Crypto Arena pits two file storage projects, Filecoin and Arweave, against each other. Filecoin is a decentralized marketplace where users enter deals with anonymous miners who constantly verify file ownership. Arweave offers permanent file storage on the blockchain for a one-time fee, with miners getting paid from an endowment based on the number of files stored. Filecoin is cheaper, costing 1/100 of Amazon Web Services’ price, while Arweave costs twice as much. Filecoin has more nodes (4054) compared to Arweave (61), suggesting faster speeds. Both platforms offer user-friendly interfaces and different marketing approaches. In terms of unique features, Filecoin offers more functionality, but the projects target different markets. Ultimately, Filecoin wins in cost, speed, and unique features, but which is better depends on specific needs and preferences.
Welcome to Crypto Arena: Filecoin vs. ARWeave
Welcome to Crypto Arena where we pin two projects against each other to see which one is better. Let’s do this versus all-star battle. Who’s the best? The contenders today are Filecoin and ARWeave, the two largest file storage projects within the crypto arena.
Filecoin: Decentralized File Storage Marketplace
Filecoin is a decentralized file storage marketplace where you enter into a deal with the miners directly. You use ZK-Snark to sign that deal so you don’t actually know who they are. And then they have to verify they have your files constantly in order to get paid. So the way it works is that the money that you paid to store that file is sitting in escrow. The miner is constantly verifying that he owns your file and taking a little bit of that money. If that money ever runs out, the miner deletes the file.
ARWeave: Permanent File Storage on the Blockchain
On the other corner, our competitor ARWeave has permanent file storage where you pay one time and your file is stored on the blockchain forever. Somewhere within the ARWeave code, there’s a calculation that figures out how much money it costs to store your files for the rest of human history. When you pay, 18% of that money goes to the first miner, the one that accepts your file. The rest goes to an endowment. Any miner that wants to take part in the ARWeave network gets paid out of that endowment. The miners choose how much of the files they take onto their hard drives. The more files they take on, the more money they get out of that endowment.
Cost: Filecoin vs. ARWeave
Finding the actual cost of storage for these projects is really difficult because it’s variable depending on the cost of the coin. Currently, it costs 1/10000 of a cent to store an entire gigabyte of data inside Filecoin. The average deal to store a file pretty much forever currently on Filecoin is $2.76. In comparison, it currently costs $4.87 to store one gigabyte of data on ARWeave. So it looks like Filecoin is the clear winner for cost.
Speed: Filecoin vs. ARWeave
Trying to gauge speed for both of these protocols is extremely difficult because it all depends on your geographical location compared to that of a node. So it’s hard to determine which one is faster.
Ease of Use: Filecoin vs. ARWeave
Both Filecoin and ARWeave have done a great job making it easy to upload files onto their systems. The community of developers has also made it even easier to use all of these technologies. So it’s a tie for ease of use.
Marketing: Filecoin vs. ARWeave
These projects are marketed entirely differently. Filecoin aims to be the decentralized storage of the entire world, while ARWeave focuses on permanent file storage for websites. It’s subjective to determine which marketing strategy is better.
Unique Features: Filecoin vs. ARWeave
On ARWeave, the files you upload are always permanent, and the cost is known upfront. However, the use cases for permanent files on the internet are limited. Filecoin, on the other hand, can do everything that ARWeave can do and more. So Filecoin wins in terms of unique features.
In conclusion, both Filecoin and ARWeave are fantastic projects with different use cases. Filecoin wins in terms of cost, unique features, and possibly speed. However, the comparison may not be fair as both projects target different markets. It is important to consider these technical aspects and make smarter decisions when investing in the crypto market.
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