IRISnet 2.0 upgrade adds EVM support and introduces a new fee token
On March 21st, it was announced that IRISnet, built on Cosmos SDK, will release a version 2.0 upgrade and plan to add support for Ethereum Virtual Machine (EVM), integrating EVM based smart contracts and dApps into the IRISHUB ecosystem. In addition, IRISHUB 2.0 will introduce a new fee token converted from IRIS for the EVM ecosystem.
Interpretation of this information:
IRISnet, a blockchain platform built on the Cosmos SDK, has announced the upcoming release of its version 2.0 upgrade. Along with the upgrade, IRISnet plans to support Ethereum Virtual Machine (EVM) and integrate EVM-based smart contracts and dApps into the IRISHUB ecosystem. The inclusion of EVM will enable developers to build decentralized applications that work across different blockchain ecosystems. Furthermore, with the introduction of a new fee token converted from IRIS for the EVM ecosystem, users can engage in transactions with more flexibility and efficiency.
IRISnet’s decision to integrate the EVM into its ecosystem is a strategic move that aims to expand its reach and increase its user base. The EVM is a highly popular platform used to build smart contracts and dApps on the Ethereum blockchain. By supporting EVM-based applications, IRISnet can provide users with enhanced functionality and a more diverse range of tools for building decentralized applications.
The introduction of a new fee token is another important aspect of the IRISnet upgrade. With the new fee token, users can conduct transactions more efficiently and at a lower cost. The fee token will be converted from IRIS, the native token of the IRISnet ecosystem, enabling users to transfer value across different blockchain ecosystems seamlessly. The conversion of the IRIS token to the fee token will be carried out automatically, providing users with a hassle-free way of conducting transactions.
Overall, IRISnet’s decision to integrate EVM and introduce a new fee token represents a significant step forward for the platform. The integration of EVM will increase the usage of IRISnet, attracting developers working on decentralized applications across different ecosystems. The new fee token will provide users with greater transaction flexibility and lower costs, making IRISnet an even more attractive platform for conducting transactions.
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