Arweave is currently developing a “virtually unlimited” and permanent data storage said Coin Desk. The company will be using blockchain technology to achieve this goal and is using funds from the token sale it launched last year.
Arweave’s permaweb project called Arweave 2.0 uses blockchain in the same way that other file storage companies apply the tech. In another report by Coin Desk, the firm described the permaweb as an “array of data, websites, and decentralized applications” which are hosted infinitely.
To achieve this goal, the company pays miners AR tokens to provide storage space using “Proof-of-Access” algorithms.
According to the report, the previous iteration of the project, Arweave 1.0, was “scaled up” to create a nearly unlimited solution.
For this new version, the firm will be using what is called the “Fast Write” mechanism together with bundled transactions. These two methods are meant to make the system faster and easier to handle. Moreover, the two make the new storage solution almost infinite.
According to Coin Desk, Ethereum uses technology similar to Fast Write and bundle transactions. The cryptocurrency company, which launched ether, has been looking into a Proof-of-Stake system to achieve a similar goal.
Arweave’s new techs are expected to bring the firm is closer to achieving its goal of creating a permaweb comparable to the Great Library of Alexandria in Ancient Egypt. The permaweb will be accessible to the public using a browser. It can be applied for various purposes.
The project is funded by the amount Arweave raised in its token sale which was participated by Andreessen Horowitz, Union Square Ventures (USV) and Multicoin Capital. The company was able to raise $5 million through the sale.
The company also recorded an additional $8.3 million last month with the involvement of Andreessen Horowitz, USV and Coinbase Ventures.
Arweave CEO Sam Williams revealed that with the help of the fund, the firm saw an increase in the number of apps it carries, from 100 to more than 200. It also recorded a boost in the number of daily transactions which climbed from 147,000 to a whopping 1.75 million.
The company is looking at the development of a 2.1 version probably late this year. For 2.1 the firm would still seek to create unlimited permanent storage but with updated technology.
Williams is optimistic that this potential version will bring the project to its endgame.
