Introducing SmartWeave: Building smart contracts with Arweave

This month we announced SmartWeave — a new smart contract protocol enabling computation-heavy dapps on top of the Arweave network. SmartWeave uses the AR token to enable developers to build all types of smart contract permaweb apps using JavaScript. Read more about SmartWeave in our blog post here.

Profit Sharing Tokens: A new incentivization mechanism for an open web

Following the announcement of SmartWeave, we introduced profit sharing tokens — a system that enables developers to monetize their permaweb apps. PSTs are a fundamentally new way of incentivizing founders and developers to build web services. Rather than app developers having to sell access to users’ attention and data to monetise their apps, PSTs allow developers to earn a stream of ‘micro-dividends’ for as long as their app is used. This allows devs to continually prioritise user experience throughout development. Once an application has been built and launched, app developers can sell tokens that capture part of their future profits. Read more about profit sharing tokens here.

Listings

This month AR was listed on Bittrex Global as well as on a significant number of other exchanges, including Gate.io, Hoo, MXC, and HotBit. As with any exchange or trading platform, we encourage everyone to exercise caution, send test transactions, and only use platforms that you trust.

NFTs and Arweave

In the past month, even more NFT projects have started to integrate Arweave as a permanent storage layer. Utilising Arweave ensures that NFT assets, metadata, and authentication information is stored permanently and available forever.

Unitize, Mintbase, and San Francisco Blockchain Week are using Arweave for a range of exciting new measures. For the Unitize conference, Arweave offers the permanent storage layer for the event’s ‘voting NFTs’. These special NFTs allow their holders to vote on which speakers they want to appear at events, plus they entitle the holders to discounts for in-person conferences. These conference tickets can be purchased on the Mintbase.io store, and are Arweave-backed NFTs!

Bullionix.io is a platform offering value-staked NFTs, each backed by real gold. Bullionix.io will now be using Arweave to ensure that their NFT assets and metadata are permanently preserved.

Read more about NFT permanence with Arweave here and check out last month’s update for other NFT projects that are already using Arweave.

Community initiatives

Together with Gitcoin, we are excited to announce our launch of the first Open Web Incubator! We will be investing $100,000 in the best PST-backed permaweb apps built in the next 6 weeks.

During the course of the six-week-long incubator programme, participants will have the opportunity to:

  • Join masterclasses delivered by industry experts on everything from developing your go-to-market strategies to pitching techniques
  • Pitch to world-renowned investment firms such as Andreessen Horowitz, Union Square Ventures, Multicoin Capital, and 1kx, and possibly receive additional investments
  • Receive direct technical support from the Arweave core team
  • Participate in community events and discussion forums

To get involved and read more about the Open Web Incubator, head over to our blog.

Arweave and SKALE have created a Gitcoin bounty aimed at integrating Arweave as the permanent data storage layer for the SKALE protocol.

A grant worth $10,000 is available for the winning proposal. The bounty opened on the 23rd of June, and will close on the 21st of July, so there’s still plenty of time to get involved!

If you are interested in participating, check out the bounty on Gitcoin here.

This month the ARCA DAO completed the first alpha release of PermaSnap, an app which allows users to tag and upload any photo from an Android or iOS device directly to the permaweb.

ARCA will also be funding and organising initiatives such as bounties and a small community hackathon to encourage the development of an identity standard across the permaweb based on Arweave-ID.

Stay tuned to the ARCA DAO channel on the Arweave Developer Discord server to learn more about upcoming ARCA events and releases!

New on the permaweb

PDF templates of visual artist MLIBTY’s paper toy creations were recently stored permanently and immutably on the Arweave network. View and download the collection here.

Network

Arweave 2.1 lifts the limit on the maximum amount of data per transaction. Whereas previously the uploader would include the data payload in the transaction itself, the Arweave protocol now supports specifying the Merkle-root of the data, which effectively functions as a “transaction header”. The data is then uploaded in chunks afterwards, thereby not slowing down the evolution of the chain, and supporting actions such as retrying and resuming.

Arweave in the wild

With Arweave’s ‘Lazy’ Approach to Smart Contracts, its Version of Web3 Does More:

https://www.coindesk.com/arweave-smartweave-smart-contracts-lazy-evaluation

Arweave says its new profit-sharing token scheme makes it possible to run ‘inverse’ ICOs:

https://www.theblockcrypto.com/post/68255/arweave-says-its-new-profit-sharing-token-scheme-makes-it-possible-to-run-inverse-icos

Coinbase explores adding support for Arweave tokens:

https://blog.coinbase.com/coinbase-continues-to-explore-support-for-new-digital-assets-2c5b84813fcf

Sam Williams presents ‘Decentralised Autonomous Web Apps with Arweave’ at ReadyLayerOne:

https://www.youtube.com/watch?v=jQIthXcIg20

See you on the permaweb!

-arweave-team

A novel data storage blockchain protocol enabling a permanent serverless web and creating truly permanent data storage for the first time.

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