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Irys blockchain launches amid fake contract threat but recovers
The layer-1 blockchain with the native token IRYS launched on major crypto exchanges with an initial drop due to the threat of counterfeit contracts. However, the price has since begun to rise and may recover its position.
The Irys team issued a warning about the appearance of fake contracts masquerading as IRYS but lacking official status immediately after trading began on KuCoin. This triggered a price decline, although the reputational damage from users potentially purchasing counterfeit tokens could have been even greater.
At the time of writing, Iris was trading around $0.03, which is about 10% cheaper than the starting price.
Before its exchange debut, Irys received positive feedback from experts and raised around $19 million in venture funding.
The project’s founder, Josh Benaron, is well-known as the creator of Bundlr — the second layer of the Arweave blockchain specializing in long-term data storage. Besides Benaron, other well-known specialists are also working on Irys.
Two-in-one
Irys aims to combine data storage and smart-contract execution within a single network, making data programmable through the IrysVM virtual machine, which is compatible with the EVM.
This enables the low-cost, scalable storage of large volumes of structured data for AI, social networks, content, and metadata, while providing fast access and the ability to build complex on-chain applications that traditionally required off-chain storage systems.
IRYS is the network’s native token used for paying storage and execution fees, staking, securing the network, and participating in deflationary mechanisms. The team promises to burn most of the tokens collected from storage payments and fees, creating a scarce token model.
Currently, blockchains and decentralized Web3 systems are primarily focused on either financial transactions (DeFi) or simple data storage (file storage, NFTs, media).
Therefore, if a project capable of combining these functions proves its effectiveness, Irys has the potential to become one of the foundational blockchains for the next generation of Web3 projects.
As we wrote, FOLKS token soars 250% after Binance Alpha listing
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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