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 Medium.

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 Cointelegraph.

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 started building the early iteration of Arweave.

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,” Williams told CoinDesk at the time.

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.