HONG KONG, Dec. 8, 2020 /PRNewswire/ -- Bering Waters Tech has announced the launch of the SOLAR Bridge to actively push the boundaries of blockchain's scalability by building a game-changing bridge between Solana's blockchain and Arweave's data storage solution, solving an imminent problem for all blockchains as they scale to meet the needs of financial networks.
Since using Solana's high performance blockchain generates a massive amount of data beyond the capacity of current storage technology, the development of Arweave's solution couldn't be more timely. "If you look at the Solana history, we originally started with our own storage solution for a high-performance blockchain. When you have a chain like Solana that processes a massive amount of data, it needs to go somewhere, and it needs to be decentralized. We have seen amazing projects like Arweave solve this problem in a much better way than we could have. Arweave is hyper-optimized, censorship-resistant, and has some amazing features that makes it feel like a decentralized big table from Google,"elaborated Co-Founder and CEO of Solana, Anatoly Yakovenko.
Having invested in both companies, Bering Waters Ventures had an interest in seeing them succeed in their collaboration. This led to the formation of Bering Waters Tech - a new company focused on solving technical problems for high growth blockchain companies.
The reason for Solana's fast growth is clear: there is a race between blockchains to deliver scalability and large transaction capacity. Currently averaging 80 million transactions per day, Solana has the capacity to handle over 50 times that much, with average transaction fees of $0.00001 and sub-second settlements, making it the fastest blockchain on the market today.
The reason for selecting Arweave to handle the storage problem is also easy to see: the Arweave protocol provides permanent storage as a service and is designed on blockchain technology to efficiently store massive quantities of data as immutably as the blockchain itself, creating crypto-economic incentives for miners to replicate as much data possible. Their storage costs are covered in an innovative fashion, with an up-front fee whose interest accrual perpetually covers the cost of storage over time. This places Arweave ahead of major global corporations in the areas of permanent data storage, as these services are not available anywhere else.
Arweave's technology has already impacted many areas of technology and the long-term benefits will continue to evolve over the next few years. "The issue that every network will face one day is how to indefinitely store the massive number of transactions that highly scalable blockchain solutions inevitably generate," explained Founder of Arweave, Sam Williams. "Arweave is a perfect solution to this problem. We see Arweave rapidly becoming the standard for scalable chain storage in the industry, and we're extremely excited to see Solana leading the way."
Bering Waters Tech stepped in to build the SOLAR Bridge which securely connects the two technologies, turning a cooperative partnership into a practical real-world solution.
"Such a sudden leap forward always creates new challenges to existing technology. Even if the fiber internet existed in 1998, there weren't computers that could handle this speed. Whenever we have a disruption in one sector, it pushes disruption in connected sectors that build solutions to benefit from the progress achieved by the other players in the market," said Ewelina Leszczak, CEO and Founder of Bering Waters Tech. "Arweave and Solana are two technologies disrupting at the same time and we saw the opportunity to make them interoperable."
A primary focus for the SOLAR bridge design was built-in resilience in order to meet the stringent demands of the financial industry. It was critical to anticipate the requirements of future users, including compliance. The challenge was to handle the high transaction throughput of Solana while maintaining cost-efficiency in terms of data size and the number of blocks and transactions on Arweave.
Bering Waters Tech has validated its solution using a wide set of benchmarks, including historical and synthetic data sets to stress-test the technology in both normal and extreme scenarios while maintaining cost and efficiency thresholds.
Bering Waters Tech and Bering Waters Ventures are distinct entities within the Bering Waters Group. Bering Waters Group has established, maintains, and enforces policies and procedures reasonably designed to identify and effectively manage conflicts of interest related to its activities. Bering Waters Ventures abides by a "No Trade Policy" for the assets listed in this press release for 3 days ("No Trade Period") following its public release. At the time of publication, Bering Waters Ventures holds Arweave (AR) and Solana (SOL) tokens.
About Bering Waters Tech
Bering Waters Tech builds simple and scalable solutions to make blockchain technology practical and accessible across industries such as finance, technology, and manufacturing, among others. Deploying the best talent in distributed ledger technology, Bering Waters Tech delivers cutting edge technology to provide unified solutions to accelerate mass adoption. The team leverages its expertise in tokenization, digital identity, data sovereignty, privacy, decentralized finance, AI, logistics, security, and distributed networks to meet the needs of global organizations like the UN, US big tech companies, financial institutions, and chain foundations. Bering Waters Tech is part of the trio of companies that form the Bering Waters Group.
Solana is a fast, secure, and censorship-resistant blockchain providing the open infrastructure required for global adoption. Founded by former Qualcomm, Intel, and Dropbox engineers in late-2017, Solana is a single-chain, Proof-of-Stake protocol whose focus is on delivering scalability without sacrificing decentralization or security. Solana can currently handle up to 50,000 TPS with single transaction costs as low as $0.00001.
Core to Solana's scaling solution is a decentralized clock titled Proof-of-History (PoH), built to solve the problem of time in distributed networks where there is not a single, trusted, source of time. By using Verifiable Delay Functions, PoH allows each node to locally generate timestamps with SHA256 computations. This eliminates the need for the broadcasts of timestamps across the network, improving overall network efficiency.
The Arweave protocol enables a decentralized, permanent web upon which data is stored immutably and reliably. From data storage to app hosting, Arweave is rebuilding the social and technological infrastructure of the web, including the corporate structures behind the production of apps themselves.
This is made possible by Arweave's economic model based on an endowment rewarding those who store network data. Therefore, those who host their web apps on the Arweave network never have to worry about technical maintenance or ongoing hosting costs - once their code is deployed, it will persist forever. This allows developers to build applications that are owned and controlled by no person or company - just by their immutable code.
SOURCE Bering Waters Tech