What is IRITA?
Inter-Realm Industry Trust Alliance(IRITA) is the 1st enterprise-level permissioned blockchain product in Cosmos ecosystem Powered by Tendermint and IRIS SDK. It has 6 core technical advantages such as privacy-protecting data sharing with authorization, highly efficient consensus protocol, cutting-edge cross-chain technology, highly practical on/off-chain inter-operation capabilities, flexible digital asset modeling and exchange, and business analytics powered by big data. Thus IRITA can be widely used in various industries, such as the financial industry, providing value based on blockchain trust machines.
Why IRITA need Iris tokens?
Permissioned blockchain doesn't need native token, and might use stable coins（ or not in most situations). However if the permissioned blockchain needs to get information from other systems, the most efficient way is through iService leveraging IRIS Hub, then IRIS tokens are needed. Deploying interchain service will need IRIS tokens and interchain transaction fee can be IRIS too.
6 . Core Technical Advantages
1. Tendermint consensus: The Tendermint consensus engine is the first Internet-level Byzantine consensus protocol. It is also the consensus technology referred by Libra. Tendermint powers more than 40% of the PoS blockchain, which provides a high-performance, consistent, and secure Byzantine consensus engine. Tendermint is very suitable for scaling heterogeneous systems, including public blockchains and permissioned / consortium chains which focus on performance.
2. Inter-Blockchain Communication Protocol (IBC): IBC is a well-known, cutting-edge design and implementation of cross-chain technology standards contributed by Bianjie's international partner, the Tendermint team. IBC supports interoperability between various heterogeneous chains. Among them, the Bianjie team contributed to the development of the ICS20 cross-chain transfer, a very important module in IBC.
3. Data sharing with authorization: Data is encrypted and stored on-chain to protect data ownership and privacy of all parties. Data is shared with third parties only if it is authorized by the owner.
4. iService: iService aims to deliver the entire life cycle of off-chain services from definition, binding (registration of service provider), invocation to governance (profiling and dispute resolution), to cross the gap between blockchain and traditional business application. The IRIS SDK supports service semantics through enhanced IBC processing logic to allow distributed business services to be available on the blockchain Internet.
5. Digital asset modeling and trading: It supports a flexible modeling of the multiple structures of digital asset data, which is very suitable for implementing decentralized exchanges (DEX). IRITA is based on NFT (non-fungible token), and supports asset digitalization in various fields such as supply chain, intellectual property, medical treatment, and evidence storage.
6 . Big data support: IRITA's built-in storage layer supports cloud storage and distributed storage, and supports efficient on-chain data life-cycle query through the combination of database and chain data.
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