Friday, June 14, 2024
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2021-11-19
By xylophone
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Arweave Ecosystem Weekly Report #14: “Fee Halvening” Edition

The 2.5 hard fork has had an immediate positive impact on the Arweave network for users. From our observations, the AR cost of storing data on the permaweb has been cut in half. Plus, the hard fork will make lead to improvements that reduce the operational requirements for nodes. This is a win both for users and decentralization.

Chart demonstrating the falling cost of storage in $AR, courtesy of Anthony from ArDrive

As well as the core network improvements, there’s a ton of news from the ecosystem. More than usual, in fact, as if the ecosystem flood gates opened. Let’s take a look!

I. Arweave Network

The 2.5 hard fork comes into effect

Arweave’s recent hard fork – version 2.5 – paved the way for future mining improvements and made the AR cost of storage scale up or down depending on the dollar price of AR.

The next hard fork will make HDD mining just as efficient as current, more expensive SSD/NVME setups. This reduces the initial cost of setting up a node, since the miner doesn’t benefit as much from access speed. Instead, the number of replicas of a given piece of data a miner has, the more the miner stands to profit.

The nature of a hard fork is that the network will need time to propagate changes and the nodes will need time to update. Any nodes not running the latest version of the mining software went offline on Wednesday – around 300 of them.

Since then, while not every node has upgraded, the network has re-stabilized.

Five projects present at the Open Web Foundry community spotlight

Dojima Network, Rawrshak, OpenSet, Artigrade and Arlix presented their products to the OWF community this week. We’ll be covering these projects and others from the OWF in-depth in an upcoming article.

Physical AR coin prototyped

A wooden 1 $AR coin was shared on Twitter this week as a proof-of-concept for a physical representation of Arweave tokens. The coin must be destroyed to access the private key.

II. Arweave Ecosystem

Verto tests new SmartWeave-based backend that will bring the exchange back online

Verto is testing a new backend that will bring the exchange back into action soon. The team innovated on the SmartWeave contract base code to develop a way for SmartWeave to custody tokens. This eliminates the need for trading post nodes and also sets the stage for Verto to incorporate more AMM-like features. We wrote about how Verto and everFinance are evolving Arweave PSTs here.

The first Permaweb Pioneers panel goes live

The first panel discussion from Permaweb Pioneers went live this week, publishing the recording of a conversation hosted by Only Arweave, Arweave News and Arweavers asking the question: “how can we bring web2-like experiences to web3”. The panel comprised experts working on Arweave gateways, bundlers, and other scalability improvements.

Glass launches a new music video auction with Two Feet

Glass, a video streaming platform based on Arweave, just announced an exclusive partnership with Two Feet to auction the platinum-selling songwriter’s latest music video, Until I Come Home. The 24-hour auction will start when the reserve price of 0.25 ETH is met.

Solana-based music distribution platform Nina leverages Arweave as storage

Built on Solana, Nina is a music distribution platform that aims to fairly compensate artists.

“On Nina, artists pay a nominal fee per upload that covers the permanent storage of their work. That’s all it takes to host their music and attach a payment mechanism to it. Their releases are made available for public streaming and purchase as tokenized assets with quantities and prices of the artists’ own choosing”. – Nina on Medium

While developing the platform, Nina opted for a pay-once, store-forever model using Arweave as the storage layer.

Permacast kicks off the permanent podcasting grants program

To give podcasters the chance to get their shows on a permanent, permissionless and subscriptionless host, Permacast is offering to cover the cost in $AR for accepted shows filling out the form linked below.

SevenX Ventures explain their Arweave investment thesis on the Bitcoin.com podcast

Li Rongbin, a founding partner of SevenX Ventures, appeared on the Bitcoin.com podcast this week to talk broadly about the market and the fund’s investments.

“Permanent storage is a backbone for web 3.0 applications. Web 3.0 is about the user owning their own data. How can you take full control of the data if the data is not stored, at your own will, permanently? If you store data in a centralized cloud server – or a chain where you need to pay rent, like Filecoin – you aren’t taking full control of your data. That’s why we’re so bullish on Arweave”

Listen to the full episode here.

25 AR bounty offered for an Arweave WordPress plugin

Arweave founder Sam Williams offered a 25 AR reward for anyone who can build a WordPress plugin that backs content up to Arweave.

Since websites are often hosted on rented servers, valuable information is at risk of being permanently deleted shortly after the website owner stops paying hosting fees. To avoid that common cause of 404s and lost work, an Arweave backup could be a good bridge from web2 to web3.

RedStone and everPay announce partnership

everPay, the Arweave-based DEX which bridges AR and ETH, has announced its application will make use of RedStone technology. Price feeds in the exchange will now be pulled from RedStone’s price API, and the code which makes use of SmartWeave contracts will be migrated to use RedStone’s version of the SmartWeave SDK – RedStone Contracts.

LikeCoin integrates Arweave storage

LikeCoin has implemented Arweave storage into its decentralized publishing protocol, enabling permanent documents to be added to “Metaverse Library” collection.

Watch the 10m presentation here.

“Blazingly fast” SmartWeave implementation in the works

This week the team at Verto teased a new SmartWeave innovation that can run 1,000,000 interactions in 1 second on 1 thread. While the official announcement with full details is still to come, this apparently will represent a huge leap forward for scaling smart contracts on Arweave.

AFTR Market treasury management smart contracts go into the testing phase

AFTR Market, a project from the previous Open Web Foundry has moved from the development stage into testing. The solution will enable easy and secure treasury management for Arweave PSCs and make use of the foreign call protocol (FCP), which makes it possible for SmartWeave contracts to custody assets and control their flow.

ArDrive’s ArCast releases first episode

ArCast is a newly-launched podcast from ArDrive, hosted by rapper and podcaster MC Lars – who you might recognize from ArDrive’s videos on Twitter. In the first episode, MC Lars talks NFTs, permanent storage and crypto culture with Stanford Law professor Mark Lemley.

ArCast is hosted permanently on permacast, an Arweave-based podcasting host.

III. ICYMI

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