The IRIS Foundation today officially announced a one-year certificate destruction program to support the continued development of the IRISnet ecosystem. The Foundation will destroy the IRIS certificate equivalent to the same amount of inflation during the first working day after the end of IRISnet in the first year after the launch of IRISnet, in order to achieve the initial level of 2 billion IRIS certificate after each destruction. .
The first IRIS certificate destruction will be carried out on June 28, 2019, and the last destruction will be carried out on March 27, 2020.
The IRIS certificate that is planned to be destroyed will come from the ecological development fund managed by the Foundation (accounting for 30% of the initial total) and the corresponding income obtained by collateralizing the part of the certificate, which will ensure that the verifier and the principal can be at the original inflation rate. The mortgage income is unchanged. The IRIS Foundation hopes to ensure that certifiers and clients can obtain mortgage proceeds at the original inflation rate and actively participate in mortgages to maintain cybersecurity by destroying the certificates held by the Foundation's Eco-development Fund, while maintaining the IRISnet project. The actual inflation rate in the first year of the launch was zero, which promoted the healthy and sustainable development of IRISnet.
As the world's first self-evolving BPoS public chain, IRISnet was successfully launched on March 1, 2019, with a total initial pass of 2 billion. The creation consensus set an annual inflation rate of 4%. After 3 months of operation, the certificate was issued. The total amount is about 2.015 billion, the mortgage rate of the whole network is 25%~30%, and the corresponding annualized mortgage yield of the currency is between 13.33%~16%.
Like all PoS networks, IRISnet also needs to maintain a reasonable level of inflation in order to motivate certifiers and clients to actively participate in mortgages and jointly maintain network security. We hope that the incremental certificate generated by inflation can be used more in various practical application scenarios; considering the ecological development progress, more practical application scenarios are still actively explored at the beginning of the project. Therefore, the IRIS Foundation believes that The Compulsory Destruction Plan maintains zero actual inflation rate in the first year of the project and has a positive effect on ecological development.
IRIS is the only certificate that can be used as a mortgage (Staking) and transaction fee in IRISnet. It will also be the cost of multiple application scenarios. IRISnet has a very comprehensive mortgage function. Users can participate in network consensus by mortgageting IRIS Pass to the certifier, and can also participate in chain governance by voting to promote the self-evolution of the network.
The IRIS Foundation is actively working with all parties to develop more application scenarios and promote IRIS as a broader application of cost certification. According to the current project plan, IRISnet will release support for multi-asset management in the third quarter, open the DeFi scenario, and launch the iService cross-chain service and ecological application in the fourth quarter. These constantly-developed product features and ecological development will provide a richer use scenario for IRIS.
Since July last year, the IRIS Foundation has been using eco-development funds to reward open source community programmers and active participants in Fuxi Testing Network, and in various ways to support the continued growth of the decentralized certifier community. The Foundation will continue to improve its more comprehensive eco-development fund use programs including “Community Building and Development”, “Application Development Support” and “Node Development Support”.
About IRISnet and IRIS
IRIS Network (IRISnet) is a self-evolving BPoS (Bonded BPoS) public chain with the goal of becoming a trusted “bridge” linking digital economy and the real economy, providing a cross-chain service infrastructure for building a new generation of distributed business applications. . IRIS is the original certificate of IRISnet, the equity of BPoS Staking, and the cost of online transactions, DeFi services and iService cross-chain services. It is a practical Token with multiple usage scenarios.
About the Eco-development Fund and public address
The IRIS Foundation has reserved an IRIS certificate of 30% of the initial total as an ecological development fund for exchange of certificates, motivating potential users, and rewarding partners in the division linked to IRIS Hub to promote the healthy development of IRISnet's ecological balance. In the event. On the second day of the IRISnet main online line, the IRIS Foundation published the Chinese-English bilingual announcement "IRISnet Public Address" on the official website, which publicly explained the chain address including the Ecological Development Fund for community viewing and tracking.
Attachment: "IRISnet Public Address" link: https://github.com/irisnet/iris-foundation/blob/master/iris-public-token-address_cn.md