The IRIS service was named after the Greek goddess Iris, who represents the rainbow. She is the gods' messenger that connects heaven and earth.
IRISnet is a kind of communication platform for connecting other blockchains and their applications. IRISnet is built on top of the Cosmos SDK which is originally aimed at improving the decentralized finance (DeFi), artificial intelligence (AI), eCommerce, and healthcare areas. The Cosmos SDK allows developers to reduce development complexity by providing a basic blockchain framework.
The IRISnet node provider has been operating since March 2020 and is part of the Blockchain Service National Network (BSN).
IRISnet is a cross-chain service infrastructure that is used to link other blockchains and their applications to create robust distributed business applications. The use of blockchain in the business allows off-chain computing and ledger transactions to be combined.
The project raised $ 22 million through the private tokens sale and is aimed at small and medium-sized enterprises that provide their services in an open network.
IRISnet blockchain product token IRIS is used for delegation and placement in the consensus algorithm, execution of Smart contracts, charging a commission percentage for transactions. The IRIS digital asset votes on governance proposals.
Here are the key problems that can be solved using the IRIS communication platform on the Cosmos SDK blockchain framework:
Interconnection and collaboration of various resources in a distributed offline ledger;
Interoperability of services in heterogeneous blockchains. IRISnet interoperability is applicable in Off-Chain applications. Off-Chain transactions low cost or even its absence on the network is popular with large participants.
The crypto coins private sale revenue will be used for the IRIS network development.
