IRIS: Vote In A Few Steps Via New Rainbow Wallet 2.5, The 2rd IRIS Token Burn Complete
Biweekly update 20th September — 4th October
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.
IRIS Hub supports on-chain governance to achieve a self-evolutionary network. Before a feature of voting which supports on-chain management is added to the latest version 2.5 of Rainbow wallet, IRIS token holders can only use command-lines to participate in voting for proposals. Now every address from IRIS Hub can share its opinion via voting on Rainbow wallet. According to the proposal results, IRIS Hub will automatically make a conclusion, which lowers the requirements of participating in the on-chain governance to support more secure decentralization of the network. Also, to help users vote, the foundation published FAQ on Voting Process. We observe how the team is interested in making the voting process easy-to-use, and we are happy!
Speaking of finance, on September 27th, 2019, the IRIS Foundation completed the 2nd IRIS token burn under a one-year token burning plan with 14,304,888 IRIS burned. The current total supply is 2 billion IRIS.
To sum up, there are a lot of high marks noting the fast germination of IRISnet, and we are satisfied to admit them. We observe a strong urge to grow and move on.
This is not financial advice.
On September 26th, Rainbow Wallet v2.5 is released with new function of voting. Following is a tutorial on how to participate in the voting:
- Why to add a function of voting to Rainbow Wallet?
IRIS Hub supports on-chain governance to achieve a self-evolutionary network. Before a feature of voting which supports on-chain governance is added to the latest version 2.5 of Rainbow wallet, IRIS token holders can only use command-lines to participate in voting for proposals.
Now every address from IRIS Hub can share its opinion via voting on Rainbow wallet. According to the proposal results, IRIS Hub will automatically make a conclusion, which lowers the requirements of participating in the on-chain governance to support more secure decentralization of the network.
IRIS Hub applies Bonded Proof of Stake consensus. IRIS token holders need to delegate tokens to an active validator to vote and participate in the consensus.
- If you have already delegated your IRIS tokens to validators, you can vote directly;
- If you have not delegated your IRIS tokens yet, please check: New Rainbow Tutorial 3: Delegate and Undelegate. After delegation, then you have the right to vote.
- How can I vote as an IRIS token holder?
When there is a new proposal, you can open your Rainbow wallet to check the related information and participate in voting (Currently, only the wallet from IRIS Hub supports this feature. For the support of ATOM from Cosmos Hub, it will be included in the future version.). In order to vote, you need to:
- Open Rainbow wallet v2.5, choose [Vote] from the bottom of the home page;
- Enter into the Proposal list, check the necessary information and current voting period of every proposal;
- Choose one of the proposals with VotingPeriod, read the details and click [Vote]; after that, choose one of the following option ([Yes],[No],[Abstain],[NoWithVeto]);
- Click [Confirmation Vote], enter the password, choose [Confirm] to finish voting;
- Check the successful votes in the Voting Records.
- Before voting:
Q: Who initiates the proposal? Can wallet clients launch new proposals?
A: It’s complicated to initiate a proposal. Command-line tools are needed. You can find a validator node to help send it out. Detailed instructions:https://www.irisnet.org/docs/features/governance.html#interactive-process
Q: Is IRIS needed for on-chain proposals? Who will deposit IRIS for the proposal?
A: The initiator of the proposal first deposits, the user cannot participate via Rainbow wallet.
Q: Can you send out a list of the scope of the parameters that can be changed in the proposal?
A: https://www.irisplorer.io/#/gov/parameters All of the above parameters can be changed by on-chain governance.
Q: Who sets the Participation and Pass Threshold rate of proposals?
A: It depends on the type of proposal. Specific reference: https://www.irisnet.org/docs/features/governance.html#usage-scenario
Q: Can we also initiate a proposal to change the undelegation time in Cosmos?
A: At present, Cosmos does not have the function of on-chain governance and self-evolution, but Rainbow will support for Cosmos’s governance proposal in the future. The change will take effect in the next software upgrade of Cosmos.
- During Voting:
Q: Why can’t I vote?
A: Maybe for the following reasons:
1. You haven’t delegate your IRIS to any validator. You can get the right to vote after delegation.
2. Your Rainbow wallet has not been updated to the latest version. To use this feature, you need the latest version of Rainbow Wallet: https://www.rainbow.one/
Q: What if both of the Reject and Pass Threshold is reached in the same proposal?
A: The priority of the Reject is higher. The proposal will be rejected.
Q: What is the difference between No and NoWithVeto?
A: No does not affect the Reject Threshold. NoWithVeto affects the Reject Threshold.
Q: How much power does the IRIS team have in deciding whether to pass the proposal?
A: The outcome of the proposal is entirely determined by the community.
Q: I regret my voting opinion. Can I change it?
A: Everyone has only one chance to vote.
Q: What does the Valid Votes mean?
A: It refers to the number of valid votes generated by IRIS delegated to active validators in the consensus. If the validator is jailed or is a candidate, there won’t be any valid votes.
- After voting:
Q: How long will the proposal take effect after its adoption?
A: If the type of proposal is parameter change, the change will take effect immediately once it is passed. If the type is a software upgrade, the next version of irishub will be upgraded if the proposal is passed.
Q: If the proposal on shortening the 21-day unbonding time is passed, will the currently releasing tokens come to my account immediately after the proposal takes effect?
A: They will not. The proposal takes effect and the users need to wait for the corresponding time after undelegation. For example, a proposal on “shortening 21-day unbonding time to 14 days” comes into effect on October 5. Then users who undelegates their tokens before October 5 still need to wait 21 days. And after October 5, it only takes 14 days to undelegate.
Q: Will there be any loss if the proposal is not passed?
A: When the proposal fails to meet the PassThreshold, governance costs will be deducted from the deposit and the rest deposit will be returned to the participants in the deposit phase. But if the proposal reached Reject Threshold because of NoWithVeto, all the deposit will be burnt. Setting up NoWithVeto is to prevent malicious proposals. Please choose your opinions carefully!
1. The outcome will be tallied at the end of the proposal. So as to increase your voting power, you can delegate more tokens to validators and keep them delegated until the end of the voting.
2. The use of observation wallets / cold wallets can also be used to vote. For more info: How to use Rainbow cold wallet & watch wallet
3. If you have delegated IRIS in other ways before, but have not used Rainbow, you can refer to the tutorial [New Rainbow Tutorial 1: Install and Create] to import your wallet into Rainbow and vote.
The Date Summary of IRIS Network
- Current total staking: 588.33 million
- Current staking ratio: 29.40%
- Total IRIS tokens: 2.0011billion
- Current Annual Inflation Rate: 4%
- Annualized staking yield: 13.605%
On September 27th, 2019, the IRIS Foundation completed the 2nd IRIS token burn under a one-year token burning plan with 14,304,888 IRIS burned. The current total supply is 2 billion IRIS.
This burning involved two addresses, namely:
The main address of eco-development funds: iaa14tynuu49qx85re9kjfcx0uukdazk8jedlmeqt0.
5,696,910.00 IRIS has been burned.
The address of delegated rewards of eco-development funds: iaa1yfqfqspjktk7gvyf3paqys88edy8m9vwptm9lk.
8,607,978.00 IRIS has been burned.
The details of burning can be checked from IRISplorer:
Total Supply: 2,014,304,888 IRIS
First Burn: 5,696,910 IRIS
Second Burn: 8,607,978 IRIS
Total supply: 2,000,000,000 IRIS
- Relevant information:
IRIS Foundation Announced a One-year Token Burning Plan
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.
the public token address of IRISnet: https://github.com/irisnet/iris-foundation/blob/master/iris-public-token-address.md?source=post_page-----3fe17816ea38----------------------
Partnerships and team members
To help the community members learn more about the validators on IRISnet, the team is publishing a series of articles, each of which will cover two validators.
When choosing a validator to delegate, technical parameters such as self-bonded (the higher the better), uptime (the higher the better), commission rate (the lower the better), bond height(the lower the better)etc are good KPIs to review to get a 360-degree view on the validators’ performance. It is always a good practice to select multiple validators to hedge the delegation risk.
Who is Chainflow?
Chainflow is currently operated by Chris. His goal is for crypto and decentralization to result in a fairer distribution of power, wealth, and opportunity. He is an original member of the Cosmos Validator Working Group, dating back to October 2017. He’s been running on the IRIS Hub since genesis.
Why Choose This?
- Inclusivity — Everyone’s welcome and receives the same terms, no matter how big OR small 😊
- NO MINIMUM STAKE REQUIREMENT! — There are no preferential terms or treatment for one delegate over another. Big stakes and small stakes get the same attention.
- Performance, operating at 100% uptime, consistent with the biggest validator companies
- Fair and transparent fee structure, consistent with these guiding principles:
- Distribute enough rewards and fees to stay competitive, while not compromising system availability, security, and integrity.
- Keep enough rewards and fees to maintain and improve the network.
- Keep a percentage of rewards and fees to repay myself for the time and effort invested in running the systems.
- Maintain full transparency into the distribution and uses of rewards and fees.
If you are interested in delegating to Chainflow please read this or reach out!
Let’s chat on Keybase — chrisremus or Telegram — @chris_remus
Follow on Twitter — @ChainflowPOS
Email — firstname.lastname@example.org
Stake.fish, a leading validator service in the staking industry, was founded by Wang Chun in the fall of 2018. Stake.fish is a globally distributed team that has come together to provide the best infrastructure for projects and delegators. Stake.fish also works with fellow validators and staking enthusiasts to share knowledge and educate the community on staking.
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 IRISnet Twitter followers. The information is taken from Coingecko.com.