Advanced Blockchain AG Has Invested In Permanent Data Storage Provider, Arweave
This investment supports Arweave’s innovative blockchain-inspired infrastructure, which enables data to be permanently stored in a sustainable and tamper-proof manner.
Through its portfolio company nakamo.to, Advanced Blockchain has made an investment into the Arweave network (https://www.arweave.org/). This cutting-edge company enables permanent data storage to be sustainable, facilitated by its proprietary technological infrastructure.
Arweave solves an unmet technological need: permanent data storage.
At present, there is no lasting and secure solution for permanent data storage. Traditional device-based storage onto a singular computer harddrive is vulnerable to destruction by natural or human forces. Even backup copies are not immune to issues. The cloud makes data storage more decentralized, but is still vulnerable to hacks that could tamper with data.
Addressing this existing limitation, Arweave enables the permanent storage of images, websites, and all other features of the internet. This permanent solution results in what the company calls the “permaweb”. To generate this infrastructure, Arweave connects individuals with spare disk storage space with those needing permanent data storage. Data is then permanently stored across hundreds of devices, making them impervious to damages by natural forces or malicious intent. This process is executed in a highly secured and fully decentralized manner, without the use of a middleman. Furthermore, Arweave financially rewards those providing storage space.
Arweave takes inspiration from the blockchain to construct its platform.
Similar to a blockchain, the core technology powering Arweave is the protocol’s blockweave. This innovation consists of a set of data-containing linked blocks like that of a blockchain, with an additional functionality: the infrastructure to allow for ensuring miners provide a “Proof of Access” (PoA) to old data in order to add new blocks to the weave. The blockweave is also unique in that it incentivizes storing valuable data (i.e. the information stored permanently in the network), so that storage providers are rewarded with tokens. Thus, while the average blockchain incurs a cost for data storage, the blockweave provides a value for it.
The end result is that Arweave serves as a permanent data solution backed by sustainable and transparent economics. Users seeking storage pay a one-time principle upfront, on which interest (in the form of storage purchasing power) is generated. This principle is turned over to those providing storage, rewarding them for offering up storage space. Using this simple model and conservative estimates for storage pricing, Arweave is posed to ensure long-term network viability and lasting data storage.
Arweave has received considerable recognition for its work.
The protocol has been featured in the World Economic Forum’s crypto reports as well as the New York Times and other publications. Furthermore, the protocol has formed a collaboration with Parity Technologies (creators of the Polkadot blockchain and ecosystem), whereby Arweave will function to store the Polkadot parachain data. Additionally, other prominent investors in Arweave include Andreessen Horowitz, Union Square Ventures and Coinbase Ventures. This support by well-recognized organizations lends credibility to Arweave, demonstrating the widespread need for their product offering.
This investment joins Advanced Blockchain’s existing portfolio.
Advanced Blockchain’s investment into Arweave adds to its portfolio of innovative blockchain-related projects, while also helping the company to promote creativity and growth in the overall blockchain industry.
For more information about Advanced Blockchain AG and its various investments and projects, check out their website at advancedblockchain.com.