Irys unveils first-of-its-kind Layer 1 datachain for enhanced onchain infrastructure

Source: Crypto Briefing

Irys, a company focused on scalable on-chain data solutions, is transitioning to a new Layer 1 programmatic datachain, the first of its kind, that combines data storage and execution into a single platform, said the company in a Tuesday press release.

Irys’ new blockchain is a vertically integrated protocol designed to support startups and enterprises in building, developing, and scaling their own applications that require a robust, scalable, and reliable data infrastructure.

With the new Layer 1, Irys aims to address the increasing 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. He believes a shift to blockchain-based, decentralized systems is inevitable to ensure data security, permanence, and accessibility, and Irys’ goal is to be the foundation for this decentralized vision.

“The over-reliance on centralized data infrastructure creates immense security risks, especially when digital bank accounts can’t fetch balances or social media accounts are wiped of photos and messages,” said Benaron.

“With Irys, our goal is to become the primary onchain data infrastructure for all web services, and launching this Layer 1 is the first step toward that future,” Benaron added.

Irys claimed its Layer 1 platform enables developers to build robust, secure dApps across Ethereum, Solana, Avalanche, and other compatible networks, offering unmatched flexibility and efficiency.

It features a multi-ledger system for temporary and permanent data storage and utilizes IrysVM for efficient, real-time data manipulation. This unified solution simplifies the development process, enhances scalability, and ensures stable pricing for transactions and data storage, Irys noted.

Irys said its Layer 1 has already attracted several builders, including Berachain, Eclipse, Injective Labs, Livepeer, Linea, IoTeX, Gateway.fm, Lit Protocol, NodeKit, Olas, Snapchain, BeraLand and YEET.

Founded in 2021, Irys began as Bundlr Network, a permanent data storage solution on Arweave. After a period of growth, Irys identified the need for a more integrated and scalable solution. The rebranding reflects its expanded mission to focus on scalable on-chain data solutions and improve data provenance.

The company recently secured $8.9 million in a funding round led by Lemniscap with participation from high-profile investors like Framework, Primitive Ventures, Hypersphere, Permanent Ventures, and various angel investors.

The capital is used to improve scalability and efficiency in on-chain data management, as well as address issues related to data provenance and misinformation.

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Author: Vivian Nguyen