Arweave (AR) is a fascinating decentralized storage network that aims to revolutionize data permanence on the web. Let’s delve into its unique features:
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The PermaWeb:
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Arweave hosts what it calls “the permaweb”—a decentralized, permanent web where data remains accessible indefinitely.
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Imagine it as a collectively owned hard drive that never forgets.
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How It Works:
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Arweave’s permaweb is built on the blockweave—a variation of blockchain technology.
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Each block in the blockweave is linked to both the immediately preceding block and a random earlier block.
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This design incentivizes miners to store more data because they need access to random previous blocks to add new ones and receive rewards.
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Native Cryptocurrency (AR):
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Arweave uses its native cryptocurrency, AR, to pay miners for indefinitely storing network information.
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AR serves as the fuel for the permaweb, ensuring data longevity.
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Founders and Origins:
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Arweave was founded by Sam Williams and William Jones, both Ph.D. candidates at the University of Kent.
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Williams conceived the idea while hiking in Scotland, later collaborating with Jones to develop the technical details.
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Although Jones left the project early on, Williams continued to drive Arweave’s vision.
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Decentralization and DAO:
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Arweave transitioned from centralized leadership to a decentralized autonomous organization (DAO) in January 2020.
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Core community members now contribute to the network’s development and expansion.
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Sustainable Ecosystem:
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Arweave focuses on building a sustainable ecosystem.
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It introduced profit sharing tokens in 2020, allowing developers to receive dividends from network transaction fees generated by their applications.
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The network also hosts incubators to support permaweb-based app development.
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Current Status:
Remember, Arweave isn’t just about data storage; it’s about preserving information across generations. For more details, explore the Arweave website2.