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What is Arweave (AR)?
Arweave (AR) is the native token of the Arweave network, a decentralized storage platform designed for permanent and verifiable data storage. AR incentivizes users to contribute storage space and participate in the network’s consensus mechanism.
Key Features of Arweave
- Permanent Storage: Arweave aims to provide permanent, decentralized storage for data, ensuring information is not lost or tampered with over time.
- Blockweave Architecture: Arweave utilizes a unique blockweave architecture where each block links to previous and random older blocks, promoting data integrity.
- Proof-of-Work Consensus: The network relies on a Proof-of-Work (PoW) consensus mechanism to incentivize users to provide storage space and validate transactions.
Uses of AR Token
- Storage Rewards: Users who provide storage space on the Arweave network earn AR tokens in return.
- Data Transactions: AR is used to pay for data storage and retrieval on the Arweave network.
- Network Governance (Potential): While not fully implemented yet, AR holders might have voting rights in future on-chain governance proposals for the Arweave network.