What is Arweave (AR)?

Arweave is a decentralized and permanent data storage network. Its use cases include preserving crucial data and hosting neutral web apps. By working as a collectively owned hard drive that is never forgotten for data, Arweave offers permanent and censorship-resistant data storage.

Its native currency is AR, in which Arweave miners get paid to contribute to storing the network information. Moreover, those who utilize the Arweave platform also pay storage fees for AR tokens. The platform also allows the conversion of AR to Wrapped AR (wAR) tokens, which it holds and can be used to participate in DeFi activities within the Ethereum ecosystem.

The first genesis block of AR was rolled out in June 2018, with 55 million AR tokens minted at that time. After that, an additional 11 million AR tokens were introduced as block rewards, bringing the maximum supply of AR to 66 million. The project's initial name at the time of launch in April 2017 was Archain, which was later rebranded to Arweave in February 2018.

How Does Arweave (AR) Work?

Arweave's standout point is its facilitation of collective storage between individuals. It uses its flagship, Permaweb, a community-owned website where anyone can contribute and get paid. Additionally it employs a unique graph-based data storage structure, "Blockweave," that links each block to two previous blocks. This approach creates a 'graph of blocks', which differs from standard blockchain structures involving a 'chain of blocks'.

The miners who maintain these block weaves provide their disk space for storing network data. They employ a consensus called Proof of Access (PoA), a variation of Proof-of-Work (PoW), with an additional requirement for miners to include a reference block (a block from the past). This process confirms that the miner is storing a copy of the data, supporting the network's goal of providing permanent storage solutions to users.

In February 2021, Arweave upgraded from PoA to Succinct Proofs of Random Access, which incentivizes miners to replicate data more efficiently and quickly. This was done to establish a competitive edge between miners so that they maintain separate decentralized nodes instead of using a remote storage pool.

Another interesting feature of Arweave is its one-time-pay economic model. Unlike other decentralized data storage options that charge monthly or yearly fees, Arweave lets users pay a one-time fee in AR tokens for storing data. It uses these fee funds to reward miners who provide storage space and secure the network. Since miners need to provide proof that they are storing old data with the new one, the network keeps ensuring that the user data is safe and untempered.

In March 2024, Arweave introduced hard forks to address various issues, such as occasional block validation failure, stabilize network difficulty, and ensure other minor adjustments for a better user experience.

How to Buy Arweave (AR) in India?

There are many platforms where you can invest and Buy Arweave (AR) in India.

One such platform is Flitpay. To buy Arweave in INR, you have to sign up to Flitpay, where you will have to enter the required details and go through a small KYC verification process.

After the KYC approval, ensure you have correctly entered your bank details. Now, through the linked bank account, deposit the amount you want to buy AR and execute the purchase.

You can instantly convert your INR to AR and AR to INR and withdraw your INR through bank transfers whenever you want.

Flitpay also keeps introducing timely rewards for its users.

What to Do After Buying Arweave (AR)?

AR can be used to buy other cryptocurrencies after converting them to INR through crypto exchange platforms like FLITPAY. You can also hold the AR till it reaches a high price, and then you can sell it instantly and bag the gains through Flitpay's OTC order facility. Users can earn significant profits from buying Arweave at a lower price and selling it at a higher price.

FAQs

What is Arweave (AR)?

AR is the native currency of the Arweave network. Users pay the Arweave fee in AR tokens to use the network functions and permanently store their data on-chain. The Arweave miners receive rewards and incentives for data storage and network validation in AR tokens.

What is the Arweave (AR) price in India?

Check out the current INR price of AR crypto in India on Flitpay.

Which is the best crypto exchange in India to buy Arweave?

Flitpay is the best cryptocurrency exchange in India to buy Arweave, buy Shiba inu or your favourite cryptocurrencies. Flitpay supports instant UPI and bank deposits and bank withdrawals with a minimum deposit and withdrawal limit of INR 100.

What are the benefits of Arweave (AR)?

Arweave stands out in the decentralized storage space with its unique block weave technology, which ensures data is stored permanently and securely. The one-time payment model in AR tokens is more cost-effective than traditional storage fees, providing long-term benefits without recurring costs. Miners are incentivized to maintain high storage standards through a Proof of Access system, ensuring data integrity. Moreover, the ability to convert AR to wAR opens up opportunities for DeFi participation within the Ethereum ecosystem.

Is it safe to invest in Arweave (AR) in India?

Yes, investing and trading AR is Safe in India. Flitpay is one of India's most secure cryptocurrency exchanges for buying AR crypto. It offers real-time prices and advanced investing features.

Where can I deposit and withdraw Arweave (AR) crypto in India?

Flitpay is the only crypto exchange that facilitates hassle-free and Instant crypto deposits and withdrawals in India with minimal or no fees.

Similar Decentralized data storage network cryptocurrencies to buy: Filecoin, Storj