Arweave token is already on Binance. How does it work?
Binance is the largest crypto exchange platform worldwide. As a result, tokens listed on this platform get special attention from traders. Arweave is one of such tokens. Binance announced today that it would list AR and open trading for AR/BTC, AR/BUSD, AR/BNB, and AR/USDT trading pairs. Users are already able to deposit AR in preparation for trading.
Arweave is a decentralized storage network. It is built on blockweave technology. The project develops an underlying permaweb. The latter is a permanent decentralized web hosting several community-driven applications and platforms. Arweave created AR as its native utility token. The platform uses it to reward miners, as well as pay for transactions on the Arweave network.
According to the founding team, Arweave is software that aims to store files across a distributed network of computers permanently. It wants to build something like the fabled Library of Alexandria: a huge digital archive persisting in perpetuity.
As a result, this platform has much in common with other decentralized storage platforms like Sia and Filecoin, both of which also use digital currencies to create marketplaces for customers who want to buy or sell various data storage services.
Will Aarweave become Google’s rival?
Aarweave aims to disrupt a market dominated by existing storage giants like Google, Microsoft, and Amazon and carve its own place in it. Many other companies seek the same. What sets this platform apart from competitors is its decision to permanently store data through unique incentives built around its AR token.
The team noted that Arweave should enable customers who store data to get revenues, even after making initial payments for its decentralized storage service.
Besides, users can access files stored on Arweave through traditional web browsers. Thus, they don’t need any special wallet or blockchain service. A voting mechanism is another notable feature as it allows users to moderate illicit content.
The company has already began storing data from the Internet Archive in 2020. It partnered with this platform, hoping to keep that storied institution’s data resistant from tampering.
Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. If you are interested in following the latest news on the topic, please follow Finance Brokerage on Google News.