Arweave update: AR Live price, price chart, news and markets

Arweave is a unique data storage protocol that is built on blockweave technology. The main objective of Arweave is to create a network that allows for the permanent storage of data. This is made possible through its permaweb, a secondary layer where data can be accessed in a human-readable manner.

Initially founded as Archain in 2017, the company rebranded itself as Arweave in 2018. This decision was made during the completion of the Techstars Berlin mentorship program. Arweave has a clear mission of making low-cost, permanent storage a reality. To achieve this, the company has developed the Arweave network, which is based on a block-based data structure known as a "blockweave."

The Arweave permaweb is built on top of the HTTP protocol, allowing for accessibility through modern web browsers like Brave or Google Chrome. The goal of the Arweave protocol is to store data on the network indefinitely. Individuals can contribute spare hard drive space in exchange for AR tokens. The cost of storage is expected to decrease over time, and Arweave has a formula in place to calculate the cost of storing specific data. Further details can be found in the company's yellowpaper.

In June 2018, the Arweave mainnet was launched with a hand-picked group of 1800 participants from various countries. Prior to the launch, an initial token sale was conducted exclusively for whitelisted individuals.

In November 2019, Arweave secured a $5 million funding round from several venture capital firms. This funding was obtained in exchange for $5 worth of Arweave tokens. Six months later, the company raised an additional $8.3 million in exchange for AR tokens. However, the firm clarified that these funds would be primarily used to promote community adoption and growth.