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View ChartArweave is software designed to permanently store files across a distributed network of computers. The project's aim is to create something akin to the fabled Library of Alexandria: an everlasting digital archive.
In this respect, Arweave shares many similarities with other decentralised storage platforms such as Filecoin and Sia, both of which also use cryptocurrencies to create marketplaces where users can buy and sell data storage services.
Like these ambitious protocols, Arweave is also seeking to disrupt a market dominated by existing storage giants such as Google, Amazon, and Microsoft.
The company was founded in 2017 as Archain and changed its name to Arweave in 2018 while completing the Techstars Berlin mentorship programme. The company's mission is to make permanent, low-cost storage a reality. It aims to accomplish this with the Arweave network, which uses a block-based data structure called a 'blockweave'.
The Arweave blockweave underpins the Arweave Permaweb: an array of data, websites and applications hosted on the blockweave. As the Arweave protocol is built on top of the HTTP protocol, the Permaweb can be accessed via modern web browsers such as Brave or Google Chrome. The Arweave protocol enables individuals with spare hard drive space to store data on the network in perpetuity in exchange for AR tokens. Arweave anticipates that the cost of storage will continue to decrease, and it uses a formula to calculate the cost of storing a particular piece of data. All of Arweave's assumptions can be found in its Yellow Paper.
The Arweave mainnet was launched in June 2018 with a select group of 1,800 hand-picked participants from various countries. Prior to this, the Arweave team conducted an initial token sale limited to whitelisted individuals.
In November 2019, Arweave secured $5 million in funding from several venture capital firms in exchange for $5 million worth of AR tokens. Six months later, the Arweave team raised a further $8.3 million in exchange for AR tokens. Following this round, however, the firm stated that it would use the new funds to incentivise community adoption and growth.
AR is the currency of the Arweave network.
Users who wish to store data must buy AR to pay for distributed data storage, and computers on the network that provide storage services must accept payment in AR tokens.
Of note for investors is that the number of AR tokens in circulation is limited to 66 million units. The first tranche of AR cryptocurrency was created in June 2018 when Arweave was launched. At that time, 55 million AR tokens were created.
An additional 11 million AR tokens are scheduled to be gradually released to the computers performing storage services on the network.
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TradeHere is a comparison of the key features between Arweave (AR), Filecoin (FIL), and Storj in the decentralized storage sector:
| Feature | Arweave (AR) | Filecoin (FIL) | Storj |
|---|---|---|---|
| Storage Model | Pay once, permanent storage | Periodic rental with renewals | Periodic rental with renewals |
| Core Architecture | Blockweave + SPoRA | IPFS + PoRep / PoSt | Decentralized node network |
| Retrieval Fee | Free data retrieval and reads | Charges for retrieval & bandwidth | Metered charges based on bandwidth |
| Compute Ecosystem | AO Ultra-Parallel Compute Network | FVM (Filecoin Virtual Machine) | No native smart contract layer |
Summary: Filecoin and Storj are well-suited for traditional monthly cloud backups, whereas Arweave is the optimal infrastructure for Web3 dApps and on-chain data due to its permanent storage and the AO compute network.
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