idscapt：What is Arweave?

Judging from its name, Arweave sounds like some augmented reality (AR) or metaverse platform. However, it is a Decentralised Storage Network (DSN) where people with extra computer space can connect with those who need storage solutions. This is unlike traditional storage solutions that usually store data on servers. What makes Arweave all the more unique is that it offers permanent storage for a single upfront payment.

There are many other blockchain-based storage solutions, such as Filecoin and Storj. However, most of these solutions work on a monthly or yearly payment system. So, how does Arweave operate using a single payment system? The platform uses a sustainable endowment system, wherein a large chunk of the storage fees are deposited to earn interest. Arweave then uses the interest to pay for future storage costs.
However, there is some fine print one should go through in the storage contract. The platform only guarantees storage for as long as the endowment has enough value. As per the firm's calculations, it should be enough to store data permanently. However, as a conservative estimate, the contract only guarantees 200 years of storage.

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