ARWEAVE – As data grows larger, so does the need for more storage.
That’s where Arweave comes in…
I will leave all the official links at the bottom of this post.
The idea of creating the first permanent information storage network, Arweave was created by founders Sam Williams & William Jones in 2017 and went live in 2018.
Arweave is a decentralised storage network that connects those with spare disk space to those who need permanent data storage. All the data and storage held on the network are replicated on hundreds of machines.
Arweave proclaims itself to be a “collectively owned hard drive that never forgets.” The Arweave network has a fully #decentralized permanent web, known as “the Permaweb”.
The Permaweb includes Apps, Tools and Platforms that are developed and maintained by the community. All contents in the Permaweb are permanent and almost all kinds of information can be stored.
At the core of #Arweave’s power is the “Blockweave”. The Blockweave is their very own designed technology, a set of blocks containing data and linking to the multiple previous blocks from the Arweave network.
The way data is structured allows the network to enforce that ‘miners’ must provide ‘Proof-of-Access’ (PoA) to old data if they wish to add new blocks (data).
PoA ensures that the computers on the Blockweave can verify all new transactions accurately and that all old transactions have not been altered in any way.
Simply put, blockchains are connections of blocks containing transactions, however as mentioned above, Arweave’s network stores data in their blocks.
The Blockweave can accommodate up to 5,000 transactions per second (TPS) and is more cost-efficient compared to other ‘Storage Networks.’ Traditionally, major companies like Google & Apple offer storage at a monthly or yearly cost. Arweave instead offers a one-time payment of $AR, if the user chooses to store information on the network.
Miners whore store information on their servers are then rewarded in the native token, $AR. Let’s face the facts, storage is essential in all aspects of our daily lives. Arweave opens the door to every industry in the world, allowing them to store data securely and at a minuscule cost.
The cost usually averages around two cents for every 10MB uploaded!
The native token of the Arweave Network is called $AR. At the time of writing, Arweave is 89th in the Top 100 Market caps. It has a price of $12.43 and a current market cap of $415M+. $AR has seen an ATH of $90.94 with a peak market cap of $2.88B!
Arweave Twitter – @ArweaveTeam
Arweave Website – https://www.arweave.org/
Thanks for reading, hope you found this information helpful!