TL;DR
- Arweave AO, an innovative project aimed at improving network scalability and efficiency, has been introduced.
- The protocol has processed over 3.2 billion transactions to date, highlighting the need for solutions to handle increasing transaction volumes.
- The ‘AR’ token saw exponential growth, totaling a 221% increase in just over 20 days.
Arweave, a decentralized storage and scalability protocol, has unveiled its new project called Arweave AO. This initiative represents a significant advancement in blockchain solutions development. Alongside the announcements, its native token ‘AR’ experienced exponential growth.
Its founder, Sam Williams, describes the protocol as a “hyper parallel computer living inside Arweave,” capable of hosting parallel executions based on proof-of-stake computations. This innovative approach aims to enhance scalability and efficiency, enabling faster and more effective transaction processing on the network.
This development arises from the need to handle larger transaction volumes, especially in applications requiring high performance, such as social networks and artificial intelligence on blockchain. Arweave has processed over 3.2 billion transactions to date.
On a Monthly Scale, Arweave (AR) Surged by 221%
One of the protocol’s most notable features is its compatibility with the Ethereum Virtual Machine (EVM). This means that the protocol can execute Ethereum smart contracts natively, expanding its interoperability and usefulness in the blockchain ecosystem.
In the current testnet phase, two key mechanisms are being evaluated: the Gateway Address Registry (GAR) and the Observation Incentive Protocol (OIP). These mechanisms are essential to ensure network scalability and security, designed to encourage the participation of reliable gateway operators.
According to the latest data provided by CoinMarketCap, Arweave (AR) is trading at $28.65 per unit. This reflects a prolonged growth trajectory. AR grew by 30% in the last day. On a weekly basis, that percentage scales to 120%, and finally, on a monthly scale, it shows a surge of 221%. On February 6th, it was trading at just $7.6.
