IRISnet (a.k.a IRIS Hub) is designed to be the foundation for the next generation distributed applications. Built with Cosmos-SDK, IRIS Hub enables cross-chain interoperability through a unified service model, while providing a variety of modules to support DeFi applications. IRIS Hub is designed to support not only token transfers across internet of blockchains, but also to allow consumption of data and computing resources across heterogenous systems mechanism, token economics, etc.)
What is IRIS Network?
The IRIS Network is the first regional hub in the Cosmos ecosystem that will connect to the Cosmos Hub. The IRIS Hub launched in March 2019. To learn more, please see their whitepaper.
What are validating and delegating?
New blocks on IRIS Hub are proposed by validators. To enable IRIS Hub to run seamlessly, validators need the technical capabilities to offer a secure, always on infrastructure.
Not everyone is able to do this. Some token holders participate indirectly by delegating the tokens they have to a validator. Validators are running a service for delegators. They typically charge a fee to cover their operational costs.
Why should you delegate?
By delegating IRIS, you help secure the network. You get part of the rewards provided by the protocol for this assistance. If you are planning to hold on to IRIS for some time, delegating will help you accumulate more IRIS while contributing to the health of the network.
What happens to the ownership of IRIS after they’re delegated?
You are not giving away ownership of IRIS by delegating. As a validator, Terminet will never have the ability to move your IRIS.
What are the risks of delegating on IRIS Hub?
In IRIS, both the validator’s self-bond and the token holder's bond are at risk of slashing.
There are three ways in which a validator can get slashed:
a. If a validator is offline and does not sign for about 27.78 hours. The total bond will be slashed by 0.5% and the validator will be removed from the set for 2 days.
b. If a validator double-signs. The total bond will be slashed by 1% and the validator will be removed from the set for 5 days
c. If a validator intentionally includes an illegal transaction in the block. The total bond will be slashed by 2%
Those conditions are hard-coded and do not vary with network usage.
We have our own capital on the line, so we are fully incentivized to do our best to prevent such events. However, delegators must be aware that this slashing risk will always exist.
What is the calculation for each type of reward?
The initial total supply of IRIS is 2,000,000,000 and the annual inflation rate for the first year is 4% (can be modified via on-chain governance), representing 80,000,000 IRIS minted in the first year. As on-chain activity is marginal right now, we assume that the totality of rewards are generated via inflation.
There are currently about 793,000,000 IRIS staked across the network representing a staking participation of 38.26%. Let’s assume that a validator has 0.5% of all voting power, the node has 3783116.93 IRIS and decides to charge a 10% commission fee.
Tokens minted by the node: (3783116.93/ 793,000,000) * 80,000,000 = 381,651.14 IRIS
Commission fee: 0.1 * 381,651.14 = 38,165.114 IRIS
Income for delegators: 381,651.14 - 38,165.114 = 343,486.02 IRIS
Delegators’ return in first year: (343,486.02 / 3783116.93) *100% = 9.07%
What does Terminet get out of this?
We charge 10% from the block rewards received by our delegators. For example, if a delegator receives 100 IRIS as a reward, Terminet will receive 10 IRIS while the delegator will get 90 IRIS.
How are rewards disbursed?
You need to withdraw their rewards from the protocol and then decide to delegate if you wish to compound rewards.
Terminet is never in control of the rewards.
Can you undelegate anytime?
Undelegating (also called unbonding or unstaking) can be done anytime. However, it takes approximately 3 weeks(21Day) for your IRIS to undelegate and become transferable.
What are digital wallets that support Irisnet？
Rainbow App, which is the first mobile client for IRISnet. It now supports both IRIS and ATOM. You can download from IRISnet Official Website, Google Play and App Store.
Other Wallet Software：
If you have any questions about our services, please do not hesitate to contact us. We are happy to talk to anyone.