Wednesday, April 21, 2021
Home Crypto News Analysis Doubled In One Day-What Is Arweave (AR) Token?

Doubled In One Day-What Is Arweave (AR) Token?

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Arweave (AR), is used to store NFT tokens, SPoRA hard fork will further update Arweave project.

Arweave (AR), which gained 251% in value on the monthly chart and 201% on the weekly chart, saw an all-time high of $14.02 with an increase of over 200% in the 24-hour period. AR coin price rose from $6.27 to $14.02 in one day.


Having a market value of $443 million, AR token has a trading volume of $52 million per day.

What Is Arweave (AR)?

Arweave, that adopts data sustainability as a principle, is a decentralized protocol that provides storage services. It stores valuable information, historical data, and applications. Working with Blockweave technology, Arweave connects the blocks in the network to each other and these blocks hold various data. Miners obtain old data on the network with the Proof-of-Access (PoA) algorithm and create new blocks. Miners get tokens in exchange for new blocks using old data. Converting old data saves energy and network data is stored efficiently.

On top of the Arweave network is a layer called permaweb. Built on HTTP, this layer in Arweave allows internet browsers to access the network. Permaweb can be used to access pdf files, pictures, videos or internet applications. Persons authorized to protect the network control the data coming to Arweave through permaweb and ensure the security of the network.

Users who want to upload data to the Arweave network need to pay with AR coin. Also, miners are rewarded with AR tokens to encourage participation in the network. The circulating supply of AR tokens is 43 million, with a total supply of 66 million.

AR token is listed on these exchanges; BigONE, Huobi, Bilaxy, MXC, Hotbit, Gate.io, BKEX and Bittrex.

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Ammara
Ammarahttps://thecryptobasic.com/
I am the editor-in-chief of The Crypto Basic. Love to get involved in cryptocurrencies. I am in crypto since 2014. I like the way blockchain is progression, being adopted by large firms and in most parts of our lives. We are early adopters and followers of blockchain, and time will surely come when our success factor will be blockchain.

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