Welcome to the New To Crypto podcast designed to guide you through the crypto landscape with pinpoint accuracy created for the new and intermediate crypto investor. Join your host Crypto Travels Michael as he takes you through the different facets of getting started and succeeding in your crypto journey. New to crypto podcast brings you new episodes daily Monday through Friday with surprise bonus episodes sometimes on the weekend. Let me ask you, are you new to crypto don’t know where to start? Are you more experienced but have questions? Then you’re in the right place. This podcast is designed for you, coming at you from the training center in the lifestyle design studio. Here’s your host Crypto Travels Michael.
What’s happening new to crypto nation. I’m happy to report that this podcast although it’s just over two months old, has had listeners in 68 countries and over 450 cities around the world. I’m excited about our journey. And I have lots of great things planned for the future, including a new course teaching all of the basics, a new NFT collection that I’ll be releasing, and a crypto apparel line. So you can represent crypto your favorite ones in your day to day getups in your threads. By the way, the new to crypto site is nearly done, and then we’ll launch soon. So without further ado, let’s dive into today’s episode, how Arweave and decentralized data storage will change history. This episode is part of the Solana ecosystem series that I’m creating. So let’s jump into Arweave. Arweave is a decentralized data storage protocol that allows you to store documents and applications in forever on a permanent internet. There’s new permanent internet is called the Perma web. Arweave is a protocol that seeks to permanently store files on a distributed network of computers. This type of innovation can disrupt traditional players in the data storage market. Arweave and other projects like it are in the process of changing history through decentralized data storage, which very well could be the future of how data is stored in the internet, for that matter.
Arweave describes itself as a collectively owned hard drive that never forgets. Instead of building its own storage layer. Solana’s incorporated a solution from Arweave. The Solana blockchain has data stores needs and Arweave is a decentralized data storage protocol. Solana now bridges to Arweave. Here’s an expert from Arweave’s past medium article. We’re excited to showcase the recently created solar bridge, a connection between Solana and Arweave, enabled by Bering Waters and Arweave backer and investment group based out of Hong Kong. The bridge progressively and automatically stores ledger data from the Solana blockchain on to the Perma web, ensuring that Solanas entire ledger history is made available on a public infrastructure in perpetuity. This is some exciting stuff on what’s going on with Solana and Arweave. There’s also info about Arweave on Solana’s website under their ecosystem, and I’ll have a link for it on our site, Arweave, and its current competitors, and any new ones that follow have the potential to permanently disrupt the likes of traditional storage giants, like Google, Amazon, Microsoft. What’s awesome is files that are stored on Arweave can be accessed by using traditional web browsers. So there is no need for a special wallet or blockchain service in order to access to files stored on Arweave.
The Gemini exchange phrases Arweave like this. Arweave seeks to make information permanent, cost effective and scalable with its decentralized architecture. The protocol provides the basis for the Perma web, a new version of the web in which websites and applications are stored forever, and the provenance of information can be traced the project’s unique block weave architecture differentiate Arweave from all of the other decentralized storage network competitors currently available. This elevates Arweave to more than a data storage protocol. It’s an entire layer of the internet. So let’s talk for a moment about this entirely new concept or thing called a Perma web. What is the perma web? Well, it’s a permanent decentralized web with a number of community driven applications and platforms. What I like about decentralized data storage, is that it’s there forever, and it can’t be censored or deleted by a centralized company. Right now, the Facebook’s and Googles, and others have the power to just censor your content, if they don’t like it, or if it falls in violation of their community standards. With decentralized data storage, it’s different.
And I love that I love the fact that we as creators own our own content, and have the power and final word over what happens to it. There are many other great things about storing data in a decentralized way. I highly recommend that you research this topic, it could very well be the future of the Internet. So let’s get into who founded Arweave. Who are the founders of Arweave? I like how Coinmarketcap words it and in words like this: Arweave was founded by Sam Williams and William Jones, two PhD candidates at the University of Kent. Williams came to the project with experienced in decentralized, and distributed systems. Having developed an operating system called Hydros. As part of his studies, while Joan’s focus was on graph theory and neural networking. The two came from a background in computers in tech. In January of 2020, Arweave launched a decentralized autonomous organization, also known as a DAO, and it’s comprised of core community members, which further the development and expansion of the network and its ecosystem.
Did you know that our wave has its own native token, Arweave does have its own native token, and the ticker symbol is called AR. This token has a very low coin or token supply, just over 33 million tokens currently in circulation, and there’s a maximum supply of 66 million tokens. By the way, the current market cap is nearly $2 billion for this token, and the token prices right now, is according to Coinmarketcap, it’s trading at just over $58 per token. So let’s unpack what makes Arweave unique. Well, according to its yellow paper, Arweave seeks to ensure the collective ability to store and share information between individuals and across time to new generations. Wow, that’s impactful. In order to accomplish this goal, its flagship Perma web is built on top of Arweave’s block weave, a variation of blockchain technology in which each block is linked to both the one immediately prior, and also a random earlier one. Arweave says this incentivizes miners to store more data, because they need to be able to access random previous blocks to add new ones and receive rewards. So let me ask you, how is the Arweave network secured? The Arweave network is built on a modified version of blockchain technology, It’s called block weave. And it uses a proof of access consensus algorithm. This is a modified version of proof of work.
And I want to mention other competitors in the decentralized data storage market, because I really don’t see them as competitors for Arweave. It’s like when the internet was in the process of being born, and around the time of mass adoption for the internet was happening. Back then it helped the overall internet to have many different options available to consumers. To help the overall vision and idea of what was back then this new thing called the internet. Some of the other players in the decentralized data storage space are Filecoin, Siacoin, Storage and Swarm. I encourage you to research more about Arweave, and decentralized data storage in your spare research time. So this pretty much concludes today’s episode, and it’s another one in the Solana ecosystem for our series. If you haven’t liked us subscribe to the podcast, definitely do that on your favorite platform. And definitely chime in to the very next episode. Until then, make it a great day.
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