Introduction:
As the demand for data storage grows exponentially,the need for decentralised low cost data storage protocol than can scale is a necessity and aslso with typical blockchains there is always going to be a cost to acess content.
Arweave is a new blockchain-like structure known as blockweave,based on a new consensus. Mechanism called proof of access,which enables the creation of permanent on-chain and scalable data storage on blockchain,it also creates a low cost solution for permanent storing.
The blockweave is a blockchain protocol that differs from the traditional blockchains with two basic concepts;
- List of hash blocks : it enables the user to verify all old blocks and effectively evaluate all new blocks.
- A list of all active wallets in the system. This allows you to check transactions without running the block in which the last transaction was used.
Arweave is built on four core technologies that work together to create low cost,high throughout and permanent storage on a new blockchain. The core technologies are as follows; - The blockwave consists of block hash list and wallet list.
- Proof of access (POA) and proof of work (POW) : The POA algorithm incorporates data from randomly chosen previous block,Unlike the POW. Miners do not need store all blocks(forming a blockchain),but rather can store any previous blocks,incentivised by POA and wildfire,forming a weave of blocks,a Blockweave.
- Wildfire is self organising decentrlised algorithm that allows the arrangement of the network to autonomously adapt to efficient routes of distributing information. This reduces delay in the writing and recalling of data.
- Blockshadows are used by the platform to speed up the computation of that are made on the system and improve efficiency. Blockshadow allows weaves to reach speed of up to five thousand transactions in a second.
The Arweave platform is made to be very easily understood by developers. It has its own rest API to allow builders to build arweave application in any programming language they wish. Through wildfire,the entire network self organise itself since the structure of the network aligns automatically with the line of information distribution. Lags and delays are also eliminated on the system.
Arweave Crowdsale
Siacoin($3 5b),maidsafecoin($500m),storj($400m) and filecoin(collected $250m at the ICO) can be considered as competitors to Arweave. Although Arweave might not reach the level this competitors in the near future,with only a $8.7m hardcap,there is a huge room for growth. Its also worth mentioning that given Arweaves unique technology of permanent storage. It could overtake some of this projects in a short period of time as the mainnet will be released within days(scheduled for 8th June,2018).
Arweave AR token ICO details.
Token symbol : AR.
Token sale date : June 8,2018.
Accepted payment method : ETH
Total token supply : 66,000,000
ICO : 8,700,000 USD.
Conclusion
The concept of Arweave is quite unique compared to other decentralised platforms trying to solve storage problems. The team is quite capable of achieving their set goals. So therefore i strongly believe in the Arweave blockchain on data storage to succeed.
USEFUL LINKS
Consider checking out the links below to know more about this mind-blowing project.
Website : https://arweave.org/
Lightpaper : https://arweave.org/files/arweave-lightpaper.pdf
Facebook : https://m.facebook.com/ArweaveTeam/
Telegram: https://arweave.org/
Github: https://github.com/ArweaveTeam/arweave
Reddit: https://www.reddit.com/r/Arweave/
YouTube : https://www.youtube.com/channel/UCdM3INQ5NAsNjWU8-2y_xjw
Twitter : https://twitter.com/ArweaveTeam
Author's bitcointalk username: Elvisdika1
Author's bitcointalk profile : https://bitcointalk.org/index.php?action=profile;u=1774566
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