Arweave: Why It's SO EXCITING!! AR Potential
Arweave was founded by fellow Englishmen William Jones and Sam Williams who met at the University of Kent while working on their doctorate degrees in distributed computer systems and networks. In an interview with Multicoin Capital, Sam explained that came up with the idea for Arweave following the US presidential election in 2016.
🥊Arweave vs. Filecoin, Storj, Siacoin etc.🥊
All data stored on Arweave is stored forever. Not only that, but you only need to pay once to store that data By contrast, every other decentralized storage cryptocurrency project only stores your data for as long as you’re paying the computers connected to its network for that service
👨💻Arweave Features, Profit Sharing Communities👨💻
Just like the data stored on Arweave, Arweave applications are permanent, and any modification requires deploying a brand-new application
⛓How Does Arweave Work?⛓
The Arweave protocol consists of two layers: the blockweave and the permaweb. The blockweave is technically a blockchain, but it’s unlike any other blockchain that exists in cryptocurrency This is because each block on the blockweave refers to the previous block in addition to another randomly selected block called the ‘recall block’. The permaweb is where all of Arweave’s applications live. These are created using SmartWeave smart contracts and they can be accessed via various gateways that look and feel like regular websites
💸AR Cryptocurrency Tokenomics💸
AR is Arweave’s native cryptocurrency coin. It is used to pay transaction fees on Arweave, including storing data, retrieving data, interacting with permaweb applications, and sending AR coins AR has a maximum supply of 66 million, and 55 million AR were minted when the Arweave main net went live in June 2018. The remaining 11 million AR will be minted as block rewards for Arweave nodes
📊AR Cryptocurrency Price Analysis📊
AR’s price mirrors that of Solana’s SOL coin, and that’s no coincidence. This is because Arweave stores all of Solana’s blockchain data, and that requires purchasing AR
AR’s supply is heavily concentrated in the top 20 or so wallets. Arweave’s is heavily reliant on Solana for the time being, and it hasn’t seen much in terms of actual user growth
🚫Arweave Content Moderation🚫
Although Arweave brands itself as a permanent censorship resistant decentralized storage network, it also happens to have a content moderation policy. Though reasonable, it could serve as an attack vector for the network in the future, especially if it remains as centralized as it is.
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.