IRISnet (IRIS) price rose over 60% on November 22nd and Crypto. Reached the biggest profit on com. IRISnet price is now interrupting its incredible rise by 10% correction. We take a look at what exactly the altcoin project is and why the IRIS price has gone up so high.
What is IRISnet (IRIS)?
The IRIS network aims to establish a technology foundation that facilitates the creation of distributed business applications. The Altcoin project uses the Tendermint protocol as a high-throughput consensus engine. The Tendermind protocol is the world’s most popular Blockchain application framework, built on top of the Cosmos platform. Some of the key innovations of IRISnet include:
- Incorporating a service-oriented infrastructure into Cosmos
- Public services of business services
- Integration into consortium chains
- Interoperability of provided services across multiple blockchains
As for its core features, IRISnet includes an IBC + iService protocol that emulates the existing TCP/IP + HTTP stack. There is also support for NFTs and cross-chain Coinswap. We can say that IRISnet is full of features by looking at the roadmap. Some of the future plans for IRISnet include adding a VM and integration with the Ethereum network.
Why is the IRISnet price rising?
Binance has announced their support for the IRISnet Network upgrade, which should take place on November 23. V1. 2. 1 IRIS Hub Upgrade will fix a bug in IRISnet Hub Mainnet that prevents execution of inbound IBC transactions. Binance tweeting their support for recent network upgrades has given a lot of confidence for investors and the price of IRIS in general. As soon as Binance tweeted the announcement, the price rally began and the IRIS price nearly doubled from $0.12 to $0.2 in a matter of hours.