Irys Plans to Fork Arweave Network, Alleges Founder
Irys, a prominent layer-2 network within the Arweave ecosystem, is reportedly planning to fork the Arweave network in order to reset the token supply. This move has been accused of being motivated by greed by Arweave founder Sam Williams. Despite the existence of a safe upgrade mechanism with Arweave, Irys developers intend to proceed with a hard fork. As a result, Arweave plans to remove the Irys bundlers from the trusted set on the main Arweave gateways, leading to delays in accessing user data.
Irys Developers Accuse Arweave of Active Censorship
In response to alleged efforts by Arweave developers to deplatform Irys from their ecosystem, Irys developers claim that they are developing new provenance tech and accuse Arweave of active censorship. They also mentioned that they have powerful new features in the works and are excited to share them.
Arweave Token Loses Value Amidst Allegations
Following the unveiling of these allegations, the value of the Arweave token has decreased by over 20%. It is currently trading at $8.90. Irys is currently the largest layer-2 network on Arweave, accounting for over 90% of the blockchain’s daily transaction volume. However, since the allegations surfaced, the network’s volume has fallen by 31%.
About Arweave and Its Storage Capabilities
Arweave is an immutable decentralized storage network that stores various types of data such as web pages, gaming data, images, metadata for nonfungible tokens, and more. Currently, there are approximately 74.26 pebibytes (83.6 million gigabytes) of data stored on the Arweave blockchain.
Hot Take: Irys and Arweave Clash Over Forking Plans
The conflict between Irys and Arweave over forking plans has caused a significant upheaval in the Arweave ecosystem. While Irys developers accuse Arweave of censorship, Arweave founder Sam Williams believes the hard fork is driven by greed. As a result, the value of the Arweave token has plummeted, and the network’s transaction volume has decreased. It remains to be seen how this clash will unfold and whether it will have long-term implications for both platforms.
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