The IRISnet cryptocurrency is still very young, its network was launched in March 2019. In many ways, the IRISnet network has inherited properties from the COSMOS network which was taken as a basis for the project. Since IRISnet is based on Cosmos-SDK, mining is not available. Just like in the COSMOS network, public crypto nodes validators do the verification. The same principle is used as in the Cosmos network – to divide the network into separate zones with their independent blockchains. In total, there can be an unlimited number of IRIS.
What are the technical features of IRISnet?
IRISnet differs from COSMOS by better DeFi support, for which there are special software modules. Crypto nodes of different blockchains are connected using a common blockchain called a hub. The inter-blockchain communication protocol ("IBC") acts as UDP or TCP for blockchains. This eliminates the need to build trust between free nodes of different blockchains – they just have to trust the main concentrator. The Application BlockChain ("ABCI") interface, taken from Tendermint and not available in the COSMOS network, is used.
Why do you need a blockchain node validator for IRISnet?
Each device with an IRISnet wallet installed and running becomes a lightweight (relay) IRISnet node. Such IRISnet nodes transfer transactions until the transaction reaches the public node validator (full IRISnet node). Blockchain nodes providers (validators) in the IRISnet network do a deep check of transactions and write them to the blockchain. In total there can be 100 free blockchain nodes validators who are rewarded for checking transactions. Optionally the user can install a full IRISnet node by becoming a candidate for validators. To become one of the 100 full IRISnet nodes (validators), you must enter the TOP 100 by the number of IRIS coins on the wallet. The reward of blockchain nodes provider (validator) is calculated in proportion to the amount per its wallet. IRISnet nodes validators can also take part in voting when choosing the directions of project development. Users can rent their IRIS tokens to crypto nodes validators. Their share in earnings is calculated in proportion to their contribution to the crypto nodes validator wallet. They earn crypto nodes validators on Block Inflation, which is about 4% per year, as well as gas units that are used for useful calculations on the blockchain. Also, IRISnet has new types of users that were not in the COSMOS network. These are profilers – they can submit proposals for software updates and improvements and trustees – users who receive funds from the special IRISnet fund.
How does IRISnet interconnect with other blockchains?
Networks Cosmos and IRISnet have identical topology. IRISnet nodes can be connected to the Cosmos network as one of its zones and regional hubs. The complete IRISnet nodes are connected to the business application using the IRIS SDK. Data processing takes place outside the IRISnet blockchain and only the results of the computation are written to the blockchain. In this way, it is possible to reduce the load on IRISnet nodes and make blockchain scalable without restrictions.
What types of participants are in the IRISnet network?
Consumers are users who send requests to IRISnet and receive answers. Providers provide connections to off-chain services and resources, they can also act as network consumers. Providers can be rewarded for their efforts in IRIS tokens, Cosmos tokens, and other Cosmos compatible networks. Profiler is a trusted IRISnet node authorized to invoke iServices in the profiling mode. Thanks to the IRISnet nodes performing the profilers task, the list of providers is kept up to date. Users arbitrators deal with disputes between providers and consumers.