Arweave, a distributed ledger technology (DLT) project that’s building a permaweb system that would enable users to store content permanently, has attracted new backers, including Andreessen Horowitz’s a16z Crypto, Union Square Ventures and Multicoin Capital. Some members of these VC firms have also joined the Airweave community to contribute to the growth of the project, according to a blog post on November 5, 2019.
Arweave Forges Ahead
Arweave (AR), a blockchain project that aims to fix the menace of fake news and media censorship by making it possible for content, apps or web pages to be stored on an immutable distributed ledger permanently, has attracted investment from leading VC’s who believe in the potential of the project.
As stated in its Medium blog post, Union Square Ventures, a16z Crypto and Multicoin Capital have invested undisclosed amounts in the project, in exchange for the Arweave (AR) tokens.
What’s more, some officials of these top VC firms, including Katie Haun, general partner at a16z Crypto, Albert Wenger, managing partner at Union Square Ventures and Kyle Samani, co-founder and managing partner at Multicoin Capital, have also joined the Arweave team.
The Arweave team declared:
“Today, we are proud to say that the Arweave ecosystem includes may of these experts, bringing us ever-closer to achieving our shared long-term goal. Our new partners join the incredible and ever-growing community of permaweb supporters, builders and early adopters.“
The Arweave Mission
The Arweave blockchain project aims to enable users to store all kinds of files, articles, webpages and others, permanently on its permaweb for a fee (less than 1cent per megabyte).
This way, censorship or misinformation, and redaction will become a thing of the past and people will always be able to access all manner of information in their original form.
According to Arweave founder, Sam Williams, Arweave is focused on becoming the new Library of Alexandria, “but invulnerable to the shortcomings of centralized points of failure, ensuring that humanity’s shared knowledge and history is available to all future generations.”
Since the launch of the Arweave Permaweb last June, the team says more than 100 permanent apps, including email clients have been built upon the platform and 50,000 objects were stored on the permaweb in October 2019.