Arweave and Meta Partner for Better NFT Storage, Token Rise by 61%
Meta and Instagram have signed an agreement about a web3 plan. They have also rolled out an NFT feature in conjunction with Polygon and Arweave.
Implementing Permanent Memory
The Meta and Arweave partnership also involve NFT storage facilities on Instagram. This was according to Arweave’s co-founder and CEO, Sam Williams, who announced via his Twitter page. Williams stated that Meta will now store digital collectibles from Instagram while using Arweave. He said further that Instagram users will be able to issue NFTs for all their posts saved on Arweave.
The immediate response to this development is that Arweave (AR) tokens have risen by 61% in the last 24 hours. It is currently leading the market’s first 100 tokens in their increase rates. AR hit $17.85 in the early hours of Thursday but it had slid slightly to $16.26 by the time of this report. Investors are currently bullish around AR because of Meta’s recent interests and partnership. It is, however, a long way off its all-time high of $89.24 which it reached in November 2021.
The CEO, Sam Williams said Arweave works as a decentralized storage system. It is also an all-time memory layer for people. He said further that the community gives people a right and means to be remembered as it seeks to connect people across time. Data and information on the internet could be changed, hidden, or completely removed when they are in the care of centralized bodies. Arweave solves the problem of web information impermanence.
Meta’s Commendable Move
Blockweave technology underpins Arweave’s system and operation. Where blockweave is a cost-effective mechanism that helps on-chain storage to scale.While the amount of information in the database increases with time, the amount of hashing power required to have a consensus reduces. The result is a lower storage cost as the system continues to scale higher.Arweave uses the Proof-of-Access protocol for mining and operations. This protocol requires miners to get storage space and then reproduce the data stored on the network so they can earn AR.
Mining in the PoA protocol means that miners verify a new block of information. They would then provide cryptographic proof that would give access to the block information. William commented on the partnership and applauded Meta’s diligence. He also appreciated the move to implement permanent information storage for users of their platform.
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