About Arweave (AR)
It is no exaggeration to say that the world we know today would be unimaginable without the Internet. Thanks to this breakthrough technology, people all over the world can get information immediately with the click of a button or the touch of a screen. But did you know that a few centralized organizations manage most of the information on the Internet? In fact, global technology companies and governments have enormous power to influence what we see, hear and do on the world wide web (WWW).
The birth of blockchain has reversed the situation and stimulated the process of decentralization, including information storage. However, most blockchains rely on external protocols. Because the storage on the chain is very expensive, it is not feasible to store a large amount of data.
In this article, we will discuss the cryptocurrency project arweave, an innovative protocol that allows data to be permanently stored in a decentralized manner. We will also introduce the technical aspects of AR cryptocurrency, which will grow by more than 600% in the second half of 2021.
What is AR?
AR is the native token of the arweave blockchain. There are many use cases in the ecosystem. In its largest supply of 66million, more than 55million tokens were cast in the genesis block when the arweave main network was launched in june2018. The remaining tokens will be minted as block rewards of the arweave node. Up to now, there are more than 33million ar tokens in circulation. With an additional 33million ar tokens, this cryptocurrency will become deflationary.
What is the Purpose of AR?
AR tokens have great utility in the ecosystem of arweave. First, all transaction fees on the arweave network must be paid by ar. This includes the cost of storing and retrieving data, as well as the cost of interacting with various dapps on the network. Users who want to store data on the arweave blockchain must use AR to pay for distributed data storage. At the same time, computers providing storage services on the network must only accept their rewards in AR tokens.
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