pTokens are digital assets that are transparently pegged to another underlying asset. pTokens serve as a Cross-Chain token wrapper that allows users to more easily transfer value between different blockchains. Users can deposit a certain amount of the underlying asset (such as BTC or EOS) and request the equivalent pTokens that are pegged to them 1:1, such as pBTC or pEOS. Token holders can then take advantage of the Ethereum network by more easily exchanging them into ERC-20 tokens.

IRISnet is a blockchain network that is built on top of Cosmos. It aims to enable the integration of off-chain computing, as well as greater inter-operability across blockchain networks. IRISnet uses the Tendermint protocol as a consensus mechanism.