Irisnet founder in the first appearance after the storm: details of cross-chain ecology

Original title:IRISnet BPoS: road to simplicity, building cross-chain ecology

Original author: & NBSP; & have spent HashBang

Harriet, Irisnet's founder, made her media debut after investors pulled out of Irisnet. The cross - chain ecology, the next plan of Irisnet and the current development of the project are briefly introduced. HashBang's full interview with the founder of Irisnet follows.

HashBang: & have spent Did Harriet pay any attention to the economics of encryption? What do you make of cryptographyConcept?

Harriet：The most important problem in designing a dynamic self-growing public link is to pay attention to and study the economics of cryptography.

What is cryptoeconomics?

Cryptoeconomics (tokeneconomics) comes from two words: Cryptography and Economics, but let's not misunderstand that Cryptoeconomics is a sub-field of Economics, which is not to apply traditional macroeconomic and microeconomic principles to the cryptocurrency market. It is a practical science that focuses on the design of protocols to support more efficient decentralized (or distributed) collaboration, while cryptography supports mechanisms (protocols) that operate outside the control of a single centralized institution. Cryptography economics is most relevant to game theory. A good blockchain design must have a good mechanism (protocol) to support the production, distribution and consumption of goods and services in complex economic cooperation.

So to summarize,cryptoeconomicsIs a practical science that focuses on the design of protocols/mechanisms that support distributed economic activities and enables the trusted operation of such protocols and mechanisms through cryptography techniques

HashBang: can you say what IRISnet is in the simplest, most informal language? What are the main problems being solved? What is the practical significance and value of this question? Many of you are wondering what is the relationship between IRISnet and cosmos?

Harriet：Solve what problem?

We believe that it is unrealistic for a single corporate chain to solve all the distributed collaboration problems, and the future business model must be multiple corporate chains that focus on solving different problems. These systems need to be interconnected.

What is IRISnet?

IRISnet is the bridge linking these systems. What IRISnet does is cross-chain service, which not only supports cross-chain transfer of token, but also supports data and complex computation, which can be called by cross-chain and cross-heterogeneous system. IRISnet provides a service-oriented development module, iService, for complex distributed business applications. Can support common chain, alliance chain, and even traditional system interoperability. & have spent

About Cosmos and IRISnet relationship:

Cosmos made two important contributions to the industry: the Cosmos SDK, a toolkit that supported the application of a proprietary link, and the design of the cross-chain communication protocol IBC. Cosmos SDK allows users to create BPoS chains based on the Tendermint consensus. Today's topic is POS, and I will also introduce BPoS later.

Developed using the Cosmos SDK, IRISnet is a Hub focused on cross-chain services that can now support cross-chain calls to data and complex computations, while also supporting a natural cross-chain transfer of tokens after Cosmos IBC completes.

Cosmos's relationship with IRISnet was nicely described in a blog post by Cosmos's core developer tendermint last Saturday. We are partners of co-existence. At the same time, IRISnet is not only the practitioner application chain of the first Cosmos SDK, but also cooperating with the Tendermint team to continuously feedback the practice and innovation of IRISnet on BPoS into Cosmos SDK, hoping to support the efficient development of Cosmos's wide-chain ecology. & have spent

HashBang: we know that the common understanding of designing a project is a very complicated and important thing, because it is designed to ensure the safety and normal operation of the chain. Could Harriet give an example of one of the simpler designs in the IRISnet economic model?

Harriet：Let me share with you the architecture of the IRISnet economic model. The design of the IRISnet economic model can be divided into three levels:

The lowest level of consensus,BPoS and Bonded PoS are used, and the Bonded interest certificate is provided. BPoS was invented by a silicon valley firm called the Tendermint algorithm, which is 2/3 Byzantine fault tolerant. BPoS certificate holder participates in network authentication by Token pledge network node. According to their own voting power, nodes can participate in block verification and get block out rewards, and general users as principals can share the block out rewards obtained by their entrusted nodes. I'll talk about that in a minute.

On top of the consensus layer, IRISnet also has two layers of application layer economic model design:

First, we are DeFi (Decentralized Finance). We are discussing cooperation with Decentralized exchanges and European compliance institutions.Explore the application of issuing stable currency on IRISnet and other asset securitization. IRISnet will provide an interface for these eco-partners to participate in open finance activities by releasing digital assets as collateral for certain IRIS certificates.

Another layer is the cross-chain service layer, where other chains linked to IRISnet can define and publish their own data and calculations to IRISnet as service providers through the iService module, and consumers on other chains can consume these published services across the chain. For each service published by a service provider, an IRIS pledge of several times the amount of the service fee is pledged over the network. At the same time, when the consumer calls in real time, the service fee will be hosted in the agreement layer to ensure that the service fee will not be paid to the service consumer when the service is not completed. When service results are disputed, service governance also requires an IRIS certificate to initiate dispute resolution governance. Here we have a flexible design, that is, the pledge of these system activities is the pledge IRIS pass, but the service fee supports multiple currencies: it can be IRIS pass, it can be stable currency on IRIS network, and after the future cross-chain protocol IBC is mature, the service fee can also be the original token on the service provider's own chain.

Through such design, service providers and consumers can choose the most suitable for their economic activities to interact with each other, such as stability COINS, so as to have a better user interaction experience. DeFi and iService service providers have the ability to provide more flexible services in order to better develop their own businesses, so that they can more pledge IRIS licenses, thus facilitating the expansion of IRIS license usage scenarios.

To expand a little on inflation's own design in IRIS BPOS: to sum up, "the great road is the simplest." those of you who study algorithms know the Occam's razor principle, which means "the simplest is the best."

PoS will motivate verification nodes and ordinary users to participate in the delegation through inflation. However, the revenue from the delegation pledge is affected by many factors, such as the security performance of the node. Total tokens, commission rate, total net pledge rate, inflation rate, etc. It's a dynamic system with many variables. Instead of using a more complex algorithm, IRISnet inflation USES a simple constant after the study (inflation is now designed to be 4% of the original total). So it's very easy to calculate the revenue distribution per slice. Then the actual effects are:

1) annual inflation is actually decreasing because the total is slowly increasing;

2) when the number of pledgers is small, the total amount divided by the pledgee will be constant, and the amount divided will be relatively large. If the amount of the pledge is large, people will share relatively less.

IRISnet's 4% inflation is now small compared with other POS networks. At present, the total network pledge rate is less than 30%, and the IRISnet pledge yield is between 11% and 14%, which is relatively large in the PoS network.

Here also want to friends and community advocated by the way, we hope you will own IRIS the pledge to the network, don't just pick large node, mainly to see the self bond (since the mortgage, the higher the better), appointed the rate (the rate of commission, the lower the better), up time (online length, the higher the better), and bond Height (launch Height, as small as possible, this is the block Height, node online the longer the smaller network operating history) these parameters. If all the above parameters are the same, the benefit of a large node is only slightly greater than that of a small node. There is no obvious profit advantage in choosing a large node.

IRISnet's economic model is designed to be open, win-win, simple and efficient. But no design can be perfect. We are also proud of our contributions to the BPoS network: support for more complex online governance, and network upgradability. As mentioned above, economic models support governance on the chain, communities have better ideas to initiate governance on the chain, and IRIS network can support smooth upgrade without bifurcation.

The software upgrade for IRISnet was well received by the technology community in its public beta last November, and we noticed that other project teams were already using the two functional modules we had developed. We also contribute to the Cosmos codebase, which IRISnet is proud to contribute to the BPoS and cross-chain ecosystem.

So we call ourselves the IRISnet self-evolving BPoS network, which of course is self-evolving supported by the community through online governance.

To sum up: usage scenario of IRIS general certificate: hypothecation general certificate of PoS, transaction-chain transaction general certificate, service hypothecation general certificate of application layer and service fee general certificate, and then very important is the right to participate in network governance.

I hope you can better participate in network activities through IRIS, and support the evolution of the network together. & have spent

HashBang：There has also been some discussion about PoW and PoS recently. How do you see the pros and cons of IRISnet as a PoS chain? Can from the chain security, efficiency, application development and other aspects of the next?

Harriet：PoW chain, satoshi nakamoto gave a very good design, by hash calculation to get the calculation force to get the block weight. Simple and fair, but power consumption, slow.

Proof of Stake. PoS defines your voting power based on how many tokens you pledge on the network. This prevents the kind of witch attacks that are common in distributed networks. It is characterized by fast calculation and high performance.

The other thing that I want to talk about in detail, when PoS nodes are not doing evil, is basically running system software. PoS nodes can even support multiple PoS networks at a small hardware cost. Normal operations cost less than evil. The Tendermint USES the punishment mechanism slash to realize the punishment for doing evil. If the node oversigns or even tries to branch, the token will be punished. In this way, no matter in the original main chain, or even in the fork chain, will lose token, there is an economic price for doing evil.

In the PoW network, miners have a higher cost to mine, whether they do evil or not.

BPoS is much more efficient than in PoW, where the penalty cost of consuming electricity alone. BPoS like the Tendermint are also being adopted by some new blockchain systems, such as ethereum's Casper protocol, which refers to the Tendermint's design.

HashBang: what do you think about governance and developer rights on the chain? In the PoW mechanism of bitcoin tokens, it is felt that the rights of miners are relatively high (personal opinion is not necessarily correct). Then how are these designed in the PoS project?

Harriet：As mentioned above, PoW's online voting power is realized through calculation, which makes it easier for miners to achieve rights control. However, the PoS network interest is realized through the number of tokens. According to such a feature, the stake can be left to the developer through the initial pass allocation design. For example, IRISnet's core development team now owns 15% of the IRIS network's team token. We autonomously chose a linear release period of 4 years, which is probably the longest lockup period in the industry compared to the average team release period of 2 years. We don't care if we lock up for a long time, because we need to hold it for a long time to participate in the network and support the network for a long time.

In conclusion, PoS network can leave token for developers and set up ecological funds to support developer communities and small nodes. Through the design and governance of this aspect, it can effectively support more diversified and decentralized development of the system. At this point, PoS has more flexibility in governance than PoW. & have spent & have spent

HashBang: finally, what are the biggest obstacles and difficulties in designing IRISnet's economic model or incentive mechanism?

Harriet：The Matthew effect of the PoS network, although the 100 nodes of IRISnet is an improvement on the 21 nodes of EOS.

However, we also observe the trend of centralization. The larger nodes are more likely to gain the trust of the principals and have more opportunities to obtain more commissions and thus have higher voting rights. Although the current design of the system, as a principal, as I mentioned earlier, delegates to large nodes and small nodes, the difference in revenue is very small.

We are now optimizing in several directions:

1) there are certain restrictions on the benefits of large nodes in the algorithm: we are studying how to improve the reward algorithm of each block. Instead of linearly obtaining more rewards with higher voting power, a nonlinear function is adopted. When the voting power reaches a certain level, it will converge. But computing efficiently in a distributed environment is a challenge.

2) the foundation supports decentralized development through the ecological fund. Now the foundation will pledge a small portion of the funds supporting ecological development to small but ecologically good nodes. For example, some help other members solve problems in the community, some develop node tools, and some develop wallet browsers. The pledge from the foundation can also help to make the network more balanced and secure. Some students in the community worry about whether the "pledge of foundation" will affect the interests of xiaosan. In fact, it will not. The pledge of foundation is more beneficial to xiaosan. All of the foundation's pledged proceeds will be destroyed (our first plan is at the end of June). The Token distribution of inflation is based on the proportion of pledge. The pledge of the foundation helps narrow the gap between the large nodes and the small nodes, which is equivalent to the foundation helps the small nodes obtain more voting power, rather than the reward funds simply favor the large nodes. At the same time, the foundation regularly destroys its entrusted income, so that the inflation certificate also has the opportunity to deflation.

3) the role of the foundation is not simply to "rob the rich and give to the poor" (joke), but to let everyone as a builder of win-win results. The foundation is also in communication with the big ecological nodes, and they recognize the importance of decentralized development of the ecology for all participants, including the big ones. They are also actively supporting ecological diversification, with nodes like Hashquark, MathWallet, GDex and others even volunteering their node revenues to the community.

4) the foundation is also organizing the publicity of each node recently, hoping that students in the community can learn more about the capabilities of nodes and support the diversified development of the community.

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