Arweave Revives Innovation

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

Today, I am going to talk about a blockchain solution to data storage. Before you roll your eyes and say “Another one,” have a look at the details.

It's actually not a blockchain solution, instead it's a blockweave solution. Have you ever tried running in boots? I mean you can do it but it doesn't mean it's going to be a great experience. It's Not, trust me I tried it and It's not.

A start-up called Arweave has noticed that blockchain can support data solutions but it doesn’t mean is the best solution. Instead, the blockweave was made to offer a custom solution for data storage needs.

The Blockweave Benefit

By developing its own technology, Arweave is able to avoid the limitations of current blockchains. Yes, there are blockchain services offering data storage solutions but the problem is that the world's data storage needs are massive and the demand is expanding every day. The transactional capability of the other services is too small to be beneficial for the huge market demand data storage faces.

Arweave is able to offer scalability by developing a new consensus mechanism and a new means with which miners interact with the network.

A lot of computing power is used in mining and current consensus mechanisms fail to put this mining power to any value beside endlessly crunching down numbers. Arweave’s Proof of Access pushes miners to make as many replications of data that come there way. This is paving the way to make sure mining, which uses so much computing power, is put to more good use.

Next, Arweave’s reward system incentivizes miners to share data with other miners. Mining on the network becomes more efficient if data is available at a faster pace. The miners collectively benefit each other if they start to rapidly share data one another. The result is that miners earn more as an aggregate reward and the system is able to function at an impeccable speed. However, sharing massive amounts of data can costly so Arweave has developed a solution for that too. Instead of having to send entire blocks, the system moves around shadows of the blocks and these shadows provide just enough information to rebuild the block.

Novel Solutions

It’s not impressive to use blockchain technology to store data if user experience is scarified along the way. Cloud storage has been around for a while now since Dropbox was founded over a decade ago; so attracting a userbase requires a sustained user experience. Just using blockchain to store data isn’t an innovative solution if the system is not scalable.

Arweave, is targeting the problems with decentralized data storage. It makes data uncensored without making the user experience suffer; system speed is not sacrificed.

Despite decentralizing storage of data, Arweave is able to out-perform current decentralized data storage services through its new technological development. With the blockweave, Arweave needs less hashing power for consensus as the data stored on the system increases. Coupling this with its novel approach to mining rewards, Arweave adds additional benefits to current blockchain achievements and makes data storage decentralized even though the system is able to function at an impeccable speed.

Arweave is a first-mover in putting the massive amount of computing power used for mining to new uses and developing a new blockchain-like technology that is designed to custom-benefit the data market.