Irys, a data provenance startup, has launched a new layer-1 blockchain. The platform aims to provide integrated data storage solutions for developers building onchain products.
The new blockchain supports multiple networks. These include Ethereum, EVM-compatible chains, Solana, Aptos, and Avalanche.
Josh Benaron, Irys founder and CEO, stressed the need for permanent data solutions. He said, "Data integrity should be based on technological guarantees — but it's not."
Benaron highlighted the risks of centralized data infrastructure. He pointed out potential issues with digital bank accounts and social media.
The new protocol uses a dual-ledger system. Data is first stored in a "submit ledger" before moving to an immutable "publish ledger".
Irys combines proof-of-work with staking to incentivize miners. This approach aims to ensure correct data storage.
The move challenges traditional IT systems. Currently, these systems are highly centralized.
Amazon Web Services dominates the market. Visual Capitalist data shows 30% of internet users interact with AWS-hosted sites daily.
This concentration gives AWS and similar platforms significant control. They can potentially censor content or delete user data.
Onchain storage has been prohibitively expensive. A 2022 study found storing 500 kilobytes on Ethereum cost $20,000.
Costs have decreased since Ethereum's Dencun upgrade. However, storing large files remains pricey.
This situation has created opportunities for alternative solutions. Platforms like Arweave, Internet Computer, and InterPlanetary File System aim to reduce reliance on Big Tech.
Irys's launch is a big deal in this space. It's another player trying to shake things up in the world of data storage.
The startup is betting on blockchain tech to solve real-world problems. It's a gutsy move, but only time will tell if it pays off.