Arweave is a new type of storage that can endow backing data on a continuous and permanent basis, allowing users and developers to store data truly permanently for the first time.
As a collectively-owned hard drive that will never be forgotten, Arweave allows people to remember and save valuable information, applications and history indefinitely. By preserving history, it prevents others from rewriting and tampering with it.
How Arweave works
Compared with common blockchains, Arweave has its own uniqueness in terms of storing blocks about transaction content. Arweave stores data in a graph of blocks. In this way, each block is connected to the two preceding blocks, forming a structure known as a "blockweave".
There are several important elements that make Arweave unique:
Proof of Access Consensus
Additionally, Arweave successfully built its own decentralised storage contract without IPFS. Users must mine new blocks by visiting “recall blocks” that allow them to earn rewards, which is called Succinct Proof of Random Access or SPoRA. Because "recall blocks" are randomly assigned, users are naturally encouraged to store larger or rarer data on them, and in doing so, users are automatically converted to miners.
If Arweave miners upload files with stronger rarity, they will be rewarded with more tokens.
What is AR?
Arweave has its own currency - AR tokens. AR tokens have a limited supply of only 66 million.
Users who want to store data must purchase it as a way to pay for storage; otherwise, the computer providing the storage must accept AR tokens as payment. Interestingly, the payments are not made directly to each miner, but are pooled and then distributed to the network over time.
This fee pool is called the Storage Endowment. Its purpose is to provide safeguards for future data from this overcharged AR pool. The fee is the mining reward paid by the user, and since the pool grows over time, it can pay the miners in the future over a long period of time.
It’s also important to note that storage on Arweave requires a one-time settlement and is not a subscription-based approach. However, data is stored permanently, which makes Arweave very attractive to both customers and the network, making it a currency with real utility.
AR Crypto Wallet
In addition to placing AR in the Gate.io exchange for easy trading, users can also save AR in a crypto wallet.
Under the Arweave network ecosystem, there are two wallets: ArConnect and Arweave Web Extension. ArConnect can help users manage Arweave balances, view and transfer assets, and view the latest transactions. At the same time, all wallets can be added and easily switched between them.
Arweave Web Extensio can also be used as a wallet. Users can manage their AR token wallet in the browser, export the wallet history and download it as a CSV file.