Every day brings new technology and apps, making it impossible to tell them apart. It’s easier to group the unknown with something similar.
This often occurs with Arweave and Filecoin. People presume they’re all part of a next-generation data storage based on blockchain technology and hence the same. Right?
What is the difference between Filecoin and Arweave? Arweave focuses on the issue of long-term data storage, while Filecoin seeks to disrupt the present storage sector by providing a low-cost alternative to short storage.
Moreover, Arweave is establishing a complete ecosystem for permanent apps that will enable new forms of user experiences and economics, while Filecoin provides storage for more conventional online applications.
Let’s go further into this overview to discover how Filecoin vs Arweave aims and results vary significantly.
Arweave and Filecoin: similarities
The fundamental connection between Arweave and Filecoin is that they are both storage devices that leverage blockchain technology on a decentralized basis.
Taking a digital snapshot on the phone gives you several storage possibilities. Arweave and Filecoin want your file. Once you submit a picture to one of these platforms, it will live there. Because of how they save photos, Arweave and Filecoin are frequently compared. Both utilize blockchain, as noted. Blockchain is a database that stores unchangeable data.
Arweave and Filecoin are decentralized, meaning no Silicon Valley office controls their servers. Instead, servers are controlled by people (called miners) throughout the globe who will keep the data for a fee. Miners follow pre-established regulations, not a single company’s whims.
A functioning blockchain network will have thousands of miners who share and replicate data. Both Arweave and Filecoin use digital money to pay for submitted files. Arweave and Filecoin both employ tokens.
Arweave and Filecoin: differences
Arweave allows persistent data storage. By underpinning data storage with sustainable endowment structures, it’s conceivable to keep data forever for a one-time price.
Filecoin offers monthly data storage, like other suppliers. Filecoin utilizes a novel, presumably cheaper technique to give temporary storage.
Arweave offers long-term data storage for a one-time fee, allowing a new form of permanent application to be created on top.
There’s nothing in Filecoin that guarantees data’s persistence. Unpaid Filecoin bills erase data. Arweave ensures data persistence by requiring miners to prove they still hold old data.
As massive doors swing on little hinges, this slight difference offers up tremendous possibilities.
Arweave’s largest potential is establishing a new ecosystem of permanent applications on top of its protocol.
Arweave’s major emphasis is fostering persistent web apps that communicate with their protocol. Arweave names them permanent web apps and profit-sharing applications because they have the same features as Arweave.
Similar to a co-op, these profit-sharing communities share revenues among program developers, users, and token holders.
Profit-sharing communities improve application incentive structures to better match the developer and user, allowing both to engage more fully in an application’s success.
If you are thinking about Filecon, you might be interested in learning how it compares to other cryptocurrencies as well. You can learn about Filecoin and Storj (https://letsexchange.io/custom/compare/fil/storj/info/). In addition to comparing, you can check their price difference and find out the future potential of both cryptocurrencies.