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Arweave Basic Review

About Project

Name: Arweave

Ticker symbol: AR

Project type: Platform

Extended company description: Arweave is an advanced blockchain technology (blockweave) designed to provide scalable cost-effective data storage.

Company: Minimum Spanning Technologies Limited

Website

Whitepaper

ICO details

Public ICO start: to be announced

Public ICO end: to be announced

Token sale duration (weeks): -

Token type: Proprietary blockchain

Token emission: 55,000,000

Tokens available in sale (Pre-Sale + Public ICO): 11,330,000

Investment goal:

Price: 1 AR = £0.44 GBP in the private sale and £0.55 GBP in the public sale.

Accepted currencies: ETH, BTC

Bounty program: active

Token role: functional

Team

Team (number of people): 8

Advisors and partners (number of people): 8

GitHub

Project description

Arweave is an advanced blockchain technology (blockweave) designed to provide scalable cost-effective data storage.

The number of hashes necessary to reach consensus decreases as the amount of data stored in the system increases, which reduces the cost of data storage. The already-developed REST API simplifies the creation of decentralized applications on blockweave. Thus, the system is designed to provide data storage, fast transactions and the ability to create decentralized applications on its proprietary blockchain technology.

Advisors:

  • Anthony Ryan (LinkedIn) - Freelance consultant at Anthony G Ryan Pty Ltd, previously digital strategist at Clover.com.au, CEO and founder of Social Hands.

  • Jesper Noehr (LinkedIn) - Co-founder of upvest.co, previously CTO of SharePractice, senior software developer at Atlassian, founder of Bitbucket.

  • Jeremy Epstein (LinkedIn) - CEO at Never Stop Marketing, co-founder of Crypto Explorers, previously: vice president of marketing at Sprinklr, chief marketing navigator at Never Stop Marketing.

  • Bruno Meireles de Sousa (LinkedIn) - Advisor to Halotrade, Consultant at Independent, previously head of business development at Cargill, marketing manager at Philips.

  • Julian Lenz (LinkedIn) - N/A.

  • Rob Johnson (LinkedIn) - Managing director at Techstars, co-founder of Makers Academy, advisor to CityFALCON, previously CEO at Makers Academy;

  • Fabian Dudek (LinkedIn) - Founder of GlassDollar, entrepreneur-in-residence at Techstars, consultant to Careibu (de Vinderij), Vaultoro.com.

  • Christian Eggert (LinkedIn) - CEO and founder of Bonativo, mentor at Techstars, previously co-founder of MiNODES, entrepreneur at Rocket Internet SE, head of marketing at Zalando.

Partners:

Investment attracted:

  • $550k USD in the seed token sale.

  • $23k USD - Techstars investment.

Conclusion

The heart of the project consists of advanced blockchain technology for storing data in a cost-effective way.

Strengths of the project:

  • Its potential market demonstrates high growth rates.

  • Starting investments have already been raised.

Weaknesses of the project:

  • The project team is very young; their experience in the development of blockchain technologies is not high. Marketing specialists are absent from the team.

  • There is no available MVP or roadmap.

Market and Industry

The Arweave project is entering the blockchain technology market.

According to Research and Markets, this market will grow from $0.297 billion in 2017 to $6.076.6 billion by 2023. The projected annual growth rate of the market (CAGR) is 71.46% until 2022. This pace is also confirmed by Yahoo Finance.

Technavio also predicts overall growth of the blockchain market with a CAGR of more than 55%.

Comments: The market demonstrates high growth rates. This indicates a possibility for the project to occupy its own niche.

Competitors

The following competitors are discussed in the Light Paper:

  • Stellar - a hybrid blockchain platform for real-time foreign exchange operations.

  • Ark - a platform offering the ability to perform fast transactions using advanced blockchain technology.

  • NEO - a project that uses blockchain and digital identification technology to manage assets, create a smart economy and digitize assets.

Other competitors include:

Summary: A distinctive feature of the project is its technology for network data storage and its  advanced proprietary blockchain (Blockweave).

Platform Technical Parameters

Arweave is built on four main components:

  • Blockweave.

  • Proof of Access.

  • Wildfire.

  • Blockshadows.

Applications for the network can be written in HTML / CSS / JS. Developers can implement serverless applications on Arweave.

Technical description

Arweave is designed for application developers. It is assumed that applications created will interact, create and use data from the network. The creation of applications will be implemented via the agnostic REST API. Thus created applications will act as nodes in the network. The network will also have a blacklist of unwanted content.

Components of Arweave will function as follows:

  • Blockweave. This technology is built on two concepts:

  1. A hash-list of blocks. This enables users to effectively check old blocks and evaluate potential new blocks.

  2. A list of wallets. This enables checking transactions without having a block used in the previous transaction.

The technology also eliminates the need to verify the entire structure from genesis to current block. When connecting a miner to the network, it loads the current block and extracts the hash lists and wallets from this block. Thus, constant checking of blocks takes place.

  • Proof of Access. The Arweaves consensus mechanism is based on proof of access (PoA) and proof of work (PoW). The PoA algorithm activates data from a randomly selected previous block.

  • Wildfire - a system that solves the problem of sharing data in a decentralized network, facilitating the rapid execution of data requests. Wildfire functions by creating a local ranking system for each node that determines how quickly new blocks and transactions are distributed between peers, based on how quickly they respond to requests and receive data from others.

  • Blockshadows works by partially decoupling transactions from blocks and sends only a minimal "shadow" block between nodes which enables restoring a full block rather than transferring it. These blockshadows specifically contain a wallets hash list and a hash list of transactions. The node can restore an entire block of almost any size from this information (probably only a few kilobytes). In addition, this system ensures that transaction charges will not increase rapidly with increasing network congestion; the theoretical limit of transaction capacity in a 100 Mbps network will be about 5,000 transactions per second. 

Comments: The project modernizes technologies already available in the market. For more information, see the Light Paper.

Technical roadmap

Comments: A technical roadmap is not represented. According to the team the roadmap will be published on June 8th.

Comments: The repository contains the following modules:

  • arweave - Arweave server and toolkit for application developers.

  • arweave-php - Arweave PHP SDK.

  • arweave-php-sample-notes - a sample PHP application that stores and retrieves notes on Arweave.

  • archain-client - extension of the Archain website.

The repository belongs to the project. There is activity in the arweave module.

Documentation

We have analyzed the Arweave website and documentation for sufficiency and consistency to assist in making an investment decision.

Information about the project is contained in the Light Paper, available in English. The Light Paper presents a description of the project. The main emphasis is on the project’s technical component. The documentation provided does not contain information about the ICO, the roadmap, or a market analysis.

The website also provides information about the project, the team, partners and advisors, and is presented in English.

Summary: The documentation enables an overview of the project, but lacks sufficient information regarding the ICO

ICO

Tokens issued for sale: 20.6%

Public ICO start date: to be announced

Token type: proprietary blockchain

Accepted currencies: ETH, BTC

Price: 1 AR = £0.44 GBP in the private sale and £0.55 GBP in the public sale.

Crowdsale duration: - N/A

Token limitation: 55,000,000

 

Token holder benefits: Tokens are functional; users can either sell them or use them for accessing platform services.

 

Dividends: No

Additional token emission: 10% of new tokens will be issued in the first year, to be paid as rewards. Their number will be halved every year. For example, in the 1st year - 10%, 2nd year - 5%, 3rd year - 2.5%, etc

Escrow: N/A

 

Users must pay with tokens to implement information in the Arweave network. Tokens are also used as a reward for miners who support the network and protect it from spam.

 

Hard cap: US$9,400,000

Soft cap: -

Bonus: none

Comments: Tokens from the reserve will be available to the Arweave project at 20% per year over a 5 year period. Tokens intended for the founders will be issued at a rate of 20% per year year over a period of 5 years

Bounty

Bounty Link

The bounty campaign will be allocated 1% of the issue (550,000 AR), and will operate in the following areas:

  • Video campaign:

    • for a video of excellent quality - 1250 AR

    • for a video of good quality - 600 AR

    • for a video of acceptable quality - 250 AR

    • for participation - 50 AR

  • Article:

    • for an article of excellent quality - 1250 AR

    • for an article of good quality - 600 AR

    • for an article of acceptable quality - 250 AR

    • for participation - 50 AR

  • Twitter: 2 AR for each tweet

  • Telegram: from 2 AR to 100 AR for each guest recruited to the chat channel

  • Facebook: 5 AR for each significant comment

Summary: The project has an extensive bounty program. All the conditions for the program are indicated at the links shown above.

 

Token and Funds Allocation

Tokens and funds are distributed according to the following scheme:

Summary: Tokens do not affect the distribution of shares in the company.

 

Project Development Plans

Summary: The project is planning to focus on attracting partners.

Team

The team consists of 8 people and 8 advisors. Information about the main team members based on LinkedIn profiles is given below:

  • Sam Williams (LinkedIn) - CEO and co-founder. CEO and co-founder of Minimum Spanning Technologies, previously assistant lecturer at the University of Kent.

  • William Jones (LinkedIn) - Co-founder and technical director. Assistant lecturer at the University of Kent, technical director and co-founder of Minimum Spanning Technologies.

  • India Raybould (LinkedIn) - Chief coordinator. Previously assistant administrator at Christchurch University, Canterbury.

The team features 5 other people in addition.

Summary: All team members indicated their affiliation with the project. The team is mostly from the UK and Germany, and also features developers and a digital designer.

Marketing

Information about the project is available via major services such as Twitter, Telegram, Reddit, Medium, Facebook, GitHub, BitcointTalk and YouTube. The project has an active bounty campaign.

The team is conducting an advertising campaign via social media. Twitter and Facebook regularly feature news updates on the project. The format of articles about the project shows that they were mainly commissioned by the team as reviews.

Comments: The project is just starting to attract the community’s attention. The marketing campaign is being developed mainly via Twitter and Facebook.

Traffic analysis of the Arweave website based on data from Similarweb.com showed the following:

Traffic source

Comments: direct link: 85.67%, referral links: 0%, search: 9.81%, social media: 4.52%, mail: 0%

Traffic generated via searches: 9.81%, 100% of which is “organic traffic”.

Referral links: 0.44%

Social activity analysis of the Arweave website based on data from BE1.ru showed the following:

Traffic source

Comments: Top countries for site visitors: Portugal - 12.78%, Germany - 11.56%, Great Britain - 8.60%, Georgia - 7.44%, Chile - 6.49%.

Referral links: -

Social activity: Facebook - 51.06%, Twitter - 41.34%, Reddit - 7.61%

Summary: Based on available data, we may conclude that interest in the project is gradually increasing. The team is conducting its advertising campaign on Twitter and Facebook, is communicating with users on Telegram, uploading videos on YouTube, maintaining a blog on Medium, etc. Over the past month, the number of website visits increased by 2000

Contacts

The developers may be contacted using the links below:

Website

Twitter

Telegram

Medium

Reddit

Facebook

Github

Bitcointalk

Youtube

The information contained in the document is for informational purposes only. ICORating received monetary compensation from the entity rated in this report for completing the ratings report. However, the entity rated in this report did not have the opportunity to approve this rating report before the report was published, nor did the rated entity have the opportunity to edit or remove this report once it was published. The views expressed in this document are solely those of the ICORating Team, based on data obtained from open access and information that developers provided to the team through Skype, email or other means of communication. Our goal is to increase the transparency and reliability of the young ICO market and to minimize the risk of fraud. We appreciate feedback with constructive comments, suggestions and ideas on how to make the analysis more comprehensive and informative.