AR/USD: Convert Arweave (AR) to United States Dollar (USD)

Arweave (AR) is a decentralized storage network that aims to provide a platform for the indefinite storage of data. It describes itself as "a collectively owned hard drive that never forgets," and primarily hosts "the permaweb" — a permanent, decentralized web with numerous community-driven applications and platforms. The Arweave network uses its native cryptocurrency, AR, to compensate "miners" for indefinitely storing the network's information. The project was initially announced as Archain in August 2017, later rebranded to Arweave in February 2018, and officially launched in June 2018.

Arweave operates on a variation of blockchain technology known as "blockweave," where each block is linked to both the one immediately prior and a random earlier one. This structure incentivizes miners to store more data because they need to be able to access random previous blocks to add new ones and receive rewards. Arweave's "proof-of-access" consensus algorithm, a modified version of proof-of-work, ensures that each new block is linked not only to the one immediately prior to it but also to a random previous block. This incentivizes miners to store more information to prove they can access the old blocks required to mine a new one.

Arweave's primary use case is to provide a platform for the indefinite storage of data, making it a valuable resource for preserving important information across time. Its flagship permaweb is built on top of Arweave's "blockweave," creating a permanent, decentralized web with numerous community-driven applications and platforms. Arweave also introduced "profit sharing tokens" in June 2020, which allow developers to receive dividends when network transaction fees are generated from their application. This has led to the development of various permaweb-based apps and the collaboration with startups through its "Boost" program.

Arweave was founded by Sam Williams and William Jones, two Ph.D. candidates at the University of Kent. The project was initially announced as Archain in August 2017, later rebranded to Arweave in February 2018, and officially launched in June 2018. The idea for Arweave was conceived by Williams during a walk up a mountain in Scotland, and he later developed the technical details with Jones. After Jones left the project in mid-2018, Williams continued to lead Arweave and also served as an advisor to Minespider and a mentor for the Techstars accelerator program. Arweave launched a decentralized autonomous organization in January 2020, comprised of core community members to further the development and expansion of the network and its ecosystem.