As a result of technological advances, blockchain technologies have taken the world by storm, ushering in a financial revolution. However, blockchain has an issue, and that problem is data storage. Because the fees for on-chain storage are too expensive, most blockchains need the installation of third-party protocols on top of existing blockchains. This means that material will be priced based on the user. As a result, a cost-effective scalable data storage solution is required. This is where augmented reality comes into play.
How does it Solve the Problem?
Arweave (AR) solves this problem by creating block-weave, a blockchain-like structure. This is the first block-weave approach to allow scalable on-chain storage at a cheap cost. The amount of hashing necessary for consensus decreases as the amount of data retained in the system increases, minimizing the cost of data storage. Arweave’s (AR) existing REST API makes it simple to construct decentralized apps on top of the block-weave, demonstrating the company’s interest in developers and their ability to promote acceptance of new and emerging protocols.
Arweave (AR) is a peer-to-peer (P2P) protocol that connects and shares data with people in need by allowing users with additional storage space on their servers or hard drives to connect with and share data with those in need. This is a long-term remedy as well! Arweave does this by awarding tokens to miners in exchange for continually duplicating the stored data.
The ecosystem of Arweave (AR) is similarly outstanding, with over 300 decentralized apps (dApps) operating on the Arweave blockchain. The Arweave protocol will only improve as more NFTs and collaborations are added.
Arweave: Current Price Movement
The current value of the Arweave (AR)coin is $50.15 at the time of writing this article, down 7% in the previous 24 hours, with a trading volume of $57,063,235, up 7.92%. The low point for the day was $48.68. This is especially noteworthy given that it was only $1.7 in November 2020 and is now worth $50.15. Because the existing huge market is predicted to rise to $137.3 billion by 2025, the coin’s future prospects are quite bright. According to market speculation, the currency is now likely to reach $80 this month. Currently, 51% of the coins are in circulation. According to Wallet Investor, the price might climb to $111 in a year.