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Ark Coin Review: Introduction to the All-in-One Blockchain Ecosystem

Anca F. by Anca F.
May 12, 2019
in Cryptocurrencies

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.

ARK Features

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 developers included a slew of coding languages to allow more development possibilities. ARK currently supports the following programming and coding languages: Python, Elixer, RPC, Java, .NET, Go, PHP/Laravel, TypeScript API, Nucleid, Ruby, Swift iOS, Symfony, Javascript, Kotlin, Lua.

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.

Delegated Proof-of-Stake

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.

ARK Token

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.

ARK Fees

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

ARK is supported by a rather limited number of exchanges, including Binance, Bit-Z, COSS, Bittrex, Cryptomate, Cryptopia, LiteBit.eu, OKEx, and Upbit.

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.

Verdict

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

Tags: ARKARK blockchainARK coinARK reviewBlockchainCoinCryptocurrencyreview
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Anca F.

Anca F.

Invest at your own risk notice : The information on this website and the links provided are for general information only and should not constitute any financial or investment advice. We strongly recommend you to conduct your own research or consult a qualified investment advisor before making any financial decisions. We are not responsible for any loss caused by any information provided directly or indirectly on this website.

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