Rising over 50% in 24 hours, is Arweave going to be the 'Ethereum killer” again?

php Editor's Xiaoxin report: The Arweave cryptocurrency has increased by more than 50% in 24 hours, triggering heated market discussions and being considered as a possible "Ethereum killer." Arweave is a decentralized storage network, and its unique technology and application scenarios have attracted much attention. This article will explore Arweave’s development trends and potential impact on the cryptocurrency market.

Author: Joyce, kaori

In the storage track, FIL finished pulling and it was AR’s turn.

Yesterday, the blockchain storage protocol Arweave released the public test network Arweave AO, which is used to design computing layers for social media and AI. Subsequently, the price of its native token AR continued to rise. As of writing, AR exceeded $24, a 24-hour increase of 51%.

ChainFeeds founder Zhixiong Pan posted on X that Arweave may be the most promising encryption protocol to make large-scale decentralized data storage a reality. He emphasized that our lives are very different from those of our ancestors because we have inherited and exploited the knowledge and experience accumulated by mankind over thousands of years of history. He believes that new technologies may bring huge changes to us, and may even display machines like ENIAC in the Library of Alexandria in the future.

So what mission does Arweave want to accomplish with the testnet released this time? Arweave founder Williams even said that Arweave AO is confident in competing with Ethereum, calling itself an "Ethereum competitor." What exactly is Arweave AO?

Large-scale verifiability, Arweave AO’s supercomputer vision

What Arweave does is "permanent storage of information", a decentralized data storage protocol based on blockweave technology, the main network is Launched in June 2018, it uses BlockWeave's data structure and SPoRA's consensus mechanism to provide a new solution to the problem of permanent storage. Arweave's one-time payment and lifetime usage also solves the cumbersome process of users needing to continuously subscribe. Arweave has also promised to provide users with storage services for at least 200 years.

The launch of the Arweave AO testnet marks a new approach to enabling the processing of larger computing workloads. AO is a hyperparallel computer that provides a decentralized computing environment that allows users to run multiple processes in parallel at the same time. Traditional decentralized computing systems usually support either large-scale computing or verifiable computing, while AO can achieve both at the same time. In the announcement video of Arweave founder Williams, he emphasized the uniqueness of AO, which will bring more room for innovation and development to blockchain technology.

This shows that Arweave is beginning to enter the field of computing, similar to Ethereum being called a "supercomputer." Arweave AO even allows artificial intelligence and large language models (LLMs) to run directly in smart contracts.

In an interview, Williams said that the difference between Arweave AO and other high-performance blockchains such as Aptos and Sui is that it can support the storage of large amounts of data, such as AI models. "This is largely because the core of the project is based on a data storage platform."

Decentralized database WeaveDB CEO Mardeni posted a message saying that Arweave's transaction volume today reached a record high, and TPS far exceeds that of most blocks. chain, and we will wait and see how Arweave AO performs in the future.

But Arweave went through a lot of exploration before reaching this point.

Storage started, Arweave’s transformation path

Arweave was founded in 2017. As a blockchain-based file storage protocol, Arweave has the characteristics of one-time payment and permanent storage of files. A simple set of economic incentive rules allows miners to store data for a long time. In 2021, the number of applications based on the Arweave network has exceeded 200, covering multiple categories such as social networks, infrastructure, content distribution, and verification tools.

In the following two years, Arweave’s business data achieved substantial growth, influenced by the development of the NFT market and the Web3 creator economy. Arweave's data storage volume at the end of 2022 was nearly three times the same period the previous year, a year-over-year increase of 192%. At that time, Arweave’s 30-day network revenue was close to $300,000, and it once topped the list of Web3 basic service protocols, far exceeding star storage and DePin projects such as Storj and Helium.

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