transaction fees</strong></a> associated with data storage and recovery.</li>\n</ul>\n<h2>What Is Arweave?</h2>\n<p><strong>Arweave</strong> is a new type of decentralized storage that uses innovative technologies including blockweave, permaweb, and Proof of Access (PoA) to allow users to <strong>store data indefinitely</strong>. Blockweave and PoA are the core parts of this network.</p>\n<p>Blockweave stores both transactional and data information, unlike <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-blockchain/">blockchains that are often used to develop crypto projects. Besides, there is another difference in terms of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-block/">block connection between these two. 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They can act on their own, without the need for <strong>external input</strong>, for the benefit of their owners. Fetch.ai is a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-blockchain/">blockchain-based artificial intelligence platform that uses AEAs to connect with other AI applications to process <strong>real-time data</strong> and take actions based on it.</p>\n<p>AEAs connect to IOTA Streams, allowing economic agents to act autonomously by sharing and retrieving real-time data. Financial markets that require <strong>taking fast actions</strong> for higher profits are one of the main spheres where AEAs are used.</p>\n<p>Note that autonomous economic agents aren’t <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-smart-contract/">smart contracts</strong></a> or <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-api/">APIs. However, they autonomously follow some rules without any external input. Besides, developers can create their own AEAs on the blockchain.</p>\n<p>Though the <strong>term economic agent</strong> is usually used in different contexts. It typically refers to a person who engages in economic activity such as purchasing goods and services or selling financial assets. An economic agent, in a broader sense, is any person, group, or <strong>entity</strong> that makes decisions about the distribution of scarce resources.</p>\n<p>In recent years, however, the term has been expanded to include non-human agents such as <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-are-bots/">bots. Given its growing popularity in this context, it's worthwhile to <strong>dig deeper into the concept of an autonomous economic agent</strong>.</p>\n<p>An autonomous agent, in its most basic sense, means that the agent is capable to self-govern. In other words, it can control its own actions. Besides, since an autonomous agent is not subject to external control or supervision, it must have its own objectives that it pursues using self-generated means.</p>\n<p><strong>These features</strong> can be quickly recognized by professional economists as the cornerstones of any economic theory that deals with rational behavior by economic actors. The notion that all economic players are rational actors who <strong>follow their own personal interests</strong> without any external guidance or influence from outside sources is a basic premise in neo-classical economics.</p>","level":"medium","meta_title":"What is Autonomous Economic Agent (AEA)? Definition & Meaning | Crypto Wiki","meta_description":"Autonomous Economic Agent (AEA) meaning: Autonomous Economic Agent (AEA) - a software entity by Fetch.ai and the IOTA foundation that can act on its own, without external input, for the owner's benefit.","meta_keywords":null,"language":"en","created_at":"2022-04-05T12:12:44.000000Z","updated_at":"2022-05-13T14:32:24.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-autonomous-economic-agent-aea"},"prevSection":{"id":842,"original_id":null,"author_id":42,"translator_id":null,"title":"What is Aeternity Blockchain?","slug":"what-is-aeternity-blockchain","section":"A","keyword":"Aeternity Blockchain","status":"published","definition":"a blockchain network that operates on a hybrid PoW/PoS consensus protocol.","content":"<p><strong>Aeternity blockchain</strong> works on a hybrid <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-proof-of-work-pow/">PoW/PoS consensus protocol and aims to provide exceptional efficiency, solutions to scalability issues, and transparent <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-governance/">governance. Aeternity provides its users with the efficiency of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-private-blockchain/">private blockchains</strong></a> and the security of the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-public-blockchain/">public ones. Besides, the hybrid approach used by this blockchain allows <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-smart-contract/">smart contracts</strong></a> and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-oracles/">oracles to process data off-chain, resulting in enhanced privacy, lower fees, and <strong>faster transactions</strong>.</p>\n<p>Aeternty blockchain is being developed by a team led by Yanislav Malahov, who has been involved in blockchain technology since its inception and was one of Ethereum's first contributors. The major aim of Aeternity is to address scalability and privacy issues. They use <strong>the hybrid approach</strong> that combines <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-off-chain-transaction/">off-chain and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-on-chain/">on-chain solutions to do this. Further improvements on governance, privacy, and <strong>scalability</strong> are planned in the future development of Aeternity.</p>\n<p>Besides, Aeternity happens to be one of the blockchains that use the decentralized oracle network. A decentralized oracle is a piece of software <strong>that serves as a</strong> link between the blockchain and the world around it. Smart contracts require oracles in order to connect with other networks like <strong>Bitcoin</strong> and Ethereum.</p>\n<p>Smart contracts can’t access data from the outside of the blockchain due to the nature of blockchains. Therefore, oracles are used to access that external data <em>(such as information about sporting event results, weather conditions, flight times, etc.)</em> and submit it in the form of a transaction to a smart contract. Thus, oracles act as a<strong> gateway between off-chain data and on-chain applications</strong>.</p>\n<p>For instance, if you use a smart contract to bet on a sporting event, you can use an oracle to automatically trigger payment after the event is over. The oracle would then go out into the real world and obtain the game's outcome, which it would then input back into the smart contract so that funds could be released accordingly.</p>\n<p>The <strong>fast success of Aeternity </strong>is largely due to its mobile-first design approach. It is becoming an appealing network for <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-are-decentralized-applications-dapps/">DApps developers because it uses cutting-edge technologies to deal with blockchain scalability problems.</p>","level":"medium","meta_title":"What is Aeternity Blockchain? Definition & Meaning | Crypto Wiki","meta_description":"Aeternity Blockchain meaning: Aeternity Blockchain - a blockchain network that operates on a hybrid PoW/PoS consensus protocol.","meta_keywords":null,"language":"en","created_at":"2022-04-05T08:01:43.000000Z","updated_at":"2022-05-13T14:32:24.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-aeternity-blockchain"},"currentChapter":"A","currentSection":"what-is-ar-token-arweave","chapterTitle":"A","readingLevel":"medium"},"url":"/crypto/learn/crypto-terms/what-is-ar-token-arweave","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0"> Crypto Terms: Letter A
What is AR Token (Arweave)?
AR Token (Arweave) MEANING:
AR Token (Arweave) -
AR Token – a native token of Arweave.
Let's find out AR Token (Arweave) meaning, definition in crypto,
what is AR Token (Arweave),
and all other detailed facts.
AR token is a native token of Arweave, which is a decentralized permanent storage platform. The AR token has a maximum supply of 66 million tokens, of which 55 million were minted when the genesis block was established at the mainnet launch. The remaining tokens (11 million AR) are meant to be used for miner rewards.
This token will become deflationary once all 66 million AR tokens will be minted. However, it’s definitely worth mentioning that the AR token grew 600% in its value after the first half of 2021.
Since AR is a native token of Arweave, it can be used in various ways across the ecosystem of this network. The main ways to use AR tokens include:
- To pay incentives to storage providers (Arweave does that only in AR).
- To pay distribution storage fees to acquire data storage on Arweave.
- To interact with various decentralized apps (DApps) built on Arweave.
- To use it as a cryptocurrency for all types of transaction fees associated with data storage and recovery.
What Is Arweave?
Arweave is a new type of decentralized storage that uses innovative technologies including blockweave, permaweb, and Proof of Access (PoA) to allow users to store data indefinitely. Blockweave and PoA are the core parts of this network.
Blockweave stores both transactional and data information, unlike blockchains that are often used to develop crypto projects. Besides, there is another difference in terms of block connection between these two. In a blockchain, each block connects to the previous one while in a blockweave, a previous block is connected to a randomly selected block (a recall block).
Talking about PoA, it is an alternative to the standard blockchain consensus mechanism. Because of it, Arweave miners don’t need to keep all blocks in their storage which results in decreased electricity consumption.
Permaweb, a layer created on top of Arweave, is another component of this network. Permaweb is the storehouse for all decentralized apps, so it's also entirely decentralized.
It might seem that Arweave is a complicated mechanism. However, all of the complicated processes are only on its back-end. Its front-end, which is intuitively designed with the user in mind, is what makes it an easy-to-use platform. All you have to do is download an Arweave browser extension to store website pages on the network.
Besides, one of the main features of Arweave is its immutability in consideration of data storage on the network. Since the applications are permanent, immutability can be found in every area. Even the developers don’t have the ability to alter the rules. So, Arweave is definitely an immutable and decentralized network.
