- Arweave is a new type of storage that backs data with sustainable and perpetual endowments
- Data stored on Arweave blockweave has now exceeded 11 terabytes
- ANS-104, a new update on Arweave, has seen 20,000 files uploaded to the Arweave blockweave
- AR, the native token of Arweave, reached an all-time high of $70 after jumping by more than 80%
Blockchain, the technology behind cryptocurrencies, is yet to reach the zenith of its potential. Like every technology, it is subject to improvements and updates. Arweave is the product of a flaw in contemporary blockchains.
What is Arweave?
Arweave refers to itself as the world’s first blockweave network. Blockchain networks like Bitcoin are built with limited block sizes with averages of 1 megabyte due to cryptography and peer-to-peer validation requirements.
When such networks are upgraded to support smart contract functionality, they face significant challenges storing assets such as non-fungible tokens (NFTs) – because of their limited block sizes.
Arweave solves this problem with a new type of storage that backs data with sustainable and perpetual endowments, allowing users and developers to store data forever.
Arweave achieves this feat by weaving each block together with others on the network, thus creating a network of indefinite storage of data on its peer-to-peer network. Coinbase (NASDAQ:COIN) Ventures backed the project.
Recent Developments
Both the token and ecosystem of Arweave have hit a new all-time high. Arweave announced that the data stored on Arweave blockweave had exceeded 11 terabytes – an increase of 1 terabyte in the last six weeks.
The growing use of Arweave blockweave has been attributed to how the network can cheaply and permanently store digital assets and NFTs.
The Arweave network has also released an update; (ANS-104) binary data bundle spec. The update now allows multiple data items to be written as a group and has increased the flow of logically independent data written to the Arweave network.
Following the announcement, Sam Williams, the founder of Arweave, wrote;
We just deployed 20,000 images, data entries and files to mainnet in a few dozen TXs. This is like if Ethereum had removed all scalability limits in May 2017. Excited. On the previous update, ANS-102, 10,000 files were uploaded on Arweave, only for a few cents. In addition, the ANS-104 supports both small and large files alike.
Arweave (AR) Price Update
Arweave (AR) has been in the news lately for its strong performance in the market. The coin spiked as much as 80% on August 31 to reach a new all-time high. The rise saw it move from a low of $39.44 to an intraday high of $70.04.
The five days price chart of Arweave (AR). Source: TradingView.com
Following its rise to an ATH, AR has corrected sharply, losing more than 15% of its value in the process. After losing 2.41% of its value over the last 24 hours, AR now trades at $60.4.
Over the last five days, AR is still up by 76.7%. Arweave now has a market capitalization of $2 billion, which makes it the 64th largest cryptocurrency.
On The Flipside
- While Arweave celebrates 11 tb of data stored on the network, it still remains far behind Filecoin
- In February, Filecoin’s network celebrated 2.5 exabytes or 2.5 billion gigabytes stored on the network
Regardless, Arweavers are still hyped about the future prospects of the project. One user, Darius Rye, wrote,
I hope everybody here understands that the entire NFT domain and crypto art scene is and soon will be fully underwritten by Arweave. Actually, I hope only few get it, alpha. $AR
The Arweave Community
Arweavers or the Arweave community is a fast-growing, decentralized network. As the project gains popularity, a firm believer in the project, Molly, writes,
Our investment thesis about Arweave, the most feasible solution to make decentralized data storage gain wider adoption. Now its market share and cap still very small, but it will overtake Filecoin's dominance. Arweavers can discuss, debate, and chat about a wide range of topics on Arweave Chat, stay up to date with new developments on Twitter (NYSE:TWTR), the Arweave developer team is found on Discord and Arweave Miners on Discord,
Why You Should Care?
Arweave is proposing a new model for blockchain storage which could cause a change in decentralized data storage and NFT storage on blockchains. If that happens, Arweave could become one of the biggest crypto projects in the future.
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