AR Price Today
The live Arweave price today is $8.6070 with a 24-hour trading volume of $53,939,931.89. Arweave is -2.44% in the last 24 hours.The current MyToken ranking is #92,with a live market cap of $431,283,236.05. It has a circulating supply of 50,108,502 AR and a max supply of 66,000,000 AR.
What Is Arweave?
AR is the original token of Arweave network, and its value is determined by the practicality of the token itself. AR can be used as an encrypted message input system, and can also be used as a reward to motivate miners. The main function of AR is to pay for the permanent storage of data, but it also has transaction value. Users need to pay AR as transaction fee to record the transaction in the block, and the transaction fee paid by users does not go directly to the wallet of the miners who produce the block. Most of the transaction fee goes to the storage Endowment. It was then distributed to miners' wallets.
Arweave seeks to solve the problem of files being forged and altered prior to storage in such a way that once the storage of the file is completed on the fabric, it is woven with all other blocks in the encrypted file. This means that the network will detect and reject any changes to the document's contents.
The new data storage blockchain protocol (BlockWeave), based on a new access censorship mechanism, reduces the cost of data storage by reducing the number of hashing required to achieve consistency as the amount of data stored in the system increases. REST apis have been developed to simplify the creation of decentralized applications on block textures. As such, the system aims to provide data storage, rapid transactions, and the ability to create decentralized applications on top of its proprietary blockchain technology.
Users of the Arweave project benefit from data storage using permanent endowments. This enables users and developers to store data permanently using collectively owned distributed servers.
In addition, Arweave promotes persistence and immutability of information to help preserve valuable information for a variety of use cases. Anyone with free hard disk space can earn passive income by renting it out to other users in the network. In addition, as a community-owned network, anyone can build on Arweave and contribute to the ecosystem.
The Arweave network is neither operated nor owned by any company or entity. Instead, it is a completely decentralized network with no single point of failure. This means that anyone can provide storage space or use the network to store data. In addition, Arweave provides data archiving and storage solutions that replicate and distribute data on hundreds of computers around the world. As a result, data stored on the network cannot be lost due to damage, fire, or flood, just as with a centralized data storage solution.
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