Cosmos’ IRISnet Completes IRISHUB 2.0 Main Network Upgrade
On April 17th, it was reported that the Cosmos ecological cross chain hub IRISnet had completed the IRISHUB 2.0 main network upgrade around 15:00 Beijing time today. The upgrade in
On April 17th, it was reported that the Cosmos ecological cross chain hub IRISnet had completed the IRISHUB 2.0 main network upgrade around 15:00 Beijing time today. The upgrade includes integrating EVM and introducing a new fee token ERIS.
IRISnet has completed the IRISHUB 2.0 main network upgrade and is compatible with EVM
Introduction
On April 17th, 2021, the Cosmos ecological cross chain hub IRISnet announced the successful completion of the IRISHUB 2.0 main network upgrade at around 15:00 Beijing time. This upgrade marks a significant improvement to the network, which includes the integration of the Ethereum Virtual Machine (EVM) and the introduction of a new fee token called ERIS.
Background Information
Cosmos is a decentralized network that enables various blockchain applications to function in a seamless and interconnected manner. The network has numerous hubs, including IRISnet, which serves as the underlying infrastructure for different blockchain applications. IRISnet is dedicated to building a robust, secure, and efficient cross-chain infrastructure that can cater to all types of blockchain applications.
What is IRISHUB 2.0?
IRISHUB 2.0 is a significant upgrade to IRISnet’s mainnet that incorporates several key features to improve network performance and functionality. Among the most notable features, the upgrade includes the integration of the Ethereum Virtual Machine (EVM). This means that IRISnet can now support Ethereum smart contracts, making it easier for developers to create cross-chain dApps that work across multiple networks.
The Introduction of ERIS Token
The upgrade also sees the introduction of a new fee token called ERIS. This new token will replace the former FEE token and will be used to facilitate transactions within the network, such as executing smart contracts and processing cross-chain transfers. The introduction of the ERIS token aims to improve network security and decentralization while reducing transaction costs.
What Does This Upgrade Mean for the IRIS Network?
The IRISHUB 2.0 upgrade signifies a major milestone for IRISnet and the broader Cosmos ecosystem. With the integration of EVM, IRISnet can now support Ethereum-based applications, making it more accessible to developers looking to create cross-chain dApps. The introduction of the ERIS token further strengthens the network’s security and decentralization, while also increasing the efficiency of cross-chain transactions.
Conclusion
The completion of the IRISHUB 2.0 main network upgrade is a significant step towards the creation of a more integrated and decentralized blockchain ecosystem. IRISnet’s decision to integrate EVM and introduce a new fee token demonstrates the network’s commitment to improving its offerings and providing greater accessibility to blockchain developers.
FAQs
Q1. What is IRISnet?
A1. IRISnet is a blockchain ecosystem that serves as a platform for building and connecting various blockchain applications in a seamless and interconnected way.
Q2. What is the Ethereum Virtual Machine?
A2. The Ethereum Virtual Machine (EVM) is a runtime environment that enables developers to execute smart contracts on the Ethereum blockchain.
Q3. What is ERIS?
A3. ERIS is the new fee token introduced as part of the IRISHUB 2.0 main network upgrade that replaces the former FEE token within the network.
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