What is the Bundlr Network? The forthcoming expansion solution from Arweave

1. What is Bundlr Network?

Bundlr serves as a data layer for the Internet, utilizing a decentralized consensus mechanism. It provides developers with a platform capable of addressing issues related to data integrity.

In simple terms, data continues to be stored on Arweave to ensure censorship resistance and long-term sustainability. Bundlr acts as the underlying infrastructure, supporting solutions to guarantee the integrity of data. Consequently, Bundlr is regarded as the Layer 2 solution for Arweave.

2. Bundlr’s solution for Web3

2.1. Decentralised Storage

Arweave is recognized as a leading decentralized storage platform in the web3 market. However, data storage always comes with accompanying challenges, including capacity limitations, access speed to storage blocks, storage expenses, and scalability concerns. Arweave encounters these challenges, where storage blocks filled with data can slow down transaction processing speed and lead to increased storage costs. Therefore, Bundlr emerges as a dependable solution for users, tackling the scalability issues prevalent on Arweave.

What does Bundlr's storage solution provide?

Scalability: Bundlr exhibits the capacity to horizontally scale, adeptly handling millions of transactions per second (TPS). In contrast, Arweave has previously asserted its transaction processing capability at 5000 TPS. However, Arweave is presently constrained, operating at a rate of 8.3 transactions per second.
Instant upload capability: Bundlr provides users and developers with the efficient capability to upload data promptly, achieving upload times under 8 milliseconds.
Seamless integration: Developers can effortlessly integrate Bundlr into their projects with minimal effort, requiring only 3-4 lines of code, thanks to Bundlr's user-friendly SDK toolkit.
Diverse payment methods: Bundlr supports a variety of payment methods, allowing users to choose from 14 different types of tokens when accessing its services.

*Token types supported for payments in the Bundlr ecosystem*

Bundlr is concentrating on two main products for decentralized storage:

Arweave: Bundlr functions as a third-party platform, contributing to the expansion of the existing transaction processing capabilities on Arweave. Currently, Bundlr supports the processing of over 90% of transactions on the Arweave network.
Preweave (anticipated release): Preweave is a parallel storage layer constructed atop Bundlr, offering a decentralized solution for data storage. Data on Preweave can also be seamlessly transferred to Arweave for permanent storage.

2.2. Proof of Provenance

Proof of Provenance, a technology developed by Bundlr, plays an important role in ensuring the reliability of data by tracking its origin and changes over time. This innovative approach provides detailed information on how the data was created, who interacted with it, and the chronological evolution of the data, promoting transparency and minimizing the risk of tampering during its development.

Proof of Provenance involves issuing a digitally signed receipt with precise timestamps down to the millisecond, offering indisputable evidence of the data's origin.

For instance, when a person uploads an original image to Bundlr, the Bundlr receipt serves as proof of the image's origin. If edits are requested for the image, each modification is tagged to the original using "Proof of Provenance," creating a transparent lineage that displays the original image and all subsequent edits. In the event of unauthorized use of the image, Bundlr's Proof of Provenance acts as evidence to establish ownership rights over the work.

*The evolution of data and how Bundlr's Provenance processes it*

3. Bundlr network

Bundlr's network comprises three nodes: Node 1, Node 2, and Devnet. Data uploaded to Node 1 and Node 2 is stored permanently. Users can upload data for free, limited to under 100KiB on Node 2. Node 1 and Devnet support bundling and Proof of Provenance, while Node 2 only supports bundling:

Devnet serves as an experimental version, supporting data storage for approximately 60 days. It is intended for developers to test, experiment, and learn about Bundlr's SDK.

Users also have the option to upload data to Bundlr's Mainnet and make payments using 14 supported types of tokens. When data is uploaded to Mainnet, it is stored on Arweave to ensure the permanence of the data. Even if Bundlr ceases to exist, users can still access their data on Arweave.

4. Bundlr Protocol Fees

Bundlr employs a fee structure determined by a comprehensive formula:

Bundlr fee = Arweave_cost (max(X, 10000)) * conversion_rate(”AR”, currency) * global_multiplier * oracle fee.

In this equation:

X represents the quantity of bytes.
Arweave_cost signifies the expense associated with storing X bytes on Arweave. For instance, if \text(256KB) = $2.56, then \text(1KB) = $0.01.
Conversion_rate denotes the exchange rate between AR (Arweave's token) and various currencies (e.g., MATIC). This enables users to pay fees equivalently in different currencies.
Global_multiplier acts as a multiplier universally applied to transactions, resembling a "profit margin."
Oracle_fee functions as a risk factor, considering fund management fees and asset volatility.

5. Tokenomics

Bundlr has not outlined any official plans or announcements regarding tokens or an airdrop program for users.

6. Team

The progression of Bundlr Network is propelled by individuals possessing considerable expertise and accomplishments in web3. Comprehensive details regarding the team and their professional backgrounds can be readily accessed on Bundlr's official website.

7. Investors & Partners

Bundlr Network has successfully concluded a singular seed funding round, publicly disclosing a substantial investment of $5.2 million from distinguished funds and individuals within the cryptocurrency domain. Contributors include Framework, Arweave, Hypersphere, Jimmy Chang (AAVE), Viktor Bunin (Coinbase), Kevin Pawlak, Shiva Rajaraman (OpenSea), Annika Lewis (Gitcoin), among others.

The project has garnered trust and integration with various blockchains such as Ethereum, Polygon, Boba, Avalanche, BNB Chain, Solana, as well as Web3 projects like Lens Protocol, Wordcel, Alex, and Crypto Unicorn.

8. What has Bundlr accomplished?

Bundlr has processed over 924,219,390 transactions since its launch. The data uploaded to Arweave has increased by over 1100%, from 11 TiB to over 133 TiB. Bundlr is handling more than 90% of the transaction volume on Arweave.

9. Ecosystem

Webite: https://bundlr.network/
Twitter: https://twitter.com/BundlrNetwork

10. Conclusion

The decentralized data storage sector holds an important role in the cryptocurrency, managing the diverse data types generated daily that necessitate secure preservation. Bundlr's current accomplishments partially underscore its significance and importance in the data storage domain.

Bundlr has not introduced its token, presenting an opportunity for early user engagement and contribution, such as supporting node operations, with the potential for future airdrop participation. This information is anticipated to provide users with valuable insights. Stay informed with the Bigcoin team for updates on market trends and noteworthy crypto projects.

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