Arweave (AR) Price Surges 13.46% in Last 24 Hours
- The project also collaborates with entrepreneurs via its “Boost” program.
- The Arweave network is based on a modified form of blockchain technology.
Arweave is a decentralized storage network that intends to create a platform for the indefinite storage of data. Describing itself as a collaboratively owned hard drive that never forgets, the network mainly hosts “the permaweb” — a perpetual, decentralized web featuring a variety of community-driven apps and services.
Arweave aspires to provide the collective capacity to preserve and distribute knowledge across people and through time to subsequent generations. In order to achieve this aim, its flagship permaweb is constructed on top of Arweave’s “blockweave,” a version of blockchain technology in which each block is connected to both the one immediately preceding and a random older one. Arweave believes this incentivizes miners to keep more data since they need to retrieve random earlier blocks to add new ones and collect rewards.
Modified Version of Proof-of-Work
The Arweave network is based on a modified form of blockchain technology it calls “blockweave,” which employs a “proof-of-access” consensus mechanism — a modified version of proof-of-work. Even though miners are not required to keep a complete blockchain, they are encouraged to preserve more information to ensure that they can recover the previous blocks that are necessary to construct a new one.
The project also collaborates with entrepreneurs via its “Boost” program, which provides free access and storage to the Arweave team and investors from the industry. According to CoinMarketCap, the Arweave price today is $37.05 USD with a 24-hour trading volume of $54,134,470 USD. Arweave has been up 13.46% in the last 24 hours.
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