What is ARK?
ARK is a decentralized ecosystem designed to increase user adoption of blockchain technology. Ark Crew, the self-titled development team, has clearly outlined in their whitepaper that they plan to bring blockchain to the masses by building fast secure core technology real-life hands-on service. (“A Fast Secure Core Technology” with “Practical Services for Real People.”)
Simply put, Crew is creating a sandbox ecosystem where businesses and other users can create their own blockchain from a copy of Ark with just a few clicks. To make this ecosystem as widely accessible as possible, they have focused a lot on providing a good user experience and incorporating as many blockchains and other coding languages as possible.
ARK price list today. Source Coinmarketcap
How does Ark work?
Crew is building a number of notable features into the ecosystem – all with the basic, unified goal of making blockchain more accessible to the world:
- Alternative programming languages
- Deployable push button
The SmartBridge bridge separates blockchains from each other through the Ark core platform. Essentially, Ark becomes an intermediary between different chains allowing them to communicate with each other and trigger events between chains – something that is currently not possible.
Enabling SmartBridge on-chain is as easy as inserting a piece of code.
Exchanges like Coinbase and Shapeshift can also benefit from SmartBridge. These platforms can use encrypted listeners to act as a vehicle for SmartBridge transactions while still charging their usual transaction fees.
With the integration of alternative programming languages, almost any developer feels comfortable building on top of Ark. The platform includes support for 18 different programming languages.
You can use push button deployable blockchains to easily fork Ark and create your own project. These forks are ideal for startups and come with an out-of-the-box feature set. Even chains you deploy through this feature are automatically equipped with SmartB Ink.
Ark operates using the Delegated Proof-of-Stake (DPoS) consensus algorithm. Unlike Bitcoin, in which miners secure network transactions, delegates secure the Ark network. There are hundreds of potential delegates, but token holders continuously vote for 51 people to become delegates.
As a token holder, you are only allowed to vote for one delegate at a time. The fee to vote/cancel is just 1 ARK with plans to reduce this fee to 0.02 soon. Therefore. It is beneficial to at least vote once for a delegate you support. The more ARK tokens you own, the stronger your vote.
Reputable delegates had written proposals in which they documented how they operated. Many of the famous ones include profit sharing from the rewards they receive when they generate new blocks. If you vote for a delegate with a share of the profits, you actually get a dividend over time.
Other delegates run with the intention of funding development projects, giving voters equity, or providing services for applications that may not otherwise be profitable. With your vote, the choice is entirely yours.
The network was launched with 125 million ARK in the genesis (first) block. Delegates are awarded 2 ARK for every block they generate, and a block is generated approximately every 8 seconds.
Assuming the 8-second block time does not change, ARK’s scheduled inflation will be 6.31% in the first year, 5.93% in the second year, and will further decline to 4.02% in the second year. tenth. This is a much smaller drop than both Lisk and Ethereum.
The 8-second block time puts Ark into a faster transaction closing time for cryptocurrencies. For comparison, Bitcoin has a 10 minute block time, Litecoin, is 2.5 minutes, and Ethereum transactions typically take 14 seconds.
Previously, the Ark network could handle 50 transactions per block (TPB). However, the Core v2 release increased the TPB to 150, so the network can now handle 18.75 transactions per second.
To deposit ARK, you must initially pay a transaction fee of 0.1 ARK. With the release of Core v2, the network uses a dynamic fee system. To register as a delegate, you need to pay 25 ARK and, as mentioned earlier, voting for a delegate now costs 1 ARK.
All fees are paid to the block delegate, who processes the block containing those fees.
Ark was launched in October 2016 by 27 members spread around the world. With team members everywhere from California to Bulgaria – the team is truly decentralized. It currently consists of 23 core members.
Crew has been one of the more active development teams in the crypto community. Since the start of 2016, they have accomplished quite a bit. They released the beta version of Ark in December 2016, the first version of the mainnet in March 2017 and launched the second version of the mainnet in November 2018. Core v2 lives on a single base. The codebase is completely different and includes features like dynamic fees, increasing transactions per second (and transactions per block), and a plugin system among a bunch of other things.
Roadmap is still very much. Next will be: a payment plugin, push button blockchain and the Ark virtual machine (for smart contracts).
The Ark infrastructure is modeled on three legacy projects: Bitshares, Crypti, and Lisk. In fact, some of the Ark developers were formerly developers on some of those projects. Francois-Xavier (FX) Thoorens, CTO, was a core developer at Lisk 2016.
The main similarity that Ark has with previous projects is the use of the DPoS consensus algorithm (DPoS consensus algorithm.)
Since Ark focuses on interoperability, the project is competing with ICON and Wanchain. However, the group approach using SmartBridges is significantly different from the approach of the other two groups.
Ark is steadily working to bring interoperability and usability to the blockchain industry. Crew realized that bringing an idea as complex as blockchain technology to the public eye had to start with exemplary design.
If they continue to accomplish everything on their daring roadmap, then there is no doubt that this ecosystem could be one of the most influential catalysts for the adoption of blockchain technology.
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