About Arweave (AR)
Arweave (AR) is a decentralized storage network that aims to offer a platform for the indefinite storage of data. It leverages a blockchain-like structure called the blockweave, allowing users to store data across a distributed network of computers with a one-time payment. Arweave's native cryptocurrency, AR tokens, are used to pay for transactions, rewarding those who provide storage space.
Arweave Frequently Asked Questions (FAQ)
What is Arweave's primary function as a decentralized network?
Arweave's primary function as a decentralized network is to provide a permanent and immutable data storage solution, allowing users to store data with a one-time fee and ensure it remains accessible over the long term.
Who are the founders of Arweave and what are their backgrounds?
The founders of Arweave are Sam Williams and William Jones. Sam Williams has a background in computer science, particularly focusing on decentralized and distributed systems. William Jones also has a technical background, with his research being centered around scalable multi-agent systems. Both founders met during their doctoral studies at the University of Kent.
How does the permaweb differ from traditional internet services?
The permaweb, as enabled by Arweave, is a permanent, decentralized web built on top of a blockchain-like structure. Unlike traditional internet services, data on the permaweb is stored forever with a one-time fee and is immune to censorship or takedown because it does not rely on centralized servers. This ensures that once something is uploaded, it remains accessible and unchangeable.
What economic model does Arweave use to reward its miners?
Arweave uses a novel economic model called 'endowment' where miners are incentivized to store data permanently. The network upfront collects a one-time fee for storage that is higher than the cost of actual data storage, investing the surplus in a decentralized endowment. Returns from this endowment are then used to reward miners over time for storing data.
When was Arweave first announced and subsequently launched?
Arweave was first announced in August 2017, and the network was subsequently launched in June 2018.
What role does the native cryptocurrency AR play in the Arweave ecosystem?
The native cryptocurrency AR is used to compensate network storage providers for their services, ensuring the permanence of data. It serves as the payment token for transaction fees, data storage fees, and is an incentive mechanism to maintain the network's health and security.
What inspired the creation of Arweave?
Arweave was inspired by the desire to build a novel data storage blockchain protocol that offers a sustainable, permanent platform for preserving information indefinitely. The intent was to combat the impermanence of information on existing platforms, where data can be subject to loss, censorship, or revision. Thus, Arweave aims to provide a reliable archival service where data, once stored, remains unalterable and accessible forever.
What is 'blockweave' and how does it relate to blockchain technology?
Blockweave is a storage-oriented blockchain technology used by Arweave, designed to facilitate sustainable and permanent data storage. It relates to traditional blockchain technology through its decentralization, distributed ledger system, and consensus mechanisms, but differs by incorporating a 'weaving' structure where each block is linked to both the previous block and a recall block, thereby optimizing data retrieval and storage efficiency.
How are miners incentivized to store more data on the Arweave network?
Miners on the Arweave network are incentivized to store more data through rewards in the form of AR tokens which they earn by providing storage space and participating in the proof of access consensus mechanism. The mining rewards are designed to cover the cost of data storage for a period projected to be 200 years, helping to ensure long-term data permanence.
What kind of support does Arweave offer through its 'Boost' program?
Arweave's 'Boost' program offers free storage to startups, helping them leverage the permaweb. It aims to lower the barrier to entry by providing access to Arweave's decentralized data storage network without upfront costs.
What investment milestones has Arweave achieved to date?
Arweave has successfully raised funds through several investment rounds involving prominent venture capital firms. Key milestones include a $5 million Series A funding round led by Andreessen Horowitz, Union Square Ventures, and Multicoin Capital. The project also achieved significant growth in adoption and partnerships, increasing the value of its AR token and expanding its data storage endowment. Notably, it attracted interest from the decentralized finance (DeFi) and non-fungible token (NFT) communities for long-term data storage solutions.
What is the total and circulating supply of Arweave coins?
The total supply of Arweave (AR) tokens is 66 million, and the circulating supply can vary.
How did Arweave distribute its initial token supply?
Arweave distributed its initial token supply through a public token sale, where individuals could purchase AR tokens. Additionally, a portion of the tokens was allocated to the team, advisors, early node operators (miners), and a 'profit-sharing endowment' intended to incentivize participation and development in the ecosystem.
What consensus algorithm does the Arweave network use?
The Arweave network uses a variation of the Proof of Work (PoW) consensus algorithm called RandomX, designed to be ASIC-resistant.
Can you explain Arweave's proof-of-access consensus mechanism?
Arweave's proof-of-access (PoA) consensus mechanism ensures the integrity and availability of data on the network. It requires miners to prove they can access historical data blocks to mine new blocks. Miners must provide a randomly chosen previous block from the weave (Arweave's data structure) alongside the new transaction block. This process confirms that the miners are storing a copy of the archived data, thereby supporting the network's goal of providing a permanent and unchangeable data storage solution.
What cybersecurity measures has Arweave undertaken to secure its network?
Arweave has implemented a variety of cybersecurity measures to secure its network including decentralized data storage across a global network of nodes for redundancy, cryptographic hashing for data integrity verification, and a proof-of-access consensus mechanism to ensure data permanence and security. Additionally, the network employs continuous network monitoring and incorporates incentives for nodes to maintain the network's security and reliability.