What is Arweave? What is AR crypto’s price prediction?

3 min read | August 31, 2021 08:29 PM AEST | By Raza Naqvi

What is Arweave? What is AR crypto’s price prediction? — Image source: Creative Stock Studio, Shutterstock.com

What is Arweave crypto?

Launched in 2017, Arweave was originally called Archain. In 2018, the company renamed when the Arweave team decided to participate in the Techstars boot accelerator.

Arweave is a software based on blockchain technology that offers users to store their files across a distributed network of computers.

AR is the native utility token offered by Arweave. It can be used as cryptocurrencies to create a marketplace for users interested in buying or selling data storage services.

Arweave stands apart from its competitors as it commits to offer permanent data storage services to its customers through unique incentives built on the blockchain ecosystem. It aims to disrupt data storage offering companies like Google and Microsoft by offering less expensive solutions.

Unlike major data storage companies that charge monthly or yearly subscription fees, Arweave allows users to access the permanent data storage services by making a single upfront payment.

Arweave crypto’s price movement and prediction

At the time of writing this, Arweave had a circulating supply of 43.8 million AR tokens, and it has a total supply of 66 million tokens.

AR token surged 382 per cent in the last 30 days and rose 82 per cent in a week, as per CoinGecko.

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Compared to an all-time low of US$ 0.298788 per token on January 31, 2020, AR token was trading 19287 per cent higher on August 31.

As demand for data storage solutions is expected to increase, people might opt for blockchain-based solutions as their acceptance is increasing, especially among millennials. Due to this reason, AR crypto is expected to continue gaining momentum and reach US$ 85 per token by the end of 2021 and US$ 100 apiece at the end of 2022.

Bottom line

At the moment, data storage solutions are very limited. As they are centralized, their servers lack security, and it increases the cost of maintenance. However, blockchain-based data storage solutions are more secure and companies like Arweave reduce the cost of storing data online by offering permanent storage via one-time payment options.

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Due to this reason, it is expected that traditional data storage providers could be outpaced by these companies in future.

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