Irys is not just a simple data storage.
I have briefly written about the basic concept of IRYS!
Uploading data directly to the Ethereum network is extremely costly. Therefore, NFTs also use off-chain methods like IPFS to store data.
In other words, existing blockchains have clear limitations when it comes to data storage.
To solve this problem, data chains like Arweave and Filecoin have emerged, successfully storing data at a low cost, but they have the limitation that the stored data remains static, reducing its usability.
Against this backdrop, @irys_xyz has entered the crypto market with the concept of a programmable data chain.
In Irys, data is not just stored; it can also embed ownership, access rights, and royalty rules. In other words, the data itself functions like a living asset and can interact directly with smart contracts. This reminds me of the IP utilization that Story Protocol aims for.
Additionally, through IrysVM, data can be connected to smart contracts as soon as it is stored. Thanks to this, developers can reduce costs and build applications more efficiently and quickly.
The reliability of data is also an important strength of Irys. Thanks to the dual ledger structure of Submit Ledger and Publish Ledger, data is verified immediately after upload and permanently stored.
Ultimately, Irys goes beyond simple storage, also proving the authenticity of the data.
Due to these features, Irys can be utilized in various real-world areas such as NFT metadata, AI training data, and data marketplaces.
Therefore, I believe Irys will not just be a simple data storage network but an infrastructure for storing and utilizing data.
By the way, I wonder when the NFT minting will be...
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