Key points
- Irys' Layer 1 data chain combines data storage and execution on a single blockchain.
- The platform supports development on multiple blockchains, including ethereum and Solana.
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Irys, a company focused on scalable on-chain data solutions, is transitioning to a new, first-of-its-kind Layer 1 programmatic data chain that combines data storage and execution on a single platform, the company said in a Tuesday press release.
Irys’ new blockchain is a vertically integrated protocol designed to help startups and enterprises build, develop and scale their own applications that require a robust, scalable and reliable data infrastructure.
With the new Layer 1, Irys aims to address the growing demand for decentralized data solutions across various sectors including DeFi, ai, DePIN, RWA, SocialFi, Gaming, and nfts.
According to Josh Benaron, Founder and CEO of Irys, centralized data storage systems are fundamentally flawed and insecure. Benaron believes that a move to blockchain-based decentralized systems is inevitable to ensure data security, permanence, and accessibility, and Irys aims to be the foundation of this decentralized vision.
“Over-reliance on a centralized data infrastructure creates immense security risks, especially when digital bank accounts are unable to recover balances or social media accounts are left without photos and messages,” Benaron said.
“With Irys, our goal is to become the leading on-chain data infrastructure for all web services, and the launch of this Layer 1 is the first step toward that future,” Benaron added.
Irys said its Layer 1 platform enables developers to build robust and secure dApps on ethereum, Solana, Avalanche and other supported networks, offering unparalleled flexibility and efficiency.
It features a multi-registry system for temporary and permanent data storage and uses IrysVM for efficient real-time data manipulation. This unified solution simplifies the development process, improves scalability, and ensures stable pricing for transactions and data storage, Irys noted.