Overview

IRISnet is a service infrastructure and protocol built on top of Cosmos that facilitates construction of distributed business applications.

Project stage

Prototype

Detailed description

The IRIS network uses Tendermint protocol as a high-performance consensus engine. Leveraging the flexibility provided by tendermint's Application BlockChain Interface ("ABCI"), defining a set of service infrastructure transaction types including service provisioning, service consumption and service governance. As explained earlier, most business logic is not suitable for implementation as deterministic smart contracts on blockchain, we are using this service layer to move the business application specific logics and transaction processing off the blockchain itself and use the blockchain only to get consensus on the results generated through those services. This idea is also inspired by existing work from blockchain community when address performance issues of moving some complicated computation off the main chain, such as Lightning Network's off-chain state channels as well as Plasma's fraud proof side chains. 

For interchain communication, Cosmos IBC defines a protocol for transferring values from an account on one chain to an account on another chain. The IRIS network designs new semantics to allow cross-chain computation to be invoked by leveraging IBC. We believe this capability is very important when building scalable business applications. Further details of potential use cases are set out below.

The IRIS network is intended to provide the service infrastructure for handing and coordinating on-chain transaction processing with off-chain data processing and business logic execution. Enhanced IBC capability allows those off-chain processing to be invoked cross chain, if required. The IRIS network, as presently envisaged, will also include client-side tools, including a smart wallet enabling cross-chain multi-asset storage, as well as consume and provide iServices. We plan to provide SDKs for easy construction of iServices. For example, for a specific service definition, the Client SDK would generate the provider side skeleton as well as consumer side stub for major programming languages.

Problem

Blockchain technology is still in its early stages. As with any new technology, there are drawbacks. These include limited performance and undeveloped governance mechanisms. Presently, these drawbacks make it difficult for blockchains to support real-world distributed business collaboration. Consortium chains, such as Hyperledger Fabric and R3 Corda, and organisations such as the Ethereum Enterprise Alliance, have tried to address those performance and governance issues to make blockchain technology more suitable for enterprises. However, today consortium chains are dominated by huge enterprise companies. Furthermore their close-form off on-chain governance model is very inefficient. Without a token economics model and the openness and the excitement in public chains, consortium chains may be viewed as lacking vitality.

Solution

IRIS network aims to build technology foundation which facilitate construction of distributed business applications. It goes beyond today's blockchain systems which are mainly for digitalized assets.

The key challenges that IRIS network aims to address are two-fold:

  • Integration and collaboration of off-chain computing and resources on a distributed ledger;
  • interoperability of the services across heterogeneous chains.

Features

  • Incorporation of a service-oriented infrastructure into Cosmos
  • Integration of business services offered by heterogeneous systems, including public & consortium chains as well as legacy systems
  • Interoperability of those services across an internet of blockchains
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Additional links

  • Token details

    • Token symbol ? Token symbol — a shorten token name. It is used during an ICO and after the coin listing at the cryptocurrency exchanges. : IRIS
    • Fundrasing target ? Fundraising target — the maximum amount of funds to be raised during an ICO. When it is reached, the developers stop selling the tokens because they do not need to raise more money for the project development. : NA
    • Token type ? Token type — a platform for a startup launch that influences the stability of blockchain operation, the speed of transactions and the fees. :Own blockchain ()
    • Soft cap ? Soft cap — the minimum amount of funds to be raised for the project development. Sometimes when the soft cap has not been reached, the money is returned to the participants. : NA
    • Role of token ? Role of Token — type of token depending on the opportunities it offers to its owner. Utility tokens give their owners a right to use the project services, security tokens are aimed at bringing profit, and currency tokens are a money substitute. :NA
    • Total supply ? Total supply — a total amount of tokens that will be released by the developers. :2,000,000,000 IRIS
    • Escrow agent ? Escrow agent — a qualified agent who has the right of signature in a multisig wallet. An escrow agent participates in an ICO, monitors the financial operations of the developers and confirms their fairness. :No
    • Tokens for sale ? Tokens for sale — the number of tokens offered to the participants of an ICO. :800,000,000 IRIS
    • Whitelist ? Whitelist — a list of participants, who get an opportunity to buy tokens. To be whitelisted, you need to register on time because the number of participants and the registration period are usually limited. :Without whitelist
    • Additional emission ? Additional emission — an additional release of tokens. It can be done once after the crowd sale or on an ongoing basis. In the projects with a limited emission there is no additional emission. :No
    • Exchange listing ? Exchange listing — an assumed date when the token will be listed at a cryptocurrency exchange. The developers usually indicate it in a roadmap and a white paper. :NA
    • Accepting currencies ? Accepting currencies — cryptocurrencies and fiat currencies that can be used for buying the project tokens. :NA
    • Can't participate ? Can't participate — the countries where it is prohibited to buy tokens. These can be countries where ICOs are prohibited altogether, or countries that have the requirements that a particular project does not meet. :No
    • Know Your Customer (KYC) ? Know Your Customer — a verification procedure for ICO participants, during which the developers can ask for personal data, a photo and a scanned copy of a passport of a potential investor. :No
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  • Token and Funds Distribution

    Token distribution date

    NA

    Unsold tokens

    NA
      • Token Distribution

          Vesting notes

          • Core Developer Team: 4-year vesting period starting from IRIS Hub launch, during which the team will vest 1/48th of its IRIS tokens each month
        • Funds Distribution

      Sale schedule

      Round Token Price Bonus Min / Max Purchase Soft Cap Hard Cap
      Private sale — Ended
      01 Mar 00:00 UTC
      01 Mar 00:00 UTC
      NA No - Uncapped Uncapped
      • Team

        • Harriet Cao photo
          Harriet Cao
          Co-Founder
        • Haifeng Xi photo
          Haifeng Xi
          Co-Founder
        • Jae Kwon photo
          Jae Kwon
          Blockchain Software Architect
        • Tom Tao photo
          Tom Tao
          Business Development
      • Advisors

        • Jim Yang
          Strategy for Tendermint
        • Zaki Manian
          Executive Director of Trusted IoT Alliance
        • Adrian Brink
          Core Developer & Head of Community of Tendermint
        • Michael Yuan
          Director of the CyberMiles Foundation

      Roadmap

      • Jan - July 2018
        PANGU

        The first stage of the IRIS project will focus on having the IRIS Hub up and running and connected to the Cosmos Hub. We also intend to release an initial version of the mobile client for the IRIS network.

      • Jul - Nov 2018
        NUWA

        The second stage will focus on building the fundamental IRIS Service Layer. This will involve enabling service definition, binding, invocation and query. In this stage we are also aiming to have a beta version of the IRIS SDK ready for developers.

      • Dec 2018 - May 2019
        KUAFU

        The third stage will focus on incremental upgrades to the IRIS network in order to support our planned advanced IRIS Service governance features.

      • Beyond Jun 2019
        HOUYI

        The fourth stage will focus on further technology innovations to the IRIS network, IRIS SDK and mobile client, as well as developer engagement.

      Activity

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