What Is IRISnet And What Are Its Advantages?

Recently, many different coins have been mentioned on the altcoin market. Undoubtedly, IRISnet (IRIS) Coin stands out as one of the latest initiatives to attract attention in the altcoin market. We have prepared an informative article about IRIS Coin for you.

What Is The Iris Coin Project?

The IRISnet project is a currency and services protocol that was introduced to the public on March 1, 2019. The main goal of the IRISnet protocol is to create a blockchain-based public network for small and medium-sized businesses that provide various services. IRISnet takes its name from Iris, the personification of the rainbow in Greek mythology and the messenger of the gods, while IRIS Coin is the native cryptocurrency of the protocol.

Technical Information About The Iris Project

The goal of the IRISnet protocol is to leverage multiple public and consortium blockchains to unlock the potential of decentralized, open networks for thousands of free businesses and services.

The IRISnet protocol aims to combine on-chain and off-chain capabilities, which is one of the main justifications for its benefits. While this protocol executes transactions on the blockchain, data processing and business logic take place off the blockchain.

Who Developed This Project?

The IRISnet project was developed by a team of technologists at Bianjie AI, a Shanghai-based high-tech company founded in 2016. Harriet Cao, a well-known name in the cryptocurrency industry, is the co-founder of Bianjie AI and the driving force behind the development of the IRISnet protocol.

Harriet Cao is also heavily involved in the Blockchain Edge Analytics Network (BEAN) and focuses on the Big Data component of IRISnet. Although the company is based in Shanghai, the IRIS currency is a non-government-backed project.

What Are The Features Of The Irisnet Project?

The IRIS currency, which serves as the platform’s native currency, has various applications. There are also smart-contract-based applications on the Cosmos, Ethereum, and Polygon blockchains. IRIS Coin users can take advantage of various benefits and conduct transactions within the protocol. Since IRIS Coin is the default payment method for the “gas tax” paid for transactions on the network, users must use IRIS Coin when conducting transactions.

What Is IRISnet And What Are Its Advantages?

What Are The Unique Features Of The IRIS Project?

The IRISnet project is different from other cryptocurrency initiatives in many ways, as it offers innovation for the business side of blockchain technology in a number of areas. While other blockchain consortia are owned and operated by a group of large companies, IRISnet is unusual in that it aims to provide solutions for small businesses. IRISnet not only enables the transfer of assets between blockchains through a bet-free consensus process, but also global access to computing power.

What Are The Advantages And Disadvantages Of The Project?

It would not be wrong to list the advantages of this project as follows:

  • IRISnet also offers products for commercial transactions such as smart wallets.
  • IRIS Coin has implemented smart contracts on Cosmos, Ethereum and Polygon blockchains.
  • IRIS Coin is a secure cryptocurrency.
  • IRIS Coin holders can secure their assets in smart contracts to protect the network and receive passive dividends in return.
  • IRIS Coin decentralizes the network so that IRIS Coin holders can participate in the management of the platform with their assets.
  • IRIS Coin holders can make proposals to the community and vote on decisions.
  • Platform service providers can charge IRIS Coins for their activities.

What are the disadvantages of the project?

  • IRIS coins are a speculative investment due to their high volatility.
  • Regulation of cryptocurrencies may cause IRIS coins to lose value.
  • Increased competition in the decentralized financial sector may lead to a decrease in demand for IRIS coins.
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Austin Axel

Ever since I graduated from British Columbia's journalism major, I have strived to be a follower of real news. Thanks to a program that allowed me to do internships in many different places during my university years, I had the chance to observe how this job was not done correctly.

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