The IRIS Network (IRIS) is an internet of blockchains designed to facilitate the construction of distributed business applications. It is built on the Cosmos SDK and Tendermint, with a Proof-of-Stake (PoS) blockchain at its core, known as the IRIS Hub. The IRIS token serves three purposes: staking, transaction fees, and service fees. The network integrates services from heterogeneous systems, including public and consortium chains, as well as legacy systems, bridging the gap between blockchain and conventional business applications.
The IRIS Network (IRIS) is a cryptocurrency token used within the IRIS network, a service infrastructure and protocol designed to facilitate the construction of distributed business applications. The IRIS token serves three primary purposes:
Staking: It is used as a staking token to secure the Proof-of-Stake (PoS) blockchain, ensuring the network's security and integrity.
Transaction Fee: The IRIS token is used to pay fees for all transactions within the IRIS network, making it a necessary component for network operations.
Service Fee: Service providers in the IRIS network are required to charge service fees denominated in the IRIS token. This fee structure enables the network to support various business scenarios and applications.
In addition to these core functions, the IRIS token is also used to facilitate the interaction between on-chain and off-chain services within the network, enhancing the overall functionality and scalability of the IRIS network.
To store IRIS Network (IRIS) tokens, you can use various wallets that support the IRISnet blockchain. Some popular options include:
- Rainbow Wallet: Available for both Android and iOS devices, this wallet allows you to store and transfer IRIS tokens, as well as delegate them to validators.
- Math Wallet: This wallet supports IRIS tokens and is available for both Android and iOS devices.
- Wetez Wallet: Another option for storing IRIS tokens, available for both Android and iOS devices.
- Cosmostation Wallet: This wallet supports IRIS tokens and is available for both Android and iOS devices.
- SyncNode Wallet: This wallet is available for iOS devices and supports IRIS tokens.
- ViaWallet: This wallet supports IRIS tokens and is available for both Android and iOS devices.
- LoyToken Wallet: This wallet supports IRIS tokens and is available for both Android and iOS devices.
- Keplr Wallet: This wallet supports IRIS tokens and is available as a web extension.
These wallets enable you to manage your IRIS tokens, delegate them to validators, and participate in the staking process.
To buy IRIS Network (IRIS) tokens, you can follow these steps:
Using a Centralized Exchange (CEX)- Choose a CEX: Select a reliable and trustworthy crypto exchange that supports IRIS Network (IRIS) purchases, such as Pionex, KuCoin, or Binance.
- Create an Account: Register on the exchange's website or app, and set a secure password. Enable two-factor authentication (2FA) for added security.
- Verify Your Identity: Complete Know-Your-Customer (KYC) verification, which may require government-issued identification documents.
- Add a Payment Method: Follow the exchange's instructions to add a credit/debit card, bank account, or other supported payment methods.
- Buy IRIS Network (IRIS): Use fiat currency to buy IRIS Network (IRIS) directly if supported, or first purchase a popular cryptocurrency like USDT and then exchange it for IRIS Network (IRIS).
- Choose a Wallet: Select a reliable and reputable crypto wallet that supports IRIS Network (IRIS), such as MetaMask.
- Download the App: Download the wallet application to your device from the Google Play Store, App Store, or as a browser extension.
- Create a Wallet: Create a new wallet address or import an existing one. Make sure to write down the seed phrase and keep it secure.
- Buy IRIS Network (IRIS): Purchase IRIS Network (IRIS) using a supported payment method. If your wallet doesn't support direct fiat-to-IRIS purchases, you can first buy a more popular cryptocurrency like USDT and then exchange it for IRIS Network (IRIS) through your wallet or on a decentralized exchange.
- Choose a Trading Bot: Select a trading bot platform like Pionex, which offers 16 built-in trading bots.
- Create an Account: Register on the trading bot platform and set up your account.
- Set Up the Bot: Configure the bot to buy IRIS Network (IRIS) based on your preferred strategy, such as arbitrage trading or dollar-cost averaging.
Remember to always check the fees associated with each method and ensure you are comfortable with the payment processors used by your chosen wallet or exchange.