With Multi-ledger and IrysVM architecture, the platform provides efficient, censorship-resistant, and cost-optimized data storage solutions for Web3 applications. So what is Irys? Let’s dive into this article.
What is Irys?
Irys is a Layer 1 Datachain built to solve the problems of onchain data storage and data programmability. Unlike first-generation Blockchain data platforms that only store static data, Irys allows data to be queried, verified, and automated in a decentralized manner. This allows decentralized applications (dApps) to leverage data in a more flexible way, expand automation capabilities, and optimize costs.
Irys provides a programmable data storage system that supports Smart Contract execution directly on data without relying on an external centralized system. This opens up a new approach for Web3 applications, from DeFi, decentralized AI, to data verification systems and onchain access management.
Infrastructure of Irys
Irys' infrastructure architecture is built on a data storage-centric model, combined with on-chain execution capabilities, to address the challenges of data availability and computational scalability. The platform uses the following core components:
- Data Partition Model: Irys divides on-chain data into independent logical storage units called Partitions. This approach enables efficient data replication across a network of storage nodes, optimizes storage throughput, minimizes resource contention, distributes data loss risk, and enhances data durability.
- Multi-Ledger System: Unlike traditional blockchains that use a single ledger, Irys maintains multiple specialized ledgers, each optimized for different types of transactions and data. This separation allows the platform to improve processing performance for each type of task.
- Parallel transaction architecture: Irys implements a parallel transaction processing architecture with two separate channels. One channel is for data entry into the system, optimized for high throughput and low cost per byte of storage. The other channel is for computation and execution of smart contracts on the Irys Virtual Machine (IrysVM).
In addition, Irys uses a consensus mechanism that combines proof-of-work (PoW) and proof-of-stake (PoS) to secure the network and incentivize participants to earn rewards:
- PoW: Instead of simply solving complex problems, miners on Irys can contribute resources by pledging specific data partitions (each partition requires 16TB of space). This process requires hardware that meets the requirements of CPU (supporting SHA-256), memory and can use GPU to accelerate the process of preparing data (Matrix Packing) for verification.
- PoS: Miners also need to stake a number of tokens to demonstrate their commitment to the stability of the network. This creates an economic layer of security, incentivizing honest behavior and preventing malicious activities.
Irys Latest Update
Recently, Irys just announced the registration airdrop portal in their official X account. User can join and check eligibility for rewards. Here’s how to register:
- Visit: https://registration.irys.xyz
- Connect your wallet and/or social accounts
- Verify your humanity
- Check your eligibility
$IRYS Token Information
$IRYS Key Metrics
Here is the information of $IRYS
- Token Name: Irys
- Ticker: $IRYS
- Token Type: TBA
- Total Supply: 10B $IRYS
- Contract address (CA): TBA
$IRYS Use Case
- Execution: Smart-contract calls on IrysVM pay compute fees.
- Term storage: Temporary data uploads pay duration-based fees pegged to USD.
- Permanent storage: One-time payments fund perpetual retention through the Storage Endowment.
$IRYS Listing
Here are important details revealed to $IRYS:
- Listing time: TBA
- Confirmed CEX Listings: TBA
- Pre-market Price (Whales Market): TBA
Irys Tokenomics & Fundraising
Tokenomics
- Total Supply: 10B $IRYS
- Token Allocation:
- Ecosystem: 30%
- Investors: 25.3%
- Team & Advisors: 18.8%
- Foundation: 9.9%
- Airdrop: 8%
- Liquidity: 8%
Fundraising
Irys has raised successfully total of $18.9M in the funding rounds, led by Framework Ventures, CoinFund,…
Irys Roadmap & Team
Roadmap
Currently, Irys has not announced any official roadmap for the project. Whales Market will update immediately when the official Irys website announces.
Team
Here is Irys core team:
- Josh Benaron: CEO
- Gus Lobo: CMO
Conclusion
Irys offers a new approach to onchain data, combining decentralized storage with data programmability through IrysVM. Thanks to its Multi-ledger and Partition-based Storage system, Irys is able to provide a high-performance, cost-effective, and scalable data storage platform.
Disclaimer: This article is for informational purposes only, not investment advice, and Whales Market is not responsible for any of your investment decisions.
FAQs
1. What is the native token of Irys?
The native token of Irys is $IRYS, used to facilitate coordination across the ecosystem.
2. What is the price of Irys ($IRYS) today?
While Irys ($IRYS) hasn't been listed yet, users can trade $IRYS pre-market on Whales Market before the TGE. Here you can trade $IRYS before the asset gets listed on leading CEXes like Binance, Bybit or OKX.
3.What is Irys ($IRYS) pre-market price?
Currently, $IRYS is trading on Whales Market. Whales Market is the leading pre-market DEX platform to trade pre-TGE tokens and allocations, with over $300 million in volume, no middlemen, trustless and on-chain.
4. How much has Irys ($IRYS) raised?
Irys has raised successfully total of $18.9M in the funding rounds, led by Framework Ventures, CoinFund,…
5. How can I trade $IRYS before official listing?
You can buy or sell pre-TGE $IRYS on Whales Market by creating or filling orders with collateral-based settlement.