INTRODUCTION
The world is changing day by day, so are the technologies. The present technologies that we utilize now was even impossible to dream a few decades ago. Smartphones, computers, smart devices etc are products of the so called digital revolution that happened in the 1990s. With increasing population, there arises the need for higher resources. Data management and storage have always been an important task . The development in field of Electronics in the mid 1960s created a revolutionary movement in development of electronic devices. Invention of Microprocessors and transistors helped in developing less bulkier systems with access to better data control.
Blockchain technology is indeed a revolutionary technology with no doubt. Still being in its early phase, its use cases and adoption rate are growing exponentially. Blockchain technology is believed to bring up a revolution similar to one which came after the development of internet in 1990s. Data management and storage has adopted different technologies under different stages. Presently, Cloud storage is one among the widely used data storage methods. But it's security and usability is still a matter of concern. Blockchain technology can provide a permanent solution for present faced issues in data storage industry. With the help of distributed ledger technique, Blockchain represents a Decentralised and tamper proof system which are highly secured and reliable. But presently blockchain is mainly used for other purposes like for attaining better computing power, high transactional speed etc. Additionally, permenant data storage on blockchain still faces issues as it requires third party protocols to be integrated on existing systems which are costly. ARWEAVE a new project which uses Blockweave technology for data storage which resolves the issues existing with blockchain technology. Blockweave can be used for scalable on chain storage in a much cheaper way and is similar to Blockchain technology.
WHAT IS ARWEAVE?
Arweave is a new blockchain related project that uses Blockweave technology for efficient and permanent data storage across system. The system is designed in such a way that, higher the data being stored facilitates lesser fees. Third party protocols can be easily integrated across Blockweave making the process much adaptable. Additionally, scalability issues are effectively resolved using Blockshadowing technique which uses sharding technology. Proof of Access Consensus mechanism is used on top of Blockweave for permanent data storage. As a result, the need for every participating node to store each block is avoided. Also a wallet list is maintained which lists all active wallets with the help of which transactions can be easily verified.
Blockweave system thrives for a constant improvisation methodology over other existing cryptocurrencies like bitcoin and ethereum. Centralised data storage systems are prone to manipulation as they are controlled either by an individual or a small group. But with Blockweave this is avoided as by storing data across the weave also links it with every other block and as a result any attempt to manipulation is detected and rejected. The Arweave ecosystem can be considered similar to internet network with browsable features with additional benefit of supporting permanent data storage.
HOW DOES ARWEAVE WORKS?
Arweave utilises the Blockweave infrastructure for its operations which ensures scalable onchain storage. Proof of Access Consensus mechanism builts a Incentivized business model in which miners are rewarded based on the replications of data maintained. With the use of cryptographic system data manipulation and theft is completely avoided and also acts as an ideal infrastructure layer for Dapps.
The Arweave ecosystem uses four core technologies for its operation:
Blockweave
Blockweave is the core technology used by the Arweave ecosystem and represents an on chain structure for scalable performance. It is similar to Blockchain technology and uses distributed new ledger with improved technology compared to other blockchain networks. Long term data storage with strict
unalteration process is ensured. It also consumes comparatively lesser energy and is a lot more efficient. Increased data storage helps in decreased hashing rate which on the other hand ensures low cost operation.
Proof of Access
Proof of access mechanism is used in addition with typical Proof of Work algorithm which helps in better performance. PoA helps in usage of random previous block for generating the next successive block and as a result the need for storage of all previous block is avoided. This mechanism helps in independent validation of the new block as each nodes helps in recalling the previous chosen block.
Wildfire
Wildfire is a self organised algorithm that helps in autonomous arrangement of network for efficient route adoption. It creates a ranking system which for each nodes which in turn determines the speed of transactions. So a mutual friendly competition between the peers exist improving the overall performance of the system. Wildfire also helps in reducing delays in writing and recalling of data.
Blockshadow
Blockshadows improves the efficiency of system by speeding up the computation of transactions within the system. Blockshadows allows weaves to attain speed of five thousand transactions per second. It works by partially decoupling transactions from blocks and only sending between blocks a minimal block shadow that allows peer to reconstruct a full block.
ABOUT AR TOKENS
AR tokens fuels the Arweave ecosystem. All transactions across the platform are maintained using AR token. The customers pay through AR tokens to store data permenantly accross Arweave and the other hand miners gets rewarded with these AR tokens proportionally for their contribution. AR tokens have a total fixed supply of 66 million and was sold during presale and public sale at the rate of 0.66$ - 0.73$. The mainnet is scheduled on June 8th and will be swapped to its own blockchain.
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