How to Buy Irys (IRYS) on LBank

Irys is a Layer 1 blockchain project known as a programmable datachain. Its primary goal is to merge data storage with smart contract execution into a single, unified protocol. By doing so, it addresses a common limitation in traditional blockchains where data storage and computation are typically handled separately, often leading to high costs and technical complexity. At the core of the Irys network is the IrysVM, an execution environment compatible with the Ethereum Virtual Machine. This allows developers to create smart contracts that can natively read, write, and interact with stored data in real time. This capability introduces the concept of programmable data, where information is not just static but can trigger on-chain actions or be part of complex automated workflows. The network uses a unique architecture involving a dual-ledger system. The Submit Ledger handles data input and temporary storage, while the Publish Ledger stores verified data permanently. To secure this process, Irys employs a hybrid consensus mechanism called Useful Proof of Work and Stake. This system requires miners and validators to prove they are actively storing and maintaining data to earn rewards. The IRYS token serves as the native utility asset for the ecosystem. Its primary functions include: Paying for network fees related to data storage and smart contract execution. Staking by miners and validators to secure the network and ensure data integrity. Incentivizing participants who contribute resources to the datachain. Participating in the future governance of the protocol. The project also features a built-in endowment system to support long-term data retention. A portion of the fees for permanent storage is allocated to a non-circulating fund that ensures miners can be compensated for maintaining data indefinitely. Additionally, the protocol includes mechanisms to burn a significant percentage of transaction fees to manage the token supply as network activity increases. Common use cases for Irys include decentralized artificial intelligence, where AI models and their training data are stored and executed on-chain. It is also used for data provenance, providing an immutable trail for digital content to combat misinformation. Other applications include decentralized physical infrastructure networks, social media platforms, and gaming, all of which benefit from at-cost storage and direct data programmability. The project evolved from the Bundlr Network, which was originally a scaling solution for data storage on other networks. Under its new identity as Irys, it operates as an independent Layer 1 focused on providing a scalable foundation for the next generation of data-intensive web applications. Learn more