IRISnet is a blockchain network, specially designed to support a wide variety of fast and cheap data transactions and off-chain computations, to decrease the load on the network caused by business dApps, connected devices and data processors.
One of the prominent distinctions of IRISnet is its integration with Cosmos’ inter-blockchain communication protocol. Thanks to the principles of this protocol, IRISnet can successfully viewed as a separate Bonded PoS blockchain, or as a part of Cosmos ecosystem. The internal payments in IRISnet are processed in ATOM and IRIS tokens.
IRISnet is a Bonded Proof-of-Share blockchain network, which requires user voting for delegates, who verify transactions and produce new blocks. This voting is performed by delegating parts of user wallet balances, or stakes, to the delegates of their choice.
Although it may sound insecure, the stakes are frozen on the user wallets, and can’t be transferred, exchanged or accessed in any other way by the validators. The stakes return under full user control once un-staked, which takes only a few minutes.
The Validators are nodes, who are selected for the verification process, based on their staking balance, which comprises all the delegations to them. Validators verify and confirm new transactions in the network, in return for the rewards.
The Validators are a pinpoint in the networks stability and security, and to be useful for the network and receive rewards, bakers are required to hold well-maintained nodes on powerful servers, with up-to-date software and stable Internet connection. Any misalignments will cause missed blocks and rewards for the delegators.