How will Arweave move towards large-scale application in the future with the total number of transactions exceeding 1 billion?

Author: PermaDAO

Arweave Network captured 940 million transaction data in its 2023 semi-annual report earlier this month, and expects to break through the 1 billion mark in August. However, transaction volume surged, quickly reaching 1 billion in the second half of the year. This is another important milestone for the Arweave network, and it is not far from the 100PB scale. The promotion of the ANS-104 standard plays a key role in making the network more flexible and robust to handle different types of data. Tools such as Bundlr and Arseeding also contributed greatly, with Bundlr setting a record of 5.9 million transactions in a single day.

The total number of Arweave transactions exceeds 1 billion, how will it move towards large-scale application in the future?

Current Commemoration

In the Arweave 2023 semi-annual report earlier this month, SCP Ventures captured 940 million transaction data. At that time, it was expected to break through the 1 billion mark in August. Unexpectedly, with the surge in transaction volume, the second half of the year had a good start. At present, the cumulative number of transactions on the Arweave network has officially exceeded 1 billion.

This is the second milestone after the Arweave network scale exceeded 100 PB. As the founder Sam said, this is a historic achievement since the Arweave project was established 6 years ago and the mainnet was launched 5 years ago!

Among the factors that contributed to this achievement, the ANS-104 standard stipulates the Bundle (bundle) standard, which allows the network to process different types of data such as transactions, transfers, and data uploads in a more flexible and powerful way. Without the Bundle standard, the entire network may only have half of the current transaction volume, and it will do more with less. Now Arweave has completed historical tasks while saving users 50% of fees.

Bundlr and Arseeding are the best among them. Bundlr reached a new peak of 5.9 million transactions in a single day, and Arseeding will continue to cooperate deeply with tools such as KNN3, Adot and 4everland to create better developer services.

Arweave's goal is to provide a reliable, secure and permanent storage solution that enables users to save important data on the network and ensure that it is never lost or tampered with.

Through Arweave, users can permanently save various types of data on the network, such as documents, audio, video, pictures, etc. Compared to traditional cloud storage solutions, Arweave offers higher reliability and security as data is stored in a distributed blockchain network and cannot be tampered with or deleted.

This is essentially different from existing storage projects. Whether it is traditional centralized, cloud storage vendors, or competitors in the Web3 field, any files uploaded to Arweave can be safely stored for at least 200 years.

But this is just the function of Arweave that people usually remember. In the next step, it will shift from "cold storage" to "hot computing", and the data will gain more vitality and economic value.

Before that, let's go back to the source of Arweave's progress:

let time pass by

The usage of Arweave has been bleak for a long time, and the value of permanent storage has not been widely accepted and recognized by the market. The development of Arweave can be divided into three stages:

  • Before August 2021, Arweave is only one of the decentralized storage track projects. Although it has received a large amount of financing, the overall ecology and projects have not really grown;
  • From August 2021 to August 2022, the first small peak of usage, at this stage Bundlr began to promote network usage, the earliest code submission record that can be traced back to July 4, 2021;
  • From August 2022 to the present, the Arweave network has begun to grow explosively, and most notably, this has been achieved in the context of a bear market. Among them, the version 2.6 upgrade, which will take effect in March 2023, allows mechanical hard drives to participate in mining, lowering the threshold for network entry.

The total number of Arweave transactions exceeds 1 billion, how will it move towards large-scale application in the future?

Arweave 2.6 focuses on two aspects, one is to reduce the energy consumption of Arweave storage data to improve the efficiency of the storage market; the other is to encourage miners to store more data, especially data types with heavy space requirements such as rare data backup and audio and video.

Specifically, it will mainly include the following four specific measures:

  • Reduce the average cost of Arweave storage by encouraging miners to use cheaper hard drives to store data instead of continuing to increase transmission speed;
  • By incentivizing miners to back up more complete copies of the Arweave main network data, so as to establish faster index information to achieve a more "distributed" data backup network;
  • Allow more mining computing power to be put into really useful data types to reduce energy waste in the network and avoid excessive spam information in exchange for AR tokens;
  • Allows the storage cost to be estimated at a dynamic price in the Arweave network, thereby guiding miners to switch to higher value data type storage and improving the network fault tolerance rate.

Facts have proved that all these efforts were not in vain, and the Arweave network has also been selected by more projects as their own data storage solutions. The most typical of these is the Lens Protocol, which migrates data to the Arweave network.

In addition, the ecological infrastructure of Arweave is no longer barren. everVision has built the universal payment protocol everPay, and the 0 Gas Fee DEX Permaswap based on the SCP paradigm. It relies on off-chain calculation + on-chain settlement to achieve the same transaction speed as traditional centralized exchanges. The idea of UniswapX is highly similar to it.

Arweave's next goal can only be to serve the next 100 million users, get rid of involution, and move towards a more mainstream market space.

Looking to the Future

Arweave has entered the era of large-scale applications, and the next step of the blockchain will not be limited to the pure financial transaction field, and broader scenarios require more complex infrastructure to carry.

As mentioned above, simple cold storage needs to be changed, and more complex hot computing will become the main theme. Whether it is Permaweb (permanent network), general-purpose database DB3, or Mind Network, the encryption layer for the entire communication process, they are all brand-new network service application methods.

The total number of Arweave transactions exceeds 1 billion, how will it move towards large-scale application in the future?

It is also with the help of rich ecological dApps that the Arweave network has gradually grown into a towering tree, and the next step will focus on continuing to lower the threshold for user participation:

  1. Participation method with lower threshold: The use of Arweave will continue to be simplified. Users do not need to install the Arweave mainnet, and only need to purchase a certain amount of AR tokens on everPay to participate in transactions, storage and development. Compared with the traditional Internet, Arweave will remove the participation threshold and attract more ordinary and traditional users to participate;
  2. Update Reward Mechanism: Arweave has innovated the mining mechanism to encourage users to participate in transactions. Users can now use $U to obtain AR token rewards by storing and transmitting data. Whether it is directly interacting with the Arweave network or using light nodes such as Arweave, it will be returned directly to end users;
  3. Stimulate community activity: Arweave has many active communities. For example, PermaDAO is holding the Arweave Summer Asian Hackathon to encourage developers to participate and use Arweave. In addition, Community Labs is also actively developing a low-threshold wallet toolkit and sharing it with the community;
  4. Development of application ecology: Arweave's application ecology is also growing and expanding, covering multiple fields and industries. Taking Mind Network as an example, it has introduced the zero trust mechanism into Arweave, decoupled data storage and computing, and made full use of the excellent characteristics of Arweave cold storage.

The second is to promote the continuous prosperity of the creator economy, truly liberate individuals from the profit deprivation and censorship of traditional centralized institutions, and return free will to everyone. For example, UDL (Unified Data Protocol) will provide Web3 content creators with an effective on-chain standard for content distribution, incentive setting, and authority management, allowing creators to become the real subject of content creation and dispersing the platform advantages of centralized organizations to each individual;

Of course, the development of Arweave is not perfect, but as an "Old School" project that has gone through two bull-bear cycles, Arweave still maintains sufficient innovation capabilities and has not fallen into a dead silence. We firmly believe that the Arweave network will definitely become the basic components of the entire future world, shining on human civilization like the Alexandria Library.

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