What is IRISnet?

Sep 13, 2022
3 min read

This blog post will cover:

  • What is IRISnet?
  • Where did IRISnet come from?
  • What are the advantages of IRISnet?
  • What are the disadvantages of IRISnet?
  • How to buy IRISnet on SimpleSwap?

What is IRISnet?

IRISnet is an infrastructure-based blockchain solution that serves as a communication relay for other blockchains and their applications. The project has attracted a big revenue through the sale of its tokens. The IRISnet applies a specially delegated Proof-Of-Stake (“BPoS”) consensus mechanism. Thanks to the consensus mechanism, people can receive additional rewards (network participants, namely those who made a bet).
IRIS is a coin inside the blockchain of the same name. It is used to distribute and ensure the operation of the above-mentioned consensus mechanism, pay transaction costs and execute smart contracts, as well as to create management proposals and vote on them.

Where did IRISnet come from?

The team behind the creation of IRISnet has already successfully developed blockchain products, including Blockchain Edge Analytics Network designed to distribute data in the healthcare sector. The IRIS network includes an instance of this product at the service level as a tool for extracting data for analytical models.
It should be noted that the IRIS network is a project that appeared thanks to the collaboration of such blockchain companies as Tendermint, Wancloud (a subsidiary of Wanxiang Blockchain), and Bianjie AI. Important fact: Tendermint is responsible for technical support and development of the IRIS network. Wancloud positions itself as a partner in the development of the IRIS network ecosystem. The main team members are representatives of all the mentioned organizations.
The project is currently supported by six consultants. Among them are Yubo Ruan, founder of 8 Decimal Capital, and Adrian Brink, chief developer and head of community at Tendermint / Cosmos.

What are the advantages of IRISnet?

  • Reliable team
    The team performed well earlier in the development of blockchain projects, they participated in the health sector program.
  • Functional compatibility
    IRISnet is suitable for applications that require the information exchange as well as off-chain and between chains collaborations. Examples include medical data sharing along with the maintenance of confidentiality.

What are the disadvantages of IRISnet?

  • Youth
    This project appeared just recently and has not yet managed to gain a firm foothold in the crypto market. Currently it is still under development.

How to buy IRISnet on SimpleSwap?

Thank you for your interest in this cryptocurrency. We hope that our quick guide will help you become the owner of IRIS coins. You are welcome to go to SimpleSwap and follow the steps below:

  • Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
  • Select IRIS in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
  • Enter the Recipient's Address. IRIS will be sent to this address. Be careful and make sure you use the correct address.
  • Check all the information you have entered. If everything is correct click the Exchange button.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.

Congratulations, now you have IRIS!

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