What is Irys?

Irys is a Layer 1 datachain that integrates on-chain data storage with smart contract execution. It addresses the limitations of traditional smart contract chains, which primarily focus on financial transactions, and datachains that lack smart contract functionalities. Irys facilitates programmable data through IrysVM, which serves as its native execution layer, and offers users a choice between temporary term storage or permanent storage options for a one-time fee.

The platform operates on a multi-revenue model that includes storage and execution fees, along with programmable data transactions. This design aims for economic sustainability and competitive pricing. Irys supports instant data retrieval and horizontal scaling through the addition of validators to maintain data partitions as demand increases. The native token, $IRYS, is utilized for storage and execution fees, as well as for validator staking within the network.