What is Arweave?
The Arweave protocol is a decentralized blockchain-inspired storage solution that allows documents and applications to be stored on the permaweb across a distributed network of computers. In this Arweave review, we take a closer look at the history, features and tokens of this protocol.
Arweave aims to provide alternative online storage options to industry giants like Amazon, Google and Microsoft, and will utilize cryptocurrencies to allow users to buy and sell data storage services in dedicated marketplaces, and will be more affordable and scalable than other similar products.
This is not a traditional blockchain, but instead operates as a chain of blocks containing data which is stored securely within the Arweave framework, known as a blockweave.
The fundamental purpose of Arweave is to utilize unused disk storage on computers around the world to provide permanent, tamper-proof storage solutions for people and businesses that need it.
Who created Arweave?
Arweave was founded by Sam Williams and William Jones in 2017 as Archain, but it was rebranded in 2018 as part of a startup accelerator project.
Both Sam and William have PhDs from the University of Kent in England.
Sam has experience in decentralised and distributed systems and he developed the HydrOS operating system, and William is an expert on graph theory and neural networking.
Sam is also a mentor for Techstars, which is the start-up accelerator program that sparked the rebranding of Archain, and he is an advisor for the Minespider supply-chain protocol.
Arweave was founded under the guidance of centralized leadership, but it has evolved into an ecosystem that is developed and driven by a team of trusted, core community members.
What are the Features of Arweave?
The underlying architecture of the revolutionary Permaweb is actually the Arweave Blockweave system and it operates as a massive internet archive of documents, data and applications that cannot be corrupted or censored.
The permaweb is essentially a permanent, decentralized collection of data, websites, and dApps that can be accessed through regular internet browsers and it can also be used as a base layer for building applications.
Projects currently running on Arweave include Gitopia, which allows you to store your code on the blockchain and Verto, which is a decentralized trading protocol that allows you to buy and sell profit-sharing tokens.
Arweave can also be used to permanently stored NFT collectibles.
Users do not need special wallets or blockchain software to use Arweave, and the built-in voting mechanism ensures that content on the network is moderated and compliant with industry standards.
Arweave uses a Proof of Access Consensus algorithm which verifies that all new transactions are accurate and that old transactions haven’t been tampered with, and computers that add new bundles to the network are rewarded with AR tokens.
The core features of Arweave are decentralised data storage, decentralized data sharing:, decentralized data collaboration, and decentralized identity information and protection.
What is the AR coin?
The AR token is native to the Arweave ecosystem and its core purpose is to incentivize network miners to maintain copies of data and for users to pay for transaction fees or store data on Arweave.
A total of 55 million AR tokens were initially created and another 11 million are in circulation to reward miners.
How to buy AR
Unless you are able to be a mine AR, the only other way to obtain these coins is by buying them from an exchange.
Most popular exchanges, such as Huobi Global, MXC.com and Bilaxy, will sell AR coins.
Follow these steps to buy AR:
Step 1: Create an account with your preferred exchange
Step 2: Follow the online application process and verify your account
Step 3: Log in to the client portal and fund your account
Step 4: Go to the exchange or P2P page (if P2P is available)
Step 5: Search for the token using the search bar and confirm the transaction
What are the best AR wallets?
The Arweave Web Extension Wallet is compatible with the Firefox, Brave and Chrome internet browsers, and it was designed specifically for being integrated with the Arweave ecosystem.
It can be used as a cold wallet and hardware wallet support is a goal for the future, but unfortunately, AR tokens cannot currently be stored in any other third-party wallets.
Conclusion
What we like most about Arweave is how it has revolutionised the way people store data and information online, and it has been done in a way that feels familiar and easy.
Arweave offers a secure, permanent storage solution for businesses and individuals, and also creates passive income streams for users with extra disk space on their computers that they are willing to share.
Not only is Arweave affordable, highly scalable and user-friendly, but its Permaweb infrastructure has transformed the internet and is exploring uncharted territories of the internet to unleash its true potential for the benefit of people across the globe.
We hope that this Arweave review answers some of your questions about this protocol.
Good luck with your trading!
FAQ:
What is Arweave?
The Arweave protocol is a decentralized blockchain-inspired storage solution that allows documents and applications to be stored on the permaweb across a distributed network of computers.
Who is the founder of Arweave?
Arweave was founded by Sam Williams and William Jones in 2017 as Archain, but it was rebranded in 2018 as part of a startup accelerator project.
What token does Arweave use?
The AR token is native to the Arweave ecosystem and its core purpose is to incentivize network miners to maintain copies of data and for users to pay for transaction fees or store data on Arweave.
How to buy AR?
Most popular exchanges, such as Huobi Global, MXC.com and Bilaxy, will sell AR coins.
What wallets can I use on Arweave?
The Arweave Web Extension Wallet is compatible with the Firefox, Brave and Chrome internet browsers, and it was designed specifically for being integrated with the Arweave ecosystem.
It can be used as a cold wallet and hardware wallet support is a goal for the future, but unfortunately, AR tokens cannot currently be stored in any other third-party wallets.
