Arweave- “Who controls the past controls the future: who controls the present controls the past.”
Arweave was founded by Sam Williams and William Jones, two Ph.D. candidates at the University of Kent. Williams came to the project with experience in decentralized and distributed systems and has developed an operating system called HydrOS as a part of his studies, while Jones' focus was on graph theory and neural networking. When Williams dropped out of graduate school to focus on the company, Jones left the project early on in mid-2018 and completed his Ph.D.
According to Sam Williams, he came up with the idea for Arweave following the US Presidential election in 2016, as back then the buzzword was fake news and Sam realized that there was no way of actually objectively verifying whether a piece of news was fake or not. This is because centralized media companies can secretly edit or remove articles but also because web archives like the Wayback machine will take down historical web content if requested to do so by individuals, institutions, or authorities.
Sam pitched his idea of permanent decentralized storage to William Jones, with whom he developed the technical details. After launching Arweave, Williams was later named an advisor to Minespider, a company providing blockchain-based supply chain tracking for the raw materials industry, and he has served as a mentor for the Techstars accelerator program.
Although Arweave was founded with centralized leadership, it launched a decentralized autonomous organization in January 2020 comprised of core community members to further the development and expansion of the network and its ecosystem.
The Arweave network uses a native cryptocurrency, AR, to pay "miners" to indefinitely store the network's information.
The project was first announced as Archain in August 2017, later rebranding to Arweave in February 2018 and officially launching in June 2018.
In early January 2020 Arweave launched ARCA DAO on Ethereum, which handed over control of ArWeave to the community. A few months later ArWeave 2.0 went live which supercharged the protocol's data scalability.
Smart contracts were added to Arweave in June 2020 and by the end of 2020 Arweave had attracted the attention of some very big players and projects in the crypto space. One of the projects was Solana which partnered with Arweave in December 2020 to store all its blockchain data on the Arweave Decentralized database. This is because Solana has insanely high transaction speeds which means its blockchain creates a lot of data and it will quickly become impossible for most Solana validators to store the full transaction history which would compromise Solana security.
Arweave is different from other decentralized storage cryptocurrency projects in many ways. For starters, all data stored on Arweave is stored forever. You only need to pay once to store that data. By contrast, every other decentralized storage cryptocurrency project only stores your data for as long as you're paying the computers connected to its network for that service.
Arweave managed to make permanent storage possible because of economics. Arweave estimated the cost of storing your data for 200 years based on the declining costs of storage. For the safe side, Arweave assumes that the cost of storage during that time will only go down at an average rate of 0.5 % per year rather than 30%. The result is an upfront storage cost of about 15 dollars per Gigabyte of storage on Arweave.
To make sure Arweave exists for as long as possible only a portion of the fees paid for data storage goes to the nodes on the network right away. The rest is put into an on-chain treasury or endowment which automatically pays out rewards to nodes when the block rewards and partial data storage rewards aren't enough to cover their operating costs.
It is easy to store websites on Arweave using the Arweave browser extension wallet. Any captured pages can be viewed and shared by other Arweave users. Any modification requires deploying a brand-new application. Arweave's strict setup incentivizes developers to ensure their applications are high quality. it also motivates developers to create engaged and tight-knit communities otherwise a migration to a modified version of their app might not succeed. Arweave makes it possible for app developers to issue profit-sharing tokens (PST). PST makes it possible for token holders to earn a portion of the network fees users pay when interacting with the app.
For example, if you created a decentralized email app on Arweave with one of your friends you could mint 1000 PST and split them 50-50 between yourself so you both earn 50-50 split of the network fees people are paying to use your email protocol forever.
Arweave consists of two layers:
1. The Block weave
The core technology that powers the Arweave is the blockweave. Just as a blockchain is a linked collection of blocks containing transactions, a blockweave -- specifically designed for the Arweave protocol -- is a set of blocks that contain data, linking to multiple previous blocks from the network. This data structure allows the network to enforce that miners provide a ‘Proof of Access’ (PoA) to old data in order to add new blocks.
Unlike in a traditional blockchain, where miners are forced to expend electricity in order to earn tokens, in the Arweave network miners are encouraged to replicate valuable data (the information stored in the network) in order to gain tokens. This mechanism offsets the value that is normally wasted in blockchain networks, with useful, energy-efficient storage of data.
You can imagine a hard drive that divides all the data on it into different folders depending on the time that data was added to the drive. This unique structure is part of the Arweave consensus mechanism called Succinct Proofs of Random Access (SPoRA) which incentivizes all participating nodes to store as much of Arweave history.
2. The permanet
In early 2019 the Arweave created the Permaweb. The permaweb is a permanent and decentralized web built on top of the Arweave. The permaweb is comprised of a set of modular and interchangeable protocols. The permaweb is where all the Arweave applications live. These are created using smart weave smart contracts, and they can be accessed via various gateways that look and feel like a regular website.
The original vision of the traditional web was to enable humanity to build an accessible collection of everything known to us. While this project has been largely successful, it suffers from one critical flaw: the web has no memory. When documents are removed from one server in the network, they are lost from the knowledge base. Further, applications that were once hosted in this system are no longer available when their authors and maintainers remove or change them.
The permaweb on Arweave is the next evolution of the web, allowing developers and users to share a resilient knowledge base that is replicated in vast numbers across the world, perpetually.
The base protocol of the permaweb is Arweave. This system is powered by two fundamental components, a scalable blockchain-like structure that uses a new mining system and a sustainable endowment to ensure the availability and permanence of arbitrarily-tagged data. On top of the Arweave protocol is a decentralized network of gateway servers that makes the data easily accessible to web browsers, without the need for modification or specialist software.
AR (Arweave) is Arweave native cryptocurrency coin. It's used to pay transaction fees on Arweave including storing data, retrieving data, interacting with permaweb application, and sending AR coins. AR has a maximum supply of 66 million AR.
55 million AR were created in the genesis block a network launch on 8 June 2018.
A further 11 million AR will be introduced into circulation gradually as block mining rewards.
AR initial supply: it seems about 40% was sold across different funding rounds in 2017- 2020 and it raised 22 million dollars.
AR can be purchased at those big exchanges:
1. Binance Exchange - you can purchase AR using your mobile phone or desktop. You only need to follow the step as instructed. You can also receive a 25% discount on trading fees using Binance Coin (BNB). Use the link above for a bonus 10% discount.
2. Crypto.com MCO/CRO-- this is a favourite for many reasons, as you can earn interest on a wide variety of coins, as well as apply for a crypto debit card. This operates similarly to a pre-paid Visa card, where you top up before use, however, you can choose to top up with cash or crypto. For example, you can transfer cryptocurrency to the card and spend it like cash, or let it sit in the account and earn interest. Rates of interest again vary from 2% up to 10% or more. New investors may receive up to $50 when using the above link to create a new account.
After your purchase, if you would like to store the coins in offline devices for safety you can use Ledger
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For the Aussies: Coinstash is an Australian crypto exchange based in Brisbane. New users can get $10 free on signup using this link
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