Berlin-Based Blockchain Startup, Arweave, Secures $5 Million to Build Decentralized Data Storage
- Arweave, a Berlin based startup, that uses blockchain technology to make a permanent storage of decentralized records recently raised $5 million from crypto investors; Union Square Venture, Multicoin Capital and Andreessen Horowitz.
Sam Williams, the founder of Arweave is on record saying that their ultimate goal is to create an ‘Alexandria library’ whose memory will last through the age of the internet revolution. The firm has made it possible to borrow the knowledge preservation aspect from ancient times into blockchain tech using blockweave. This is basically a blockchain resembling a data structure that can accommodate decentralized applications as well.
The Arweave Protocol
The startup’s technical design is designed based permaweb, this is an array of linked applications and websites that the protocol can host perpetually. Users who want to have their data stored in Arweave’s decentralized ecosystem have to pay upfront, the cost covers over a hundred years.
Miners within this platform are rewarded with AR tokens and in turn, provide storage space from their computers. The consensus used is a Proof of Access (PoA) which according to Arweave is pretty similar to the famous Proof of Work (PoW) algorithm. In addition, users can easily integrate their websites or applications with permaweb as it can be easily accessed with the basic browsers.
Multicoin’s Capital, Kyle Samani, commented on permaweb’s bright future;
“There are clear and immediate applications for permanence on the Web today in government, media, classrooms, courtrooms, and more. I expect developers to leverage the Permaweb as another critical component in the web3 stack, and to build new applications that augment existing services or create entirely new ones.”
Williams has said that a big part of the $5 million funding will go towards development. They are also looking to venture into the U.S market and increasing human capital past the current team that comprises of a dozen individuals.
So far, close to 100 applications have been pioneered on blockweave focusing on different markets. Some are focused on publishing stuff like sticky notes while others are running social forums on the decentralized platform. Furthermore, the permaweb has over 45,000 committed objects with the paltform’s transactions at 157,000 as of press date.