Question

what is Arweave

Answer 1

Arweave (AR) is a fascinating decentralized storage network that aims to revolutionize data permanence on the web. Let’s delve into its unique features:

1. The PermaWeb:

   • Arweave hosts what it calls “the permaweb”—a decentralized, permanent web where data remains accessible indefinitely.
   • Imagine it as a collectively owned hard drive that never forgets.

2. How It Works:

   • Arweave’s permaweb is built on the blockweave—a variation of blockchain technology.
   • Each block in the blockweave is linked to both the immediately preceding block and a random earlier block.
   • This design incentivizes miners to store more data because they need access to random previous blocks to add new ones and receive rewards.

3. Native Cryptocurrency (AR):

   • Arweave uses its native cryptocurrency, AR, to pay miners for indefinitely storing network information.
   • AR serves as the fuel for the permaweb, ensuring data longevity.

4. Founders and Origins:

   • Arweave was founded by Sam Williams and William Jones, both Ph.D. candidates at the University of Kent.
   • Williams conceived the idea while hiking in Scotland, later collaborating with Jones to develop the technical details.
   • Although Jones left the project early on, Williams continued to drive Arweave’s vision.

5. Decentralization and DAO:

   • Arweave transitioned from centralized leadership to a decentralized autonomous organization (DAO) in January 2020.
   • Core community members now contribute to the network’s development and expansion.

6. Sustainable Ecosystem:

   • Arweave focuses on building a sustainable ecosystem.
   • It introduced profit sharing tokens in 2020, allowing developers to receive dividends from network transaction fees generated by their applications.
   • The network also hosts incubators to support permaweb-based app development.

7. Current Status:

   • The live price of AR is approximately $36.76 USD with a 24-hour trading volume of $104 million USD1.
   • Arweave ranks #54 in the crypto market, with a market cap of $2.4 billion USD1.

Remember, Arweave isn’t just about data storage; it’s about preserving information across generations.  For more details, explore the Arweave website2.