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Arweave (AR)

Arweave functions as a decentralized storage network with a distinctive focus on providing a platform for the perpetual storage of data. Positioned as "a collectively owned hard drive that never forgets," the network is primarily dedicated to hosting "the permaweb," representing a permanent and decentralized web hosting various community-driven applications and platforms.

At the core of the Arweave network is its native cryptocurrency, AR, which serves as compensation for "miners" responsible for the indefinite storage of information within the network. This incentivization mechanism ensures the sustained availability and permanence of data stored on the Arweave network.

The project, initially introduced as Archain in August 2017, underwent a rebranding process in February 2018, adopting the name Arweave. Officially launched in June 2018, Arweave has since gained recognition for its unique approach to decentralized storage, fostering a collective infrastructure that promises lasting data storage capabilities. By creating a decentralized and permanent web, Arweave contributes to the evolution of the digital landscape, offering a novel solution for long-term data retention and accessibility.

Founders

The inception of Arweave can be attributed to the collaboration of Sam Williams and William Jones, both Ph.D. candidates at the University of Kent. Sam Williams brought expertise in decentralized and distributed systems, having previously developed the HydrOS operating system as part of his academic pursuits. Meanwhile, William Jones focused on graph theory and neural networking. While Williams chose to leave graduate school to dedicate his attention to the project, Jones departed from Arweave in mid-2018 after completing his Ph.D.

The concept for Arweave originated during one of Williams' walks up a mountain in Scotland. Subsequently, Williams and Jones collaborated on developing the technical details of the idea. Following the launch of Arweave, Williams assumed the role of an advisor to Minespider, a company specializing in blockchain-based supply chain tracking for the raw materials industry. Additionally, he served as a mentor for the Techstars accelerator program.

Despite its initial centralized leadership, Arweave transitioned towards a decentralized autonomous organization (DAO) in January 2020. This DAO consists of core community members actively contributing to the ongoing development and expansion of the Arweave network and its broader ecosystem.

What Makes Arweave Unique?

Arweave's overarching objective, as outlined in its yellow paper, is to establish a "collective ability to store and share information between individuals and across time to new generations." To realize this vision, Arweave has developed its flagship permaweb, situated atop the "blockweave," a specialized form of blockchain technology. In this structure, each block is intricately linked to the one immediately preceding it, as well as a randomly selected earlier block. This unique design incentivizes miners to store more data, as they require access to random previous blocks for adding new ones and earning rewards.

Central to Arweave's strategy is the cultivation of a sustainable ecosystem surrounding the network. In June 2020, the introduction of "profit sharing tokens" enabled developers to receive dividends generated from network transaction fees. Arweave actively supports the development of permaweb-based applications through incubators and collaborates with startups via its "Boost" program. This program provides complimentary storage, access to the Arweave team, and engagement with industry investors.

Arweave's commitment to growth received significant backing in March 2020 when it secured $8.3 million in funding from notable investors, including Andreessen Horowitz, Union Square Ventures, and Coinbase Ventures. This followed a previous investment round in November 2019, where Andreessen Horowitz, Union Square Ventures, and Multicoin Capital demonstrated confidence in Arweave's innovative approach to decentralized and permanent data storage.

Network Security

Arweave employs the RandomX mining protocol, a mining algorithm that underwent successful audits by four cybersecurity firms—Trail of Bits, Kudelski Security, X41 D-Sec, and QuarksLab—in August 2019. The project anticipates transitioning to a new mining algorithm known as SPoRA in early 2021. This shift was announced in December 2020, with Arweave emphasizing that the SPoRA algorithm had undergone an audit conducted by NCC Group. This strategic evolution in the mining algorithm reflects Arweave's commitment to enhancing the efficiency and security of its network operations.

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