Irys, a major Layer 2 network within the Arweave ecosystem, reportedly has plans to fork the Arweave network with the intention of “removing the data set and restoring the token supply,” according to a December 17 report. mail by Arweave founder Sam Williams.
It alleges that despite the existence of a secure update mechanism with Arweave, the Irys developers plan to proceed with a hard fork that “appears to be a move motivated by greed.” The founder of Arweave wrote:
“Given this situation, Arweave intends to remove Irys packages from the trusted set on major Arweave gateways. “This will cause significant delays before user data is available.”
in a rebuttal mail On the same day, Irys developers stated: “Are we developing new provenance technology? You bet your ass we are,” accusing Arweave developers of “active censorship” in response to alleged efforts to “displace Irys from Arweave.” The developers added: “Stay tuned to this space; “We have a lot of powerful new features we're thinking about and we can't wait to share them.”
Over the past two days, the Arweave token has lost more than 20% of its value and is now trading at $8.90, in part due to the revelation of the allegations. Irys is currently the largest layer 2 network on Arweave, accounting for more than 90% of the blockchain's 16 million daily transaction volume. However, network volume has dropped 31% since the allegations emerged.
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As a decentralized immutable storage network, Arweave stores Web2 and Web3 data, such as web pages, game data, images and non-fungible token metadata, and more. About 74.26 pebibytes (83.6 million gigabytes) of data are stored on the Arweave blockchain.