IRISnet (IRIS)

1. What is IRISnet (IRIS)?

IRISnet is a blockchain infrastructure which serves as a communication relayer for other blockchains and their applications. Built with the Cosmos-SDK, IRIS Hub is designed to support not only token transfers across different blockchains, but also to allow consumption of data and computing resources across heterogenous systems.

The IRISnet blockchain utilizes a Bonded-Proof-of-Stake (BPoS) consensus mechanism. BPoS is a form of Delegated-Proof-of-Stake consensus mechanism that allows stakers with more tokens to earn additional rewards. Under the current network setting, IRISnet allows 100 validators. These validators are selected according to how many IRIS tokens they choose to stake, in addition to how many tokens other users delegate to them.

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.

The interoperability supported by IRISnet is suitable for applications requiring off-chain and inter-chain information exchange and collaboration. Examples include privacy-preserving healthcare data exchange, inter-chain marketplace, digital assets exchange for supply chain finance, and more.

1.1 Key metrics (as of July 21st 2020)

*According to the initial network setting, the total IRIS token supply has a 4.00% annual inflation as the network distributes block rewards to validators. The rate of inflation can be determined by users via on-chain governance voting. The IRISnet team also conducts periodic token burns. The real-time total token supply for IRIS can be found here.

1.2 Recent news

• July 2020: IRISnet's core development team, Bianjie AI, joins the Blockchain-based Service (BSN) Network Development Association.
• June 2020: BSN and its IRITA-powered networks integrated Chainlink Oracles.
• June 2020: IRISnet announced partnership with KAVA to Dintegrate Kava’s DeFi lending platform.
• June 2020: IRISnet and OKChain collaborated to develop DeFi application as well as interchain ecosystem.
• April 2020: IRISnet's Enterprise IRITA has been chosen by BSN to support its interchain ecosystem.
• April 2020: IRISnet announced partnership with Chainlink to integrate Chainlink's oracle service.
• April 2020: IRISnet launched the Community-Centric Delegation Campaign, and the cecond one-year token burn plan.
• March 2020: IRISnet's enterprise blockchain product IRITA became open source.

2. Economics and supply

• Seed Sale: Conducted in December, 2017 for 0.0163 USD / IRIS and raised a total of 2,000,000 USD. The Seed Sale was conducted in USD only.
• Private Sale: Conducted on March 1st, 2018 for 0.0654 USD / IRIS at an average rate of 878.92 USD = 1 ETH and raised a total of 18.25MM USD. The Private Sale was conducted in USD and ETH, and raised a total of 900,000 USD and 19,736 ETH.
• Strategic Private Sale: Conducted from September 2018 to February 2019 for 0.0200 USD / IRIS at an average rate of 8,044 USD = 1 BTC and raised a total of 1.96MM USD. The Strategic Private Sale was conducted in BTC only, and raised a total of 243.6 BTC.

The token supply distribution is as follows:

• Seed Sale tokens comprise 6.14% of initial total supply.
• Private Sale tokens comprise 13.96% of initial total supply.
• Strategic Private Sale tokens comprise 4.90% of initial total supply.
• Team tokens comprise 15.00% of initial total supply.
• Foundation tokens comprise 15.00% of initial total supply.
• Advisors tokens comprise 0.18% of initial total supply.
• Tendermint Team tokens comprise 10.00% of initial total supply.
• Cosmos Hub tokens comprise 5.00% of initial total supply.
• Ecosystem Development tokens comprise 29.82% of initial total supply.

The tokens allocated to the Cosmos Hub is planned to only be used for staking, and will never enter circulation.

IRIS token supply distributiion

IRIS token release schedule

Tokens released as block rewards will not be included in the following chart.

3. IRISnet's activity and community overview

3.1 Development activity

3.2 Social and community strategy overview

Community strategy

IRISnet is initially focusing on community building in China, Korea, and Europe. The focus of community growth will gradually expand to other markets as the project gains popularity.

Current community growth strategies of IRISnet include:

• Conducting Validator Jumpstart Program to help validators secure the network.
• Developing relevant tools for node runners to improve user experience.
• Launching developer support programs to incentivize developers to build services around IRIS Hub.
• Constantly updating the public with bi-weekly technical updates.
• Running Ambassador Programs to reach out to local communities.
• Actively engaging with the community via online social channels.

Future community growth strategies of IRISnet include:

• Continuing to incentivize and attract developers to build on the IRISnet ecosystem.
• Improving existing development tools for easy integration.

Social media channels (as of July 21st 2020)

Telegram (English) | 7.6K members
Telegram (Chinese) | 1.1K members
Twitter (English) | 7.5K members
Medium (English)