What is Arweave (AR)?
Arweave (originally named Airchain) is a Web3 protocol that provides the ability to permanently store data on a decentralized network of devices. With a single upfront fee, users can access lifetime data information storage. Besides, Arweave allows developers to build DApps through blockweave technology seamlessly. Based on the Proof of access consensus algorithm, Arweave creates a permanent data warehouse with low cost and high throughput, opening up long-term vision for the entire internet system.
Highlights of Arweave (AR)
Arweave offers a superior solution for data storage based on four core technologies:
- Blockweave: provides the ability to expand on-chain storage memory while optimizing storage costs effectively. The number of hashes for consensus decreases as the volume of data on the storage system increases, from which the fee for storing the data provided decreases.
- SPoRA (Succinct Proofs of Random Access): Arweave upgraded its PoA (Proof of Access) consensus mechanism to SPoRA in November 2021. The SPoRA mechanism reduces the size of block probabilities, reduces the energy wasted in decrypting hashes, and increases the likelihood of data access speed. Once there, miners will focus on maintaining their own local hardware and nodes.
- The consensus mechanism is capable of storing data in outer space. Once there, miners will compete in sharing data memory, providing multiple archived copies.
- Wildfire: establishes a ranking system for each node to determine the speed of new block and transaction distribution, creates a mechanism to encourage miners to share data and actively participate in the network.
- Blockshadows: brings technology that minimizes data waste, while enabling a consensus mechanism to execute quickly with large transaction throughput by sending blocks to nodes.
How does Arweave (AR) work?
Arweave is based on blockweave technology, in which miners will provide memory and copy data in the network to receive rewards of AR tokens. In Arweave's architecture, each block will be associated with a previous block and a random block in the protocol's history, called a recall block. Arweave requires miners to provide specific data from a block to verify a new block or request a block reward. Before joining Arweave, miners need to download the current block and retrieve the blockhash and wallet list from the current block. Arweave uses a continuous verification system so miners don't need to find previous transactions linked to a wallet to verify new transactions. Instead, miners simply verify the transaction has been confirmed by the wallet owner's private key.
Arweave (AR) Token
Token Metrics
- Ticker: AR
- Token Standard: ERC-677
- Token type: Utility Token
- Total supply: 66,000,000 AR
- Circulating supply: 43,825,615 AR
Token Allocation
- Seed sale: 10.8%
- Strategic sale: 7.1%
- Private sale: 19.5%
- Public sale: 1.1%
- Advisors: 2.9%
- Team: 13.0%
- Ecosystem: 19.1%
- Reserve: 26.5%
Token Release Schedule
- When it launched on June 8, 2018, 55 million AR was generated in the Genesis block.
- Another 11 million AR will gradually be put into circulation in the form of block mining rewards. The issuance of new AR tokens is similar to Bitcoin's model, in that the amount issued is halved periodically.
Token Sales
| Openings | Price | Allocate | Amount of AR |
|---|---|---|---|
| Seed Round | $0.18 + 25% bonus | 9% | 5.940.000.000 |
| Private sale | $0.56 | 13,42% | 8.857.200.000 |
| Public sale | $0.72 | 3,75% | 2.475.000.000 |
Token Use Cases
AR is a utility token in Arweave's ecosystem with functions such as:
- Paid: AR tokens are used to pay for storage fees.
- Miner Reward: The fee collected will be partially allocated to miners for participating in maintenance and storage in the Arweave network.
Roadmap
Development team
Arweave was co-founded by Sam Williams and William Jones on June 28, 2017. However, in mid-2018, Jones left the project to complete his PhD.
- Sam Williams – CEO: Used to be a technology advisor to Minespider, Techstars.
- Jesper Noehr – CTO: Has nearly 20 years of experience in information technology at companies such as Atlassian (Bitbucket), Opera Software and several hedge funds.
- Sebastian Campos Groth – COO: Served as an advisor to Lumit Blockchain & Network Technologies, Techstarts.
Investment funds, partners
Arweave has raised $ 22 million through 6 seed rounds and 1 ICO round, attracting the participation of major investors such as Multicoin Capital, Andreessen Horowitz, Coinbase Ventures,… Besides, many blockchain networks such as Cosmos, NEAR Protocol, Avalanche, Polkadot, Solana have integrated Arweave's technology to store transaction history data.
FAQs to Arweave (AR)
Where can I buy Arweave (AR)?
Investors can own AR tokens by trading on Huobi Global, Binance, MEXC Global, HitBTC,… Besides, investors can become miners by participating in shared storage in the Arweave network to receive AR token rewards.
Should I invest in Arweave (AR)?
Along with the expansion of Web 3.0, the Arweave project promises great growth potential in the future with a superior solution in terms of permanent data storage capabilities. However, the popularity and usability of Arweave has not been optimized. To access data stored on Arweave, users must use Arweave-compatible blockchain wallets, buy and sell AR tokens on the respective exchanges to pay for costs, while Storj – Arweave's competitor optimizes the user experience with a friendly interface, allows credit card payments. The cryptocurrency market is constantly fluctuating, so investors need to follow the roadmap, update information about the project, and compare with competitors such as . The article is for information, not investment advice, so make the right decision that suits your goals!
