In an era where data is starting to play a bigger role in everyone’s live. The need for reliable and permanent storage of that data is more important than ever. Arweave, a blockchain-based storage platform, tries to be the solution for this. In this post you will read more about Arweave and its capabilities.
What is Arweave?
Arweave is a blockchain-based decentralized storage platform aswell as a blockchain protocol. Arweave aims to adress the limitations that occur with traditional storage systems such as data corruption and high costs. This is done with a unique data structure called “blockweave”. Not much documentation is available surroundig the inner workings of blockweave.
What we do know however, is this:
Arweave is able to store multiple types of data, such as documents, files, websites and even applications. This is done by the use of a decentralized network of nodes that colletively store and maintain the data uploaded by users. This to ensure that the data is stored reliable but also easily retrievable.
Besides this, there is a general focus on permanence, which in case of data means permanently storing the data. Arweave does this by utilizing a consensus mechanism called “Proof-of-Access” (PoA). The PoA makes it that each new bundle of transactions ( or data) is verified by each computer taking part in the network. And furthermore must contain a marker from an earlier bundle to be accepted on the network. If it is present then it is accepted. If not it will be declined.
Another issue typically associated with traditional storage is the possibility for censorship. With Arweave, once the data is uploaded to the network, it becomes part of an immutable record. Which can’t be tempered with and thus is censorship free, once its uploaded.
How does Arweave work
From a high level Arweave works like this:
Arweave stores data and stores that permanently. This is done with a concept called blockweave. This mechanism stores data in blocks that are difficult to alter or remove data from once it is stored on the network. For storing data on Arweavea consensus mechanism called Proof of Access is used. In which miners are rewarded for how long data is stored opposed to computational power (PoW) or your holdings (PoS).
When a user uploads data to the platform, they pay a one-time fee which is based on the size of the data. This one time fee will be distributed over time to the miners, as a reward for storing the data.
The team behind Arweave
Here are some key figures associated with Arweave:
Sam Williams: Sam Williams is the founder and CEO of Arweave. He has a background in computer science and cryptography and has been actively involved in the blockchain space for several years. Williams has played a crucial role in designing and developing the Arweave protocol.
William Jones: William Jones is one of the co-founders of Arweave and has been involved since its early stages. He has a background in mathematics and computer science. He has mainly contributed to the development of the Arweave protocol.
Samer Buna: Samer Buna is co-founder of Arweave and has been instrumental in developing the technology and architecture behind the platform. He has a long history of involvement in the crypto industry and has experience in software engineering.
Partnerships
Down below are some notable parnetships that Arweave has setup with other companies.
Chainlink: Chainlink has integrated Arweave in order to give Arweave developers access to real-world data.
Open Web Collective: Arweave joined the Open Web Collective, which is an accelerator for decentralized projects. The partnership aims to provide resources to Arweave and to accelerate growth of Arweave.
ThreeFold: Threefold, a network for cloud computing, is exploring possibilities in integrating the storage capabilities of Arweave.
Teller Finance: Arweave has partnered with Teller Finance to explore the possibility of integrating decentralized finance applications on the Arweave platform. Teller Finance is a decentralized lending protocol.
Whisper: Whisper is a decentralized messaging protocol and it is exploring possible synergies between there messaging technology and the Arweave storage technology.
Potential addressable market
Arweave, as a decentralized storage platform, can potentially penetrate multiple markets. Down below a few of the most likely addressable markets are listed.
Decentralized Applications (dApps): Developers of decentralized applications can use Arweave’s storage capabilities.
Content Publishing and Media: Arweave’s storage capabillities can be an outcome for content publishers who want a permanent solution for there content. Furthermore, Arweave’s unalterable data could make it a perfect solution for people from countries in which there is little to no freedom of speech.
Archival Records and Libraries: Another potential addressable market for Arweave are institutions that need to store a lot of data like libraries, museums, governmental organizations or research centers. The large storage capability and low storage fee can be an outcome for these type of organizations.
Decentralized Finance (DeFi): Just like decentralized application developers can decentralized finance developers also enjoy the storage capabilities of Arweave.
Intellectual Property and Digital Assets: Arweave’s tamper-proof and permanent storage capabilities can mean it is a perfect solution for intellectual property and digital assets. As with Arweave things like patents, copyrights and music files can be stored safely and permanently.
Data Marketplaces: With Arweave’s accesable and global storing of data, the buying and selling of data also becomes easier. Opening up possibilities for data marketplaces aswell as companies to utilize this data.
Where to buy
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Disclaimer
Please note that the information provided in this blog post is for informational purposes only and should not be considered as financial advice. The content presented is based on personal opinions and research, and it is recommended to conduct your own analysis and consult with a qualified financial advisor before making any investment decisions. Cryptocurrency investments carry inherent risks, and the author and website shall not be held responsible for any financial losses or damages incurred. Always exercise caution and make informed decisions when dealing with cryptocurrencies or any other financial assets. Lastly, please conduct your own research into the legality of crypto within your jurisdiction.