Review Arweave($AR) – – Everything you need to know about Arweave
What is Arweave
Arweave is a new type of technology that uses a form of database to store data that cannot be deleted or changed and uses economics to incentivize people to store the data for long periods of time for the first time ever. This combination makes either public or private data permanent.
Arweave would describe itself as a “novel data storage blockchain protocol” enabling a permanent internet and creating truly permanent data storage for the first time. It is a pay-once-forever storage model.
Now if you work in the IT sector the above sentence probably makes a lot of sense. For the rest of us, we need a little help unpacking what that means.
The technology and design of Arweave and its system do not need to be intimidating to the average person. In fact, the more we understand it the better we will see how innovative and useful it really is.
What problem is Arweave trying to solve?
More than anything Arweave is trying to solve the problem of reliable long-term data storage. There is nothing else like this on the market.
It really is a new type of relationship to data.
We are used to thinking about storing data from short periods of time with the old USB stick to the newer cloud storage services that allow me to pay to store data on a monthly subscription basis.
However, what are the options for truly long-term data storage? What if I wanted to store something for 20 years, or 50 years, or 200 years? What reliable options are there for that?
The perception we have is that when we upload a file to the internet or the cloud, it will be there for a long time. This really is a false perception, as the research is actually saying the exact opposite – the internet is a highly fluid entity that changes quickly over time.
Let’s look at the current state of things to see how fragile data storage within the world wide web and cloud computing actually is.
How does Arweave solve the problem of long-term storage?
It is easy to say that the data will be stored permanently, but how can they pull this off? What is the technology behind Arweave that makes this possible?
Now, we will try not to get too technical at this point, but we will have to go over a few terms that (trust us) will not be too painful.
The first term that we need to talk about is the word protocol. Now a protocol is simply a set of rules.
You may have even heard of it mentioned with the Internet, as in Internet Protocol.
The internet that we use today is a protocol – a set of rules that controls how it works so everybody can get what they want and the thing doesn’t fall apart.
Now, what Arweave did was come up with some new technology and their own protocol rules that would enable the information stored on their platform to become permanent.
What can be built on top of Arweave?
Already there are over 300 applications built upon the system.
At first, they were simple apps like a chess application or a to-do list. However, over the past year, a number of exciting business communities have launched applications that will make real differences in the everyday lives of people and businesses.
- ArDrive – file sharing app like Dropbox
- ArGo – the ability to put whole websites onto Arweave
- Pianity – music sharing and NFT application
- Redstone – customizable defi data sets
- Glass Protocol – video and livestreaming
These applications and others bridge the gap between Arweave and the average person.
They allow the common person who may never know what Arweave is the ability to keep their information in a secure and permanent way.
In the future, the permaweb is likely to extend to all areas of life. There are going to be apps for everything from family trees to helping banks keep permanent records to facilitating business-to-business applications.
Key Features of Arweave
Ease of Use
Despite the seemingly complicated workings of the Arweave network, all technicalities fall within its back-end operations, while the network’s front end is simplified for the best user experience possible. Storing websites on the Arweave blockchain is as simple as creating a bookmark on your browser via Arweave’s browser extension. Pages saved using this extension can be viewed and shared by other users in the decentralized network.
We mentioned previously that data stored on Arweave is permanent and can’t be tampered with. Arweave applications are also permanent — their rules cannot be altered or changed, even by the creators of the applications.
User- & Developer-Centric Ethos
As applications can’t be modified or updated, the Arweave protocol rewards developers and encourages them to ensure the quality of applications they build. It also pushes developers to build and engage the communities who use their DApps, as this helps smooth the migration to the modified version of their DApp.
Pros and Cons of Arweave
- Data, a critical component of advanced technologies such as machine learning and AI, is king in the 21st century. The Arweave protocol is a robust blockchain network which could potentially revolutionize the way online storage and data management works.
- The Arweave blockchain is capable of handling over 5,000 transactions per second. Considering the complex consensus that’s involved, this is quite a feat.
- The AR token has immense utility within Arweave’s ecosystem, as well as a pretty stable historic price action. Holders of AR stand to benefit greatly from the adoption of the decentralized storage services that Arweave offers.
- Partnerships with Solana, in addition to the Arweave founders’ experience-rich backgrounds, increase the credibility of the Arweave project.
- We’re skeptical about the protocol tackling the scalability issue when addressing the global market. If Arweave fails to hack issues related to scalability, the project might take a downturn, causing the AR token’s price to drop drastically.
- Without any doubt, Arweave’s innovative technologies are great and are now required more than ever. However, this could become a potential drawback because of the competition the project could attract — e.g., competitors could come up with better, more feasible solutions based on the Arweave Network.
- Token Name: Arweare
- Ticker: AR
- Blockchain: Arweare
- Token Standard: Updating..
- Contract: Updating…
- Token Type: Unknown
- Total Supply: 66,000,000 AR
- Circulating Supply: Updating…
Token Release Schedule
Token Use Case
AR is the Utility Token inside the Arweave (AR) network. It is used to pay for storage on Arweave and to reward miners who are chosen to store and maintain information on Arweave.
Note: AR Token is Native Token on Arweave Network, not ERC-20 Token. And it is stored in a private wallet, which I will mention below.
Market and Community
To sum up, the Arweave blockchain is a permanent data storage solution on track to eliminate many pressing issues in decentralized storage. With their innovative technology, Arweave solves the storage limitation issue while also tackling scalability. It also offers developers indefinite storage to build DApps and earn additional rewards for managing the network. Additionally, with amazing partnerships and the inclusion of NFTs, the Arweave network is poised to reach new heights soon.
Find more information about:
If you have any questions, comments, suggestions, or ideas about the project, please email [email protected].
DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.