What Is Arweave?
Arweave is a brand-new blockchain protocol for storing data on a ledger. It has a couple of differences from traditional blockchains.
Arweave provides a list of hash blocks so people can verify older blocks and evaluate newer ones. It also offers a list of active wallets in order to check transactions without having to run the block. The mechanisms in Arweave are based upon PoA (proof of access) and PoW (proof of work). The overall idea of the project is to foster cheap and permanent storage onchain.
The company says Arweave is valuable for a couple of reasons. They explain how it will serve as a secure data storage solution and as a good infrastructure layer for dApps that need data immutability, like for news sites.
Arweave also incorporates a concept known as blockshadows that differs from traditional blockchain networks. Instead of passing new blocks to each node, Arweave just sends a small piece of the ‘shadow’ block. This gives network nodes the ability to restore an entire block.
Arweave uses the native AR token. The tokens are necessary in order to store information, and payments made by users are distributed to miners as a reward. Miners are responsible for storing and maintaining the information. AR tokens can also be stored inside of a native wallet.
The project’s token sale took place in early June and saw the fundraising goal of $8,700,000 USD met. The token price was $0.73 USD to 1 AR, and 66,000,000 total tokens were available.
Arweave has an experienced and robust team. Co-founder & CEO Sam Williams has worked on a number of projects relating to decentralized system design and implementation. Co-founder and CTO William Jones is currently a PhD candidate studying the nexus of computer science, graph theory, and neuroscience.
Advisors include Jesper Noehr, former CEO of Bitbucket, Anthony Ryan, Head of Growth at Quantstamp, and Julian Lenz, Techstars mentor and angel investor.
Arweave has agreed to a number of strategic partnerships in order to help product development. Team members are working with Shelf.Network, a decentralized auction house, to help flesh out the data storage layer. Shelf.Networks’ native chain will record a reference to the data stored by Arweave.
The team is also working with European university clinic Charite to build a peer-reviewed online biomedical journal. Arweave is currently set to help store submitted research data so it can be publically available and immutable.
Arweave has also been chosen as one of the members for Techstar’s 2018 accelerator program. Techstars is well-known for their mentoring structure that gives companies access to industry leaders. Uber and Digital Ocean are some alumni of the accelerator program.