IRISnet 101: A Blockchain Project That Has Been Designed to Facilitate Communication Between Distributed Business Applications
What is IRISnet and how does it aim to bridge the gap between blockchain and traditional business applications? What are the key features of the IRIS Hub, and how does it facilitate cross-chain invocation of off-chain services? What is the role of $IRIS tokens in the IRIS network, and how are validators and delegators involved in maintaining its security and functionality?
In the era of digital transformation, businesses are constantly seeking innovative solutions to enhance efficiency, security, and collaboration. While blockchain technology has shown immense promise in various sectors, there remains a gap between its potential and its adoption in real-world business applications. IRISnet steps in at this stage, aiming to bridge this gap and unlock the full potential of blockchain technology for businesses.
Empowering Business Applications
IRISnet aims to make an impact on the way distributed business applications interact with each other by leveraging the power of blockchain technology. As a crucial part of the larger Cosmos network, IRISnet introduces service semantics to the ecosystem, enabling a wide range of innovative business scenarios.
In this blog post, we will delve into the key features of the IRIS network and explore how it aims to bridge the gap between blockchain and traditional business applications.
The IRIS Hub: A Central Piece of the Puzzle
The IRIS Hub lies at the core of the IRIS network. It is a Proof-of-Stake (PoS) blockchain built on Cosmos SDK and Tendermint. Its primary purpose is to coordinate on-chain transactions with off-chain data processing and business logic execution. By connecting to the Cosmos Hub, the IRIS Hub enables seamless interaction between various zones within the Cosmos network.
The IRIS Hub utilizes a service protocol to facilitate cross-chain invocation of off-chain services. With plans to eventually contribute the service protocol and enhanced IBC protocol back into Cosmos SDK, IRISnet aims to make innovative solutions widely available to other blockchain developers.
$IRIS Tokens: Keeping Things Going
$IRIS tokens are the native currency of the IRIS Hub, serving three main purposes:
Staking: $IRIS tokens are used to secure the PoS blockchain, similar to $ATOM tokens in the Cosmos Hub.
Transaction Fee: $IRIS tokens are used to pay for all transactions within the network.
Service Fee: Service providers within the IRIS network are required to charge service fees denominated in IRIS tokens.
The IRIS network also plans to support all whitelisted fee tokens from the Cosmos network for transaction and service fees in the future.
IRIS Services: A Bridge to Conventional Business Applications
IRIS Services (iService) mediate the complete lifecycle of off-chain services, from their definition, binding, invocation, to their governance. iService providers act as adaptors, connecting off-chain services and resources located in public and consortium chains, as well as enterprise legacy systems. Consumers, on the other hand, utilize iService by sending requests to designated provider endpoints and receiving responses.
To maintain objective provider profiles, the IRIS Foundation Limited employs "profilers" who help create and update these profiles. Additionally, arbitrators work collectively to resolve consumer complaints against provider performance.
The IRIS network relies on validator operators to maintain a secure and functional blockchain. Validators are responsible for running the correct version of the software, participating in governance, and being active members of the community. Validators face penalties for unavailability, double signing, or censorship. These penalties include jailing, removal from the validator set, and slashing of bonded tokens. Delegators, on the other hand, are IRIS holders who delegate their tokens to validators to secure the network and earn a portion of the validator's revenue.
Full Nodes and Validator Nodes: Safe and Sound
Full nodes and validator nodes are crucial for maintaining the security and functionality of the IRIS network. Full nodes fully validate transactions and blocks, while validator nodes participate in consensus by broadcasting votes signed by their private keys. Validator nodes commit new blocks to the blockchain and receive revenue for their work. Only the top 100 bonded full nodes can become validator nodes, while the rest serve as validator candidates. This status can change based on delegation amounts and overall network dynamics.
IRISnet is set to change the way blockchain and business applications interact with each other. By providing an impactful foundation for distributed business applications and fostering seamless interaction within the Cosmos network, IRISnet shows a potential to drive innovation and growth in the blockchain space.
