Irys IRYS
About
What is Irys?
Irys is a Layer 1 datachain that unifies onchain data storage and smart contract execution into a single network. Traditional smart contract chains handle financial transactions but lack native primitives for working with data at scale. Traditional datachains handle storage but lack integration with smart contracts. Irys serves both. Irys bridges this gap by unifying storage and execution, making data programmable through IrysVM, its native EVM execution layer.
The network offers flexible storage options: users can choose between term storage (temporary, duration-based) or permanent storage (one-time payment for perpetual retention). Both operate at at-cost pricing, made possible by Irys's multi-revenue model that combines storage fees, execution fees, and programmable data transactions. This design allows Irys to remain competitive on price while maintaining economic sustainability.
Irys achieves instant data retrieval and infinite horizontal scaling. As demand grows, the network expands capacity by adding validators who prove continuous maintenance of their assigned data partitions.
Who are the founders?
Irys was founded by Josh Benaron in 2023 and is based in the UK. Benaron dropped out of computer science at 19 to build Bundlr, a layer-2 data solution on Arweave that helped scale the network from 15,000 transactions per day to 15 million per day over three years, ultimately accounting for over 95% of Arweave's data transactions.
During that time, he onboarded over 300 projects and raised $3 million for Bundlr. After spending years onboarding data-centric companies onchain, Benaron founded Irys to progress his mission: to create the best possible user experience for builders looking to work with and scale data on blockchain tech.
Irys raised $10 million in 2024 through an extended seed round, and an additional $10 million in 2025 through a series A raise.
What makes Irys unique?
Irys introduces Programmable Data as its primitive flagship feature. Through the IrysVM, Programmable Data allows smart contracts to read, transform, and execute embedded instructions on stored data natively within the network. This creates new categories of applications that now have the capability of building on top of not only their own data but also the data of other protocols on the network.
The network's at-cost pricing model sets it apart from first-generation datachains. These protocols must price storage significantly above cost to remain solvent, since storage fees are traditionally the primary revenue source for datachains. Irys on the other hand operates three fee markets: storage, execution, and Programmable Data transactions. This multi-revenue structure allows validators to stay profitable even when storage is priced near actual physical infrastructure costs. As more applications use data programmably, node operators earn execution fees, creating a reinforcing economic loop where cheaper storage drives adoption, adoption drives execution volume, and execution volume sustains the network.
Irys also offers infinite data capacity through horizontal scaling. As demand increases, new validators join the network and prove continuous maintenance of their assigned data partitions. Combined with instant retrieval times and flexible storage ledgers (users choose between temporary or permanent storage based on their needs), Irys delivers performance that matches centralized infrastructure while maintaining onchain properties such as immutability and decentralization.
How is the Irys Datachain secured?
Irys uses a hybrid Useful Proof of Work and Stake (uPoW/S) consensus mechanism designed to tie validator economics directly to data reliability. Validators must stake $IRYS tokens to participate in consensus, and they continuously prove they're maintaining their assigned data partitions. This creates alignment: validators earn rewards for honest behavior and data integrity, but face slashing (loss of staked tokens) for misbehavior or data loss.
The network issues 2% annual rewards to validators and miners, halving every four years. However, Irys's long-term security model doesn't rely on inflation. Instead, it's built on deflationary tokenomics where usage drives scarcity. The network burns 50% of execution fees and 95% of term-storage fees. Permanent storage fees flow to the non-circulating Irys Storage Endowment, which funds perpetual data retention.
As network activity scales, burns eventually outpace emissions, creating a supply shock where the $IRYS token becomes increasingly scarce while demand from storage and execution grows. The more data stored and executed onchain, the tighter the token supply becomes, strengthening security incentives as token value appreciates.
AI Analysis
What is the Irys (IRYS) cryptocurrency good for? What are its main use cases?
Irys (IRYS) is a cryptocurrency designed to power the ICP (Internet Computer Protocol) ecosystem, which aims to decentralize the internet by enabling developers to build and host applications directly on the blockchain. Here are its main use cases:
1. Transaction Fees & Gas Payments
- IRYS is used to pay for transactions and computational resources on the Internet Computer (ICP) blockchain.
- It serves as the primary gas token for executing smart contracts, storing data, and running decentralized applications (dApps).
2. Staking & Network Security
- Users can stake IRYS to participate in the ICP network’s consensus mechanism, helping secure the blockchain and earn rewards.
- Staking IRYS contributes to the decentralization and stability of the Internet Computer.
3. Governance & Voting
- IRYS holders may have voting rights in governance decisions related to the ICP ecosystem, though the exact governance model may evolve.
4. Interoperability & Cross-Chain Use
- IRYS can be used to interact with other blockchain networks via Chain Key Technology (CKT), enabling cross-chain transactions and smart contract execution.
5. Developer & User Incentives
- Developers and users may receive IRYS as rewards for contributing to the ICP ecosystem, such as building dApps, providing liquidity, or participating in network activities.
6. Future Use Cases
- As the ICP ecosystem expands, IRYS could be integrated into more decentralized finance (DeFi) protocols, identity solutions, and other blockchain-based services.
Comparison to ICP Token
- While ICP is the primary governance and utility token of the Internet Computer, IRYS is optimized for transaction efficiency and gas payments, making it more suitable for high-frequency operations.
Conclusion
Irys (IRYS) is primarily used for transaction fees, staking, and network participation within the ICP ecosystem. Its role is to facilitate smooth and cost-effective operations on the Internet Computer blockchain, supporting decentralized applications and services.
Would you like more details on any specific aspect?
What blockchain does Irys use? Is it its own blockchain or built on top of another?
Irys is a Layer 2 (L2) protocol built on top of Solana (SOL). It is not its own standalone blockchain but rather an optimized scaling solution designed to enhance Solana's capabilities, particularly for NFT minting, storage, and metadata management.
Key Features of Irys:
- Solana-Based: Operates as a stateful smart contract on Solana, leveraging its high-speed, low-cost infrastructure.
- Optimized for NFTs: Focuses on efficient NFT minting, metadata storage, and gasless transactions.
- Gasless Minting: Allows users to mint NFTs without paying upfront transaction fees (sponsored by creators or platforms).
- Decentralized Storage: Integrates with Arweave for permanent, decentralized storage of NFT metadata.
Why Not Its Own Blockchain?
Irys leverages Solana’s existing infrastructure to avoid the complexity and costs of running a separate blockchain. By building on Solana, it benefits from:
- High throughput (thousands of transactions per second).
- Low fees (compared to Ethereum L1).
- Ecosystem compatibility (works seamlessly with Solana wallets and dApps).
Conclusion:
Irys is not an independent blockchain but a Layer 2 solution that enhances Solana’s functionality, particularly for NFT-related use cases. It combines Solana’s speed with decentralized storage (Arweave) to create a more efficient NFT ecosystem.
Would you like details on how Irys compares to other Solana L2s like Metaplex or Drift Protocol?
Is Irys programmable? Does it support smart contracts or decentralized applications?
Yes, Irys is programmable and supports smart contracts and decentralized applications (dApps). Here’s a breakdown of its capabilities:
1. Programmability & Smart Contracts
- Irys is built on the Arweave blockchain, which is a permaweb platform designed for permanent, low-cost data storage.
- While Arweave itself is not a general-purpose smart contract platform like Ethereum, Irys extends its functionality by enabling smart contracts through:
- Warp Contracts: A smart contract system built on top of Arweave, allowing for deterministic, verifiable computations on stored data.
- Irys SDK & APIs: Provide tools for developers to build and interact with smart contracts.
2. Decentralized Applications (dApps)
- Irys supports the development of dApps by:
- Storing and retrieving data permanently (via Arweave’s blockchain).
- Executing smart contracts (via Warp).
- Interacting with other protocols (e.g., Ethereum, Solana, or other chains via bridges).
- Developers can use JavaScript/TypeScript to build dApps that leverage Irys’ storage and computation capabilities.
3. Key Features for Developers
- Low-cost, permanent storage (ideal for dApps needing long-term data persistence).
- Decentralized execution (via Warp contracts).
- Cross-chain interoperability (via bridges and integrations).
- Open-source tools (SDKs, APIs, and developer-friendly documentation).
Comparison to Other Blockchains
- Unlike Ethereum (which focuses on general-purpose smart contracts), Irys specializes in permanent storage + smart contracts.
- It’s more similar to Filecoin + Ethereum but optimized for cheap, immutable data storage with computation.
Conclusion
Yes, Irys is programmable and supports smart contracts (via Warp) and dApps. It’s particularly useful for applications requiring permanent storage + decentralized logic.
Would you like help finding resources for developing on Irys? 🚀
How fast are Irys transactions? What is the typical confirmation time and throughput (transactions per second)?
Irys is a decentralized storage and compute platform built on the ICP (Internet Computer Protocol). It leverages the Chain Key Technology (CKT) of the ICP blockchain, which allows for high throughput and fast finality.
Transaction Speed & Confirmation Time
- Finality Time: Transactions on Irys (and the ICP blockchain) typically achieve finality in under 2 seconds, thanks to the deterministic nature of CKT.
- Confirmation Time: Since ICP uses a single-chain architecture with fast finality, there is no need for multiple confirmations like in traditional blockchains (e.g., Bitcoin or Ethereum). Once a transaction is finalized, it is considered confirmed.
Throughput (Transactions Per Second - TPS)
- The ICP blockchain (and thus Irys) can theoretically handle thousands of transactions per second (TPS) due to its sharded architecture and efficient consensus mechanism.
- In practice, Irys can process hundreds of transactions per second, depending on network conditions and the complexity of the operations being performed.
Comparison to Other Blockchains
| Network | Finality Time | TPS (Theoretical) | TPS (Practical) |
|---|---|---|---|
| Irys (ICP) | ~2 seconds | Thousands | Hundreds |
| Ethereum (L1) | ~12-15 sec | ~15-30 | ~15-30 |
| Solana | ~400-500 ms | ~50,000 | ~2,000-5,000 |
| Bitcoin | ~10 min | ~7 | ~3-7 |
Key Advantages of Irys (ICP)
- Fast finality (sub-2-second confirmations).
- High throughput (scalable to thousands of TPS).
- Low fees (due to efficient consensus and no gas model).
- Decentralized storage & compute (via ICP’s canisters).
If you're looking for a high-speed, low-cost blockchain for storage and compute, Irys (on ICP) is a strong contender. Would you like details on specific use cases or benchmarks?
How much data can I store on the Irys blockchain? Does it support on-chain data storage?
The Irys blockchain (formerly known as Helium Network) is primarily designed for decentralized wireless networks (like LoRaWAN and 5G) and IoT devices, but it also supports on-chain data storage through its IPFS-based storage system.
Data Storage Capacity on Irys
On-Chain Storage (Limited)
- Irys uses IPFS (InterPlanetary File System) for decentralized storage, but on-chain storage is limited to small metadata (like file hashes, pointers, or small data).
- The blockchain itself is not optimized for large-scale on-chain storage (like Ethereum or Solana).
Off-Chain Storage (IPFS + Irys)
- You can store large files on IPFS and then pin them using Irys.
- The blockchain records file hashes (CIDs) and metadata, ensuring verifiability and permanence.
- There is no strict limit on file size, but practical storage depends on IPFS pinning services and network availability.
Cost & Incentives
- Storing data on Irys involves transaction fees (paid in HNT or MOBILE tokens).
- Hotspots (nodes) earn rewards for storing and serving data, incentivizing decentralization.
Comparison with Other Blockchains
| Feature | Irys (Helium) | Ethereum | Solana | Filecoin |
|---|---|---|---|---|
| On-Chain Storage | Limited (metadata) | Limited (gas costs) | Limited (small data) | Large (via IPFS) |
| Off-Chain Storage | IPFS + Pinning | IPFS/Arweave | IPFS | Native (Filecoin) |
| Decentralization | High (Hotspots) | High (Nodes) | High (Validators) | High (Storage Miners) |
| Cost | Low (HNT/MOBILE) | High (Gas Fees) | Low (Fast) | Moderate (Storage) |
Best Use Cases for Irys Storage
- IoT & Sensor Data (small, frequent updates)
- Decentralized File Hosting (via IPFS + Irys)
- NFT Metadata (storing large files off-chain, hashes on-chain)
- Web3 Applications needing verifiable, permanent storage
Conclusion
- On-chain storage is limited (small metadata).
- Off-chain storage (IPFS + Irys) is scalable (no strict size limits).
- Best for IoT, decentralized apps, and NFTs needing verifiable storage.
Would you like help setting up storage on Irys? 🚀
Contact Us About Irys
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