Arweave ICO: Blockchain Storage - A Review
Fast forward to our present-day world where storing, retrieval, and analysis of information is fast and profitable, meaning that cloud storage has become commonplace. Regular websites that provide online storage services have centralized servers that keep all the information. The problem with centralized information is that when the security is breached everything stored on that server can be stolen. As mentioned, information is worth a lot of money today, making it an easy target for opportunists.
Read our blog article about Decentralized Data Storage here.
What you need to know about Arweave
Today, we have something just like what ancient humans had thousands of years ago; but instead of giant stone blocks, we can use blockchain. Arweave is completely aware of the problem we are facing today and that is why they are addressing it through their project. The idea runs on four technologies that come together and create a scalable yet permanent storage that is considerably cheaper than most of its competition today. While the mentioned tech below works together, they each have specific roles in creating fast transactions for a fraction of the price.
- Blockweave – The blockchain structure behind this project is called “Blockweave” which allows on-chain low-cost storage. The general idea of it is pretty simple - as the amount of data increases, the number of hashing for consensus decreases, which lowers the cost of storing data.
- Proof of Access – Compared to traditional tasks (solving equations) and the use of energy to provide an output, miners will be able to compete by replicating most data which in turn will lower the electricity cost by mining over time.
- Wildfire – Basically, “Wildfire” is an incentive system rewarding miners as they share data with other miners on the network; creating a competitive scene wherein the best ones are the fastest to share data. The faster data is shared, the faster the service becomes.
- Blockshadows – Arweave’s long-term goal is to create on-chain data storage that is fast and scalable. With this idea in mind, Arweave created a system that decouples transaction distribution on the network using only the “shadow” of the block instead of the block itself. Making their 5,000 TPS a reality and not just a dream.
The company listed their mailing address at Floor 4, Breite Str. 1, 10178 Berlin, Germany. Their physical address is located at International House, 24 Holborn Viaduct, London, EC1A 2BN, United Kingdom. The team behind the project is made up of young “techies” that have Ph.D. candidacies and have a lot of hard-hitting advisors who will help them achieve their goals. The launch of their main net is set for the 8th of June, 2018 with their token hard cap of 8.7 million USD (very low compared to most ICOs today); tokens of 66 million in total, with 55 million allocated for the Genesis Block and 11 million for mining.
Real-World Applications of Blockchain Data Storage
- Medical – Medical records are a real problem when it comes to data storage and the regular way of storing it is very inefficient and demands a lot of storage space. Do you know how much cloud storage costs today? Can you imagine how many patients and medical institutions keep medical records at any given time? Many! With blockchain storage, data can be stored securely with less need of “space” and at a much lower price.
- Legal – Legal files can easily be stored within the blockchain and can verify legal data for a very long time. Due to the sensitive nature of legal documents, it will be perfect to have digital encrypted storage ready to be referenced any day of the year.
- Politics – Blockchain storage can be of great use when it comes to elections. Imagine a server wherein all votes are final and impossible to tamper? The world will be generally a better place to live in.
- Personal – Admit it, personal data storage has always been at the top of your concern list! With the recent surge of identity theft due to the digital age, it is wise to keep all your personal data storage out of reach. The blockchain technology not only stores data efficiently it also creates a security system that maintains the integrity of the data stored.
- Recreation – Recreational use falls hand in hand with personal storage. If you want to save your all-time favorite movie file in a very secure network then saving it on the blockchain is the way to go. No one can touch your personal stash and you will have untethered access to it wherever you are in the world!
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One of the amazing things about block chain storage is that the data can be stored permanently at much cheaper prices compared to traditional online storage options. On-chain data storage raises the security level of regular storage making it safer for people to store information online without having to think too much about that data being compromised.
Arweave.org aims at providing 5,000 TPS for a smooth hassle-free data transfer experience from blockchain storage to user or vice versa. Imagine the number of people simultaneously using the service! A lower TPS will easily result in slow service and will drag the whole chain down.
Pros and Cons of Arweave ICO
- Reputable partners and advisors
- Low Cap
- Cheaper in the long run compared to traditional data storage solutions
- High Security
- Strong market competition thanks to entrenched competitors like Google, Amazon etc.
Arweave is a project that we can see to have good use in the real world. The team behind the project might be young but they sure make up for it with their enthusiasm and their active and well-credentialed advisors will help them shine. Currently, the project is in its final stages and we should be seeing more of the final structure within the next few weeks or months. However, the people at Arweave need to focus on their marketing strategy, if they plan to survive against existing market competition as we do believe that this project is a good investment opportunity.
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