About Arweave (AR)
Arweave is a decentralized storage network that has the ability to operate in both Web3.0 and Web2.0 environments. The decentralized data-storage network was founded by entrepreneur and decentralized-system developer Sam Williams in 2017.
Meta, which owns Facebook, Instagram and WhatsApp, recently partnered with Arweave. Meta’s goal is to establish permanent records for creators of digital collectibles. This integration allows Instagram users to issue digital collectibles through their posts, which are then immutably stored on Arweave. As part of this process, the Arweave platform’s native token (AR) will be required to purchase the respective decentralized storage space. As the news of the Meta partnership was made public on 2 Nov 2022, Arweave price surged by up to 60% within 24 hours of the announcement.
Arweave is essentially marketed as a decentralized storage network, which uses its own unique Proof-of-Access blockhain consensus mechanism in order to provide digital storage to businesses and organizations. The data stored on Arweave is also backed up locally on the hard-disk space provided by network miners on the blockchain.
According to information published by Arweave, miners on the network are given the network cryptocurrency token, called AR, in exchange for providing storage space. This is then used to back up information stored on the blockchain “forever”, says Arweave.. Validators take part in the model by providing the cryptographic key for what is called a “recall block”, which loosely describes how transactions are verified on the chain.
The native Arweave cryptocurrency is known by the token ticker $AR.
$AR tokens are used in the Arweave ecosystem as a digital asset, which is distributed to validators for their roles in validating transactions and storing data on the network indefinitely. The Arweave price is updated and available in real-time on Binance.