Arweave – a new blockchain with a groundbreaking consensus algorithm Proof of Access
Storage of information has always been an important issue for mankind. In addition to physical destruction, data can be changed during storage, which is also in many cases unacceptable. And only with the emergence of blockchain technology, the company received a truly reliable and permanent repository of information. However, existing solutions, such as the Ethereum network, require significant costs.
Airwave strives to make a permanent and cheap storage of information a reality. The ambitious team offers a completely new consensus algorithm that offers an innovative approach to building transactions and arbitrary block sizes. And this is with high network bandwidth.
The project is based on four technologies combined with each other:
• Blockweave
• Proof of Access
• Wildfire
• Blockshadows
Blockweave is the name that gave the command to the new blockchain. Traditionally, each block is saved so that the full node can confirm the transaction later. Arweave introduces a new concept, thanks to which the full node will be able to perform its function without all of the chains:
• block hash list – list of hashes of all preceding blocks;
• wallet list – list of active wallets in the system.
Proof of Access is a hybrid of the famous proof of work (PoW) and the innovative proof of access (PoA). Unlike PoW, the PoA algorithm combines data from different blocks, which are randomly selected. Therefore, miners can store any previous blockchain instead of the entire blockchain. The Recall block, which is included in the next block, is calculated as the current block hash module relative to the current block height.
Wildfire is a system developed by the project for information exchange in a decentralized network. It is a local ranking system for each node that determines how quickly new blocks and transactions are distributed across nodes. It is based on two factors:
• speed of response to requests;
• the rate of adoption of data from other participants in the network.
Blackshadows Traditional blockchain involves the distribution of each new block to each node in the network. This causes a great loss of time needed to find consensus on the network. This, in turn, reduces the network bandwidth. Blackshadows technology involves the separation of block transactions and sending a minimum amount of information (block “shadow”) to nodes to restore the full block, which includes the following items:
• hash wallet list;
• hash list;
• list of transaction hashes.
The application of this technology should provide low fees and network performance of about 5 thousand transactions per second.
Application examples:
1️⃣Decentralized data storage
2️⃣Decentralized data exchange
3️⃣Decentralized data communication
4️⃣Decentralized identified data
Arweave is unique in that it creates its own blockchain, and does not use Ethereum as the majority of modern ICO projects. The application of the innovative consensus algorithm Proof of Access gives new opportunities. First and foremost is performance - 5000 transaction/second that can not boast of many modern blockchains. Another advantage is the possibility of decentralized data storage with minimal costs. The team estimates that in the long term the cost of file storage will be lower than that of competitors from Filecoin or Sia.
📍Website: http://www.arweave.org/
📌Lightpaper: https://arweave.org/files/arweave-lightpaper.pdf
🚨Telegram: https://t.me/arweave
Author: https://bitcointalk.org/index.php?action=profile;u=1371034
#arweave #ico #datastorage
Storage of information has always been an important issue for mankind. In addition to physical destruction, data can be changed during storage, which is also in many cases unacceptable. And only with the emergence of blockchain technology, the company received a truly reliable and permanent repository of information. However, existing solutions, such as the Ethereum network, require significant costs.
Airwave strives to make a permanent and cheap storage of information a reality. The ambitious team offers a completely new consensus algorithm that offers an innovative approach to building transactions and arbitrary block sizes. And this is with high network bandwidth.
The project is based on four technologies combined with each other:
• Blockweave
• Proof of Access
• Wildfire
• Blockshadows
Blockweave is the name that gave the command to the new blockchain. Traditionally, each block is saved so that the full node can confirm the transaction later. Arweave introduces a new concept, thanks to which the full node will be able to perform its function without all of the chains:
• block hash list – list of hashes of all preceding blocks;
• wallet list – list of active wallets in the system.
Proof of Access is a hybrid of the famous proof of work (PoW) and the innovative proof of access (PoA). Unlike PoW, the PoA algorithm combines data from different blocks, which are randomly selected. Therefore, miners can store any previous blockchain instead of the entire blockchain. The Recall block, which is included in the next block, is calculated as the current block hash module relative to the current block height.
Wildfire is a system developed by the project for information exchange in a decentralized network. It is a local ranking system for each node that determines how quickly new blocks and transactions are distributed across nodes. It is based on two factors:
• speed of response to requests;
• the rate of adoption of data from other participants in the network.
Blackshadows Traditional blockchain involves the distribution of each new block to each node in the network. This causes a great loss of time needed to find consensus on the network. This, in turn, reduces the network bandwidth. Blackshadows technology involves the separation of block transactions and sending a minimum amount of information (block “shadow”) to nodes to restore the full block, which includes the following items:
• hash wallet list;
• hash list;
• list of transaction hashes.
The application of this technology should provide low fees and network performance of about 5 thousand transactions per second.
Application examples:
1️⃣Decentralized data storage
2️⃣Decentralized data exchange
3️⃣Decentralized data communication
4️⃣Decentralized identified data
Arweave is unique in that it creates its own blockchain, and does not use Ethereum as the majority of modern ICO projects. The application of the innovative consensus algorithm Proof of Access gives new opportunities. First and foremost is performance - 5000 transaction/second that can not boast of many modern blockchains. Another advantage is the possibility of decentralized data storage with minimal costs. The team estimates that in the long term the cost of file storage will be lower than that of competitors from Filecoin or Sia.
📍Website: http://www.arweave.org/
📌Lightpaper: https://arweave.org/files/arweave-lightpaper.pdf
🚨Telegram: https://t.me/arweave
Author: https://bitcointalk.org/index.php?action=profile;u=1371034
#arweave #ico #datastorage