27.10.2020

Crypto Art Has the Potential to Go Parabolic

Kivinen creates three copies of individual canvas pieces, like the large hypnotic one that hung behind him during his Virtual Blockchain Week talk – called “Red Eye” and pictured above – in addition to high resolution digital artwork. However, while the price of Bitcoin (BTC) is on the way up, that won’t affect the price of Kivinen’s pieces in crypto, currently tied to 1 BTC – $8,762 at the time of press.

Speaking at Virtual Blockchain Week in front of one of his colorful yet hypnotic canvas pieces, Vesa Kivinen, the creator of Art For Crypto, suggested crypto art could be just as much of an investment as any other digital asset.

Passionately extolling some of philosophical benefits of crypto art, Kivinen was just as eager to explain the business side of the coin:

“[Digital art] has many similarities to, let’s say, the very, very early Bitcoin. Those opportunities of holding on to the first 10x, and the 100x, and the 1000x … they’re now going on in crypto art in these unique limited edition assets.”

Crypto artist Vesa Kivinen. Screenshot from Virtual Blockchain Week

“No one likes to [part with their Bitcoin],” said Kivinen, but added that investing into something like crypto art gives you a product that “has the potential of going parabolic”:

“You have to approach the thing from a holistic point of view so that it’s also an investment… No one is going to part with their piece for less than a Bitcoin [later on]. That would be insane. At best, you might get 10 BTC for your piece later, should you ever sell it.”

The anticipated halving-related BTC bull run would have the potential to bring more people into the crypto community and crypto art – ten times as many according to Kivinen. The artist already has about a dozen pieces in circulation that are owned by well known figures in the crypto community, including Litecoin creator Charlie Lee and Satoshi claimant Craig Wright.

Arweave 2.0 Gets File Storage Project One Step Closer to Its ‘Library of Alexandria’ Dreams

“It’s really getting a mind of its own.”

That’s how Sam Williams, CEO of file storage service Arweave, described his blockchain project in the six months since raising $5 million in a token sale with heavy hitters Andreessen Horowitz, Union Square Ventures and Multicoin Capital.

Since then, the number of apps on Arweave has doubled from 100 to over 200 while the number of daily transactions has also climbed, jumping from 147,000 total transactions to nearly 1.75 million, Williams said.

Arweave operates on the same idea as other blockchain-based file storage services such as Filecoin or Storj, but with far larger ambitions backed by new technical developments unveiled Wednesday as Arweave 2.0.

The team is working toward “virtually unlimited” and permanent data storage for what they compare to a digital Library of Alexandria.

“[Arweave 2.0] takes the mechanisms that we built in Arweave 1.0 and scales it up basically to [storage] sizes that are so large that it becomes indistinguishable from infinite for the normal user,” Williams said in a phone interview with CoinDesk.

The team is leaning on two new features with Arweave 2.0, Williams said: the “Fast Write” mechanism and bundled transactions.

Technically speaking, Fast Write keeps the proof of a transaction occurring in a Merkle root accessible on the network while pushing data to local storage on nodes that wish to carry the information. This makes the network lighter and faster.

Bundled transactions, on the other hand, are a Layer 2 technology. Each Arweave transaction can be moved off-chain, mixed with other transactions and then placed back onto the main chain as one large transaction.

Together, Williams said, the scaling tech makes storage on Arweave near “infinite.”

The two technologies are not that different from options Ethereum, the blockchain behind ether (the second-largest cryptocurrency by market cap), has been exploring for its upcoming switch to a Proof-of-Stake (PoS). The Eth 2.0 research team led by Ethereum co-founder Vitalik Buterin is considering stateless clients and polynomial commitments, which can act as lightweight digital receipts for transactions.

As for Arweave’s future, the team is eyeing Arweave 2.1 for later in 2020. The goal remains the same: unlimited, permanent storage. Williams said the next update should get Arweave to the finish line.

“People just use it and people build stuff on it and often they don’t even tell us anymore,” Williams said, referencing the dozens of decentralized apps (dapps), from finance to gambling, that make up the Arweave library.

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One thought on “Crypto Art Has the Potential to Go Parabolic

  1. Like!! I blog frequently and I really thank you for your content. The article has truly peaked my interest.

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