What is the AR token?
AR is the utility token of the Arweave blockchain.
What is AR token used for?
- Fees to the network
- Mining rewards
What is Arweave?
Arweave is a proof of access blockchain used for permanent decentralized storage of data.
How does Arweave work?
16 Proofs of random access consensus works similar to proof of work (Bitcoin). In proof of random access the miners are proving that the data supposed to be stored in the network is in fact stored and accessible.
Block rewards are calculated to cover the cost of storage in GB/h – modelled from the declining storage costs in the last 40 years.
More in yellow paper (3.2.2.).
A users pays in AR to store data on the blockchain and to send AR.
Tokens spent this way are sent to an endowment in the network. These tokens are only used to pay miners when the block rewards are insufficient to cover the cost of storage.
There are decentralized web applications integrating and building on top of Arweave.
Arweave can be used by adding a transaction id in order to show that the data is stored. For example NFT metadata or a social media post.
Total supply: 66 000 000
- Genesis – 55 000 000
- Rewards – 11 000 000
- ICO – 11 330 000
ICO token price: $0.73