Blockchain technologies have taken the world by storm, invoking a financial revolution with the evolution in technology. But there is a problem that subsists in blockchain and that is the problem of data-storage. Most blockchains need the assistance of third-party protocols to be integrated on-top of existing blockchains, as fees are too high for on-chain storage to be feasible which means, in other words, a charge will on the use to access content. Hence, there is vacuum for a low-cost data storage protocol that scale.
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Arweave tries to remedy the problem through a new blockchain like structure called the block-weave. This block-weave is a platform designed to provide scalable on-chain storage in a cost-efficient manner for the very first time. As data stored in the system increases, the amount of hashing needed for consensus decreases resulting in the reduction of cost in the storage of data. Arweabe’s existing REST API makes it simple to build de-centralized applications on top of the block-weave, reflecting Arweave’s focus on the developer community and their capability to drive adoption of emerging and novel protocols.
To explain it in more technical terms, Arweave is a peer-to-peer (P2P) protocol that makes different users with excessive storage spaces on their servers or hard drives connect with and store data with those that are looking to store data. And this is also permanent! Arweave does this by incentivizing miners by awarding them their tokens in exchange for continuously replicating the stored content.
The ecosystem of Arweave is also tremendous with more than 300 decentralized applications (dApp) functioning on the Arweave blockchain. With addition of more and more NFTs and partnerships, the Arweave protocol is sure to soar higher with the passage of time.
Price Movement Arweave (AR)
At the time of writing this article, the current value of the Arweave coin is $85.29,with a 40% increase over the past twenty four hours and a trading volume of $744,308,348, an increase of over 657.92% over the past twenty four hours. The days low value was at $60.96. This is really impressive considering that in November 2020, it had a value of $1.7 and now its value is at $85.29. The prospects of this coin are really promising as currently it is projected that the already huge market will grow to $137.3 billion dollars by 2025. There are predictions that the coin might go over $100 in this month currently. 51% of the coins are in circulating supply currently. Wallet Investor are predicting the value of the coin to constantly increase and be at $223.998 in about five years time!