IRISnet is a service protocol and cryptocurrency that was officially launched on Mar. 1, 2019. The primary goal of the IRISnet protocol is to provide a blockchain-based, open network for small and medium businesses that offer a wide variety of services. The protocol aims to utilize different public and consortium blockchains to bring the power of decentralized, open networks to thousands of businesses and freelance service providers.

The IRIS network is part of the larger Cosmos network. All zones in the network can interact with any other zone in the Cosmos network over the standard IBC protocol. 

The IRIS hub has its own native token called IRIS, which serves three purposes in the network.

• Staking: Similar to the ATOM token in the Cosmos Hub, the IRIS token is used as a staking token to secure the PoS blockchain.
• Transaction Fee: The IRIS token is also used to pay fees for all transactions in the IRIS network.
• Service Fee: Service providers in the IRIS network are required to charge service fees denominated in the IRIS token.

IRISnet is a service protocol and cryptocurrency launched on Mar. 1, 2019. Its primary purpose is to provide a blockchain-based, open network for small and medium businesses offering various services.

The protocol aims to employ different public and consortium blockchains to bring decentralized, open networks to thousands of businesses and freelance service providers. IRISnet was named after Iris, the personification of the rainbow and the messenger of the Gods in Greek mythology.

IRISnet was designed and developed by the tech experts behind Bianjie AI, a Shanghai-based high-tech company founded in 2016.

Harriet Cao and Haifeng Xi are the co-founders at Bianjie AI. Harriet Cao focuses on bringing modern solutions to the financial sector and blockchain-based solutions for healthcare institutions. Haifeng Xi has expertise in developing distributed systems and blockchain applications. They came up with the idea for IRISnet as a blockchain solution for small and medium businesses.

Tendermint, the company behind the Tendermint consensus engine and developers of Cosmos, is also an integral part of the team behind IRISnet.

IRISnet is an innovative read on what blockchain technology can bring to the business world. It aims to provide solutions to small business operations, unlike most consortium blockchains owned by big conglomerates.

One of their latest developments is the IRITA, an enterprise blockchain bringing flexible digital asset modeling and privacy-centric data authorization.

IRISnet combines on and off-chain capabilities, executing transactions on the blockchain while processing data and business logic off-chain. It also offers products like a smart wallet for business operations.

IRISnet announced an initial token supply of two billion IRIS tokens distributed among key groups. 25% of tokens were released for private sale, 15% distributed among Bianjie AI team members, and 15% reserved to support the IRIS Foundation's functions. Another 30% went towards ecosystem development, 5% were dedicated to a special Cosmos Hub Airdrop, and 25% went to the Tendermint developer team. Most of the tokens allocated to the Tendermint team will be vested incrementally after the IRIS Hub launch.

The proceeds from the private sale will be directed towards the improvement and further development of the IRIS network.

IRISnet is a delegated proof-of-stake (dPoS) coin based on the Tendermint Consensus. Tendermint is an all-encompassing consensus engine that emerged after the introduction of Bitcoin and Ethereum consensuses.

In a dPoS consensus, stakeholders request action from trusted validators who process transactions. Validators are bound to perform accurately based on their reputation; otherwise, they are removed from the network.

You can buy IRISnet coins on exchanges like Binance and Hotbit. As of January 2021, around $2,226,424 worth of IRISnet has been traded on Binance, and $148,196 worth on Hotbit.

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