Data storage blockchain protocol based on a novel proof of access consensus mechanism

Review for Arweave ICO

Idea & Token

Arweave is a data storage blockchain protocol based on a new consensus mechanism – proof of access (PoA). The new mechanism makes data storage permanent, low-cost, and censorship free. In contrast to proof of work (PoW), to create a new block in blockchain PoA can take any randomly selected block, and not necessarily the previous one as in PoW. So, miners need to have only a few previous blocks to create a new one.
Other distinctions from classic blockchain:
– Ability to verify old blocks and evaluate new ones.
– A full list of active wallets in the system.
– The block shadows technology that sends only a small piece of a new block and not the entire one to the network nodes. This small piece of data allows restoring the entire block, if needed.
What users get:
– A cheap and permanent data storage with instant access and collaboration capability
– Ability to upload data securely and anonymously and share it with anybody
– Data created online cannot be anonymous
Their utility token called AR will be used to add data to the blockweave storage. The distribution is as follows: 26.5% – reserve, 19.5% – private sale, 19.1% – ecosystem, 13% – team, 10.8% – seed sale, 7.1% – strategic sale, 2.9% – advisors, 1.1% – public sale.

Team

The team consists of 8 specialists including young scientists experienced in decentralized systems, computer science, graph theory, and neural networks. They also have several developers. Though the theoretical and knowledge background is quite strong, the experience of the team looks insufficient. This is compensated by a serious advisors team (8 members), including such people as Jeremy Epstein and Jesper Noehr.

Summary

Arweave has a list of competitors, but what makes them special is the feature of one-time payment for data storage (instead of subscriptions) that will be much lower than other projects offer. They will be focused on storing large amounts of data and making it permanent and immutable. The team has also established several partnerships. What else is adding optimism is their plan to launch the product in June and a hard cap of $8.7 million. So, in spite of the young team and a number of competitors, the project deserves a rate much higher than average.

“Pay once, store forever” is a slogan of Arweave, a project using the new proof of access mechanism to make data storage cheap, fast, and really permanent.

Average rates for the project

Average
rating
Team
-
Vision
-
Product
-
Hype
-
Rating
2.3 / 5
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-
-
-
0 / 5
-
-
-
-
2.3 / 5
0
0
0
0
- / 5
-
-
-
-
- / 5
-
-
-
-
- / 5
-
-
-
-
- / 5

Arweave ICO datesexport to calend


Whitelist
12.11.2018
12.11.2018
KYC
12.11.2018
12.11.2018
PreICO
12.11.2018
12.11.2018
PreSALE
12.11.2018
12.11.2018
ICO
12.11.2018
12.11.2018
12.11.2018
12.11.2018
12.11.2018
ICO
Jun. 3, 2018 — Jun. 6, 2018

Funding

Token
AR
Hard cap
$ 8.700.000
Price on ICO, usd
$ 0.73

About Arweave

Typical blockchains have several major wellknown problems with data storage. These problems require new third-party protocols to be integrated on-top of existing blockchains, as fees are too high for on-chain storage to be feasible. Therefore, with typical blockchains there is always going to be a cost to access content, and content is never stored permanently. As the demand for data storage grows exponentially, the need for a decentralized low-cost data storage protocol that can scale is a necessity.

Arweave – a new blockchain like structure called the blockweave. The blockweave is a platform designed to provide scalable on-chain storage in a cost-efficient manner for the very first time. As the amount of data stored in the system increases, the amount of hashing needed for
consensus decreases, thus reducing the cost of storing data. The protocol’s existing REST API makes it trivially simple to build decentralised
applications on top of the blockweave, reflecting Arweave’s focus on the developer community and their ability to drive adoption of emerging and novel protocols. In this paper, we also introduce novel concepts such as; block-shadowing, a flexiblysized transaction block distribution algorithm that improves on current ‘sharding’ techniques by other blockchains, a selfoptimising network topology, and a new consensus
mechanism called proof of access.


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