What is Arweave (AR) crypto? and What is its Open Web Foundry?

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What is Arweave (AR) crypto? and What is its Open Web Foundry?

What is Arweave (AR) crypto? and What is its Open Web Foundry?
Image source: © Zaggoudi | Megapixl.com

Highlights

  • Arweave (AR) is a decentralized storage network. It aims to offer a platform for unlimited data storage.
  • AR is the native token of the Arweave network.
  • The seventh edition of the 'Open Web Foundry', an incubator program, is scheduled to launch at 12:00 pm ET.  

Arweave (AR) token is rising on Monday with 12.33% gains to US$17.21 at 7:16 am ET. The Arweave protocol recently has invested in the RareCandy3D, a virtual publishing house for rare digital and physical collectibles on the Ethereum blockchain. Arweave purchased a 'D Grade NFT Investment Slot'. as part of RareCandy3D's NFT coin offering (NCO). 

The Arweave team also runs an incubator program called the Open Web Foundry. The seventh edition of the incubator program is scheduled for launch at 12:00 pm ET, where the decentralized protocol team will provide details of the program, expectations, and investment.  

This could be the reason for the rise in the token

Arweave (AR):

Arweave is a decentralized storage network. It aims to offer a platform for unlimited data storage. The protocol describes itself as "a collectively owned hard drive that never forgets,". 

The storage network hosts a permanent, decentralized web with many community-driven applications and platforms.

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Arweave was earlier Archain, launched in 2017. Later in February 2018, it was rebranded as Arweave and officially launched in June 2018. 

Initially, it was founded with centralized leadership, but later it launched a decentralized autonomous organization (DAO) in January 2020 to develop and expand the network and its ecosystem. 

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In June 2020, the project unveiled 'profit-sharing tokens.' These tokens allow developers to get dividends from the network transaction fees generated from their applications. Through its "Boost" program, the project offers the startups free storage and access to the industry investors and the Arweave team. 

The storage protocol network is built on 'blockweave', a modified version of blockchain technology which uses a 'Proof-of-access' consensus algorithm. 

Also Read: Why Ampleforth Governance Token's (FORTH) trading volume surged 2000%?

What is Arweave (AR) crypto? and What is its Open Web Foundry? Data Source: coinmarketcap.com

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AR token:

AR is the native token of the Arweave network used to pay miners for storing the network information indefinitely. The token is available for purchase on Binance, FTX, OKX, Bitget etc. crypto exchanges.   

AR has a market capitalization of US$573.49 million and a circulating supply of 33.39 million. Its volume rose 72.69% to US$104.3 million over the last 24 hours. The token has a total supply of 63.19 million ARs.

Also Read: Why MetaPay (METAPAY) crypto zoomed 240% in one day?

Bottom line:

The global crypto market was down 0.83% to US$1.29 trillion. Bitcoin (BTC) fell 1.50% to US$29,878.62, and Ethereum (ETH) declined 2.63% to US$2,030.59 in the last 24 hours to Monday morning. 

  

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