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What is Arweave ?
Arweave (AR) is a decentralised data storage protocol that aims to offer blockchain-based organisation a permanent data storage solution. The protocol connects people with spare hard drive space to individuals and organisations that need data stored. This process of creating a collectively owned hard drive has become a popular permanent storage option for non-fungible tokens (NFTs).
The Arweave network is built on blockweave technology and allows users to preserve valuable information indefinitely. On top of this network, Arweave has developed a community-driven permaweb that anyone can contribute to and potentially be paid to maintain.
Arweave tokens, known as AR, are primarily used for protocol governance, network transactions and distributed data storage. The project places a strong emphasis on letting its community make decisions on what is built on the storage protocol.
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Who are the founders of Arweave?
Arweave was co-founded by Sam Williams and William Jones, both are Ph.D. candidates who studied at the University of Ken. Williams has a deep knowledge of decentralised technology and developed his own operating system called HydrOS while at university. Williams vision was to create a truly permanent data storage method that utilises blockchain technology. He brought Jones on to develop the technical details of the project, however, Jones later left the project to complete his Ph.D.
in 2019 Arweave raised $5 million from venture capital firms Union Square Ventures and Andreessen Horowitz.
