What is IRIS Coin?

1:00 pm (23 days ago)

November 9, 2023

IRISnet enables the inclusion of a service-oriented infrastructure into Cosmos. In addition, IRISnet also serves as the integration of business services offered by heterogeneous systems including public and consortium chains as well as legacy systems.

What is IRISnet?

According to the platform’s descriptions, IRISnet, also known as IRIS Hub, is designed as the foundation for the next generation of distributed applications. Created with Cosmos-SDK, IRISnet provides various modules to support DeFi applications while also enabling cross-chain interoperability through a unified service model.

IRIS Hub does not only support token transfers over the internet with Blockchains. It also works to allow access to data and computational resources across a wide range of mechanisms including heterogeneous systems, token economy, etc.

In addition, IRIS Network, while focusing on providing an innovative solution for distributed business applications, is also part of the Cosmos ecosystem. According to statements, the IRISnet hub will be the first regional hub to connect to the Cosmos main hub, adding more reliability to the network. All regions connected to the IRIS hub will be able to interact with any other region in the Cosmos ecosystem through the standard IBC protocol.

Furthermore, the interoperability supported by IRISnet is quite suitable for application scenarios requiring intra-chain, off-chain, and cross-chain information exchange and collaboration. The core team has developed applications using IRISnet technologies, some of which have won national/regional innovation awards:

Privacy-preserving health services data exchange
Digital asset exchange platform for supply chain financing
Service e-marketplace

What is IRISnet Coin?

IRIS is the native cryptocurrency of the IRIS Network. According to the platform, the IRIS token fundamentally has 5 areas of use:

At the consensus level, IRIS is the staking token used by validators and delegators to secure the PoS network and 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 governance proposals and voting on these proposals.
IRIS is the basic token used by the coinswap protocol for token exchange on the chain.
IRIS is the default fee token used by service providers for depositing and collecting fees.

Additionally, according to CoinMarketCap data, IRISnet Coin, with a trading volume of 102,941,773 USD, ranks 104th in terms of trading volume, and at the time the article was prepared for publication, there was also a 24-hour trading volume of 17,441,893 USD.

On the other hand, the IRIS Coin, which was trading at 0.1282 dollars at the time the article was prepared, saw its lowest point on March 13, 2020, with a price of 0.0082 dollars during the crash of all cryptocurrencies. It can be stated that the record price of the IRIS Coin was seen on April 22, with 0.1946 dollars.

It is also worth mentioning that the circulating supply of IRISnet Coin is 802,863,081 IRIS.

IRIS Coin Review

Investors evaluating IRIS coin charts mention that the token’s price showed an increase when it was first launched and after the IRIS coin was listed on Binance. Therefore, although it has not reached the record price, IRIS coin has been showing quite a good price performance recently, thus attracting the interest of investors.