Explaining The Crypto China Narrative

## 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](https://coinmarketcap.com/alexandria/glossary/blockchain)-based, open network to small and medium businesses that are offering a wide variety of services.  

According to the official [IRISnet Whitepaper](https://github.com/irisnet/irisnet/blob/master/WHITEPAPER.md#iris-overview), 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. 


#### 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. 


#### Related Pages:

Read more about [DeepOnion](https://coinmarketcap.com/currencies/deeponion/). 

Learn more about [Amoveo](https://coinmarketcap.com/currencies/amoveo/).

Find out how [proof-of-stake consensus](https://coinmarketcap.com/alexandria/article/proof-of-work-vs-proof-of-stake) works.

Check out our [CoinMarketCap blog](https://blog.coinmarketcap.com/).


#### How Many IRISnet Coins Are There in Circulation?

IRISnet announced an initial token supply of two billion IRIS tokens distributed in several key groups. According to the [IRISnet whitepaper](https://github.com/irisnet/irisnet/blob/master/WHITEPAPER.md#iris-overview), 25% of tokens were released for private sale,  15% were distributed among Bianjie AI team members and 15% are reserved to support the IRIS Foundation’s functions. Another 30% of issued tokens went towards ecosystem development, while 5% were dedicated to a special Cosmos Hub Airdrop. Finally, 25% of tokens went to the Tendermint developer team; however, most of these tokens will be vested in increments after the IRIS Hub launch.

According to the founders, proceeds from the private sale of IRISnet coins will be directed predominantly towards the improvement and further development of the IRIS network. 


### How Is the IRISnet Network Secured?

Like many popular altcoins, IRISnet is a delegated proof-of-stake ([dPoS](https://coinmarketcap.com/alexandria/glossary/delegated-proof-of-stake-dpos)) coin, based on the Tendermint Consensus. Tendermint emerged a little after the introduction of the [Bitcoin](https://coinmarketcap.com/currencies/bitcoin/) and [Ethereum](https://coinmarketcap.com/currencies/ethereum/) consensuses, and it aims to become an all-encompassing consensus engine.

A delegated proof-of-stake consensus depends on the reputation of nodes, thus eliminating misbehaving nodes as the process goes on. For a transaction to be completed on a dPOS consensus, stakeholders request action from a trusted validator, who then processes the transaction. Because of the reputation model, validators (nodes) are bound to perform accurately; otherwise, they are removed from the network. 


### Where Can You Buy IRISnet (IRIS)?

[Binance](https://coinmarketcap.com/exchanges/binance/) is one option for an exchange if you are looking to acquire some IRISnet coins, as around $2,226,424 of IRISnet have already been traded through the platform as of January 2021.

Another option to buy IRISnet coins is [Hotbit](https://coinmarketcap.com/exchanges/hotbit/), which has already processed trade volumes to the amount of $148,196 as of January 2021

[Read more here](https://coinmarketcap.com/how-to-buy-bitcoin/) about buying cryptocurrencies.

IRISnet

Trust Wallet

MetaMask

Osmosis

Celestia

Akash Network

dYdX (Native)

Dymension

Neutron

Stride

XPLA

Persistence One

OmniFlix Network

KYVE Network

Sentinel

Bostrom

Onomy Protocol

UX Chain

Odin Protocol

Levana Protocol

Vite has built a Directed Acyclic Graph (DAG) based smart-contract platform, with a Snapshot Chain structure to facilitate zero-fee transactions and optimize transaction speed, reliability, and security. The Snapshot Chain of Vite utilizes Hierarchical Delegated Proof of Stake (“HDPoS”) to achieve network consensus, while supernodes take only staking rewards and no transaction fees. Vite virtual machine maintains compatibility with EVM, and utilizes asynchronous smart contract language, Solidity++.

The VITE token is the currency for simple token transactions and smart-contract executions on the Vite network, with users staking VITE for transaction quota instead of consuming gas. VITE can also be used to vote for Snapshot Block Producers (aka supernodes). In addition, a VITE staker with unused transaction quota can lease such quota to dApps in exchange for their tokens. For instance, users can stake VITE in exchange of ViteX’s native decentralized exchange token, VX.

Vite’s current products include a decentralized exchange (ViteX), a multi-purpose wallet application (Vite App), payments (VitePay), and government/enterprise blockchain applications (VitePlus):

ViteX is a decentralized exchange with on-chain orderbook and matching engine, and supports currently 20+ digital assets.

Vite App is a mobile application that allows trading (ViteX), asset management (wallet), dapps (e.g Vite-based games) in one place.

VitePay is a fast and feeless payment solution, currently available to use in Singapore’s Ce La Vi Sky Bar and taxi services under the Midwest Global network - Users can pay for merchants with Vite wallet, who in turn receive payment with zero fees with near-instant settlement. VitePay is also integrated with the e-commerce platform OpenCart, and one can utilize VitePay at the official Vite store.

VitePlus is a Vite-based enterprise blockchain solution for governments and enterprises. Vite has developed a pilot app, SyraCoin, for the Syracuse government, allowing city housing fund donors to receive blockchain-based coupons that are redeemable for goods and services within city bounds.

VITE

Komodo

Ardor

Kava Lend is a decentralized money market built on the Kava Platform that enables the lending and borrowing of cross-chain assets. Kava Lend supports supply-side deposits for BTC, XRP, BNB, BUSD, and USDX. The platform will allow overcollateralized borrowing for supported assets.

Kava Lend

NKN (NKN), or New Kind of Network, is a network that focuses on creating a decentralized and open-source network protocol for public blockchain-based peer-to-peer (P2P) networks to share network bandwidth and internet connectivity. Its main objective is to address the challenges faced by today's internet, such as centralization, scalability issues and security concerns.

Contentos

Aergo describes itself as an open-source enterprise blockchain platform optimized for hybrid deployments, which consist of both permissioned and permissionless blockchain architectures. It includes support for SQL allowing for easy data handling and familiar smart contract programming for developers.

The platform is built and utilized by Blocko, the Samsung-backed South Korean blockchain technology company that, according to Korean media sources, has deployed production blockchain solutions for large-scale clients including Lotte Card, Shinhan Bank, Korea Exchange, Hyundai Motors, and more.

Aergo

SelfKey

Loom Network is a platform as a service that is built on top of Ethereum and allows developers to run large-scale decentralized applications. This platform was released on October 1st, 2017.

The goal of this is to allow application developers to have smart contracts that can access much more computing power when it is required, or maintain the same power at lower costs for tasks such as trials for onboarding new users or applications that simply do not need the full security of blockchain to begin with.

In this system you have the ability to interact with APIs developed by third parties which are not on chain. Loom attempts to be the ultimate platform that allows smart contract developers to create applications without the need to switch to another programming language.

As such, they can easily integrate their applications with the outside world.

The Loom Network runs on Plasma, which is a scaling solution that allows for faster transactions throughout the network.

Loom Network

Viction

QuarkChain

Dock is building a gateway to Web3 by providing simple solutions for businesses and developers to build, manage, and present digital Verifiable Credentials and decentralized identities using blockchain.

Dock provides credentialing technology that can be used to create cryptographically secure and instantly verifiable digital credentials, including workforce certificates, academic achievements, identity documents, and KYC checks.

Since 2017, Dock has been building Decentralized Identity and Verifiable Credentials (VC) technology, which will act as a gateway to Web3 in the future. We have been collaborating with organizations to adapt and innovate in the Web3 ecosystem by helping them understand the true ownership of their data and making their documents, certificates, and credentials become digital, tamper-proof, and instantly verifiable. Web3 is about data ownership and by using Dock’s technology, individuals can now truly own and control their most important documents and regain control over their data.

Dock

Akropolis is a company that operates an Ethereum-based decentralized finance protocol that seeks to provide an autonomous financial ecosystem for saving and growing wealth, including through borrowing and lending. To do so, it offers a series of products including AkropolisOS, a framework for developing for-profit decentralized autonomous organizations, Sparta, a platform for uncollateralized lending, and Delphi, a yield farming aggregator and tool for dollar-cost averaging.

The project uses an ERC-20 token, AKRO, for protocol governance across its suite of products.

Akropoli was first announced in March 2018, launching on the Ethereum mainnet in June 2020.

Akropolis

dForce

Wanchain is a distributed ledger that allows for cross-chain transactions and the interoperability of multiple chains. Although Wanchain facilitates transactions between blockchains, it is also a stand-alone blockchain that runs autonomously. The protocol acts as a distributed ledger that processes and maintains records of cross-chain transactions.

Transactions on Wanchain do not only occur between different public blockchains but between private chains as well. As an Ethereum (ETH) fork, Wanchain enjoys some of the properties of the Ethereum blockchain. The protocol securely and autonomously processes applications via smart contracts.  The use cases for Wanchain include decentralized exchanges (DEXs), lending and borrowing platforms, stablecoins, crowdfunding, multi-currency payments and settlements.

The platform is totally decentralized and requires no custodian party to manage or confirm transactions. Unlike other cross-chain systems, Wanchain does not rely on a third-party platform to authenticate transactions. The locked account mechanism is used to secure and manage accounts on the network, eliminating third-party interferences.

Wanchain

ARPA

Linear is a decentralized delta-one asset protocol capable of instantly creating synthetic assets with unlimited liquidity. The project opens traditional assets like commodities, forex, market indices and other thematic sectors to cryptocurrency users by supporting the creation of “Liquids” — Linear’s synthetic asset tokens.

The protocol consists of various products like Linear.Buildr, a DApp used to manage Liquids using Linear (LINA) and other tokens as collateral. The exchange is specifically created to enable trading of a variety of Liquids with rapid confirmation times and robust security.

LINA is an ERC-20 token built on the Ethereum network whose main purpose is as collateral for Liquids (using Buildr) and for community governance of the protocol. All token holders have access to the Linear DAO, enabling them to vote on different initiatives and proposals, helping to shape the development of the Linear ecosystem.

The main goal of Linear is to provide a superior user experience with better scalability and greater speed thanks to the cross-chain capabilities of the protocol. Linear Finance intends to provide a simple solution for users that want exposure to traditional assets while still benefiting from the features enabled only by blockchain technology.

Linear Finance

Celer is a blockchain interoperability
protocol enabling a one-click user experience accessing tokens, DeFi, GameFi, NFTs, governance, and more across multiple chains. Developers can build inter-chain-native Dapps using the Celer Inter-chain Messaging Framework to gain access to efficient liquidity utilization, coherent application logic, and shared states. Users of Celer-enabled dApps will enjoy the benefits of a diverse multi-blockchain ecosystem with the simplicity of a single-transaction UX, all from a single chain.

Celer Network

Bluzelle is a decentralized storage network for the creator economy.

Bluzelle delivers high security, un-matched availability, and is censorship resistant. Whether you are an artist, musician, scientist, publisher, or developer, Bluzelle protects the intellectual property of all creators. Bluzelle is data storage, file storage, oracles, and more. Its is specific for NFTs and DeFi.

Bluzelle’s core products are all related to data and powered by its Tendermint Blockchain:

Bluzelle DB - a decentralized database for software developers to store information

Bluzelle Oracles - a truly decentralized pricing oracle that provides high speed and high security for Defi applications

Bluzelle Staking - where BLZ holders can currently stake their tokens and earn rewards for providing storage and pricing data.