What is Irys (IRYS)?

Irys is designed as a programmable “datachain” that combines data storage and smart contract execution into a single Layer-1 architecture. Traditional smart contract networks struggle with large-scale data, while data chains do not natively support smart contracts. Irys bridges this gap with IrysVM, an EVM-compatible execution layer, enabling both storage and computation on the same network. The network offers term (temporary) and permanent storage options and provides low-cost, high-performance infrastructure for developers through near-cost pricing.

Data Chain: Combines data storage and smart contract execution in a single architecture.
Programmable Data: Allows logic to be written directly into data.
IrysVM: EVM-compatible execution layer that enables programmability.
IRYS Token: Used to secure the network and pay for transaction and storage fees.

Table of Contents

Team — Founders

Josh Benaron (Founder & CEO): The brains behind the project, Benaron dropped out of Surrey University’s Computer Science program. He founded Irys at age 19, focusing on data provenance and verification. Active on LinkedIn and X, he brings experience in team management and visionary leadership.

West Wolf (CMO – Chief Marketing Officer): Responsible for marketing strategies and driving the growth of the Irys ecosystem.

Tiffany L. (VP of Ecosystem): Coordinates partnerships and integrations, strengthening ecosystem connections.

Investors and Key Partners

Irys completed two major funding rounds in 2024 and 2025:

2024: $10 million raised in an extended seed round
2025: $10 million Series A round led by CoinFund

Notable investors:

CoinFund
Lemniscap
Hypersphere
Tykhe Ventures
Varrock Ventures
Breed VC
Amber Group
Echo Group
WAGMI Ventures

This investor profile indicates the project is seen as a promising infrastructure in the “datachain + execution” category.

Project Idea

The core idea is to unify a data storage layer with a computation (execution) layer. In traditional blockchains, storage and execution are separate. Irys allows smart contracts to access, compute, and derive value directly from large on-chain datasets through IrysVM, a high-performance EVM-compatible environment.

This enables next-generation on-chain AI, analytics, and automation applications where datasets are not only references but integrated programmatically into logic.

How the Project Works

Irys features a two-layer architecture: storage and execution (IrysVM).

Users can choose between temporary or permanent storage models.
Pricing is designed as “at-cost,” meaning storage fees are close to actual infrastructure costs.
IrysVM can read data directly from storage, interpret it, and execute embedded instructions.
The network scales horizontally; new validators join as demand grows, distributing data partitions.
Data retrieval is instantaneous with minimal latency.

This makes Irys a fully integrated Layer-1 network for both storage and computation.

Irys is the first blockchain that makes data not only storable but programmable. Users can write logic directly into data, allowing smart contracts and AI agents to interact with it natively on-chain.

Data first enters the Submit Ledger for validation and is then promoted to the Publish Ledger for long-term, verifiable storage. Term-based ledgers allow users to choose custom storage durations.

Governance

Irys aims for a fully decentralized governance model in the long term. The IRYS token will eventually be used for:

Protocol updates
Storage model parameters
IrysVM improvements
Economic adjustments

Currently, the focus is on technical infrastructure and ecosystem growth, with governance gradually rolling out.

Roadmap

Key milestones according to Irys’ official announcements:

2024: Data model design, IrysVM development, storage architecture completion
2024–2025: Testnet phases, validator onboarding, economic model deployment
2025: Series A funding, network infrastructure scaling, ecosystem partnership expansion
Post-2025: Mainnet, governance launch, programmable-data-focused application layer

The roadmap emphasizes development phases and ecosystem partnerships.

IRYS Token Use Cases

The IRYS token has multiple uses on the network:

Staking by validators
Execution fees (smart contract operations)
Storage fees (term & permanent storage)
Fees for programmable data operations
Value recovery through token burning
Governance voting

IRYS functions as both an economic security layer and a network utility token.

Token Information

Known token details:

Deflationary token model
Annual validator reward: 2%, halving every four years
50% of execution fees are burned
95% of term-storage fees are burned
Permanent storage fees go to the “Irys Storage Endowment” and are removed from circulation

This ensures token supply tightens as network usage grows.

Total Supply: 10,000,000,000 IRYS
Max Supply: Not specified
Circulating Supply: 2,000,000,000 IRYS

Token Allocation

Ecosystem: 30% (~3.0 B) – Grants, cross-chain projects, integrations
Foundation: 9.9% (~1.0 B) – Core development, audits, education
Airdrop & Future Incentives: 8% (~0.8 B) – Community & developer programs
Liquidity & Launch Partners: 8% (~0.8 B) – Market making and exchange liquidity
Team & Advisors: 18.8% (~1.9 B) – 1-year cliff + 36-month linear release
Investors: 25.3% (~2.5 B) – 1-year cliff + 36-month linear release (Alpha round: 0.72% vesting variation)

Ecosystem

Irys targets data-heavy Web3 projects, including:

On-chain AI model storage and execution
DePIN device data systems
On-chain media, NFT licensing, and archiving platforms
Data licensing marketplaces
Data-intensive DeFi applications

Through IrysVM, projects can use both their own and other protocol data, enabling cross-chain “data composability.”

Binance Alpha: Irys (IRYS) will debut on the Binance Alpha platform on November 25, allowing users to trade the token.

Features

Unified Layer-1 architecture for storage and execution
Execute embedded logic on data via IrysVM (Programmable Data)
Term and permanent storage options
Near-cost storage pricing
Triple revenue model: storage + execution + programmable data
Horizontal scalability (unlimited data capacity)
Instant data retrieval
Hybrid uPoW/S consensus
Deflationary token model (high burn rates)
Validator structure ensures data integrity through economic incentives

Official Links

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

Altcoin Projects, Project review