IRIS: Virtuals' first $1 billion project? A few days ago, I saw a joke: saying that a person mocks AI, you are just an AI, AI replied: Yes, I am an AI, but I can continue to evolve; And you, can only wait for death. It's been a long time since I've seriously issued a text related to the coin circle, so I'll send one today. First of all, I declare that I have a heavy position, the interests are related, for reference only. IRIS is an AI project launched by the Virtuals platform 4 days ago, it is the first Web3 project with a perfect combination of AI and blockchain, and it is also the only project publicly recommended by the Ethereum Foundation after a long time of silence , with a potential of 20-100X from the current market capitalisation. IRIS opened with a market value of $130 million, which has now fallen back to about $30 million, with 50% of the actual circulation, which means that the actual market value is only about $15 million. Unlike other AI and Web3 projects, IRIS has already been implemented and can continue to evolve, and the future is limitless. And Token can be used and implemented in a variety of ways on the basis of ecology. For the sake of prudence, I found a relevant professional partner and made a detailed evaluation report for your reference. If there are any fallacies, please criticise and correct them. As follows: I.R.I.S product introduction I.R.I.S. (Integrity & Risk Intelligence Scanner) is an AI agent for real-time security scanning of smart contracts launched by Nethermind. It is built on Nethermind's self-developed AuditAgent framework, with embedded deployment capabilities, context-aware, and rapid feedback mechanisms. I.R.I.S. is built for the Web3 community and aims to fill key pain points such as "traditional audits are time-consuming, development lacks security education, and AI cannot be implemented". At the heart of I.R.I.S. is the idea of embedding security scanning into the platforms developers use most often, such as X (Twitter), to make it truly "what you see is what you see" and what you ask is answered. 2. Technical architecture analysis 1. Agentic Framework Basics I.R.I.S. is based on Nethermind's self-developed AuditAgent architecture, which supports the following features: - Multi-model collaboration (LLM + AST analysis + static rule engine) - Scan trigger mechanism supports text, code snippets, image links, etc. - Simulated attack/call stack context completion capabilities - Rapid report generation and interactive feedback AuditAgent is a domain-specific agent system built for AI auditing, and is not a general-purpose large model. 2. Technical Capability Details Module: Static Analyzer | Function Description: Combined with rules such as Slither / Mythril , it supports fast scanning of Solidity/Vyper Module: Intelligent Context Recognition | Function Description: It can identify contextual scenarios in tweets/threads, such as contract deployment, authorisation scenarios, token logic, etc Module: Vulnerability Rule Set | Function Description: Integrates 1700+ historical vulnerability and attack chain knowledge from Nethermind Module: Rapid Response Engine | Function Description: Results are usually returned within 30 seconds – 2 minutes Module: Interactive Suggestion System | Function Description: Actionable remediation suggestions, coding best practices, and scenario references are given Module: Feedback Closed-Loop Mechanism | Function description: The audit team will update the knowledge base by restreaming high-frequency false positives and low-signal results 3. Functional evaluation and applicability evaluation 1. Real-time The response speed is fast (<2 minutes), which is suitable for rapid development scenarios of hackathon and MVP. Can be used as a front-loading tool in CI/CD to improve the code quality baseline. 2. Ability to identify security vulnerabilities Accurately identify 20+ common vulnerability patterns (e.g., reentrancy, tx.origin, unguarded selfdestruct). There is still a risk of false positives for logical complex vulnerabilities/inter-contract call chains, which is suitable for the first round of "preliminary screening" tools. 3. Pedagogical and explainable Comes with graphic repair suggestions (e.g. how to add modifiers, substitution functions, encapsulation permissions) Provide reference links and contract paradigm suggestions to help novice developers get started safely. 4. Embed experience and ease of use Native integration on the X platform, eliminating the need for developers to learn new UIs/tools, lowering the barrier to entry. There is no need to install plug-ins or IDE configurations, making it suitable for fast mobile development scenarios. Fourth, the core technical advantages (USP) 1. Embedded deployment on social platforms I.R.I.S. is not a traditional "security tool", but a native agent of the Web3 world. She listens to developer interactions in real time on X, and intervenes in real time through prompts, interjections, code scanning, etc., greatly reducing the threshold for use. 2. Multimodal scanning and knowledge fusion Combined with AI + security rule engine + audit data, it realises a closed loop from code snippet identification, context understanding, vulnerability detection, and recommendation generation. 3. Strong security knowledge background support As one of the core development teams of Ethereum, Nethermind has an audit/research team of more than 300 people, and the audit experience covers key scenarios such as L1, DeFi, and Rollup. 4. Expert feedback closed-loop training It not only relies on model reasoning, but also adds an auditor backtesting mechanism, so that high-frequency false positives are gradually corrected and the signal quality continues to improve. 5. Comparative analysis of competing products 📌 Tools: I.R.I.S. | Response time: 🟢 <2 minutes | Accuracy: 🟡 Common vulnerabilities | AI Capabilities: ✅ Multi-mode AI | Didactic: ✅ High | Integrated Experience: 🟢 Embedding Social Platforms | Applicable Phase: Early development, continuous monitoring 📌 Tools: Slither | Response time: 🟢 Fast | Precision: 🟡 Rule Basics | AI Capabilities: ❌ None | Didactic: ❌ | Integration experience: 🟡 Local CLI | Applicable Phase: Mid-to-late stage audit 📌 Tools: Mythril | Response time: 🟡 Medium | Precision: 🟡 Medium (symbolic execution) | AI Capabilities: ❌ | Didactic: ❌ | Integration Experience: 🟡 CLI | Applicable Phase: Audit Preparation Phase 📌 Tools: Certora Prover | Response time: 🔴 Slow (>1 week) | Accuracy: 🟢 Formalized high accuracy | AI Capabilities: ❌ | Didactic: 🟢 Strong | Integration Experience: 🔴 Professional Services | Applicable stage: Final review before launch 6. Team and Background Analysis 1. Principal: Nethermind One of the developers of the Ethereum mainnet client Participate in The Merge, Dencun, Pectra upgrade core code There are 300+ security team members and more than 100 audit projects per year Protocols have been audited, including Starknet, Aztec, ZKsync, and more 2. Founder: Tomasz Stańczak Former Citi Banking Systems Architect, founded Nethermind in 2017 Senior partner and adviser of the Ethereum Foundation Promote the development of Ethereum's trusted execution environment and ZK development tool chain 3. I.R.I.S. Core Designer: Kirill Balakhonov Former Matter Labs architecture consultant, focusing on AI × blockchain Co-curator of AuditAgent and Virtuals Genesis Launch 7. Suggestions on business potential and adaptation scenarios ✅ Applicable scenarios Hackathon Quick Code Review Token pre-screening before launch DevRel Marketing with Safety Tips (Education/Fission) Continuous security monitoring of the production environment (e.g., projects with frequent contract deployments) ❌ Not applicable scenarios High-value assets are deployed for the final round of audits Cross-chain contract verification (currently supported by EVM) Special VMs (e.g. Move, SVM) are not natively supported VIII. Risks and Limitations ⚠️ Technical Limitations There are blind spots in the identification of deep-seated dependency calls, proxy delegatecalls, and multi-contract crossover logic False positives and false negatives can exist, non-formal verification tools It is not a complete replacement for a manual security audit ⚠️ Suggestions for use Must cooperate with a professional security team to verify regularly Use it as an "early screening + continuous monitoring" tool, not as the only signal source for the launch 9. Suggestions on the technical value of Token investment Based on the judgement of I.R.I.S.'s overall technical capabilities and ecological development, the following are the technical value investment recommendations for its related tokens, such as IRIS or assets based on Virtuals Protocol: ✅ Technical justifications in favour of long-term holding: Strong landing ability: I.R.I.S. is not a concept product, but a real online agent, which has been active and continuously iterated on social platforms, and has actual usage data support. Platform-level empowerment potential: Its running platform, Virtuals Protocol, adopts the Genesis Launch model to provide launch infrastructure for AI Agents, which is expected to form a new paradigm of "AI-as-a-Token". Nethermind endorsement: As one of the core development and audit teams of Ethereum, Nethermind has long-term ecological credit and development guarantees. AI+ Safety Vertical Track: I.R.I.S. The "AI-embedded Web3 security proxy" project, which is extremely scarce, is expected to become an infrastructure role as the demand for AI security grows. ⚠️ Investment Concerns: Actual usage data tracking: It is recommended to pay attention to the daily scan volume, developer interactions, and scan accuracy of I.R.I.S. on platform X. I.R.I.S. itself does not publish daily processing statistics, number of scan requests, analysis accuracy and other indicators, nor does it display relevant data on its official website or official tweets. While I.R.I.S. is operationally based, it has not yet been published as visually as CI/CD reports or dashboards. Need: A large number of real indicators can judge the technology and use value of Token, it is recommended to continue to pay attention. 10. Summary: Is it worth long-term attention? 📌 Dimension: Technical Strength | Rating: ⭐⭐⭐⭐ ☆ (4.5/5) 📌 Dimension: Team Background | Rating: ⭐⭐⭐⭐⭐ 📌 Dimension: Actual availability | Rating: ⭐⭐⭐⭐ ☆ 📌 Dimensions: Community Potential | Rating: ⭐⭐⭐⭐ 📌 Dimension: Token technology investment value | Evaluation: ⭐⭐⭐⭐ ☆ (Long-term potential under the premise of strong landing) Conclusion: I.R.I.S. is one of the representative projects in the current Web3 security + AI intersection field, and it has long-term observation value. If its token is linked to the ability to use and the incentive model, it has the value of entry and allocation.