IRISnet (IRIS) Review
IRISnet defi token (a.k.a IRIS Hub) is designed to be the foundation for the next-generation distributed applications. Built with Cosmos-SDK, IRIS Hub enables cross-chain interoperability through a unified service model, while providing a variety of modules to support DeFi token applications. IRISnet dev defi token teams include Bianjie, a national award-winning blockchain technology team based in Shanghai, and Tendermint, the world-famous team that created the Tendermint consensus engine and the Cosmos project.
At the “center” of the IRIS defi token network is a blockchain known as the IRIS Hub, which is a Proof-of-Stake (PoS) blockchain built on Cosmos SDK and Tendermint. It will be the first regional hub that connects to the Cosmos Hub as one of its zones. The IRIS hub is equipped with a service protocol that coordinates on-chain transaction processing with off-chain data processing and business logic execution. We have also enhanced the IBC protocol to facilitate cross-chain invocation of those off-chain services if so desired.
The service protocol and enhanced IBC protocol could eventually be contributed back into Cosmos SDK, allowing SDK users to develop blockchains that are compatible with the IRIS network.
Client-facing, programming language-specific SDKs will also be available to make it easy to provide and consume off-chain services within the IRIS network.
Providers are network users who offer the implementation of one or more iService definitions and often act as adaptors of off-chain services and resources located in other public and consortium chains, as well as in enterprise legacy systems. Providers monitor and process incoming requests and send responses back to the network. A provider could at the same time act as a consumer by sending requests to other providers. As planned, providers would be required to charge a fee for any services they might offer, and the service fee, by default, would be priced in the IRIS token.
|IRISnet Price||$0.068434 USD|
|Market Cap||$58,029,123 USD|
|Circulating Supply||847,955,965 IRIS|
More about IRISnet (IRIS):
The IRIS defi token network uses the Tendermint protocol as a high-performance consensus engine. Using the flexibility provided by Tendermint’s Application BlockChain Interface (ABCI), we define a set of basic transaction types for services, including service provision, service consumption, and service governance. As mentioned earlier, most business logic is not suitable for implementation as a determined smart contract on the blockchain. We are using this service layer to move the specific logic and transaction processing of business applications out of the blockchain, and only use the blockchain for these A consensus is reached on the results of the service. This idea is also inspired by the existing results of the blockchain community, removing some complex calculations from the main chain to solve performance problems, such as the Lightning Network’s offline state channel and Plasma’s anti-fraud side chain. Although we did not implement a side chain, we stripped traditional business logic computing from the blockchain and used it as a trusted intermediary bus for complex business collaboration.
For cross-chain communication, Cosmos IBC defines a protocol for transferring value from an account on one chain to an account on another chain. The IRIS network has designed new semantics to allow the use of IBC to call cross-chain computing resources. We believe that this capability is very important when building scalable business applications. More detailed potential use cases will be described later.
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IRISnet (IRIS) Scam or Not?
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