Protocol Overview
Irys enables smart contracts to reliably access the entirety of onchain data, ensuring all network participants have the data needed to reach consensus. One of the key challenges is maintaining access to this data for all participants.
Irys operates on the principle that a storage protocol capable of making commitments about the data uploaded to it is more useful than one that cannot. When data is uploaded to Irys, the headers are included in the next block, and the actual data is uploaded to miners afterward. This method maintains network efficiency while supporting large data uploads.
However, separating headers from data can create permanent gaps in the ledger if the promised data is not uploaded, leading to cascading issues throughout the system.
Irys addresses these challenges through a combination of innovative designs:
Combined with staked mining addresses, enables incentive-compatible packing that scales horizontally, reduces packing costs, and increases the network's ability to ingest data.
End users can easily verify onchain which mining addresses are storing their data. Matrix Unpacking is cross-platform and can be done on consumer hardware, even in a browser.
Components
Combines efficient sampling of PoW with economic deterrents inherent in staking and slashing, to ensure secure and scalable data storage and execution.
Allows the protocol to:
- Make commitments about published data
- Provide reliable access for the execution layer by managing data upload and storage proofs
Irys’ VM enables Programmable Data where smart contracts can access the entirety of onchain data.
More than just an endowment, Irys's treasury:
- Covers storage liabilities
- Participates in yield-bearing activities