The post A Decentralized Platform for Permanent Data Storage appeared on BitcoinEthereumNews.com.

The Arweave network is a storage platform that preserves data forever with lasting and sustainable funds. This uses a different kind of blockchain, called “blockweave”, to store data permanently in a decentralized way. The network has its own cryptocurrency, called AR token, which is used to pay for the storage and bandwidth costs on the network. Arweave’s main purpose is to offer permanent, unchangeable data storage. Users can preserve documents, apps, and other important information with the guarantee that the data will be kept forever. This makes Arweave especially suitable for applications where data integrity and durability are essential. The AR token has various roles within the Arweave network, such as paying for storage and bandwidth, staking to join the consensus mechanism, voting on network improvements, tipping content creators, and buying goods and services on the Arweave marketplace. How Arweave is Different From Others The Arweave network aims to enable the “shared ability to preserve and access information among people and across generations.” To achieve this, it uses a variation of blockchain technology called “blockweave,” where each block is connected to the previous one and a random earlier one. This encourages miners to store more data, as they need to access random blocks to add new ones and get rewards. The network also supports the development of a sustainable ecosystem around it. It introduced “profit sharing tokens” in June 2020, which give developers a share of the network transaction fees generated by their application. It also hosts incubators to help developers create permaweb-based apps. The project collaborates with startups through its “Boost” program, offering free storage and access to the Arweave team and industry investors. The project received $8.3 Million in funding from Andreessen Horowitz, Union Square Ventures and Coinbase Ventures in March 2020. This was after an earlier investment…

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Filed under: News - @ December 2, 2023 8:22 pm