The analyst from the Coin Bureau channel, boasting a subscriber base exceeding one million, recently brought attention to Arweave (AR), one of the top-performing cryptocurrencies in recent weeks. This analyst is sharing insights with subscribers about Arweave, emphasizing its role as a decentralized data storage solution within the altcoin sphere. Kriptokoin.com has compiled the comments from Coin Bureau, providing an overview of the analyst’s perspective on this particular cryptocurrency. The channel’s focus on Arweave underscores its significance and performance, bringing it to the forefront for the broader crypto community. As Coin Bureau continues to analyze and present insights on various cryptocurrencies, its commentary on Arweave adds to the ongoing discourse within the digital asset space, offering subscribers valuable perspectives on emerging trends and standout projects.
What is Arweave (AR)? Why is it different from other altcoin projects?
Arweave (AR) is a decentralized data storage solution with the aim of ensuring that all data remains permanently and easily accessible. It shares common ground with other decentralized storage platforms, such as Filecoin and Sia, that use cryptocurrencies to create marketplaces for users looking to buy and sell data storage services.
What sets Arweave apart from these altcoin projects is the commitment to storing all data on Arweave indefinitely. Users only need to make a one-time payment to store their data. In contrast, other decentralized storage cryptocurrency projects store user data only as long as users continue to make payments to computers connected to their network. Coin Bureau notes that what distinguishes Arweave from its competitors is the commitment to storing data permanently through unique incentives created around the AR cryptocurrency.
Additionally, files stored on Arweave can be accessed through traditional web browsers, eliminating the need for any private wallet or blockchain service. Among other notable features in development is a voting mechanism that allows users to scrutinize illegal content. The Arweave network uses a native cryptocurrency called AR to pay “miners” for storing network information indefinitely. The project was initially announced as Archain in August 2017, later rebranded as Arweave in February 2018, and officially launched in June 2018.
Who are the founders of Arweave?
Arweave was founded by two Ph.D. students, Sam Williams and William Jones. Williams, who had experience in decentralized and distributed systems through the development of an operating system called HydrOS as part of his studies, focused on the project, while Jones’s expertise was in graph theory and neural networks. Williams left graduate school to focus on the company, while Jones, after contributing to the project in its early stages, completed his Ph.D. and left in mid-2018.
According to Williams, the idea for Arweave came to him while climbing a mountain in Scotland, and he later brought the concept to Jones, who developed the technical details. After initiating Arweave, Williams was appointed as a consultant to Minespider, a company providing Blockchain-based supply chain tracking for the raw materials industry, and served as an advisor for the Techstars accelerator program. Although Arweave was initially established with centralized leadership, in January 2020, it launched a decentralized autonomous organization consisting of core community members to advance the development and expansion of the network and ecosystem.
What is AR and what to expect from altcoin prices?
AR, Arweave’s native cryptocurrency, is utilized for various transactions within the Arweave ecosystem, including storing data, retrieving data, interacting with permaweb applications, and sending AR tokens, in addition to paying transaction fees. AR has a maximum supply of 66 million, with 55 million AR being minted when the Arweave mainnet launched in June 2018. The remaining 11 million AR will be minted as block rewards for Arweave nodes.
A crypto analyst suggests that the price of AR reflects the price performance of Solana and emphasizes that this is not a coincidence. According to the analyst, this correlation arises because Arweave stores all Blockchain data of Solana, requiring the purchase of AR for this purpose.
According to Coin Bureau, AR has the advantage of being an emerging cryptocurrency
According to Coin Bureau, AR has the advantage of being a rising cryptocurrency. However, Coin Bureau also highlights that AR seems to have slightly better tokenomics than SOL. The analyst notes that AR’s much smaller market cap makes it easier to increase the price of AR compared to SOL. According to Coin Bureau, the adoption of Solana could even allow AR to outperform SOL in terms of price. Due to these dynamics, Coin Bureau suggests that AR also has the advantage of being a rising cryptocurrency.
