What Is Irys (IRYS)?

Bittime - Irys (IRYS) is a datachain Layer-1 that combines data storage and smart contract execution in a single network. This approach means data is not only stored, but can be directly programmed by onchain applications. 

If you’re a developer who requires intensive data interaction, this concept will be extremely helpful. This article explains how Irys works, its key features, and why this technology is becoming important in the modern crypto ecosystem.

What Is Irys IRYS and How Does Datachain Work?

Irys IRYS unifies two essential elements: data storage and smart contract execution. Typically, these two functions are separate. 

Smart contract blockchains focus on logic and transactions, while storage networks focus on data. Irys brings both into one ecosystem, allowing data to be processed directly by smart contracts.

IrysVM acts as an execution engine compatible with the EVM ecosystem. This enables smart contracts to natively read and process data without complicated integrations. For many data-dependent applications, this capability is far more efficient.

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Two types of storage are available on Irys: timed storage and permanent storage. Timed storage is suitable if you only need data for a certain period. 

Meanwhile, permanent storage offers a one-time payment option for long-term storage. This model uses cost-based pricing, making it more transparent.

Irys also offers instant data retrieval. Network capacity scales horizontally through new validators. Validators store specific portions of data and must prove they consistently maintain it. 

This ensures the network stays fast even as demand increases. For builders creating data-driven applications, this concept will be highly relevant.

Technology, Founders, and Unique Features of Irys

Irys was founded by Josh Benaron in 2023 in the United Kingdom. Before creating Irys, he built Bundlr, a data storage solution for Arweave that significantly boosted transaction growth. His experience helped him understand the needs of developers working with onchain data, leading him to design Irys to be more practical and integrated.

The biggest uniqueness of Irys is Programmable Data. With this feature, data is not just stored material—it can be processed directly by smart contracts. Applications can use data across protocols to create more dynamic new functions.

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The Irys economic model is also interesting because it does not rely on a single revenue source. The network uses three revenue streams: storage, execution, and programmable data transactions. 

This allows storage prices to remain low without sacrificing validator profitability. The more applications that utilize data, the stronger the network economy becomes.

Irys’ scalability is also flexible. Network capacity increases horizontally as validators join. Validators maintain specific chunks of data and must prove their reliability. This approach allows network capacity to continuously grow without vertical limits. For applications with large data requirements, this flexibility becomes a major advantage.

Security and Tokenomics of Irys IRYS

Irys uses a hybrid consensus mechanism combining Useful Proof of Work and Stake. Validators must stake IRYS tokens and prove they are indeed maintaining the assigned data. If violations occur, staked tokens may be reduced. This system maintains network integrity.

IRYS is also a deflationary token. The network provides a two percent annual reward, but the amount decreases every four years. In addition, most execution and timed storage fees are burned. Permanent storage fees go into the Storage Endowment, a dedicated fund for long-term storage maintenance.

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If network activity increases, more tokens will be burned. This could create pressure on token supply. When burn exceeds emissions, the token supply becomes increasingly tight. This model aligns with network growth and application usage.

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Final Thoughts: Why Irys Matters in the Future of On-Chain Data

Irys IRYS solves one of the biggest limitations in blockchain development: the gap between data storage and smart contract execution. By combining both into a single programmable datachain, Irys enables applications to interact with data in ways that were previously impossible or highly inefficient. This shift is crucial for the future of on-chain analytics, AI, L2 interoperability, and real-time data-driven dApps.

As more applications require richer data interactions—from decentralized AI agents to complex financial protocols—the demand for programmable data storage will continue to rise. Irys is positioning itself early in this sector, offering developers the infrastructure needed for next-generation blockchain tools.

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Frequently Asked Questions (FAQ)

What is Irys (IRYS) used for?

IRYS is used to power the Irys datachain network, enabling data storage, execution, staking, validator rewards, and programmable data transactions.

Is Irys the same as a Layer-1 blockchain?

Yes. Irys is a Layer-1 blockchain, but with a unique focus on integrating storage and smart contract execution, making it a “datachain.”

What makes programmable data important?

Programmable data allows smart contracts to directly read, process, and use stored data without external systems or complicated integrations. This unlocks more advanced on-chain applications.

Is IRYS deflationary?

Yes. IRYS has emissions that decrease every four years, and a portion of network fees are burned. When network activity rises, more tokens are removed from circulation.

Where can I buy IRYS?

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