Decentralized Data Storage Altcoin Surges More Than 100% This Week Amid Testnet Rollout of New Network Project

A decentralized data storage altcoin surged more than 104% this week amid the rollout of a new project.

AR, the native asset of Arweave, a protocol that aims to enable permanent data storage on an open and decentralized network, is trading at $27.79, up from $13.62 one week ago.

AR’s gains largely materialized after Sam Williams, Arweave’s co-founder and chief executive, announced they had launched a testnet for AO, a hyperparallel computer running on the project’s network.

The new computing environment aims to aid with scaling and blend the benefits of smart contract applications with traditional computing environments.

Explains AO’s website,

“The ao computer is a single, unified computing environment (a Single System Image), hosted on a heterogenous set of nodes in a distributed network. ao is designed to offer an environment in which an arbitrary number of parallel processes can be resident, coordinating through an open message passing layer.”

This month, Arweave also clocked its highest number of transactions ever, and after the AO launched on Tuesday, the project started registering more than 600 transactions per second.

Despite its gains this week, AR remains nearly 69% down from its all-time high of $89.24, which it set in November 2021.

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This article was originally reported on The Daily Hodl.