Arweave is a decentralized network where those who have hardware space in abundance can share it with those who are in need. The data on Arweave is stored permanently on the permaweb, the first global decentralized web that is available for good. The Arweave token, AR, is at the core of this structure, giving incentives to all parties involved in the network.
Technically, Arweave isn't built on the blockchain, but rather on a blockchain-inspired technology called blockweave. Blockweave is a system of linked blocks of data like blockchain. However, unlike blockchain, each block on blockweave stores is connected to a randomly designated previous block.
This process is enabled by the special Proof-of-Access (PoA) consensus mechanism built for Arweave known as Succinct Random Proofs of Access (SPoRA). This mechanism encourages Arweave miners to store and retrieve data in a decentralized manner while requiring less energy to operate the network.
AR is the native token of Arweave. Users pay AR to store data on the network, and miners receive the token to mine new blocks and store data.
The maximum supply of AR is 66 million. 33,394,701 AR is in circulation, which is roughly 51%.
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