Cosmos is one of the most fascinating and fastest evolving ecosystems in the crypto industry! The number of blockchains integrating IBC (Cosmos’ inter blockchain communication protocol) is growing exponentially. To give our DEFI TIMES community a good overview of important projects within the Cosmos ecosystem, we introduce you to a new format called Cosmos Deep Dive. The first protocol we will focus on is IRISnet.
What is IRISnet?
IRISnet is a service infrastructure that serves as a communication layer between other blockchains and applications. It aims to build a technology standard to facilitate the construction of distributed business applications.
The key challenges IRIS tries to address are interoperability of services between heterogeneous chains and the onboarding of off-chain computing and other resources on a blockchain.
The IRIS Hub will serve as the “center” of the IRIS network that will connect the other zones within the IRIS network both to each other and to the greater Cosmos ecosystem.
IRISnet is built with the Cosmos SDK and uses a Bonded Proof-of-Stake (BPoS) consensus mechanism, a particular form of Delegated-Proof-of-Stake consensus mechanism. The maximum number of validators is limited to 100. These validators are selected according to the amount of IRIS tokens they choose to stake.
IRIS is the native token of IRISnet. It is used for governance as well as for paying transaction fees and securing the network through staking.
Good to know
- IRISnet launched a protocol-native DEX called Coinswap
- IRITA protocol (integrated by IRISnet) was chosen by China’s state-backed blockchain initiative “BSN – Blockchain Service Network” as their interoperability layer
- IRISnet gains traction in the NFT space through Uptick
Tokenomics/Key Metrics (01.10.2021)
Now that we have an idea of what IRIS actually is, let us have a look at the protocol’s tokenomics!
Initial Coin Distribution
IRISnet website: https://www.irisnet.org/
MapOfZones (number of IBC transfers): https://mapofzones.com/?testnet=false&period=24&tableOrderBy=totalIbcTxs&tableOrderSort=desc