About Arweave (AR)
Touted as possibly representing the future of data storage, Arweave is a blockchain-like protocol for decentrally safekeeping files, forever, across a distributed network of computers.
It's based on a Proof-of-Access (PoA) consensus mechanism, which is similar to Proof-of-Work (PoW); and, furthermore, it employs a novel "blockweave" structure. It’s similar to blockchain (blocks, linked, in order, forming a chain) except that Arweave stores its data in a graph of blocks (with each block linked to a pair of prior ones).
"Where conventional blockchains store every transaction to achieve validation, the Blockweave permits secure decentralization without the usage of the entire chain," according to crypto investor/AR enthusiast Kingsley Advani, writing on.
This enables radical levels of scalability, speed and low-cost, he said.
In addition to the blockweave, the protocol has a second layer, a so-called “permaweb,” described by founders as a perpetually hosted array of “data, websites, and decentralized applications.”
But what sets Arweave apart from competitors is its unique incentive structure built around AR tokens.
To store data, users purchase ARs, which are accepted as payment by computers on the network (which is backed by a sustainable endowment).
Undergirding future growth prospects: a recent rise of user/provider transactions on the protocol’s Bundlr Network, according to.
Transactions, as of mid-December 2021, hit a new all-time high of 2.2 million, representing a 50-fold increase compared to only less than one year ago.
The project has come a long way since early when a pair of University of Kent students, William Jones and Sam Williams, dropped out of school to found a for-profit company, Minimum Spanning Technologies Ltd., and.
The mainnet was launched in June 2018. Around that time, Arweave had a limited initial token sale.
Files stored on Arweave are accessible through traditional web browsers, meaning that they don’t require any special wallet or blockchain service.
In November 2019, the project embarked on a funding round, raising $5 million, furthering its ambitions to decentralize the permanent storage of information, a concept that traces back to ancient times.
“The big goal is to build this Library of Alexandria that just never forgets the valuable knowledge in the world,”.
In March 2020, Arweave announced an additional $8.3 million in funding.
That same year, Arweave began storing data from the Internet Archive, the world-renowned, free, universal digital library.
The current price of Arweave (AR)
As of mid-December 2021, AR was roughly $54, representing a 40% decrease relative to its all-time high of about $89, reached in early November.
AR's market capitalization recently increased from under $2 billion to nearly $3 billion, making it the 59th-largest coin in terms of total value, according to. At a time when Bitcoin and Ethereum and a slew of altcoins were in decline, AR spent the middle part of December climbing 50% higher over seven days as of Dec. 21, resulting in it having risen 450% since July.
How the price of AR is determined
The Arweave protocol supports a “permaweb” (of data, websites applications) which is supported by AR tokens.. And in return, their computers’ unused storage space is provided, distributed across the network. People who store data also receive revenues over time.
AR has a maximum supply of 66 million; 55 million AR were minted when the Arweave mainnet went live in 2018. The remaining AR will be minted as block rewards for Arweave nodes. Of AR’s initial supply, it seems about 40% wasover the past several years.
What the bulls are saying
*“Arweave is potentially a strong choice among crypto assets if it can scale up and become a go-to provider in the data storage niche,”.
*”From a long-term point of view, AR is a decent investment for crypto investors,”. “The long-term value and the supporting fundamentals are very positive.”
*the coin's sentiment as "Bullish," with a long-term technical rating of 96/100.
What the bears are saying
*The outlook is bearish until Arweave can sustainably climb above current levels [in the $50 range],in mid-December. “On that basis, buying Arweave at the current price is extremely risky.”
*places the one-year price prediction at $87, in a bearish future outlook.
“The recent rise in selling volume indicates a bearish attack,”in fall of 2021. “Thus, a fallout possibility of the support trend line is plausible.”
This article is for informational purposes only and takes no account of particular personal or market circumstances, and should not be relied upon as investment, tax, or legal advice. For investment, tax, or legal advice and before taking any action you should consult your own advisors. Note that digital assets such as cryptocurrencies present unique risks for investors. Please see ourbefore investing.
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This content is correct as of December 2021
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