1 Name：ChivesWeave
English name: ChivesWeave
English abbreviation: XWE
Max. Supply — 66,000,000
Mining Node Reward— 11,000,000
Light Node Reward — 11,000,000
Dev & Service Team Funding — 11,000,000
Ecosystem Project Funding — 11,000,000
Arweave Users Airdrop — 11,000,000
Undecided purpose — 11,000,000
Description: Source from Arweave 2.7.0 and developing new functions.
Block time: 30 seconds
Block reward: 4 XWE
Reward halving: Halving in 1 years, linearly decreases in each block
ChivesWeave is a decentralized blockchain storage network designed to permanently store and distribute data on the internet, achieving permanent data storage and accessibility through its unique blockchain technology.
2 Introduction?
Chivesweave is a tool designed to assist anyone in permanently storing data. Chivesweave operates by distributing stored information across a computer network of nodes and provides services to a parallel internet called the “permaweb” through this node network. All these nodes earn token rewards by offering efficient data storage.
Similar to many decentralized storage platforms, Chivesweave uses its native cryptocurrency, XWE, to power its services. When people spend tokens to store data, they pay XWE to miners. From these transactions, XWE is also stored in an endowment fund, which can technically release rewards indefinitely. Through this mechanism, Chivesweave ensures limitless permanent storage.
Chivesweave achieves permanent data storage functionality through the Blockweave data structure and the SPoRA (Succinct Proofs of Random Access) consensus mechanism.
Some of the standout features that distinguish Chivesweave include its accessibility through traditional web browsers and its open-source nature, allowing the community to participate in its improvement process. The community plays a significant role in many aspects because Chivesweave incorporates a voting mechanism that enables its users to review content and label certain items as illegal. Additionally, there is a thriving ecosystem of new application developers.
3 How it works?
Chivesweave stores data in a graph of blocks. In this manner, each block is connected to the two previous blocks, forming a structure known as “blockweave.”
4 Chivesweave Features
Blockweave
In traditional blockchains, blocks are linked sequentially, forming a linear chain structure. Chivesweave takes this a step further by linking each block not only to the previous one but also to a randomly selected earlier “recall chunk.” This creates a woven or threaded block structure, serving Chivesweave’s consensus mechanism, SPoRA (Succinct Proofs of Random Access).
SPoRA Consensus Mechanism
Succinct Proofs of Random Access (SPoRA) allows validators to verify the correctness of storage or computation with a very small yet sufficient proof, without accessing the complete dataset. It significantly enhances efficiency and security in data validation.
SPoRA promotes greater decentralization and efficiency by suppressing resource pooling among CPUs. Its architecture requires less energy maintenance, reducing miner expenses and making the entire system cleaner and more efficient.
Bundles
Bundles are a technique that combines multiple data transactions in Chivesweave into a single transaction. This enhances the scalability and usability of the Chivesweave system. Bundles ensure that Chivesweave remains capable of handling large quantities of media files when a project requires uploading and storing extensive assets, such as thousands of NFT images and audio files for a game project.
SmartWeave
SmartWeave is a smart contract protocol that uses the XWE token, enabling developers to build smart contract applications using JavaScript. Unlike Ethereum’s contract execution method, where the entire network is called upon to verify transactions, SmartWeave relies on smart contracts executed by users locally on their client devices.
Another noteworthy feature is that SmartWeave contracts can serve as the entire backend for an application, eliminating the need for servers, and allowing the entire application to run on the blockchain.
The Permaweb
The Permaweb is built on top of Chivesweave’s core data storage layer. It is a connected collection of files and applications, where all content is permanent. It can be used to store various types of information, from Wikipedia articles to PDFs, videos, and dApps. Once incorporated into the Chivesweave network, these files and information gain permanent backups, and no one, including the original uploader, can alter them in any way.
Wildfire
Wildfire is an incentive measure for data reading in Chivesweave. Since Chivesweave charges only for data storage and reading is free, to encourage nodes to respond to read requests and block generation quickly, Chivesweave introduces Wildfire: a node scoring mechanism. Nodes create a ranking system for other nodes based on two factors: 1. Generosity, which is the frequency of sending new transactions and blocks, and 2. Responsiveness, which is the speed of responding to network requests. Nodes with higher scores are more likely to generate blocks for each other.
BlockShadow
Nodes do not need to validate the entire storage file during validation. Instead, when creating blocks, nodes place a portion of the storage content in the block, transmitting only a hash value and an account list. This hash value represents that content, and other nodes verify this hash against the contents in the file pool.
This approach accelerates the validation process and offloads some work off-chain. Similarly, when called upon, BlockShadow can locate the stored block to complete the call.
5 Network Participants
Network Participants
Participants in the Chivesweave network are divided into two categories: miners and users. Users pay XWE to add data to the network, while miners within the network earn XWE by mining new blocks, which involves storing and providing data. The entire network coordinates and distributes rewards between these two groups to ensure its proper functioning.
6 About XWE token
Chivesweave has its own currency, the XWE token. Users who wish to store data must purchase it to cover storage costs, while computers providing storage must accept XWE tokens as payment. Payments are not made directly to each miner but are aggregated and distributed to the network over time.
This fee pool is known as the Storage Endowment, and its purpose is to provide security for future data from the surplus XWE tokens in this pool. The fees come from user payments and mining rewards, and as this pool grows over time, it can pay out rewards to miners in the future for an extended period.
It’s important to note that storage on Chivesweave is a one-time payment, not subscription-based. However, data is stored permanently, making Chivesweave attractive for both users and the network, turning it into a cryptocurrency with real utility.
7 Economic Model
The Chivesweave protocol produces an average of one block every 30 seconds. After the genesis block, each block mints approximately 4.9 XWE tokens. The minting rate decreases by half each year, with a maximum total issuance of 11 million XWE tokens. In other words, after the mainnet launch, each subsequent year will result in the mining of half the remaining XWE tokens. For example, the first year will see the creation of 5.5 million XWE tokens, the second year 2.75 million, the third year 1.375 million, and so on.
The total supply of XWE is 66 million, with 55 million generated by the genesis block. The XWE token issuance/block reward is designed to follow a decreasing trend, halving annually.
Chivesweave miners derive their income from two main sources: network fees and block rewards.
Network fee revenue comes from the 14% of users who pay fees, and these tokens directly enter circulation. Approximately 86% of the fees go into an endowment pool, which is used as subsidies for miners when their costs cannot be covered.
The endowment pool functions similarly to a savings account, temporarily reducing the liquidity of tokens in the secondary market while generating ongoing income. The size of the Chivesweave network storage (weave size) is highly correlated with the endowment pool funds. Over time, as Chivesweave’s storage costs decrease annually and block rewards diminish, the accumulation of XWE tokens in the endowment pool due to increased network storage (weave size) will be sufficient to subsidize miner costs and ensure earnings. This is how Chivesweave ensures economic support for data storage for at least 200 years.