IRIS IRISnet

IRISnet Overview

IRISnet is a decentralized inter-chain network designed to facilitate the construction of distributed business applications. It aims to bridge the gap between the blockchain world and conventional business applications by providing a service infrastructure for handling and coordinating on-chain transaction processing with off-chain data processing and business logic execution.

Key Use Cases

• Distributed AI for Privacy Preserving Data Analysis: IRISnet enables the integration of off-chain computing and resources on a distributed ledger, making it suitable for privacy-preserving data analysis.
• Interoperability Across Heterogeneous Chains: IRISnet enhances the Inter-Blockchain Communication (IBC) protocol to facilitate cross-chain invocation of off-chain services, allowing for seamless interaction between different blockchains.
• Service Infrastructure: IRISnet provides a service-oriented infrastructure that mediates the complete lifecycle of off-chain services, including definition, binding, invocation, and governance.
• DeFi Applications: IRISnet supports DeFi applications by providing multiple modules and mechanisms for token economics and internet token transfer across blockchains.
• Cross-Chain Multi-Asset Storage: IRISnet includes client-side tools like a smart wallet that enables cross-chain multi-asset storage, as well as the consumption and provision of iServices.

IRISnet Components

• IRIS Hub: A Proof-of-Stake (PoS) blockchain built on Cosmos SDK and Tendermint, serving as the central hub of the IRIS network.
• iServices: IRIS Services (iServices) bridge the gap between the blockchain world and conventional business applications, mediating the lifecycle of off-chain services.
• Enhanced IBC Protocol: IRISnet's enhanced IBC protocol facilitates cross-chain invocation of off-chain services, enabling scalable business applications.

IRISnet Ecosystem

• Integration with Cosmos Network: IRISnet is part of the broader Cosmos network, allowing zones connected to the IRIS hub to interact with any other zone in the Cosmos network over the standard IBC protocol.
• Token Model: IRISnet supports a multi-token model, with IRIS being the native token used for staking, network transactions, and cross-chain services.

Pros of IRISnet

• Reliable Team: IRISnet is developed by a team with a proven track record in blockchain projects, including successful ventures in the healthcare sector.
• Functional Compatibility: IRISnet is designed for applications that require information exchange, off-chain and between-chain collaborations, making it versatile for various use cases such as medical data sharing while maintaining confidentiality.
• Delegated Proof-Of-Stake (BPoS) Consensus Mechanism: This mechanism allows for additional rewards for network participants, enhancing the efficiency and security of the network.

Cons of IRISnet

• Youth: IRISnet is a relatively new project and has not yet established a firm foothold in the crypto market, indicating it is still under development.
• Limited Market Presence: Due to its recent emergence, IRISnet has not yet gained widespread recognition or adoption, which could impact its stability and growth.

Founders of IRISnet

The founders of IRISnet include:

• Haifeng Xi: Co-founder of IRISnet, who previously worked as CTO for Wanxiang Blockchain Wancloud.
• Harriet Cao: Co-founder of IRISnet and also co-founder of Bianjie, the core development team of IRISnet.
• Jae Kwon: Founder and CEO of Tendermint, a key partner in the development of IRISnet.
• Tom Tao: Co-founder of IRISnet, contributing to the project's development and strategy.

These individuals have played crucial roles in shaping the vision and technical foundation of IRISnet.

IRISnet Investors

IRISnet has received funding from various investors through several rounds. Key investors and their contributions can be found on platforms like AlphaGrowth and DropsTab, which provide detailed insights into the fundraising journey of IRISnet.

• Funding Rounds: IRISnet has undergone multiple funding rounds, attracting significant investment from various entities. These rounds have been crucial in shaping the project's future and development.
• Major Investors: The IRIS Foundation and other leading investors have played a pivotal role in supporting IRISnet. Detailed information on these investors and their contributions can be found on DropsTab.
• Investment Statistics: For a comprehensive overview of IRISnet's fundraising statistics, including the total funding amount and the number of rounds, platforms like AlphaGrowth and DropsTab offer in-depth analyses.

Halal Status of IRISnet

No, the halal status of IRISnet is not universally agreed upon. The reason is that Islamic scholars have varying opinions on whether cryptocurrencies are halal or haram. Some argue that cryptocurrencies like IRISnet are halal because they can be owned, possessed, and traded, and they do not involve interest (riba). However, others consider them haram due to their speculative nature and lack of central authority.

Key Considerations

• Legitimacy: Ensuring the project is genuine and not a scam.
• Project Compliance: Ensuring the project adheres to Islamic finance principles.
• Financial Compliance: Ensuring the financial aspects meet Shariah criteria.
• Token Compliance: Understanding the Shariah compliance of the token itself.
• Staking Compliance: Ensuring the staking mechanism complies with Islamic law.

Conclusion

Given the diverse opinions among Islamic scholars, it is essential for individual Muslim investors to conduct their own research and seek guidance from qualified Islamic scholars before investing in IRISnet or any other cryptocurrency.