What Is ARK?
ARK is a cryptocurrency which enables an ecosystem which allows others to create their own cryptocurrencies. The Ark Crew, the project’s development team, created a platform which enables businesses and individuals to build their own blockchain in just a matter of clicks.
The ARK ecosystem is comprised of several essential components which will help the project reach its goal of making blockchain more accessible to the masses. The platform is based on the following three core features:
- Smart Bridges
The Smart Bridge feature “bridges” different blockchains which are incompatible with one another. This will make ARK an intermediary which facilitates communication between blockchains.
The SmartBridges functionality can easily be activate by introducing just a few lines of code provided by ARK.
Exchanges can also make use of the SmartBridges feature, by using encoded listeners to figure out whether a transaction is an exchange transaction, which can then be automatically processed while their usual fees are incurred for said transaction.
- Alternative Programming Languages
The ARK team also intends on adding support for a few more programming languages in the future: R, C, Advanced PowerShell, Rust, and C++.
- Push Button Deployable Blockchains
This function works in a similar fashion to Ethereum, as it allows anyone to easily clone the ARK blockchain and built their own blockchain project on it. However, the difference here is that the cost is lower. All the chains resulted from this deployment process will have SmartBridges functionality fully integrated.
ARK implements a Delegated Proof of Stake consensus algorithm, which is less power-consuming and does not require the use of costly hardware mining rigs, as delegates mitigate the ARK network.
The delegates are voted by the ARK token holders. Anyone is eligible to election, but currently only 51 individuals can occupy this position.
Delegates have a block reward of 2 ARK per each generated block, and since block creation times are around 8 seconds, these delegates rake up nearly 200 ARK on a daily basis.
One vote costs 1 ARK, and you cannot unvote your delegate. It costs the holder 1 ARK each time they vote or unvote the same delegate.
100 million ARK tokens were released in 2017. Seeing as ARK blocks can be generated incredibly fast, ARK features an inflation rate model which decreases with 6.31% in the first year, leading up to 4.02% in its tenth year.
The processing capacity of each block is of 25 transactions. According to their wither paper, the ARK team will scale up by increasing the block’s processing ability, and they will also reduce the block time.
When sending ARK to another wallet a fee of 0.1 ARK incurs, but this is only temporary and will adjust after the network develops more. Delegate registration requires a fee of 25 ARK.
The following core update intend on reducing these fees, eventually lowering the sending transaction fee to 0.01 ARK, the delegate voting fee to 0.02 ARK, and the delegate registration fee to 10 ARK.
All fees are given to the delegates that process the block which is comprised of those fees.
Where to Buy ARK
Binance and Bittrex have the largest trading volume on a daily basis. Binance supports both BTC and ETH trading pairs, while Bittrex only allows Ark to be traded against BTC. The largest volume for fiat trading is against the Korean Won which is supported on Upbit against the Korean Won.
Where to Store ARK
It is recommended to store ARK coins in the wallets available on the project’s official site. There are three versions you can choose from: Desktop Wallet, Paper Wallet, Web Lite Wallet.
Ledger is another cold storage option which can be used for keeping ARK. The mobile ARK wallet app is available for both Android and iOS devices.
The ARK project is a very ambitious project which is seeking to change the blockchain ecosystem by making it more accessible to all users, while also bridging the disparities among different chains.
Featured image TotalCrypto