Irys

Irys is a Layer 1 blockchain that combines on-chain data storage with smart contract execution in a single network, positioning itself for developers and applications that need both capabilities together. Traditional smart-contract blockchains are designed around financial transactions and handle large-scale data storage poorly, while dedicated storage networks typically lack smart-contract integration; Irys claims to address both shortcomings at once. The native token, IRYS, is the unit of account for paying storage and execution fees across the network.

Irys runs an EVM-compatible execution layer called IrysVM, which means smart contracts written for Ethereum can operate on it. Storage is offered in two forms: term storage, which is temporary and priced by duration, and permanent storage, which is a one-time payment intended to retain data indefinitely. Validators are responsible for proving they continuously maintain their assigned data partitions, and the network is designed to scale horizontally by adding more validators as demand grows. The consensus algorithm is not recorded in the available data.

Revenue is intended to come from three sources: storage fees paid by users who want data retained, execution fees paid by users running smart contracts, and fees on programmable data transactions. Both storage types are described as at-cost, meaning the pricing model targets covering expenses rather than generating a margin above cost. The IRYS token is the sole currency for all these fee payments, so token demand is directly tied to network usage. No fee-distribution figures or protocol-retained percentages are present in the stored data, so no further breakdown can be stated here.