Benzinga – Arweave Protocol, a blockchain-based cloud storage provider, is attracting attention for its unique market opportunity in providing a solution for users seeking to store data permanently.
Unlike established cloud storage providers such as Amazon and Google, Arweave (CRYPTO: AR) uses a blockchain-like structure called a blockweave and a data structure called the “Weave” to enable scalable on-chain storage.
According to a report by crypto intelligence firm Messari, the “Weave” has expanded by 135%, reaching 134 TB of storage over the past year.
Although this growth may seem small compared to Filecoin‘s (CRYPTO: FIL) growth of 1390% to 687,900 TB of storage in the same period, Filecoin focuses on temporary storage while Arweave provides permanent storage solutions.
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The Messari report further stated that Arweave’s permanent storage solution has found a home in the Web3 ecosystem, with use cases for blockchain historical data, NFTs, metaverse assets, decentralized social networks, and Web3 apps.
Meanwhile, on the Web2 front, demand stems from individuals, businesses, and institutions with use cases for personal data, business and institutional data, and internet archiving.
Diving into the data being stored on the “Weave,” it’s possible to consider each of the identified use cases as a distinct storage sector within the network.
72% of data stored on the “Weave” is attributed to Web3, while the remaining 28% is related to Web2.
The report adds that Arweave Protocol’s unique focus on permanent data storage is drawing demand from users seeking secure and scalable on-chain storage solutions.
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© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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