IRISnet Completes IRISHUB 2.0 Upgrade: Integrating EVM and Introducing ERIS

04/17/2023 12:04 • NFT Newsflash • 123 views

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, Cosmos ecological cross-chain hub IRISnet completed the IRISHUB 2.0 main network upgrade at around 15:00 Beijing time. The long-awaited upgrade includes integrating Ethereum Virtual Machine (EVM) and introducing a new fee token, ERIS.

What is IRISNET?

IRISnet is a next-generation blockchain interoperability platform that aims to serve as an essential infrastructure for the next-generation Internet of Value. By allowing different blockchain protocols to communicate with each other, IRISnet enables seamless cross-chain asset transfers and application services.

Introducing EVM

Ethereum Virtual Machine (EVM) is a software that runs smart contracts on the Ethereum blockchain. By introducing EVM, IRISnet will now have the capability to support Ethereum-based decentralized applications (dApps). This means that IRISnet will be able to utilize the vast ecosystem of existing smart contracts on the Ethereum network.

The Role of ERIS

The new fee token, ERIS, is designed to serve as a utility token within the IRISnet ecosystem. It will be used to pay transaction fees and gas costs for executing smart contracts on the network. As a result, the introduction of ERIS is expected to greatly reduce the cost of using IRISnet.

Benefits of the Upgrade

The successful completion of the IRISHUB 2.0 upgrade is a significant milestone for the IRISnet community. With the introduction of EVM and ERIS, IRISnet users will be able to enjoy several new benefits, including:
– Seamless interoperability with Ethereum-based dApps
– Lower transaction fees for executing smart contracts
– Enhanced security and performance of the network

Conclusion

The IRISHUB 2.0 main network upgrade is a major step forward in IRISnet’s mission to become the go-to platform for blockchain interoperability. By integrating EVM and introducing ERIS, IRISnet is now better equipped to meet the growing demand for cross-chain asset transfers and decentralized applications.

FAQs

What is IRISnet used for?

IRISnet is a blockchain interoperability platform that enables seamless cross-chain asset transfers and application services.

What is EVM?

EVM is a software that runs smart contracts on the Ethereum blockchain. By integrating EVM, IRISnet can support Ethereum-based dApps.

What is ERIS?

ERIS is a new fee token that will be used to pay transaction fees and gas costs for executing smart contracts on the IRISnet network.

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