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Highlights
- Arweave is a decentralised storage network that offers a platform for the permanent storage of data.
- The native token of the Arweave network is called AR and it’s used to pay its miners to store the network’s data indefinitely.
- Arweave has a current ranking of #109, according to CoinMarketCap and is priced at US$20.25 as of 17 August 2021. It has a current market cap of US$676,155,021.
One of the key components of blockchain technology is its ability to undergo metamorphosis and adaptation to expand upon its current capabilities and bring new features to a variety of blockchain platforms.
Source: © Iuriimotov | Megapixl.com
Due to its very nature, it was inevitable that developers would utilise its impenetrable nature to store information. That’s what Arweave has done.
Let’s take a look.
What is Arweave?
Arweave was officially launched in 2018 And was founded by Sam Williams and William Jones – two PhD candidates at the University of Kent.
Arweave is a decentralised storage network that offers a platform for the permanent storage of data. It proclaims itself as "a collectively owned hard drive that never forgets," the network features a permanent, decentralised web with several applications and platforms developed and maintained by community members. The platform’s ability to store data indefinitely has led to it being labelled a “permaweb”.
The native token of the Arweave network is called AR and it’s used to pay its miners to store the network’s data indefinitely.
The Genesis of the crypto’s idea came about in an interesting way. William said he initially thought of the idea whilst climbing up a mountain in Scotland. He later brought the idea to his partner Jones and the two began working on the development of the platform.
Arweave was initially founded with centralised leadership but later was launched in January 2020 as a decentralised autonomous organisation made up of core community members who then furthered the development of the network and its ecosystem.
What sets Arweave apart?
Arweave aims to make sure the “collective ability to store and share information collectively between individuals and across time to new generations.”
To achieve this, Arweave’s permaweb is built on top of the "blockweave”, which is similar to blockchain tech in which every single block is linked to one that is immediately prior and a random earlier one. Arweave highlights that this encourages miners to store additional data as they must be able to gain access to random previous blocks to add additional ones and get rewards.
Arweave has a current ranking of #109, according to CoinMarketCap and is priced at US$20.25 as of 17 August 2021. It has a current market cap of US$676,155,021.
Arweave has a token supply of 66 million AR maximum. Of that 66 million, 55 million AR was released when the blockweave's genesis block was formed in 2018. An additional 11 million will be introduced slowly as block rewards.
