A crypto analyst closely followed by the crypto community has made a bullish prediction for a crypto project focused on decentralized data storage.
In a recent video, the host of the Coin Bureau crypto channel Guy talked about the growing demand to protect his real-world information-data from being altered/influenced by his 1.99 million YouTube subscribers.
A protocol currently used by Solana (SOL) to record the platform’s transaction history, aimed at permanently storing files on a distributed computer network. Arweave (AR)says it’s already meeting the growing demand for storing data immutably.
“All available metrics show that Arweave adoption is still growing at an exponential rate regardless of price. To put things in perspective, the last time I visited Arweave in August, there were only 151 miners on the platform; now there are about 1,200 miners.
The number of Arweave’s wallets has grown from 90,000 to over 155,000, and the amount of data stored by Arweave has grown from 10 terabytes to over 55 terabytes. On top of that, Arweave’s monthly transaction growth has also exploded over the past year and shows no signs of slowing down.”
What is Arweave (AR)?
Headquartered in London, Arweave is a next-generation decentralized storage network founded in July 2017 by Sam Williams and William Jones. Arweavecan be considered a decentralized protocol that uses a blockchain to securely and permanently store global information. Its mission is to minimize developer constraints and build an eternal digital archive while establishing a long-term vision for the internet as a whole.
“Can easily do 5x”
Based on the project’s on-chain data, the analyst says that AR has serious upside potential and could see a 400% gain at its current price of around $34.75:
“Arweave has a medium market cap which means it has a lot of room to grow. With adequate integration and decentralized applications driving demand, AR could easily grow 5x from here in the long run.”
Stating that Solana is using the platform at the beginning of the video, Guy will use Arweave as the next platform to record his transactions. to Polkadot (DOT) pointing out.
“Arweave founder Sam Williams said in an interview in September that Polkadot is also among the cryptocurrencies that will use Arweave to store transaction histories.
This is a very sensible move given that Polkadot developers have shifted their focus to total decentralization over the past year.”
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.