Arweave is based on the same idea as other blockchain-based file storage services like Filecoin or Storj, but it has much bigger goals and is backed by new technical developments called Arweave 2.0.
It’s really having its own thoughts. The CEO of Arweave has talked about his blockchain project a lot in the six months since he raised $5 million in a token sale with big names like Union Square Ventures and Multicoin. That’s how he has talked about it.
One hundred apps were on Arweave almost two years ago. Now there are more than a thousand. More than 200 apps and almost 1.75 million transactions happen every day now, Williams said.
A16z, USV, and Coinbase Ventures aided the business in raising $8.3 million in tokens last month.
The team wants to build a digital Library of Alexandria that can store data for a long time.
A person called CoinDesk and talked to Williams, and he said that Arweave 2.0 takes the processes made in Arweave 1.0 and expands them so big that they look like endless storage to most people.
Behind 2.0 Tech Tools
Fast Write and bundled transactions are two new features in Arweave 2.0 that the team is most excited about.
Use Fast Write to do two things. In the first place, the network can see proof that a transaction took place in a Merkle root. They are lighter and faster in the network because of this as well
Bundled transactions, on the other hand, are a technology that is used on Layer 2. It is possible to move each Arweave transaction off the main chain, mix it with other transactions, and then put it back on the main chain as one big transaction.
Storage on Arweave almost never runs out, says Williams. This is because the scaling technology works well with each other.
If you want to use ether, the second most popular cryptocurrency on the Ethereum network that runs on top of it, you might want to look into Proof-of-Stake (PoS). It’s working on unitary clients who make polynomial promises, which could be used as digital receipts for things like shopping.
Ethereum platforms like IDEX have also added a Layer 2 option called Rollups to speed up transactions by moving them off-chain. Rollups do the same thing.
Arweave’s Long-term Survivability
To think about what will happen to the game Arweave, the team wants to make Arweave 2.1 in 2020. People still want to store everything for as long as possible. Williams said that Arweave should be able to get to the finish line the next time around.
Williams said that people use it and build things on top of it, and sometimes they don’t even tell us about it. There are dozens of decentralized apps (dapps) in the Arweave library, from finance to gambling, that make up the library.
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