total Supply: On Genesis, the initial token supply will be 2.0 billion IRIS tokens
- Distribution: 25% for private sale participants, 15% to Bianjie Developer Team (4-year progressive vesting), 10% to Tendermint Developer Team (2-year progressive vesting), 15% to Iris Foundation, 30% to Ecosystem Development, and 5% airdropped to Cosmos Atom holders.
- Inflation: On Genesis, the initial inflation rate is set at 4%. The annual inflation rate will be adjusted to account for the fact that a substantial portion of IRIS tokens may be voluntarily staked by participants to participate in the consensus engine.
On June 5, 2019, the IRIS Foundation announced a one-year token burning 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 launch. This dynamic order is intended to help maintain a fixed supply of 2 billion IRIS tokens after each token burn.
On June 28, 2019, the IRIS Foundation completed the 1st IRIS token burn under a one-year token burning plan with 19,189,722 IRIS burned. The current total supply is 2 billion IRIS.
- PANGU JAN 2018 — MAR 2019
The first stage of the IRIS project will focus on having the IRIS Hub up and running. IRISnet also intend to release an initial version of the mobile client for the IRIS network. In this stage the tech team also focuses on building the fundamental IRIS Service Layer. This will involve enabling service definition, binding, invocation and query. The development team plans to collabrate with 1–2 ecosystem parteners to release i-Services to IRIShub.
- NÜWA APR 2019 — SEPT 2019
In this stage the foundation is aiming to have a beta version of the IRIS SDK ready for developers. They plan to upgrade IRISnet mobile client to support i-Services and plan to establish collaborations with application specific blockchains and enable them as zones connecting to IRIS Hub. IRISnet also plans to accomplish the connection with Cosmos Hub at this stage.
- KUAFU OCT 2019 — DEC 2019
The third stage will focus on incremental upgrades to the IRIS Network in order to support the planned advanced IRIS Service governance features.
- HOUYI BEYOND JAN 2020
The fourth stage will focus on further technology innovations to the IRIS network, IRIS SDK and mobile client, as well as developer engagement.
Partnerships and team members
How to stake via Math Wallet
Math Wallet is a multi-platform (mobile/desktop/hardware) universal crypto wallet that enables storage of multi-chain tokens. Math also operates the node for IRISnet/Cosmos/EOS/Tron/EOSC/ChainX/ENU and others.
- The 1st IRISnet Validator Brief | Validator.network & Cosmostation
- The 2nd IRISnet Validator Brief | Happy Iris & Syncnode
- The 3rd IRISnet Validator Brief | Easy 2 Stake & Kytzu
- The 4th IRISnet Validator Brief | Node A-Team & Cypher Core
- The 5th IRISnet Validator Brief | Figment Networks & Forbole
- The 6th IRISnet Validator Brief | Huobi Research & NewRoad.Capital
- The 7th IRISnet Validator Brief | meleatrust & HashQuark
- The 8th IRISnet Validator Brief | 01node & Wetez
- The 9th IRISnet Validator Brief | Castlenode & Inchain.Works
- The 10th IRISnet Validator Brief | Math Wallet & POS Bakerz
There are few projects (iServices) already building on the IRISnet, among which:
Social media metrics
Social media activity:
The graph above shows the dynamics of changes in the number of Horizen Reddit subscribers, Twitter followers and Facebook likes. The information is taken from Coingecko.com.