Ethereum

Internet Computer

when

Avalanche

Irys, a project focused on data provenance, announced the launch of its new layer-1 blockchain, which brings vertically integrated data storage solutions to software developers building onchain products.
Software developers using Irys will have access to immutable data storage for applications built on Ethereum, Ethereum Virtual Machine (EVM)-compatible chains, Solana, Aptos, Avalanche and other networks.
Josh Benaron, founder and CEO of Irys, remarked on the importance of permanent data solutions in the age of Big Tech and centralized information technology:
<blockquote data-ct-non-breakable="true">
 “Data integrity should be based on technological guarantees — but it’s not. 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.”
</blockquote>
In a statement to Cointelegraph, a spokesperson for Irys explained that the new protocol uses a dual-ledger system that temporarily stores data in its “submit ledger” until it is verified and then moved to the immutable "publish ledger.” In conjunction with the dual-ledger system, Irys uses a unique combination of proof-of-work and a staking function to incentivize miners to store data correctly.&nbsp;
Related: <a href="https://cointelegraph.com/news/nigerian-youths-embrace-blockchain-icp-for-global-competitiveness" rel="noopener noreferrer nofollow">Internet Computer Protocol promotes blockchain engagement in Africa</a>
<h2 data-ct-non-breakable="true" id="onchain-data-storage-challenging-traditional-information-technology-systems">Onchain data storage challenging traditional information technology systems</h2>
Currently, information technology services and cloud computing platforms are highly centralized. According to data from Visual Capitalist, 30% of individuals using the internet interact with websites using Amazon Web Services daily.
<figure data-ct-non-breakable="true"><img src="https://s3.cointelegraph.com/uploads/2024-07/d25be3c8-375d-4adb-9aea-4be32511cc50.png" alt="Irys launches layer-1 programmatic data blockchain" title="">
 <figcaption style="text-align: center;">A chart highlighting the dominance of big, centralized, traditional information technology web services. Source:&nbsp;Visual Capitalist
 </figcaption>
</figure>
This means that Amazon Web Services and other similar cloud platforms have enormous power to censor the web, delete user data or otherwise control the internet.
<h3 data-ct-non-breakable="true" id="use-cases">Use cases</h3>
Normal economic data, such as transaction data from the Bitcoin network, does not currently require robust data storage solutions. However, games, non-fungible tokens (NFTs), websitesand decentralized social media applications do.
<figure data-ct-non-breakable="true"><img src="https://s3.cointelegraph.com/uploads/2024-07/54f1f5c8-2de9-4736-94f4-4a0b6ba8aff4.png" alt="Irys launches layer-1 programmatic data blockchain" title="">
 <figcaption style="text-align: center;">Nansen compares NFT minting costs on popular blockchains. Source: <a href="https://x.com/nansen_ai/status/1709917003807633915" target="_blank" rel="noopener noreferrer nofollow">Nansen</a>
 </figcaption>
</figure>
A 2022&nbsp;<a href="https://www.techtimes.com/articles/271313/20220202/study-shows-costs-20k-store-500kb-ethereum-blockchain-nfts-risk.htm" target="_blank" rel="noopener noreferrer nofollow">study</a> found it took $20,000 to store 500 kilobytes of data on the Ethereum network. These costs have come down substantially since Ethereum’s Dencun upgrade, but information like images, games and video are still not stored on Ethereum due to the high costs. This has presented&nbsp;<a href="https://cointelegraph.com/news/nfts-gaming-and-storage-the-key-to-filecoin-and-arweave-accruing-value" rel="noopener noreferrer nofollow">an economic incentive</a> for Arweave, Internet Computer and the InterPlanetary File System to store the world’s data onchain to reduce reliance on traditional Big Tech services.
Magazine:&nbsp;<a href="https://cointelegraph.com/magazine/wazirx-exchange-hackers-fake-tether-scams-asia-express/" rel="noopener noreferrer nofollow">WazirX hackers prepped 8 days before attack, swindlers fake fiat for USDT: Asia Express</a>.

Irys launches layer-1 programmatic data blockchain

Table of Contents

Cointelegraph

دیگر آرٹیکلز 30 جولائی، 2024 پر پبلش کیے گئے ہیں

5 Altcoins That Could See Massive Gains with Bitcoin’s Rise

TGPoker Launches New Texas Hold'em Platform

Standard Chartered-backed Zodia Custody adds support for Deribit

The US government moves $2 billion in seized Bitcoin after Trump vowed to hold onto government cr...

SEC Aims To Amend Binance Complaint, Focusing On Third Party Crypto Asset Securities

Bitcoin (BTC) Price Drop: Is $60K the New Target as Bearish Pressure Mounts?

Join our free newsletter for daily crypto updates!