An Inclusive Guide to Arweave (AR), a Decentralized Storage Setup

Storing data in registers to disk-based hardware and now online, the system of data storage evolved with time. In the time of cyber hacks and viruses, individuals are looking for a secure and transparent storage platform. Arweave, a decentralized storage network is capable enough to fulfill the market demands along with securing internet data and websites. It is a new generation decentralized storage network built over the advanced blockweave architecture.

What is Arweave (AR)?

Arweave is a Web3 protocol offering data storage services on a decentralized network of devices. Just like other storage coin projects, the platform matches the individual’s need for a secure and transparent storage system along with offering extra space. However, its ability to offer permanent storage for a single up-front fee makes it stand out of the list.

Building something not unlike the fabled library of Alexandria is one of the key reasons behind the platform’s construction. Also, Arweave is not a blockchain, it is a chain of blocks holding transactions and data, stored in a graph of blocks.

Addressing the history, the decentralized storage network was introduced by Sam Williams and William Jones in July 2017. The project was originally introduced as Archain in 2017 and renamed to Arweave in 2018. The main motive behind the platform creation is to mitigate developers’ challenges while creating a long-term vision for the Web world. With Arweave, eliminating practices like data loss and manipulation becomes possible.

In addition to this, the decentralized web assists developers in creating more efficient decentralized applications (dApps). AR is Arweave’s native cryptocurrency, holding multiple use cases within the crypto ecosystem.

What Makes Arweave Classy?

In the era of continuous evolution, imagining a world without the internet is impossible. The Internet made human lives much easier, permitting individuals to access any data and information using the Web world. As every cloud has a silver lining, technological advancement made it challenging to store data more securely over online platforms.

To mitigate such challenges, the concept of Arweave was introduced to the crypto world. The platform is all set to offer tough competition to existing storage giants like Amazon, Google, and Microsoft. Easy user interface, immutability, and user & developer-centric ethos are some key weapons of the decentralized data storage system. Also, unique architecture, competition-based approach, and minor content moderation policies created room to run for a permanent decentralized web.

How Does the Platform Work?

To secure a recognized and strong position in the crypto world, Arweave added some twist to its concept. Despite working with blockchain technology, the platform focused on two layers including blockweave and permaweb. Blockweave stores transaction information as well as stores the data information on each block making it more secure and hard to modify. Permaweb, on the other hand, is a decentralized web mainly responsible for storing Arweave dApps along with enabling interaction with the World Wide Web (WWW).

The overall working of the Arweave platform depends on Proof-of-Access Consensus. Mining and validating blocks of data is done using a Proof-of-Access mechanism. The miners simply check blocks and verify that the block contains the data of the previous block. The mechanism also helps to ensure that all the transactions are accurate and do not temper the previous transactions and related data.

How to Acquire an AR Token?

AR, the digital asset of the Arweave network, possesses immense utility including paying transaction fees or paying for distributed data storage. In addition to this, computers offering storage services must accept incentives in AR tokens only.

The respective tokens can be traded on a few of the cryptocurrency exchanges that hold derivative trading as a USDT perpetual contract. ByBit, Okcoin, Bittrex, and Crypto.com are some of the most common exchanges to look at. Going international, the AP token can be purchased from platforms like Binance, KuCoin, Gate.io, and Huobi Global.

To make a purchase, you must have an account on one of the crypto exchanges that support the respective token. Choosing the platform and registering on the same is the initial step. Completing the verification process is essential to transfer fiat money to the respective exchange. Depositing an amount onto the exchange is the next step to follow for which you need to link your bank account with the cryptocurrency exchange of your choice. After a successful amount transfer, you are all set to place a trade. Entering the amount at which you want to enter the crypto market, selecting the quantity of AR tokens, and confirming the same is the final stage of the buying process.

The purchased tokens can be stored in wallets such as MetaMask, Ledger hardware wallet, Math Wallet, and others.

Conclusion

Arweave, a decentralized storage network, is offering secure and transparent data storage services. Based on the blockweave and permaweb, the platform is all set to offer tough competition to the existing storage giants. The digital assets of the respective platform can be purchased from a number of crypto exchanges including ByBit, Okcoin, Bittrex, Crypto.com, etc.

FAQs

What is the current price of AR tokens?

AR token’s current price is $5.32 with a total supply of 65,454,185 AR.

Is Arweave a good investment?

AR’s well-defined use cases, unique services, and historic & recent price action make it a good option to invest in.

Where to use the Arweave tokens?

The Arweave tokens can be used to pay for transaction fees and to encourage miners to maintain copies of data.