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IRIS: AMA, Mintscan, Partnerships

Biweekly update 25th July — 8th August

Good day! It is devoutly to be hoped that you remember IRISnet. It is a service infrastructure and protocol constructed using Cosmos SDK/Tendermint that facilitates the system of distributed business applications. We are willing to present to you all the most current updates on the aforementioned project.

First, there was the latest AMA with Harriet Cao, co-founder of IRISnet. He touched on the issue of the vision of IRIS, the primary value drivers, the role of staking in maintaining decentralization and others. According to Harriet Cao, IRIS tokens have four levels of utility in the IRIS network: tx fees, staking, governance, application. Also, in his opinion, offering staking products by exchanges will definitely lower the barrier-to-entry for individual delegators and make the staking economy more accessible to average token holders; however, consolidation of voting powers into a few big validators could have some undesirable side effects. We agree with him. As we know, now it is too difficult for users to stake their tokens. So, the opportunity to stake via the exchange platform would improve the whole community and change the way of investing.

Second, we’ve heard that IRISnetwork is now on Mintscan! Monitor network conditions and transaction details with ease & finesse. Everyone is allowed to check the transactions, bonded ratio, the account & validator readings, etc. on it. And we are thankful for the innovative service because it is much more straightforward to track the IRISnet status network.

Third, there are a few minor news as follows. IRISnetwork is now supported on Cosmostation Android Wallet along with Cosmos. Plus, Huobi Wallet is an IRISnetwork validator now. Both the statement is the fantastic freshest news we fancy. Further, it is the indices of ecosystem evolution. We have already satisfied ourselves that new apps draw people and rack up the transactions.

To sum up, there are a lot of high marks noting the fast germination of IRISnet, and we are pleased to admit them. Stay in touch.

This is not financial advice.

Development

Github metrics:

Technical Updates

Nyancat Testnet

  • Nyancat-3 test network is running normally.
  • Tested the backup of the private key of multi-signature account and Keystore.

IRIS Hub Development

  • [rand] a random number generator was added ;
  • [asset] the relevant parameters of asset issuance was adjusted ;
  • Bug was fixed when promethus loaded metrics while switching versions;
  • The error msg was optimized when there was a refund;
  • The iriscli keys export command was prohibited from exporting multi-type accounts.
  • The coin-related method was reconstructed to enhance the security of account with the multi-token operation;
  • The v0.15.0-rc2 version was released.

More information can be found here: https://github.com/irisnet/irishub/issues?q=is%3Aissue+is%3Aclosed

Rainbow Wallet — Rainbow v2.2 was under development and test, and product performance was further optimized:

1. Users can view transaction history and flow on the client. As long as users import their wallets into Rainbow, they can find all of the transaction histories including those before the irishub upgrades;

2. With the update of the framework, users have a better experience when sorting the validator list.

IRISplorer — IRISplorer v0.9.9 was released on July 23rd:

1. Users can see the total supply of IRIS tokens, circulation, burn, and holder statistics in the new version.

2. Validators’ addresses are displayed as more easily identifiable names (Moniker).

Social encounters

What is the vision of IRIS? What is the role of the IRIS token and what do you see as its primary value drivers?

We want to build a solid foundation for the next-gen distributed applications (including DeFi apps of course), providing mechanisms and tools that facilitate efficient development of such applications.

IRIS tokens have four levels of utility in the IRIS network:

1) All tx fees are denominated in IRIS,

2) they are used as staking tokens to drive the BPoS engine,

3) they are needed to support our comprehensive on-chain governance process where all the proposals are funded through IRIS tokens (partially or completely burned),

4) at the application level, all kinds of operations are funded through IRIS tokens, from issuing assets (partially burned and taxed) to creating service bindings (slashable).

The primary value drivers of IRIS tokens are the ability to support applications, and we are devoted to build the tech as well as support our ecosystem app partners.

How should we think about decentralization in a network? What is the role of staking in maintaining decentralization? What are the best approaches to ensure a sufficient level of decentralization?

Decentralization is vital to the security of the network, and the delegation mechanism in Bonded PoS is a brilliant design that enables average token holders to participate in staking, which leads to better decentralization. As for best approaches, the foundation or core team behind a BPoS blockchain should and can play a positive role in moving the network toward a more decentralized setting. There are many things that can be done: communication to the key stakeholders for them to understand the importance of decentralization and to take the right actions, also using Foundation resources to encourage a more diversified community ecosystem development. Right now we have set up a program to delegate 10–15% of foundation controlled IRIS tokens to those smaller validators who create/add values to the project.

IRIS Hub, like the Cosmos Hub, focuses on interoperability. In general, we expect interoperability to become a huge topic in the coming years. How do you think that will affect staking?

Yes, interoperability substantiated by the IBC protocol will change the blockchain world profoundly. As for its impact on staking, it will make staking more secure and interesting. For example, as part of setting up a connection between two hubs, we could ask validators on both sides to transfer tokens, via IBC, over to the other side as “collateral”, these collaterals could serve two purposes:

1) as security deposits that are subject to slashing if the originating chain commits provable wrongdoing that endangers the connection;

2) mapped to special “delegations” on the destination chain that increase the the voting power while earning rewards in the meantime.

Recently the first exchanges have started offering staking products. This is expected to increase as well as the entry of custodians. What will the impact of this be?

This will definitely lower the barrier-to-entry for individual delegators and make the staking economy more accessible to average token holders; however, consolidation of voting powers into a few big validators could have some undesirable side effects. We can mitigate this by maintaining good communication with the operators of these staking “pools” and letting them know that delegating part of the consolidated voting power to other qualified validators is a much better arrangement for the overall security and health of the network, which we already see happening on IRIS Hub.

Finance

The Date Summary of IRISnet Network

  • Current total staking: 588.52 million
  • Yesterday’s total staking: 588.57million
  • Current staking ratio: 29.35%
  • Total IRIS tokens: 2.0055 billion
  • Current Annual Inflation Rate: 4%
  • Annualized staking yield: 13.628%
Source: IRISplorer
Source: CoinMarketCap

Roadmap

  • PANGU JAN 2018 — MAR 2019

The first stage of the IRIS project will focus on having the IRIS Hub up and running. The team also intends to release an initial version of the mobile client for the IRIS network. In this stage the developers also focus on building the fundamental IRIS Service Layer. This will involve enabling service definition, binding, invocation and query. The plan to collabrate with 1–2 ecosystem parteners to release i-Services to IRIShub.

  • NÜWA APR 2019 — SEPT 2019

In this stage IRISnet is aiming to have a beta version of the IRIS SDK ready for developers. The tech team plans to upgrade IRISnet mobile client to support i-Services. It plans to establish collabrations with application specific blockchains and enable them as zones connecting to IRIS Hub. The developers also plan 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

To help the community members learn more about the validators on IRISnet, the foundation is publishing a series of articles, each of which covers a few validators.

IRISnet Validator Map

On IRIS Hub, users can participate in network validation by staking IRIS to the validator nodes. Nodes can receive inflation and block rewards in accordance to their Voting Power. Based on the on-chain regulations, rewards will be distributed to users based on the amount that they delegated, which are also the staking rewards they receive as delegators.

Delegated rewards of staking is affected by many factors, including the validator’s Self-bonded amount, Commission Rate, Bonded Ratio, Inflation, etc. If the node has a downtime or even double sign, the delegator will receive a certain percentage of IRIS penalties with the validator; therefore, the calculation of the delegated rewards of staking is actually a multivariate dynamic system.

In order to let the community know more about the IRISnet validators and select the ones that suit their needs to participate in delegation, the IRIS Foundation launched the “Validator Brief” series on the IRISnet Forum: https://forum.irisnet.org/c/validating

In this event, the IRIS team received a total of 30 introductions from the validators coming from all over the world. Some are experienced veterans that went through Fuxi testnet. Some have played a major role in the Cosmos Game of Stakes. Some have multiple roles and maintains the security of multiple PoS networks. Of course, there are also some new faces. Due to their enthusiasm for this open network, they decided to embark their first journey on IRISnet.

Almost all teams have outstanding experience in security and node operation, and they can provide high-quality node operation services for delegators; therefore, IRISnet’s mainnet- IRIS Hub can run safely and smoothly. Please follow me and explore more details about those 30 validators.

Based on the series, IRISnet’s validators differ in ecological types and can be roughly divided into six categories. Most of them are validators who provide staking services as their core business, others have background in private equity funds, mining pools, exchanges, wallets and other blockchain projects.

IRISnet validation node ecological map

According to the participation of the validator brief, the classification of the 30 validatiors is as follows:

IRISnet Validator Ecosystem Pie Chart

73.3% of the validators take staking as their main business, including Cypher Core, Meleatrust, Figment, Node A-Team, P2P Validator, Staked.us, Forbole, POS Bakerz, bi23, Easy 2 Stake, Validator.Network and etc. Most of them are involved in the validation of many other PoS networks, such as Cosmos, Polkadot, Tezos, EOS and Terra, with excellent technical strength and great node operation experience. Validator.Network, Node A-Team, Forbole, P2P Validator, Kytzu, all had great performance in the Cosmos Game of Stakes. Node A-Team and Forbole also won the first and third prize at the Cosmos Seoul HackAtom.

There are also some enthusiastic validators who provide the community with a good blockchain explorer, including:

  • IRISnet-Overview from Genesis Lab:Https://irisnet-overview.genesislab.net/
  • Big-Dipper from Forbole:Https://iris.bigdipper.live/
  • IRISnet-P2P from P2P Validator:Https://irisnet.p2p.org
  • Hubble provided by Figment:Https://hubble.figment.network/iris/chains/irishub

In addition, some wallet teams are also involved in IRISnet validation, including Wetez Wallet, Math Wallet and Cosmostation. Wetez and Math Wallet have been involved in IRISnet since the FUXI Testnet and they both support IRIS transfer and delegation rewards which brings a good experience for users. Cosmostation is also planning to support IRISnet to provide users with friendly system tools and solutions.

Some validators are from blockchain research institutes or exchanges such as Huobi Research, Syncnode, and Kytzu, etc. They also have a reliable infrastructure and a secure auditing team, which can ensure a stable operation and online duration of the nodes, and provide real-time communication for delegators so they can delegate without worries.

Other validators are dedicated to be professional mining pool, such as HashQuark, Huobi Pool, etc. They have a top security team, a comprehensive security mechanism, and an experienced operation and maintenance team to respond quickly to users and ensure maximum mining efficiency. On the basis of security, transparency and high efficiency, it is also a good choice for the delegators to provide mining services for users.

There are also validators who were early supporters of IRISnet, including SNZ Holding, NGC Capital, Univalues, etc. After the first large-scale token release in May this year, they continued to stake most of their tokens in the network and contributed in maintaining a safe operation of IRISnet. They believe that IRISnet will be great in promoting the ecological development of cross-chain service technology. IRISnet did not disappoint them. On July 7th, it successfully completed the first on-chain parameter governance vote, and officially launched a new era of self-evolution.

In the following August, the v0.15 version tested on Nyancat Testnet will be launched on IRIS Hub, adding multi-asset modules and will fully support the development of DeFi applications.

After the successful release of IBC this fall, it is expected that IRIS Hub will become the first regional hub to connect with Cosmos Hub through the IBC agreement. Cross-chain asset management will bring vitality to future cross-chain ecosystem and cross-chain service network.

Note: The introductions are provided by validators themselves and don’t necessarily represent a recommendation from IRIS Foundation and Paradigm Fund. Please understand the risks of delegation before you delegate.

  • IRISnetwork is now on Mintscan! Monitor network conditions and transaction details with ease & finesse.

Everyone is able to check the transactions, bonded ratio, the account & validator details, etc. on it.

Irisnet is one of the most promising #Cosmos hubs & have done an amazing job in facilitating construction of distributed business applications.

Ecosystem

There are few projects (iServices) already building on the IRISnet, among which:

  • PlatON: a trustless cryptographic-based computing network
  • HashQuark: a blockchain mining pool
  • HashGard: a digital finance ecosystem

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.

This is not financial advice.

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