As the hype for cryptocurrencies proved to be more than any passing trend, more and more developers became interested in creating better and more unique digital coins. A great example of this is the Arweave cryptocurrency running on a revolutionary network that allows users to store data for the long term. Unravel all its intricacies by reading through the details here at the BTC Post:
Background about Arweave
Arweave is a kind of data storage that is built through innovative blockweave technology with a native token AR. Even though it is relatively new in the crypto space, it managed to catch the attention of many crypto-enthusiasts since it’s a great place for users to keep important information. Get a glimpse at the beginnings and current performance of Arweave by looking at the details below:
The beginnings of the Arweave (previously known as Archain) can be traced back to two PhD students from the University of Kent in the United Kingdom, Sam Williams and William Jones who started working on it in 2017. Williams had a background in decentralized and distributed systems while Jones was knowledgeable in graph theory and neural networking.
Initially, it was Williams who came up with the Archain idea as he was walking up the mountain in Scotland. He then brought this plan to Jones who helped him with the technical work. In 2018, Williams decided to drop out of graduate school to prioritize his project with Arweave while Jones took a step back from the company to finish his PhD.
Despite the setbacks, the Arweave mainnet was released in June of 2018 with 1,800 participants from all over the world. When 2019 came, the company was able to raise around $5 million from partnerships with big firms like Andreessen Horowitz and Union Square Ventures. Six months later, the earnings reached up to $8.3 million.
Although Arweave began with a centralized kind of leadership, it has now turned into a decentralized autonomous organization since January 2020. It is composed of certain core community members who help develop the company and improve its network.
Current performance of the Arweave cryptocurrency
The Arweave (AR) cryptocurrency is the native token found on the Arweave network. All users of this public ledger are required to purchase AR coins to use all its features including the distributed data storage.
Currently, it has a circulating supply of over 50 million AR tokens with a maximum of 66 million units. As of November 5, 2021, the AR token has a market capitalization of over $4 billion. Moreover, its current market price is $85.09.
How does Arweave work?
Contrary to what most people think, the Arweave network is not a blockchain like what is seen in most cryptocurrencies. Rather than storing data in a chain of blocks, it keeps information in a graph of blocks. It links two previous blocks together forming a structure called a ‘blockweave’.
Two main components in the Arweave network
The Arweave network has two main components namely:
- Proof of Access Consensus
Aside from differing in its design, the mechanism used in the Arweave is unlike any other cryptocurrency. Compared to Bitcoin that uses Proof-of-Work (PoW) where solving mathematical equations is required, the Arweave applies a unique method referred to as the ‘Proof-of-Access (PoA)’.
As its name suggests, the PoA mechanism lets all the participating computers in the network verify if the new bundle of transactions has a certain marker that can be found from an earlier group of transactions.
If the necessary marker is there, the new set of transactions will then be added to the network. This helps the network check if all transactions are accurate and not tampered with. In turn, a reward is given to the miners in the form of AR cryptocurrency.
- Content Moderation
The content moderation element in the Arweave network allows you to choose any type of data that you wish to store. This entails that a network of computers have the liberty to choose what kind of content they like to host.
What’s great about the Arweave network
As one of the most cutting edge technologies today, the Arweave network boasts of the following features:
- It is a new kind of storage
Any kind of data can now be easily stored and kept safe through the Arweave network. This allows users like you to put your documents and applications in a certain place without anyone being able to rig it.
- It permanently stores files across a network of computers
As found on their yellow paper, the Arweave network aims to create a collective hard drive where people can now permanently store their data onto the chain in a sustainable manner. Additionally, this allows different computers to connect with one another by sharing their available hard disks. This was designed to be a cost-effective and scalable solution.
- It is built around the AR cryptocurrency
As the native token in the Arweave network, you need to have AR tokens to make full use of all the platform’s resources. These digital coins are used to transfer funds across the system.
For example, if you plan to buy some space for your data, you need to have a set of AR coins to complete the transaction. On another hand, for those who want to share their extra storage space on their computer, you can receive a certain amount of AR tokens in return.
Exchange sites where you can trade AR cryptocurrency
If you are planning to trade AR cryptocurrency, here are some of the top exchanges sites where you can do so:
As one of the largest exchange sites in the world, Binance is a great hub where you can buy and sell different cryptocurrencies like Arweave (AR) and Bitcoin (BTC). They provide a convenient crypto wallet for all their users to store their coins and funds safely.
- Mandala Exchange
The Mandala Exchange is another amazing site where you can trade cryptocurrencies in a safe and fast manner. This is protected by Binance’s innovative security technology so you can easily buy and sell AR tokens without any worries.
Established in 2019, FTX is considered one of the leading crypto exchange platforms all over the world. It is used by over a million users globally and is currently supervised by the Hong Kong financial authority. This features high-speed transactions and low fees so it’s a great choice for those who plan to trade using AR tokens.
Use Arweave cryptocurrency to the fullest
Buying Arweave cryptocurrency is a vital investment that is a huge help in the long run since it allows you to access the different features of its network. This lets you store all kinds of data in a safe space and earn from it. Start trading AR now and reap all the benefits that come along with it!
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