Irys (IRYS)

Rank #697

Irys (IRYS) is a Layer 1 focused on datachains, combining on-chain data storage and smart contract execution in a single network. The proposal seeks to solve common limitations between networks focused only on financial transactions and systems focused only on storage.

How Irys works

At Irys, the integration between data and execution allows information to be programmable. This is made possible by IrysVM, its native EVM-compatible execution layer, connecting storage and contract logic in the same environment.

The network offers storage options with different modalities: term storage, with temporary retention based on duration, and permanent storage, with perpetual retention through a one-time payment.

Use of storage and execution

The cost model seeks to maintain “at-cost” pricing, combining storage fees, execution fees, and programmable data transactions. Thus, the network tries to balance economic sustainability and price competitiveness for different retention needs.

The native token, IRYS, is used to pay storage and execution fees and also for validator staking.

Technology, scalability, and network

Irys was designed to allow instant data retrieval and infinite horizontal scalability. As demand increases, the network expands capacity by adding validators that prove continuous maintenance of the assigned data partitions.

Positioning in ecosystems

By connecting on-chain storage and execution in a Layer 1, Irys positions itself as infrastructure for applications that depend on data at scale, within the Ethereum ecosystem and also in the context of BNB Chain.