Arweave is Crowdfunding Properly

sunnysideupfang (55)in #bitcoin • 6 years ago (edited)

People are starting to throw around the term whitepaper ICO likes it’s no big deal. Whitepaper ICOs are becoming so common that people are considering them as a standard, but this is far from how things should be.

I wrote a piece on Arweave earlier; it’s a new technology that allows scalable, efficient data storage. Arweave’s team has held an ICO after accomplishing not what should be considered the extraordinary, but the standard.

Note the Difference

Arweave intends to launch its main net in 2 days. The ICO isn’t raising funds for something in its seed phase. Arweave is raising funds to evolve something it has developed in order to carry product on to an expansion path. That’s what funds should be raised for; people’s money shouldn’t be used at a gambit of developing a product that may or may not work. Instead the money should be used for further developing a functional product and its business.

As a proof that the product is desirable, Arweave has already partnered with Charite, a large university hospital in Germany. The partnership intends to fruit a raw data journal for long-term storage. This should be the standard, teams should be able to show they are able to run the business aspects of a technological product.

Moreover, given that the company has sealed a major partnership, I can see other uses around the corner.

Viable Product

I explained previously that Arweave is easily able to outperform other decentralized data storage services. But it’s main competition is data storage services from companies like Dropbox and Amazon.

Arweave is offering something that makes it a lot more desirable when it comes to long-term storage. No more monthly memberships!

With Arweave, you pay once but get to store forever. Long-term storage is extremely useful to certain industries and having to pay a monthly fee indefinitely can now be swapped with a one-time expense. While Charite is likely to utilize Arweave’s services aimed at long-term data storage relevant to medicine, this platform can be valuable to all the industries that rely on the storage of any historical data. A great example is the storage of legal case results.

Much of the justice system relies on precedents that have been set as a guidance for future decisions, arguments, and organized defenses/litigations. The historical data of past cases is extremely valuable for references and the data that qualifies as historical case data is only increasing as more and more cases are closed every day. A verifiable database accessible to all would be an invaluable resource for the legal industry as its participants could easily use documents even centuries from now.

Usage in the legal industry is just one example. Arweave would be a great tool for all the industries that need to storage large amounts of data at extremely long periods of time. Not only does it make the data verifiable and easily accessible, but it also makes a life-time of payments turn into a simple, one-time payment.