Iris is a zone built on top of the larger Cosmos ecosystem. There are four main components in Iris; Iris network, Iris Hub, Iris Services and Iris token. The Iris network is part of the Cosmos network, where Iris network provides an innovative solution that enables a whole new set of business scenario. The Iris Hub is a PoS blockchain built on Cosmos SDK that connects to the Cosmos Hub as one of its zones. Iris Services are introduced to bridge the gap between blockchain and business applications. The four core features of Iris are IBC + iService, TIBC protocol, NFT and Coinswap.
IRIS is the token used in Iris. It has three main utilities; staking and staking reward for validators and delegators, as transaction fee for all transactions in Iris, and as service fee that may be charged by service providers. IRIS is stated in its FAQ, but not in its documentations that it may be used as governance token and as base token for coinswap. IRIS initial distribution is 2 billion tokens, and its token model is inflationary, thus IRIS does not have a maximum supply.