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 targets developers and applications that need both programmable logic and scalable data storage in one place, rather than having to patch together a separate storage layer and a separate execution layer. The project claims to address the gap between blockchains that handle transactions but lack native data primitives and storage networks that lack smart contract integration.

Irys runs IrysVM, a native execution layer that is compatible with the Ethereum Virtual Machine, allowing developers to deploy smart contracts alongside stored data. Validators on the network are responsible for maintaining assigned data partitions and are added horizontally as demand for storage capacity grows. The native token, IRYS, is used to pay for all storage fees, execution fees, and programmable data transactions, and validators receive it as compensation for maintaining the network. The consensus algorithm and block time are not recorded in the available data.

Irys draws revenue from three stated sources: fees paid by users for data storage, fees paid for smart contract execution, and fees on programmable data transactions, all denominated in IRYS. The project describes both term storage, which is temporary and duration-based, and permanent storage, which requires a single one-time payment for perpetual retention, both priced on an at-cost basis. The 2,000,000,000 IRYS currently in circulation represents 20 percent of the implied total supply, with a dilution overhang of approximately 400 percent at this point in time, meaning the tokens not yet circulating are roughly four times the current circulating amount. The ratio of fully diluted value to market capitalization stands at 5.0 at this point in time, reflecting that large overhang.