Arweave-based network AR.IO, which aspires to provide the technological infrastructure required to store data in the cloud permanently, launched both its mainnet and token generation event on Thursday.
The network "supports apps that make web hosting and cloud storage permanent. You only pay for what you store and you never have to renew your subscription or lose access to your files if you don't," AR.IO founder and CEO Phil Mataras told The Block. "AR.IO is provenance-driven and immutable, which means you can always trace the origins of a document and it can't be changed by anyone."
The network is billing itself as the "world’s first permanent cloud network." With its core app ArDrive, AR.IO is one of many decentralized cloud storage projects hoping to compete with web2 giants like Google Cloud and Amazon Web Services. Other web3 cloud storage projects include Impossible Cloud and Filecoin.
In 2022, ArDrive raised over $17 million to develop the blockchain-based network. The project’s investors include Blockchain Capital, Forward Research, which is Arweave's R&D incubator, Foresight Ventures and Ryze Labs, according to a company spokesperson.
Because it's "built on Arweave’s unique ‘pay once, store forever’ model, all data, applications, and content hosted on the network are permanent and censorship-resistant," AR.IO said in a statement. "Their content remains accessible indefinitely, without reliance on centralized entities prone to outages, data leaks, or deplatforming."
With the launch of its mainnet, the project also initiated its token generation event, or TGE, on Thursday.
The ARIO token will have a total fixed supply of 1 billion tokens, according to the project. The majority of the tokens will be distributed as follows: 17.08% to its core team and advisors, 20.29% for supporting early development and infrastructure, 17.5% earmarked for the community of early adopters, developers and users that contribute to growing the network, and 28.63% to incentivizing partnerships and collaborations.
"Beyond securing the network, ARIO enables users to purchase and manage ArNS smart domains, providing a permanent, blockchain-native identity for apps, data, and digital ownership," the project said in a statement.
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