IRIS Network ICO Review

IRIS Network ICO Review

The fact is that today the importance and potential of cryptocurrency is increasingly recognized throughout the world. There is an increasing number of people involved in the studying and exploration of cryptocurrencies and ICOs. On the other hand, more and more experts dealing with cryptocurrency analysis are trying to offer a solution to the existing cryptocurrency problem – because of this, there is an increasing number of ICOs just as that is increasing number of people interested in them. This IRIS Network ICO Review will give you the most important information about IRIS ICO and we promise – you will regret not a single minute of reading this review. If you are wondering what currency to invest in, we are here to help you by giving you the most relevant and objective information about particular ICO. As we gain popularity thanks to recognized professionalism, the number of published ICO reviews is growing from day to day.

What is IRIS Network

Simply said, IRIS Network is an inter-chain service infrastructure and a protocol for building trustworthy and distributed business applications. What makes IRIS stand out from other blockchain infrastructures is the intention of the founder to solve the problems that come with this technology (we can define the problem as the dominance of large corporations in the industry). In other words, the IRIS Network goal is to improve blockchain technology and make it accessible to small businesses and micro-enterprises and thus to support them in their business development.

It is important to note that IRIS whitepaper is available at IRIS official website as well as some other information but in this stage of ICO launching not all information are available on their website. For that reason, it is recommended to take most of this extensive review that summarizes the most important and useful information and facts from IRIS whitepaper and other hard to find sources.

As a Foundation for a Distributed Business Ecosystem, IRIS Network is created by a team of experts who developed the Tendermint Consensus Engine (and is currently developing Cosmos) together with a team who developed the Wancloud, a subsidiary of Wanxiang Blockchain and a Bianjie AI team. To be specific, IRIS Network addresses its challenges through the incorporation of a service-oriented infrastructure into Cosmos/Tendermint. Now there is a question about the name ‘IRIS’ for IRIS net and the reason for choosing this name. IRIS is the Greek goddess – who was the personification of the rainbow and faithful messenger between heaven and humanity. Greek goddess Iris became famous worldwide because of the unusual and luxurious painted paint that is similar to the rainbow and since ancient times it has various symbolic meanings. The iris flower has become a symbol of light, and one of the most respected symbols of dignity, courage, and glory. For that reason, we assume you can agree with us that ‘Iris’ is the best name for an ICO that represents inter-chain service infrastructure and protocol for building trustworthy and distributed business applications.

IRIS Network Home Page

IRIS Network Team

The quality of a team working on any project is crucial to the success of a project, regardless of which project is concerned nor industry or of project goals. Everybody knows that for the success of the project and the achievement of project goals the key lies in a quality team with professional knowledge and experience in the field of project activity.  For this ICO that is the introduction of innovation in the blockchain technology. IRIS innovation refers to the contribution to the development of SMEs worldwide (you can find more detailed information about this section in IRIS whitepaper). IRIS ICO has since its inception been led by the team of experts.

With the goal of developing the IRIS Network, the Tendermint and Wancloud Team leads this project with Binjaie Al team, which is main team dealing with the development of the IRIS network blockchain infrastructure and has started their work on this project in 2016. Since the beginning of this project, Bianjie AI stays focused on developing innovations and practical solutions to various problems in society such as problems in healthcare and the financial industry. Main characteristics of the IRIS Network is advanced blockchain and AI technologies, which will be discussed in more detail below.

Core members of this team are Harriet Cao (founder of Bianjie Al), Haifeng Xi (senior technologist and entrepreneur), Jae Kwon (who created the Tendermint BFT consensus algorithm and the Tendermint Core blockchain engine) and Tom Tao (who has spearheaded the introduction of cloud services, IoT data service platforms, and accelerator technologies into Chinese market). Justin Fulcher, Tej Deol, Jae Lee, Tim Bogle, Zach Mahon, Nguyen, Kenny Ki, Andras Kristof and Jason Su are IRIS team members, as well. All of them have experience with cryptocurrencies and blockchain technology and many of them are blockchain technology developers with real market experience. After being acquainted with the team, it is advised to explore a counselor, too, so keep reading the next (Advisors) section – our IRIS Network review has much more to show you.

IRIS Network Team

IRIS Network Advisors

Let’s now focus our attention at an overview of the knowledge and experience of advisors who formed this infrastructure, in order to analyze the potential of this project. These people are Jim Yang, Zaki Manian, Adrian Brink, Michael Yuan.

It is important to note that all these members are founders and general directors of firms in the cryptocurrency industry, especially when it comes to advisors. Although you will find the most important information in this section, for a more detailed overview of the knowledge and credibility of the team and consultants you might want to consult IRIS whitepaper. For example, Jim Yang runs Strategy for Tendermint (mentioned earlier), and the idea of the ICO was created just because of his work on the Tendermint project, or in other words, because of the idea of Tendermint improvement. IRIS Network quality lies in the fact that its core advisor is strategy master for Tendermint, which is the main strategic partner for IRIS together with Cosmos. For that reason, IRIS Network project is much more advanced and offers many gains that Tendermint does not have and the best way to understand differences is to observe innovations and problem breakdown offered by IRIS ICO. Furthermore, Zaki Manian is a prolific contributor to the development of blockchain and cryptocurrency technology with huge expertise in cryptography and distributed consensus system. If you’ve been focused and concentrated while reading this review so far from the beginning, you can now conclude that Zaki Manian is the expert whose knowledge contributes most to the achievement of the IRIS main goal (or to say innovation) of the greater availability/distribution for micro and small businesses worldwide. Not only that, but Zaki Mainan is an advisor to the previously mentioned Cosmos project, which means that he together with Jim Yang (advisor and strategy master for Tendermint) makes the core advisor team for IRIS Network project. While Adrian Brink is the Core Developer & Head of Community of Tendermint / Cosmos Network, Michael Yuan is the Director of the CyberMiles Foundation and is author of 5 books on software development, was an code committer in projects as Firefox, Fedora JBoss and was a Principal Investigator on multiple research projects founded by US government. Now, let’s see the specifics of problem breakdown! It is quite interesting and worth to read.

Problem Breakdown

As you probably already know, one of the key industry problems are individuals that have huge and possibly catastrophic power when it comes to crypto technology. Although today there are more than 1,000 cryptocurrencies in the world that are actively utilized, this problem remains persistent and many are trying to solve it in various ways. Many ICOs are emerging on a daily basis as well as startups that are launching their services in other industries (big number of them on daily basis). Even so, only a small number of them succeeds in a goal of launching on the market. Those are the strongest ones with powerful, high quality, the long-term business system whose future has potential because of how they plan, how they implement, and how fast they react to business environment changes. Part of the potential lies with the team and the advisor, and part of whether they have successfully recognized market needs and offered the right solution at the right time.

The IRIS goal is to contribute to solving the problem described above by accomplishing the goals related to the innovations that the IRIS Network brings to the market. As IRIS Network whitepaper is not talking about defining the problem and its solutions but is talking about innovations and presenting these innovations as industry problem solution, intend of this paragraph is to show the purpose of the innovation that IRIS brings and how it intended to solve the problem of cryptocurrency industry and its deficiencies. As earlier described, this ICO finds that not all computation should be implemented as on-chain computations such as smart contracts. Furthermore, it finds that reuse of existing blockchain resources, including both public chains and consortium chains, must be widely enabled. ICO has enhanced the IBC (inter-blockchain communication) in order to broadcast service definitions and broadcast global service bindings to every zone in the IRIS Network. Moreover, whitepaper emphasizes that some of biggest enhancement related to IBC are service requests or complaints targeting a remote provider are routed to the blockchain to which the provider is connected and service responses or resolution meant for a remote consumer are routed back to the blockchain to which the consumer is connected.

IRIS Network Service Invocation

IRIS Network protocol is expected to play a huge role in blockchain ecosystem improvement. IRIS implements private and consortium participation and off-chain services together with inter-chain functions which makes an ICO desirable and welcome.

Innovations and Design

Innovations of this project are an incorporation of service-oriented infrastructure into Cosmos, integration of business services offered by heterogeneous systems including public & consortium chains as well as legacy systems and interoperability of those services across an internet of blockchains. Again, for the more detailed info, you may want to consult IRIS whitepaper available at the website. In order for these innovations to be realized and marketed, in front of project members, there are challenges such as integration and collaboration of off-chain computing and resources on a distributed ledger and interoperability of services across heterogeneous chains. As mentioned earlier, IRIS faces these challenges through the incorporation of service-oriented infrastructure into Cosmos/Tendermint. Tendermint works as a protocol for the development of the first zone of Cosmos Hub, which has the ability to connect to different zones. Communication is accomplished through an inter-blockchain communication (IBC) that is one of UDP and TPC blockchains. The Cosmos SDK, which will be mentioned below, enables the development of blockchain modules, and its goal is to maximize the flexibility to customize the application.  Cosmos IBC defines a protocol for transferring values from an account on one chain to an account on another chain. The IRIS Network has the goal of enabling cross-chain computation using the IBC. It is one of the most significant advantages and is one of the most important innovations of the IRIS system – the improved IBC performance.

When it comes to IRIC Network design, there is a visual representation of it (picture below) which supports registration, binding, invocation, query, profiling, and governance of IRIS Services. On the other hand, iService (a.k.a. IRIS Services) providers act as adapters of business logic residing in public and consortium blockchains as well as enterprise legacy systems and can be invoked across an internet of blockchains over an extended IBC protocol.

IRIS ICO Network Design

When it comes to Network Design shown in the previously given picture, the following must be sad. Namely, IRIS HUB implies the Cosmos SDK and IBC Extension. Those include EOS, IPFS, Private Chain, Ethermint and Consortium Chain. IRIS Service itself implies A and B system, namely – governance, registration, binding and profiling, query and invocation. Distributed Business Applications are related to Smart Home, E-commerce, Supply Chain and Healthcare – which is the main purpose and goal of this ICO, as noted at the beginning of the review, with other described innovations which IRIS Network ICO brings on the market.

The following picture shows IRIS Service Infrastructure.

IRIS Network service infrastructure

The picture shows Service & Resources – Blockchain or legacy systems. It shows the IRIS Hub (IRIS SDK). It is pictorial and lacily (easy to understand) showed that the IRIS SDK consists of two elements: IPFS and Cosmos SDK, which includes the Cosmos SDK and within it iService Infrastructure. IRIS Service Infrastructure implies the above-mentioned Binding, Invocation, Query, Profiling and Dispute Resolution. As written in IRIS Whitepaper, while the IRIS network focuses on providing an innovative solution for distributed business applications, it is still part of the broader Cosmos network and all zones connected to propose IRIS hub would be able to interact with any other zone in the Cosmos network over the standard IBC protocol.

Hype in Media and Publicity

IRIS Network ICO has over 17,000 Telegram users, over 13,000 Twitter followers and about 20+ Reddit subscribers. It is noticeable that IRIS Network is not present at Discord and Slack nor LinkedIn but it is wise to consider viewing team members and advisors LinkedIn profiles for more information about each of them. As we can see, IRIS Network is not that much focused on media and publicity presence but we must agree that this is compensated with the launch of the beta version of the product!

Roadmap

The project started in the first month of 2018 and its objectives are planned to be realized by the end of the June 2019. Everything is designed in four stages of the project development: from the first month of 2018 to the end of July of that year; from August to end of November 2018, from December to the May of 2019 and from the April to the end of the June 2019. Pre-sale ended at May 2018 and Delhi Office was opened (India market launch).

In the first phase of the project, it is planned to focus on the goal of having the IRIS Hub up and running to connect the Cosmos Hub. In addition, at this stage, it is planned to connect the IRIS Hub as a zone to enable mobile version launch. The next (second) phase of the IRIS project refers to the creation of the basic IRIS Service Layer, which implies improving the network to enhance its previously mentioned functions (invocation, binding, query). In addition, the goal of this phase is the beta version of the IRIS SDK and the mobile version of the app (web application launched initiated beta testing with doctors). Since entering this phase means that the first phase (about which we have just spoken) has successfully achieved planned and desired goals, this phase implies the development of strategic collaboration with service providers but no less important – to have more zones connected to the IRIS Hub. The third roadmap of the IRIS Network ICO project implies goals such as upgrading the network in order to support advanced IRIS Service management features such as profiling and dispute resolution. In addition, the goal of this phase is to focus on maintaining quality for all participants and users. One of the most important elements is that IRIS focuses on is the maintenance of quality (SDK) for mobile users, so especially at this stage of development of the project IRIS focuses on them and their satisfaction – the more the better. At this stage, the expansion of IRIS Network is expected to accelerate and thus to connect with more zones, and, accordingly, we can expect more service providers at this stage of a roadmap. Last but not least – especially when it comes to cryptocurrency ICO’s – fourth roadmap stage refers to the activities that at the last stage of the ICO mean the most and these are the activities that will lead to the realization of this business system, namely through relentless technological innovations, effective community building and sustained developer empowerment. Now, keep reading! Our IRIS review has a lot more to show you.

IRIS Network Roadmap

IRIS Network Token

When it comes to IRIS tokens, the greatest advantage is that tokens can surely be transferred from one zone to another through Cosmos, without the need for the exchange or a trusted third party between the zones. IRIS is designed to support a multi-token model which can be moved between zones (using IRIS Hub). This ICO Network launches two types of tokens, and those are staking and fee tokens. When talking about staking tokens, IRIS Hub has its own special native token for staking and it is called ‘IRIS’.  For these tokens is specific that validators and delegators earn revenue in exchange for staking their tokens (this happens in three ways: via block provisions, block rewards, and transaction fees). On the other hand, IRIS fee token is a) network fee token and b) service fee token. The network fee token purpose is spam-prevention and payment to validators in maintaining the ledger, and the IRIS service fee token is used for payment to service providers who deploy IRIS services and then the default payment service token is IRIS token.

When it comes to initial token distribution, (INT) it is important to note that there are several possible ways of token sale (distribution), and some of them are uncapped with fixed rate, soft, hard and hidden caps, dutch auction, collect and return, dynamic ceiling and others. When talking about initial token distribution, it is necessary to consider how many tokens are distributed for sale, how many tokens the organization itself will retain for itself, the ratio in which the tokens will be allocated to different parties (e.g. partners, public, ICO advisors, etc.). IRIS Network has the initial token supply of 2,000,000,000 IRIS tokens (1 IRIS = 0,035 USD) and the distribution of tokens is planned to be 20% for private sale, 20% for core developer team, 15% for IRIS foundation, and the 45% for ecosystem development. 20% tokens for core developer team refers to 4-year vesting period starting from IRIS Hub launch, and the percentage of 15% for IRIS foundation is reserved to support the operations of the Foundation. Finally, the percentage of 45% for ecosystem development will be swap with zones connecting to IRIS Hub in order to grant to potential users; awards to outstanding partners and potential public sale.

IRIS Network ICO Info

Private sale distribution of IRIS tokens are used for the development of IRIS Network, and the planned ratio is as follows: 10% for purpose of foundation operations, 50% for purpose of software development, 10% for purpose of research and development sponsorships, and the 20% for purpose of marketing and promotion. It is important to note that the biggest percentage of private sale distributed tokens goes to software development (50%). It is interesting that these tokens are mostly intended for costs, fees, and expenses of IRIS software, while developer enablement has 10% of IRIS private sale tokens and these are intended for funding hackathons, awards to volunteers and training programs. ICO has 20% available tokens for token sale and total tokens of 2,000,000,000 as mentioned above.

If you find this information and data interesting (or not) look at the following review to see the potential of IRIS ICO and/or look at the conclusion section to see this review in few short words.

IRIS Network ICO Collaboration

IRIS collaboration can be divided into several collaboration types: core technology team, strategic partners, investment institutions and the council. As mention at the very beginning, the main IRIS team functions under name Binjaie Al, which represents the core technology team. Main strategic partners are Cosmos and Tendermint, of which the Cosmos represents a decentralized network of independent parallel blockchains, each powered by classical BFT consensus algorithms like Tendermint while the Tendermint represent Byzantine-fault tolerant state machine replication – in other words, blockchain – and is currently preparing the Cosmos Network for release. There are also Wancloud (the first blockchain accelerator in China focusing on the acceleration of blockchain start-ups in their early stage) and Hashgard (the protocol of distributed and trusted asset management) as main IRIS strategic partners. Some of biggest investment institutions involved in IRIS ICO area AMINO Capital, 8Decimal, Chainpe, Coefficient Ventures, Consensus Capital, Genblock capital and many others (18 in total).

IRIS Network Collaborations

IRIS Conclusion

IRIS main purpose is to build technology that can contribute to facilitating the construction of distributed business applications. As you have noticed so far in our IRIS Network ICO review, IRIS Network protocol takes over Cosmos solutions and uses it to enhance IRIS protocol, resulting in a very important achievement – elimination of held back network issues at any point which are usually one of the main problems when it comes to blockchain technologies. The reason for such positive IRIS review feedback lies in the fact that Bianjie AI is a team of experts in this field and are specialized in all innovations launched on the market by IRIS Network cryptocurrency. Concerns about IRIS are almost non-existent. IRIS is planning to launch and achieve multiple innovations and contribute to resolving many problems of cryptocurrencies, which is why the IRIS venture is extremely ambitious. However, we must note that such an ambitious set of goals is not difficult to achieve with quality management and a team of advisors who are experts in what they do. Now we know that the IRIS Network core team consists of the largest experts in this area of cryptocurrencies and blockchain technology. Ultimately, many ICO’s rarely come up with such a good set of Network design and useful goals of ICO, so it would be wise to give IRIS ICO the opportunity to show us the real potential of their protocol and participate in the achievement of IRIS goals. Now, as you successfully have reached at the end of IRIS review you have all the necessary information about this ICO and at this moment, you should be able to consider weather to invest and support IRIS or not. For wiser decision-making we recommend you to see the full IRIS whitelist.