IRISnet is a service protocol and cryptocurrency, which was officially launched on Mar. 1, 2019. The primary purpose of the IRISnet protocol is to provide a blockchain-based, open network to small and medium businesses that are offering a wide variety of services. The protocol aims to employ different public and consortium blockchains to bring the power of decentralized, open networks to thousands of businesses and freelance service providers.
The IRIS network is part of the larger Cosmos network -- all zones in the network would be able to interact with any other zone in the Cosmos network over the standard IBC protocol.
The IRIS hub has its own native token known as IRIS. It is designed to serve three purposes in the network.
- Staking. Similar to the ATOM token in the Cosmos Hub, the IRIS token will be used as a staking token to secure the PoS blockchain.
- Transaction Fee. The IRIS token will also be used to pay fees for all transactions in the IRIS network.
- Service Fee. It is required that service providers in the IRIS network charge service fees denominated in the IRIS token.