What is Arweave?
Arweave is a decentralized technology that aims to permanently archive data through a distributed network of computers. Its aim is to create a digital repository that will last indefinitely.
As a result, Arweave has many similarities with other decentralized storage systems such as Filecoin and Sia, which all utilize cryptocurrencies to build marketplaces for consumers looking to purchase and sell data storage services.
Arweave, including these ambitious protocols, aims to challenge a business controlled by existing storage behemoths such as Google, Amazon, and Microsoft.
How Does Arweave Work?
Arweave is a modern method of technology that utilizes a database to preserve data that cannot be lost or updated, and it uses economics to incentivize citizens to store the data for lengthy periods of time. This mix renders data immutable, whether it’s public or private.
Arweave describes itself as a “novel data storage blockchain protocol” that, for the first time, enables a permanent internet and creates completely permanent data storage. It’s a one-time-payment-forever storage model.
Arweave isn’t a cryptocurrency in the traditional sense. Arweave holds the data in a graph of blocks rather than a chain of blocks that includes transactions and data, like most cryptocurrencies do.
This implies that each block in Arweave is bound to two previous blocks, creating a framework known as a “blockweave.” In Bitcoin, on the other hand, blocks are joined in order to shape a chain.
Areweave’s architecture often differs from other cryptocurrencies in terms of how it verifies transaction accuracy.
Arweave utilizes a separate mechanism named “proof-of-access” instead of asking machines on its network to compete to solve a mathematical problem, as Bitcoin does.
What is the History of Arweave?
Archain was the initial name for Arweave in 2017, but it was rebranded in 2018 after the Arweave team was admitted into the Techstars venture accelerator.
In 2019, Arweave earned $5 million from renowned venture capital companies Andreessen Horowitz and Union Square Ventures.
Arweave revealed an extra $8.3 million in support in March 2020, which would be used to expand the Arweave ecosystem of users and creators.
How Do I Hold Arweave?
AR is currently only compatible with the official Arweave wallet.