IRISnet Price

IRISnet is not merely a blockchain; it is an entire service infrastructure designed for next-generation decentralized applications (dApps). It operates using the Cosmos SDK integrated with the Tendermint consensus layer. At its core, IRISnet acts as a communication relay, facilitating interaction between various blockchains and their respective applications.

The network's true power lies in its ability to enable cross-chain operations, which will become increasingly vital as the blockchain ecosystem diversifies. The integration of the Inter-Blockchain Communication (IBC) protocol allows IRISnet to process off-chain data, thus enhancing the operational capabilities of dApps within its ecosystem.

Furthermore, the native token, $IRIS, underpins several crucial functions within the network. It is used for staking—the mechanism by which users can validate transactions and earn rewards—alongside transaction fees and service fees. This multifaceted utility of $IRIS underscores the fundamental economic principles driving the IRISnet ecosystem.