A decentralized data storage altcoin experiences significant gains following the launch of a new project
An altcoin called AR, which is the native asset of Arweave, has seen a surge of over 104% in value this week. Arweave is a protocol that aims to enable permanent data storage on a decentralized network. The current trading price of AR is $27.79, up from $13.62 one week ago.
The increase in ARโs value can be attributed to the recent launch of AO, a hyperparallel computer running on Arweaveโs network. The testnet for AO was announced by Sam Williams, the co-founder and CEO of Arweave. This new computing environment is designed to aid with scaling and combine the benefits of smart contract applications with traditional computing environments.
ARweave describes AO as a unified computing environment hosted on a distributed network, where an arbitrary number of parallel processes can be resident and coordinate through an open message passing layer.
In addition to the launch of AO, Arweave also achieved its highest number of transactions ever this month. After the launch, the project started registering more than 600 transactions per second.
ARโs gains and its all-time high
Despite its gains this week, AR is still down by nearly 69% from its all-time high of $89.24, which was reached in November 2021.
Hot Take: Decentralized data storage altcoin surges following testnet rollout
A decentralized data storage altcoin called AR has experienced significant gains this week after the launch of a new project. AR is the native asset of Arweave, a protocol that enables permanent data storage on a decentralized network. The surge in ARโs value can be attributed to the rollout of AO, a hyperparallel computer running on Arweaveโs network. AO aims to aid with scaling and combine smart contract applications with traditional computing environments. Arweave also achieved its highest number of transactions ever this month and saw over 600 transactions per second after the launch of AO. Despite the recent gains, AR is still down from its all-time high in November 2021.
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