Step Aside Blockchain -- Blockweave is here!

in ethereum •  22 days ago

The days of business decisions being made as per whim are long gone. Today, data analytics provide the proper guidance for making decisions. As this approach allows computers to guide decisions supported by crunching data on historical references, competitors' decisions, and market trends, an ever-increasing number of businesses--both small and large--are adopting data analytics. Now that virtually every industry is harvesting or utilizing data, the total amount of data being stored is rising exponentially.

Too Much Data

Technology for data storage certainly has advanced great leaps considering only less than a decade ago, floppy disks were still relevant.

But the amount of data being stored is now increasing at a pace too grand to be stored by available options sustainably. The dilemma we face is not that we cannot store all the available data; rather, the dilemma we face is that it may become too expensive and resource-intensive to store that data.

Conveniently, one of blockchain technology's most organic utilities revolves around data storage. Additionally, it decentralized data, and so makes it possible to lower storage costs--at least in theory. However, the present transactional limitations of the even recent blockchains are too overbearing to support the global need for data storage. Consequently, a new technological development, the blockweave, has been created by Arweave.

The Blockweave

Unlike the blockchain, the Blockweave is able to require less hashing for consensus as the amount of data stored in the system increases. A need for less hashing means a lower need to expense resources and Consequently a low cast to sustain the data storage. The lowered costs is only one of the innovative solutions offered by Arweave.

  • Arguably one of the greatest features of Arweave is the creation and usage of blockshadows. Since the amount of data that would be stored could reach phenomenal heights, moving these blocks for future reusable needs could become a major expense and inefficiancy. Instead Arweave has a created a means to only move around shadows of the block and these shadows contain only the data necessary to reconstruct the requested block.

  • Arweave is paving a new consensus mechanism called Proof of Access and it is optimized for data storage. Proof of Access pits miners to create replications of data.

There are plenty of blockchain products targetting the data sector. However, the reality remains that blockchain technology, in its present state, is incapable for handling the needs that'd be demanded by the data market. Instead? Arweave developed its own technology, the blockweave, to create an underlying foundation which, unlike blockchain, natively targets the market.

People started storing important information from the moment cave drawings came into existence. With time we began to record data on paper and we became better at automating that process. Now, we exist in the digital era and the importance of data has reached extraordinary heights; the demand to store this data is growing faster than the advancement in our current technology. There comes a point where simply making the existing technology faster or strong isn’t sufficient and that’s the point when a new technology needs to be created. That point for data has arrived and the new stage of data storage has arrived with Arweave.

Essential Arweave ICO Links

🌐 Website: http://www.arweave.org/
💡 Lightpaper: https://arweave.org/files/arweave-lightpaper.pdf
👨 ANN Thread: https://bitcointalk.org/index.php?topic=2066098
💻 Telegram: https://t.me/arweave

Connect with me:
https://bitcointalk.org/index.php?action=profile;u=1700741;sa=summary
https://steemit.com/@hatu – Follow for a new ICO analysis every day!
Twitter
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great bitcoin post. thanks for @hatu

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Not quite on Bitcoin; more towards a shift in blockchain tech ;)

Most important informative article, Thanks for sharing.

Where are you Live @hatu

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Yes, it's an important advancement; I was hoping to keep my audience informed.

And I Live in Dubai.

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@hatu, Your Nationality ?

Apni ki বাংলা janen...?

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Sorry @iroz, but I don't want to disclose that info on an open channel. Hope you can understand.

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Okey, but one thingh

আপনি কি বাংলা জানেন

Yeah, one of the biggest disadvantages of the Blokchain is the high consumption of power due to high hashing rates.

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Quite so.
Arweave's on to a revolutionary track.

i votee back you @hatu

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Thanks for the support :)

Very informative post!

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Thank you!
I tried my best :)

I just give up you up vote for your interesting post. Please read my latest post @sayemsonai.

Proof of Access? Interesting. We shall see how it is going to compete with projects like SC and STORJ.

Thanks for the great post. I have just invited you to the Minnowbooster Whitelist program and upon approval you may start to buy votes from MB which is having the highest ROI in the market now.

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You are definitely keeping up with crypto. So, the company already addressed that the goal isn't to offer data storage on blockchain; instead, the goal is to make data storage open and extremely low-cost.