How Does IRIS Token Work
What is the IRISnet (IRIS)?
IRISnet (IRIS) stands as a protocol at the forefront of next-generation applications, facilitating token transfers across multiple blockchain networks. Its primary objective is to establish a blockchain-based open network tailored for small and medium enterprises offering diverse services.
Who is the Founder of IRISnet (IRIS)?
The historical development of IRISnet traces back to its creation by the tech experts from Bianjie AI, a tech company established in 2016. Harriet Cao, a co-founder of Bianjie AI, played a pivotal role in leading the establishment of the IRISnet protocol. Haifeng Xi, also a co-founder at Bianjie AI, brings expertise in developing distributed systems and blockchain applications to the project.
What are the Functions of IRISnet (IRIS)?
IRISnet operates with two types of tokens supporting its functionalities:
- Staking Token: IRIS, the native token used for staking.
- Fee Token: Further divided into two categories:
- Network Fee Token: Used for payments to validators for ledger maintenance and spam prevention.
- Service Fee Token: Employed for payments to service providers.
What are the Working Principles of IRISnet (IRIS)?
IRISnet recognizes the nascent stage of blockchain technology, acknowledging inherent shortcomings such as limited performance and governance inefficiencies. These deficiencies currently hinder the ability of blockchains to effectively support distributed business collaboration in the real world. IRISnet aims to enhance existing blockchain technology, creating a framework that enables businesses to provide services and earn rewards within an open network.
Built on the Cosmos and Tendermint frameworks, IRISnet addresses challenges within existing blockchain networks. Cosmos comprises a network of independent blockchains, or zones, each powered by the Tendermint protocol. Tendermint provides a high-performance, consistent, and secure engine, effectively mitigating malicious behaviors within the network.
The native fee token for all transactions on IRISnet is IRIS. Token holders enjoy participation in governance by creating and voting for proposals.
What are the Functions of IRIS Token?
IRIS is the native utility token in the IRISnet blockchain. It is used for delegating and staking for the consensus mechanism, paying for transaction fees and smart-contract executions, as well as creating and voting for governance proposals.
