IRISnet is a service protocol and cryptocurrency officially launched on March 1, 2019. The primary purpose of the IRISnet protocol is to provide a blockchain-based, open network to small and medium-sized businesses offering a variety of services.
What is IRISnet (IRIS)?
According to the official IRISnet Whitepaper, the protocol aims to leverage different public and consortium blockchains to bring the power of decentralized, open networks to thousands of businesses and freelance service providers. Interestingly, IRISnet is named after Iris, the personification of the rainbow and messenger of the Gods in Greek mythology.
IRISnet is an innovative area for what blockchain technology can bring to the business world. While most consortium blockchains are owned and operated by a group of large corporations, IRISnet aims to provide solutions for small business operations.
One of its latest developments is IRITA, an enterprise blockchain that brings flexible digital asset modeling and privacy-centric data authorization to the business world.
One of the main selling points of the IRISnet protocol is its aim to combine both on-chain and off-chain capabilities. While transactions are executed on the blockchain, data processing and business logic will be executed off-chain. Additionally, IRISnet also offers products like smart wallets for business operations.
Furthermore, IRISnet was designed and developed by the team of technology experts at Bianjie AI, a high-tech company based in Shanghai established in 2016. Another integral part of the team behind IRISnet includes the developers of Tendermint, the company behind the Tendermint consensus engine, and Cosmos, an ecosystem designed to facilitate application development on the Blockchain.
The main use cases of IRIS, the native cryptocurrency of the IRISnet protocol, are listed as follows:
- At the consensus level, IRIS is the staking token used by validators and delegators to secure the PoS network, in return for which they receive rewards.
- IRIS is the default fee token for all transactions on the network.
- IRIS token holders can participate in on-chain governance by creating and voting on governance proposals.
- IRIS is the default fee token used by service providers for binding deposits and fee collection.
Where to Buy IRIS Coin?
IRIS Coin can be quickly and securely purchased through Binance, the world’s largest cryptocurrency trading platform in terms of trading volume.
To buy IRIS Coin, you first need to sign up for Binance and then send fiat currency. After sending a fiat currency like the dollars, you can perform a purchase transaction in the IRIS trading pair by buying Bitcoin (BTC) or Tether (USDT).
In addition, on Binance, users can place orders to buy at lower than market value by using the Limit tab and entering the amount and price they want to pay.
