Ark is a very fast digital currency that uses the dPoS (delegated proof of stake) to enhance the inter connectivity of blockchains. Considering that Ethereum and Bitcoin are not able to come up with a way of making transactions between each other, Ark has seen a market gap.
Ark is planning in using the smart bridges as well as encoded listeners to change this situation. This makes Ark more than just a crypto coin. It’s more of an ecosystem which has the intention of catalyzing the crypto’s mass adoption.
This being the case, the article will be aimed at discussing the Ark crypto currency in depth. From its founders and history, market performance, wallets, exchanges, features and any other details that will enhance your understanding of this crypto.
What is the Ark Cryptocurrency?
Ark is an ecosystem that majors its operations to providing its users, startups as well as developers with innovative technologies of the blockchain system. More to that, Ark is a platform that performs high security measures with its basic design tailored to provide mass adoption by delivering services that are needed by developers and what the consumers want.
Simply, Ark tries to address the major issue affecting the development of the blockchain. This is interoperability. The distributed ledger was initially the solution to this but currently it’s too disruptive because it is too decentralized. Independently operating blockchains like Ethereum and Bitcoin are operating separately. This is the major reason why it’s so hard, almost impossible to make direct transactions between the two. Ark’s crypto in this case is aimed to streamline data transfer as well as communication between the diverse blockchains which have smart bridges. The main objective of Ark is not solely to advocate for cross chain contacts between the blockchains.
It only wants to give the users opportunities to be able to create the blockchain in rather simple steps. The process will work by linking the blockchains to the Ark which will be equivalent to ERC20 tokens. These tokens however will be different from the tokens offered at Ethereum blockchain.
This is because, the tokens will be independent block chains. In this case, the smart bridges technology will allow the blockchains which have been deployed via Ark to be able to interoperate between each other. Generally, Ark will try to address the issues related to scalability as well as usability that are presented by the Ecosystem of Ethereum but still it will offer similar advantages.
History and Founders of Ark
The team behind Ark technologies is from France and currently it has already come up with a blockchain which is functional. Although there are still other big projects like EOS and OmiseGo are based on the blockchain of Ethereum, they have still managed in. The team behind Ark is a great one and they have proved this by accomplishing the milestones set in place in the Ark’s road map. All in all, Ark is presented as a project that is open source which anyone who is interested can look at.
The CTO as well as Co-Founder is Thoorens. He was the leading developer at the Lisk crypto project before shifting his attention the Ark’s team. Lars Rensing, the CFO and a Co-Founder of Ark has years of experience in the crypto world. This has given him the chance to be selected as an adviser in many projects in the crypto world. He has been an adviser in DigitalBits and also at Blockport.
In November 2016, the Ark was forked from Lisk then it conducted an Initial Coin Offering. This ICO was considered a failure by some people because it managed to raise only 1200 out of the 2,000 goal of BTC. The fact that they didn’t not reach the goal, all the people who had participated in the ICO were given a refund.
Despite the refund by Ark, most people still didn’t accept the idea as they were confident that Ark would do well. People still invested in Ark and the team continued to pioneer the project full force.
Features of Ark
The Smart bridges – The smart bridges which are being created by Ark have full capability of allowing the blockchain networks to communicate using the encoded listeners. This is a team of trust less middlemen who act assistants in the Ark blockchain by fueling the decentralized operations. The main function of the listeners is to keep the operations of the blockchain in check.
The point clicks blockchain system – Ark has the ability to allow the users of its blockchain to create their own blockchains despite their technological background. This makes blockchains to be available cheaply and quick enough. However, the blockchain holders will be paying a fee to Ark. The road map of the point click blockchain will be completed soon enough.
The dPoS Algorithm – This means that users of Ark vote for the delegates whose work is to verify transactions. To cast a vote, it costs 1 ARK while to become one of the delegates it costs 25 ARK. Votes are weighted depending on the balance of the wallets used to vote. The transactions are confirmed through nodes.
This Delegated proof of stake algorithm allows for participation from all the users of the network. More to that, it allows voting right from the comfort of their wallets. It also allows for quicker block times which goes up to 8 seconds. This means that the users don’t have to wait for so long before their transactions are authenticated.
Ark also plans on making a distribution of cards as physical payments which is similar to TenXPay and Monaco coins. This is a great crypto that has no boundaries. It can be used make transactions around the world.