Irys

Irys is a Layer 1 blockchain that combines on-chain data storage with smart contract execution in a single network, positioning itself as a 'datachain.' It addresses the gap between traditional smart contract platforms, which handle financial logic but not large-scale data natively, and traditional storage networks, which lack smart contract integration. The intended users are developers and applications that need programmable, scalable data storage alongside on-chain execution.

Irys runs IrysVM, a native EVM-compatible execution layer, meaning developers familiar with Ethereum tooling can deploy smart contracts directly on the network. Users can pay for either term storage, which retains data for a set duration, or permanent storage, which requires a one-time payment for perpetual retention. The native token, IRYS, is used to pay all storage and execution fees and is also used in validator economics, where validators prove continuous maintenance of assigned data partitions. The consensus algorithm and block time are not recorded in the available data.

The protocol describes three revenue streams: storage fees paid by users storing data, execution fees paid by users running smart contracts, and fees from programmable data transactions. Both storage options are described as at-cost pricing, with this multi-revenue model cited as the mechanism that makes that pricing sustainable. At the point-in-time recorded here, 20 percent of the total token supply is circulating, representing a circulating market capitalisation of 37,650,068 USD, while the fully diluted value is five times that figure, reflecting the 80 percent of supply not yet in circulation. The maximum supply is not capped in the available data.