Interchain Service Hub for Decentralized Applications
WHAT IS IRISNET?
IRISnet is a blockchain infrastructure which serves as a communication relayer for other blockchains and their applications. Built with 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.
*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 real-time total token supply for IRIS can be found here.
March 2020: IRISnet's enterprise blockchain product IRITA became open source.
Seed Sale: Conducted in December, 2017 for 0.0160 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.
Token Supply Distribution
Seed Sale tokens comprise 6.14% of initial total supply.
Private Sale tokens comprise 4.90% of initial total supply.
Strategic Private Sale tokens comprise 13.96% 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.
Token Release Schedule
Tokens released as block rewards will not be included in the following chart.
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: