Blockchain technologies have taken the globe by storm, ushering in a financial revolution as a result of technological advancements. However, there is a problem with blockchain, and that problem is data storage. Because fees are too high for on-chain storage to be feasible, most blockchains require the assistance of third-party protocols to be integrated on top of existing blockchains. This means that users will be charged to access the content. As a result, there is a need for a scalable low-cost data storage mechanism.
Arweave attempts to solve the problem by introducing the block-weave, a novel blockchain-like structure. For the first time, this block-weave is a platform built to provide scalable on-chain storage at a low cost. As the amount of data saved in the system grows, the amount of hashing required for consensus reduces, lowering the cost of data storage.
Arweave’s existing REST API makes it simple to construct decentralized applications on top of the block-weave, demonstrating Arweave’s commitment to the developer community and their ability to push acceptance of new and evolving protocols.
To put it another way, Arweave is a peer-to-peer (P2P) protocol that allows users with extra storage space on their servers or hard drives to connect with and save data with those who are looking for it. This is also a long-term solution! Arweave does this by rewarding miners with tokens in return for continuously replicating the stored data.
Arweave’s ecosystem is equally impressive, with over 300 decentralized applications (dApps) running on the Arweave blockchain. With the addition of more NFTs and partnerships, the Arweave protocol is only going to get better with time.
Arweave (AR) Price Movement
The current value of the Arweave coin is $85.29 at the time of writing this article, up 40% in the last 24 hours, with a trading volume of $744,308,348, up over 657.92 percent. The low point of the day was $60.96. This is particularly noteworthy given that it was just $1.7 in November 2020 and is now worth $85.29.
The future prospects of this coin are extremely bright, as it is predicted that the already massive market will increase to $137.3 billion by 2025. There are currently speculations that the currency will surpass $100 this month. Currently, 51 percent of the coins are in circulation. According to Wallet Investor, the coin’s value will continue to rise and will reach $223.998 in around five years.
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