The creators of the blockchain storage of information have secured funding for the project by Arweave Team, Blockchain Capital and Sino Global Capital.
The startup that developed the ArDrive decentralized application raised $17.2 million during the initial investment round.
Now the ArDrive application stores more than 6 million of a wide variety of files (music, video, texts, images). The application is based on the Arweave blockchain. A decentralized solution enables users to manage and own their information.
The Arweave blockchain is a repository of information in which users pay a one-time fee for placing data. The blockchain operator in response gives a guarantee to the client for 200 years of data safety, and the user can, if desired, change and correct this data.
ArDrive is a decentralized analogue of Dropbox or Google Drive services, positioning itself as protected from information leakage. The app became famous during the Chinese government’s crackdown on protests in Hong Kong. The protesters used ArDrive to store data that was blocked by the authorities.
Hong Kong users were thus able to save materials from the local edition of Apple Daily. A Hong Kong newspaper has been shut down under a new “national security” law, but an anonymous group led by a 21-year-old cryptologist managed to copy and save some 5,600 newspaper stories by uploading them to ArDrive.
In 2019, Arweave, a decentralized online data storage startup, successfully completed another round of funding, during which it raised $5 million. In 2020, Arweave launched version 2.0 of its storage. To scale the solution in Arweave 2.0, the mechanisms of “quick write” and batch transactions are used.
Source: Bits
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