Arweave
Arweave is a tool to help anyone save data permanently. It works by distributing data stored on a computer network called nodes or miners. This is different from the model we know because the internet today is in the hands of a few selected companies whose servers can go down at any time - or editors who can change information silently.
Arweave is a new technology that uses a type of website to store data that cannot be deleted or modified and uses economics to encourage people to store data for longer for the first time. This combination makes data durable, whether it is public or private.
The "permaweb," a parallel internet, is served by Arweave through a vast network of nodes, each of which earns money by supplying current data over time and storing new data on demand.
Archain was founded in 2017 and changed its name to Arweave while completing the Techstars Berlin mentorship programs in 2018. The goal of Arweave is to make long-term, low-cost storage a reality. The Arweave network, a block-based data structure known as a "blockweave," is how the company plans to achieve its goal.
Arweave was developed by fellow Englishmen William Jones and Sam Williams, who met while working on their doctorates in distributed computer systems and networks at the University of Kent.
Williams came up with the concept for Arweave while trekking a Scottish mountain; he then presented it to Jones and worked out the technical aspects. Williams was selected as an advisor to Minespider, a firm that provides blockchain-based supply chain tracking for the raw materials market, and a mentor for the Techstars accelerator program once Arweave launched.
We generally think of the internet as an endless source of information that will never be exhausted. In reality, the websites, data, and other materials that make up the internet's content are frequently updated, censored, and, in some cases, completely erased. Data storage is mostly under the hands of a few centralized corporations who facilitate our access to websites and apps, and they have the power to remove that access at any time. Similarly, data stored in a centralized manner can be easily lost, manipulated, or restricted, and websites and apps might disappear when money for their upkeep is no longer available. Arweave was created to address data volatility on the internet by providing a decentralized, robust data retention mechanism.
· Proof of Access Consensus - Arweave's design differs from most cryptocurrencies in terms of how it verifies transaction accuracy. Arweave uses a different approach termed "proof-of-access" instead of asking computers on its network to compete to solve a mathematical puzzle, as Bitcoin does by using proof-of-work. Proof-of-access assures that all computers on the Arweave network can confirm that all new transactions are correct and that all old transactions are still valid.
· Content Moderation - The opportunity for anyone using the software to choose what kind of data they want to save, this is referred to as content moderation in Arweave. To look at it another way, computers on a network can choose what kind of content they want to host.
· Personal and business files can be maintained for a one-time cost rather than the monthly fees associated with existing storage methods, ensuring that the information is permanent, verifiable, and really censorship-resistant. · Any content can be anonymously posted and shared with anyone using Arweave. · Users pay AR tokens to add data to the Arweave network, which can then be accessible by web browsers on the Arweave permaweb.
DATE | NEWS/EVENTS | IMPACT |
07/05/2022 | TerraUSD and LUNA both collapsed, and as a result, a number of crypto platforms folded in the aftermath | 37% Decrease |
16/01/2022 | Crypto market crashes amid the uncertainty brought by new Covid-19 variants | -37% Decrease |
11/08/2021 | Solana’s summer NFT boom takes Arweave’s prices higher as it holds some of the most popular Solana’s NFTs | +66% Increase |
24/03/2021 | Strong fundamentals drive up the prices of Dent, Arweave (AR), and Enzyme (MLN) | +40% Increase |
The Arweave blockchain is a long-term data storage solution that is on route to solving many of the problems with decentralized storage. Arweave overcomes the storage limitation problem while also addressing scalability with its cutting-edge technology. It also provides unlimited storage for developers to build dApps, as well as additional prizes for network management. The Arweave network is also ready to reach new heights, due to remarkable partnerships and the addition of NFTs.
