Arweave’s New Announcement, Raising $8.3 million Funds

Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.
  • The Arweave’s Permaweb is announcing $8.3 million in funding from Andreessen Horowitz, USV, and Coinbase Ventures.
  • The team’s primary focus is to distribute these funds to the community, to stimulate usage, growth, and decentralization of the network.
  • The first two initiatives shared by Arweave are Arweave Grants and Arweave Boost respectively.

Today the Arweave’s Permaweb is announcing $8.3 million in funding from Andreessen Horowitz, USV, and Coinbase Ventures. This fund will be further re-invested directly into Arweave’s community.

Based on Moore’s Law of the declining cost of data storage, Arweave has developed a new type of blockchain. Users pay less than one percent per megabyte for a hundred years of storage. The accumulated interest will cover the declining storage cost forever.

Over one million pieces of data have been stored permanently and over 200 apps have been built.  Now, the permaweb it is driving to the next level. That includes perma-developed apps like WeiBlocked, which drags for Weibo.

WeiBlocked indexes and decentralizes these posts in hundreds of Arweave storage nodes that are operated around the world. Later, it reviews to see if the content has been redacted and then feature them on its permaweb site so that one can access from a standard web browser.

The Press Conference

During the press conference, Arweave founder Sam Williams addressed that the money is for Arweave community. The team’s primary focus is to distribute these funds to the community, to stimulate usage, growth, and decentralization of the network.

For now, Arweave will be going to introduce many great initiatives to manage this mission. The first two initiatives shared by Arweave are Arweave Grants and Arweave Boost respectively.

The Arweave Grants is a program by which any of the community members can submit their proposals for startups, DAOs and marketing initiatives to acquire Arweave protocol further.

The Arweave Boost offers startups, projects or companies seeking to boost their growth with the help of truly permanent data storage.

These two initiatives by Arweave are the foremost programmes that are going to be launched over the coming months and years. That in return will help to expand the community and will support the considerable projects based on Arweave.

About Arweave 

Founded in 2017, Arweave is a London based novel data storage blockchain protocol that enables a permanent decentralized web. It helps the user to store important data and supports in creating websites while maintaining low costs and high speeds.

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