It’s no secret that data storage is a big business. Everyone needs a way to store their information, from large companies like Arweave to individual users. And with the surge in popularity of cryptocurrencies, it’s no surprise that new forms of storing data are emerging from this sector that allows you to earn money by holding data to be processed on your personal computer.
One such cryptocurrency is Arweave (AR), which uses a revolutionary new chain protocol called block graph to store data. Not only is this protocol secure and reliable, but it also allows you to earn money by storing data. So if you’re looking for a new and innovative way to store your data or earn money by storing others’ data, Arweave may be the perfect option for you!
What Is Arweave (AR), and How Does It Work Exactly?
Arweave (AR) is a decentralized storage network used to store data indefinitely. The project, announced in 2017, came to life in 2018. The project pays miners for providing an indefinite amount of storage for network information. The native cryptocurrency of the project is the AR token. The AR token, listed on the exchanges in 2019, increased twice from the initial price and reached its historical peak at $90.
Arweave (AR) provides permanent data storage within the network on distributed computers. Adopting a library mission that will continue forever, the project brings together people who want to store their data and access the stored data. The ecosystem that brings together buyers and sellers allows shopping using cryptocurrencies.
Arweave (AR), which aims to be an alternative to the storage areas dominated by companies such as Google and Amazon, offers various incentives. The platform, which pays people who store data for a decentralized storage service, is accessible through traditional web browsers. Accessing this platform without needing any special wallet is a big difference and advantage over other platforms. Another distinctive feature is that people can vote for illegal content to be recognized.
Unlike many cryptocurrencies, Arweave (AR), which is not exactly a blockchain, stores data in a block graph instead of a blockchain. Thus, a structure called block mesh is created in the ecosystem, ensuring security. Arweave (AR) distinguishes itself from other cryptocurrencies by using a different method to verify network transactions. At this point, instead of solving mathematical formulas in the transaction confirmation part, a system called “Proof-of-Access” is used. In this system, each computer in the Arweave (AR) network checks the marker content in a previously selected package before receiving a new transaction package. If the received package contains the desired marker, the selected package is processed, and the computer that processes it earns an award.
Another feature of the Arweave (AR) network is that each user who runs the software has the right to choose the data storage type. This process is also called content checking. Thanks to this feature, users have the right to refuse content they do not want to store. In this way, users can control storage areas such as audio-only or video-only files.
The AR token, the native currency of the Arweave (AR) project, has a total supply of 66 million. 50 million of this supply is in circulation. With a daily trading volume of $21 million and a market cap of $700 million, it ranks 88th in the market ranking. AR, which has a bumpy price chart, seems to have lost 66% of its value since its last rise. The current price of the AR token is around $13.
Conclusion:
Arweave (AR) is a new storage protocol that allows users to store data on the blockchain in a novel way. Not only does this provide an extra layer of security, but it also allows people to earn money by hosting data. This could be a game-changer for both the data storage and crypto industries. If you are looking for a new way to store your data or want to start earning some extra money, Arweave is definitely worth checking out!
