Medvedenko Santas

What Is IRISnet (IRIS)?

IRISnet is a service protocol and cryptocurrency, which was officially launched on Mar. 1, 2019. The primary purpose of the IRISnet protocol is to provide a blockchain-based, open network to small and medium businesses that are offering a wide variety of services.

According to the official IRISnet Whitepaper, the protocol aims to employ different public and consortium blockchains to bring the power of decentralized, open networks to thousands of businesses and freelance service providers. Interestingly, IRISnet was named after Iris, the personification of the rainbow and the messenger of the Gods in Greek mythology.

Who Are the Founders of IRISnet?

IRISnet was designed and developed by the team of tech experts behind Bianjie AI, a Shanghai-based high-tech company founded in 2016.

Harriet Cao is a co-founder at Bianjie AI and one of the driving forces behind the IRISnet protocol establishment. She has been working on bringing modern solutions to problems in the financial sector, as well as blockchain-based solutions for healthcare institutions. Besides Bianjie AI, Harriet Cao is also heavily involved with the Blockchain Edge Analytics Network (BEAN). She focuses on the big-data aspect of IRISnet.

Haifeng Xi is the other co-founder at Bianjie AI. He has proven expertise in developing distributed systems and blockchain applications. Combined with Harriet Cao’s interest in big data, the two came up with the idea for IRISnet as a blockchain solution for small and medium businesses.

Another integral part of the team behind IRISnet is Tendermint, the company behind the Tendermint consensus engine, as well as the developers of Cosmos, an ecosystem designed to facilitate blockchain app development.

What Makes IRISnet Unique?

IRISnet is an innovative read of what blockchain technology can bring to the business world. While most consortium blockchains are owned and operated by big conglomerates of companies, IRISnet aims to bring solutions to small business operations.

One of their latest developments is the IRITA, an enterprise blockchain bringing flexible digital asset modeling and privacy-centric data authorization to the business world.

One of the IRISnet protocol’s main selling points is that it aims to combine both on and off-chain capabilities. While transactions are executed on the blockchain, data processing and business logic will be executed off-chain. In addition, IRISnet also offers products like a smart wallet for business operations.