The live price of Arweave is - per (AR / USD) with a current market cap of $486.97M USD. 24-hour trading volume is - USD. AR to USD price is updated in real-time. Arweave is -% in the last 24 hours with a circulating supply of 65.65M.
| Date Comparison | Amount Change | % Change |
|---|---|---|
| Today | - | 0% |
| 30 Days | - | 0% |
| 60 Days | - | 0% |
| 90 Days | - | 0% |
Arweave is a decentralized storage protocol that uses a blockchain-like technology called blockweave to ensure data permanence and immutability. Unlike traditional blockchains, each block in the blockweave contains not only data from the previous block but also data from a randomly selected earlier block, which ensures that every node stores all prior data. Arweave’s native currency, AR, incentivizes nodes and provides users with a means to pay for data storage. Arweave was conceptualized by William Jones and Sam Williams while they were pursuing PhDs in distributed computer systems. According to Williams, the widespread “fake news” during the 2016 U.S. presidential election inspired them to create Arweave as a way to store data in a manner that malicious actors could not alter afterward.
Meta, the parent company of Facebook, Instagram, and WhatsApp, recently partnered with Arweave. Meta aims to create permanent records for digital collectibles. Through this integration, Instagram users can post digital collectibles and permanently store them on Arweave. During the storage process, Arweave’s native token AR is required to purchase the corresponding decentralized storage space. On November 2, 2022, after the announcement of the partnership with Meta, the price of Arweave surged by 60% within 24 hours.
Arweave’s core market position is as a decentralized storage network. It uses a unique consensus mechanism called proof of access to offer digital storage solutions for businesses and organizations. Data stored on Arweave can also be locally backed up via hard drive space provided by miners on the blockchain network.
According to Arweave, miners in the network provide storage space and receive AR, the network’s cryptocurrency, as a reward. This storage space is then used for the "permanent" backup of information on the blockchain. Validators participate in this model by providing cryptographic keys to so-called "recall blocks." This model can be roughly understood as a method for verifying on-chain transactions.
Arweave’s native cryptocurrency can be identified by the token symbol $AR.
The $AR token serves as a digital asset within the Arweave ecosystem, distributed to validators who perform the duties of verifying transactions and indefinitely storing data on the network.
Arweave was founded in 2017 by British developer and tech entrepreneur Sam Williams. After completing the Techstars Berlin accelerator program, Arweave officially launched in June 2018.
AR is the native utility token of the Arweave decentralized network. It is used to reward the provision of storage space and local backup hard drive space for blockchain data.
In addition to rewards for providing hard drive space, nodes also receive a portion of the transaction fees for helping process network transactions. The AR token can also be traded as a cryptocurrency on public markets and used as a general store of digital value in peer-to-peer blockchain transactions.
As of the time of writing (November 2022), it is reported that the maximum supply of AR tokens is 66 million, with 33,394,701 tokens currently in active circulation.
Arweave uses a consensus mechanism called Proof of Access. In this model, validator nodes must provide a cryptographic key proving access to a so-called “recall block” before they are allowed to mine or add new blocks to the blockchain. Recall blocks are additional blocks from earlier in the network, selected to verify the validator node.
Validators agree to provide dedicated storage space indefinitely, meaning all data is stored directly on the Arweave blockchain and backed up locally on hard drives. It has been reported that Meta, the company behind Facebook and Instagram, is very interested in decentralized data storage and plans to integrate Arweave into its digital collectibles business.
To stand out, Arweave adheres to its mission of enabling permanent access to network-stored data. This is the core idea behind the Permaweb—a storage platform built on the Arweave blockchain. Reportedly, multiple DApps have contributed to the innovative development of the Arweave blockchain, with the Permaweb being one of them.
