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- 1 Arweave’s native token – AR – can be used to pay for storage and bandwidth, stake to participate in the network, vote on network upgrades.
- 2 Arweave crypto is trading at $8.15 today, with a 24-hour trading volume of $15,146,986.50.
Arweave (AR) is a special type of storage platform that supports data with sustainable and perpetual endowments, allowing users and developers to store data forever. It is a decentralized storage network that uses a modified version of the blockchain, called “blockweave,” for permanent data storage. AR token is the native cryptocurrency of the Arweave network, used to pay for storage and bandwidth on the network.
Main Functions of Arweave (AR)
Arweave’s main function is to provide permanent, unchangeable data storage. Users can store documents, apps, and other valuable information with the guarantee that the data will be kept forever. This makes Arweave especially useful for applications where data immutability and permanence are essential.
The AR token is used for various purposes within the Arweave network, including paying for storage and bandwidth, staking to join the consensus mechanism, voting on network upgrades, tipping content creators, and purchasing interests and assistance on the Arweave marketplace.
What Makes Arweave Different
Arweave aims to ensure the “collective ability to store and share information between individuals and across time to new generations.” To achieve this goal, its main permaweb is built on top of Arweave’s “blockweave,” a variation of blockchain technology in which each block is linked to both the previous one and a random earlier one. Arweave says this encourages miners to store more data because they need to access random previous blocks to add new ones and get rewards.
Arweave is concentrated on constructing a sustainable ecosystem for the network. In June 2020, it launched “profit sharing tokens,” which allow developers to get dividends when network transaction fees are generated from their application, and it hosts incubators to support the development of permaweb-based apps. The project also operates with startups via its “Boost” program, delivering free storage and access to the Arweave team and industry investors.
In March 2020, Arweave announced that it had raised $8.3 Million in funding from Andreessen Horowitz, Union Square Ventures and Coinbase Ventures.
Price Overview of Arweave (AR)
As per CoinGhecko data, Arweave crypto is trading at $8.15 today with a 24-hour trading volume of $15,146,986.50. This is a 1.98% price rise in the last 24 hours and a 10.38% price rise in the past 7 days. Arweave has a market cap of $533,341,985, with a circulating supply of 65 Million AR.
The trading volume of Arweave crypto is $15,041,599 in the last 24 hours, which is a 35.10% decrease from one day ago and indicates a recent drop in market activity.
Arweave crypto reached its all-time high price of $89.24 on Nov 05, 2021, about 2 years ago. Compared to the current price, this is 90.86% lower than the all-time high price.
Arweave crypto reached its all-time low price of $0.298788 on Jan 31, 2020, almost 4 years ago. Compared to the current price, this is 2,630.86% higher than the all-time low price.
Conclusion
Arweave is a platform that aims to ensure the collective ability to store and share information between individuals and across time to new generations. It enables anyone to store documents, apps, and other valuable information with the guarantee that the data will be preserved indefinitely. Arweave uses a modified version of blockchain technology called blockweave, which links each block to both the previous one and a random earlier one, incentivizing miners to store more data.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
