What is IRISnet (IRIS)? How To Buy IRIS Token In India?

What is IRISnet (IRIS)?

Blockchain technology, no doubt, has provided a foundation for distributed businesses to build and serve through lifting network effects and low-cost transactions. However, it still faces various issues, including limited performance and undeveloped governance mechanisms, leading to difficulties for real-world distributed business collaboration. Serval consortium chains and organizations have tried to overcome these drawbacks, but a majority of them are either governed by huge enterprises or lack governance models. 

IRIS network is a blockchain infrastructure that provides small-medium businesses(SMBs) and freelance service providers an open network to offer their services and earn. It aims to enable the integration of off-chain counting and other resources on a distributed ledger and cross-chain interoperability to support various DeFi applications. IRIS is the native governance token of IRISnet, which is used for staking in PoS mechanisms, paying transaction fees on the IRIS network, and as a service fee by service providers.

Who are the Founders of IRISnet?

IRISnet, launched on March 01, 2019, was built and developed by Bianjie Intelligent Technology Ltd.(Bianjie AI). Harriet Cao and Haifeng Xi co-founded Bianjie AI back in 2016. Both co-founders have vast experience working on solutions for healthcare and finance industries, along with developing distributed blockchain systems and applications. Furthermore, the Bianjie AI team has previously created several AI and blockchain technologies, including Blockchain Edge Analytics Network (BEAN). 

How does IRISnet work?

Unlike traditional methods that require establishing trust between service providers and consumers, IRISnet leverages the blockchain as a trusted mediator. This ensures the security and transparency of interactions between parties. IRISnet adopts the Tendermint protocol as its consensus engine to achieve high platform performance. It utilizes the flexibility of the Application BlockChain Interface (ABCI) offered by Tendermint to define a range of transaction types specific to service infrastructure. These transaction types include service provisioning, service consumption, and service governance. 

This layer offloads business application-specific logic and transaction processing from the underlying blockchain. IRISnet employs blockchain with the sole purpose of achieving agreement among participants on the outcomes of the services offered on the platform. This improves the scalability and efficiency of the IRIS platform. 

Furthermore, IRISnet incorporates the Cosmos IBC (Inter-Blockchain Communication) protocol for interchain communication. This protocol enables the transfer of values from accounts on one chain to another. IRISnet has designed new semantics by leveraging IBC to allow cross-chain computation and interactions between different blockchains, expanding the capabilities and possibilities of the IRISnet network.

What makes IRIS Unique Use Cases?

• IRIS holders can stake their tokens to exercise voting power to participate in IRIS network governance.
• IRISnet is EVM-integrated, allowing developers to deploy EVM-based smart contracts and decentralized applications on the platform.
• Some network ecosystem partners of IRISnet are Binance, Chainlink, CoinMarketCap, etc.
• IRIS infrastructure is designed in such a way as to enable the creation of distributed AI models, e-commerce, and other privacy-preserving data analytics use cases.

IRISnet (IRIS) Price Analysis

Source: TradingView

• IRIS price showed a price recovery from its consolidated zone after a long time since May-end 2022. 
• It reached a YTD high of $0.0627 in the first quarter of this year and is currently trading below the 50-day Exponential moving average at $0.02036.
• RSI-14 below the 50 mark indicates a bearish sentiment in the market. However, if the IRIS price makes a pullback, it might possibly reach $0.03 soon.

How to Buy IRIS Tokens in India?

To buy IRIS Token in India, just follow the below mentioned steps:

• Download the CoinDCX App on your Smartphone
• Enter the details required for registration.
• Complete your KYC
• After your profile is verified, fund your wallet and buy an IRIS.