IRIS Chain Price(IRC)

Project Overview and Objectives

IRISnet functions as a regional hub within the Cosmos ecosystem, designed to facilitate distributed business applications through enhanced interoperability. Its architecture enables seamless coordination between on-chain transactions and off-chain data processing, serving as a bridge between conventional business systems and blockchain technology. The platform's core mission involves creating an open infrastructure where enterprises can deploy interoperable services across heterogeneous systems, including public chains, consortium chains, and legacy infrastructure.

Founding Team and Development

The project was co-founded by Harriet Cao and Haifeng Xi through Bianjie AI, a Shanghai-based technology firm specializing in blockchain solutions. Cao brings extensive experience in computer science and blockchain architecture, while Xi contributes expertise in artificial intelligence systems. Development oversight includes collaboration with Tendermint Core engineers, ensuring alignment with Cosmos ecosystem standards. The team maintains a decentralized governance model where IRIS token holders participate in protocol evolution through voting mechanisms.

Technical Architecture

IRISnet employs a layered architecture comprising:

1. Consensus Layer: Utilizes Tendermint's Byzantine Fault Tolerant (BFT) algorithm for high-throughput transaction processing.
2. Service Protocol: Coordinates cross-chain service invocation through enhanced Inter-Blockchain Communication (IBC) protocols.
3. Tokenomics: The native IRIS token serves triple functionality:
4. Staking: Secures network through Proof-of-Stake validation.
5. Transaction Fees: Processes on-network operations.
6. Service Payments: Compensates providers for off-chain computations.

Notably, the network supports multi-token systems where validators can accept whitelisted tokens from connected chains, enhancing payment flexibility. The infrastructure also includes SDKs for service development and a smart wallet enabling cross-chain asset management.

Developmental Timeline

• 2016: Bianjie AI founded as foundational development entity.
• 2018: Whitepaper release detailing service infrastructure.
• March 2019: Mainnet launch establishing IRIS Hub.
• 2020-2022: Integration with Ethereum/Polygon bridges for cross-chain NFT transfers.
• 2023-Present: Expansion of iServices ecosystem for enterprise solutions.