Why Stake your IRISnet tokens with Figment:
- Experienced: Early test-net participant, genesis block producer and maker of Hubble
- Reliable: 100% reward success
- Trusted: Serving the world’s largest IRIS holders + IRISnet foundation
- Secure: The world’s most advanced physical IDC + multi-cloud staking infrastructure
- Transparent: Figment is a venture funded, registered Canadian company, based in Toronto. Canada offers stability, rule of law and clear crypto regulation
- Safe: Maintain custody & control of your IRIS at all times
- Compliant: Track real-time, historical, and future estimated returns with Hubble including the only comprehensive and tax compliant daily reward tracking
- Governance: Active participation in IRISnet community & governance
- SLA: 100% reward guarantee. Industry leading delegation Agreement
- Rewards: Receive 85% of staking rewards (15% fee)
- Figment Prime available for > 100,000 IRIS. Contact us for more information.
The IRISnet is a public blockchain built using the Cosmos Network SDK. The main objective of the IRISnet, with its project the IRIShub, is to become an infrastructure layer for end-user applications or services, referred to as iServices, with a strong focus on enabling communications across private and consortium chains, public chains and even legacy systems via the IBC (Inter Blockchain Communication) protocol.
One unique advantage of establishing their service infrastructure on top of Cosmos is the potential for iServices to be deployed once and invoked on every chain/zone connected to the IRIS Network and Cosmos, creating a functional decentralized marketplace across the internet of blockchains.
Most use cases brought up by the Foundation focus on the exchange of private data and e-commerce between consortium chains and private chains. For example, healthcare data could be easily exchanged privately between an insurance consortium and a chain composed solely of hospitals so that better measures and pricing can be established for patients.
-Distributed AI for privacy preserving data analysis
-Data and analytics marketplace
-Combining public chains & consortium chains
Founding Team & Partners
Figment Networks is launching a genesis validator on the IRISHub betanetTuesday, March 5, 2019
At 0530UTC on March 1st, 2019, IRISNet launched the IRISHub, the first global, permissionless, public Tendermint blockchain. We are excited to be participating in this groundbreaking part of the Cosmos Internet of Blockchains vision.
Token Value Proposition
Similar to the Cosmos Network, the IRIS network, as presently designed, is intended to support a multi-token model. The tokens will be held on the various zones and can be moved from one zone to another via the IRIS Hub. There are two types of tokens that are expected to support IRIS network’s operation:
- IRIS (Staking token): The IRIS Hub has its own special native token for staking, the IRIS. It powers the integration of validators in the consensus set through token delegation and represents voting power in the governance process
- A network & service fee: The IRIS network is intended to support all whitelisted fee tokens from the Cosmos network and allow consumers and service providers to choose the one they prefer
Initial token supply of 2,000,000,000 IIRIS.
-Private sale: 25%
-Bianje Developer Team: 15%
-Tendermint Developer Team: 10%
-IRIS Foundation: 15%
-Ecosystem Development: 30%
-ATOM Holder airdrop: 5%
Token Minting Process
Annual inflation rate of 4% (can be modified via proposal).
Current Token Liquidity
Daily Volume: $5.2m USD
Top exchange listings: Bibox, Huobi Global, Upbit, Bithumb Global
Frequently Asked Questions
What are my staking risks?
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:
- 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.
- 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
- 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.
Figment provides a 100% reward guarantee for missed rewards. You are still subject to potential slashing.
What is the asset that the node receives as a reward?
The IRIS token
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 556,000,000 IRIS staked across the network representing a staking participation of 27.8%. Let’s assume that a validator has 5% of all voting power, the node has 27,800,000 IRIS and decides to charge a 10% commission fee.
- Tokens minted by the node: (27,800,000 / 556,000,000) * 80,000,000 = 4,000,000 IRIS
- Commission fee: 0.1 * 4,000,000 = 400,000 IRIS
- Income for delegators: 4,000,000 – 400,000 = 3,600,000 IRIS
- Delegators’ return in first year: 3,600,000 / 27,800,000 = 12.95%
The more tokens are staked across the network, the lesser the
How are rewards disbursed?
You need to withdraw their rewards from the smart contract after every block proposed by Figment and then decide to redelegate if you wish to compound rewards.
Figment is never in control of the rewards.
What is IrisNet staking process?
In BPoS, token holders can delegate, or bond, their tokens to a validator that is part of the validating set. Earned rewards depend on current network inflation, network fees and the validator’s commission rate.
Rewards are held in a smart contract and can be withdrawn at any time by delegators. There is currently no compounding feature so delegators have to re-delegate rewards as often as possible to maximize earnings.
When did IrisNet launch?
- Where can I acquire IRIS tokens?
Do I maintain custody and control of my IRIS when staking?
You maintain custody of your IRIS at all times.
Your IRIS stay in your wallet and you can change your delegation at any time.
All IRIS token transfers, including rewards, are processed within the IRISnet protocol. Figment never has custody of your tokens or rewards.
There is a 21 day un-bonding period to transfer your tokens after staking. During the un-bonding period your IRIS are illiquid and may still be subject to slashing.