Ark Blockchain helps in bridging the gap between the thousands of cryptocurrencies in the world today. Users can now connect different cryptocurrencies using the Ark platform.
The cryptocurrencies that currently exist tend to work independently of each other. Each cryptocurrency has its blockchain network with its token, making compatibility between them very hard.
However, with the Ark cryptocurrency, users can quickly move from one cryptocurrency to the other since the platform acts as a link between the various cryptocurrencies. This makes it the first blockchain network to enable users to hope from one blockchain network to another, which would make the lives of cryptocurrency users very easy especially for those who wish to use different cryptocurrencies at the same time.
Therefore, This means a user of one cryptocurrency network will be able to quickly source for services which are not available in the blockchain of that specific cryptocurrency, from other cryptocurrency blockchains. For example, a user of Zscash cryptocurrency can hold ZEC tokens and use smart contracts of the Ethereum blockchain network.
Ark launched its Initial Coin Offering in 2016. The mainnet went live on March 2017, and it has undergone a number of updates since then.
A 27 member team founded it. However, the core team has reduced gradually to the current core team of 17 members.
Image Credits: ARK
In addition to the SmartBridge technology, Ark has a range of other features which makes it one of the best-developed cryptocurrencies of all time.
- High transaction speeds: The transaction speed is 8 seconds per block, making it among the fastest cryptocurrencies in the world.
- Highly Scalable: The development team wanted to keep the blockchain network lean, and at the same time maintaining the extemporary high execution speeds. To achieve high scale through the SmartBridge technology. Through which, the blockchain network is able to set aside the functions that are of the non-essence as it accomplishes its tasks. Ark’s blockchain comprises of many side chains connected to the main chain. Therefore, only the essential data get passed to the main chain for processing during a transaction; the other non-essential data remain in the side chains.
- Open Source system: The cryptocurrency’s blockchain is also completely open source and users can use the network to launch their SmartBridge compatible blockchains.
- The Ark Token: The blockchain network uses a token referred to as ARK, which runs on Delegated Proof of Stake (DPoS) consensus system. By utilizing the DPoS, the Ark can decentralize the computing power and cut on the wastage of energy.
- Privacy: Also, transactions across the network are usually done through an anonymous network integration. All the transactions and services offered on the platform are private.
- Security: The cryptocurrency’s blockchain network is also very secure. The development team undertakes continuous internal penetration tests to make sure that the system remains full proofed from hackers.
- User-friendly platform: The cryptocurrency’s platform is also very user-friendly, and users can easily access the platform.
- ARK Wallet: Users can store their ARK tokens in the ARK wallet.
How does Ark work?
In some years past, it was almost unimaginable that there would come a time when it would be possible to link the different cryptocurrencies thought a single blockchain network. However, the Ark cryptocurrency has made it a reality and cryptocurrency users can now connect and communicate with separate cryptocurrency blockchain.
To allow the connection and communication among the different networks, it uses SmartBridge Technology, which acts as the bridge from one blockchain network to the other.
First, a cryptocurrency blockchain has to connect to the Ark blockchain network. The connection is made possible by a unique code snippet within the Ark blockchain.
Then, through SmartBridge’s special data handling section, which is known as Vendor fields, and through the specially encoded listener nodes, communication between the connected blockchains is achieved. The specially encoded listener nodes search through the data transmitted across the blockchain networks as it tries to find a task to do.
With the blockchains of the cryptocurrencies connected and communicating, the use cases are endless. Users can do anything they aspire to do. For instance, a user can use Ethereum smart contract on the Dash blockchain. They only have to have the blockchains of the two cryptocurrencies connected through the Ark.
In simple terms, Ark cryptocurrency has revolutionized the field of cryptocurrencies. Connecting the cryptocurrencies make them stronger since it becomes possible for the user to solve an extensive range of real-time problems by combining the services offered by the different blockchain networks.
What is Ark’s Roadmap
Ark’s Roadmap does not have specific timelines as is the case with most cryptocurrencies.
After the release of its main net, the cryptocurrency has been undergoing continuous updates, with some updates having been completed and others still under development.
To date the development team has been able to carry out the following:
- Formation of a business entity. Ark formed the IE Foundation, which will be a major boost to their future ideas and projects.
- First integration of SmartBridge technology. The development team built the first encoded listener code and connected it to the Main Chain.
- Website Redesign. There was a complete overhaul of the main website.
- A complete redesign of the block Explorer
- The building of iOS/Android mobile wallets
Image Credits: ARK
Projects still under development
There are other projects which are in various development stages. These include the:
- A complete overhaul of the cryptocurrency Core to Core V2
- Technical Documentation. The team is introducing a Technical Protocol Documentation that will have a summary of how the blockchain has been undergoing updates.
- Integration of the ARK Virtual Machine (ARKVM) to enable users to issue Smart Contracts.
- Integration of different Development, Implementation and Programming Languages so that developers can find it easy to develop their blockchains, which are compatible with the blockchain, using the programming languages which they are best conversant with.
- Enabling the deployment of blockchains to the Main Chain of the cryptocurrency using push buttons. Therefore making it easy for startups to deploy and link blockchains to the main chain. Also, it will be easy forking.
- Inter-planetary File System (IPFS) integration to take care of the amount of data that is processed in the blockchain. This will reduce the likelihood of bloating.
- Integration of TestNetclones for the push button deployable blockchains so that users can easily carry out tests as they build their blockchains compatible with Ark’s blockchain.
- The team is also making SmartBridge documentation and instructional videos to make it easier for the users to understand the technology.
- Making their token accepted for payments in the cryptocurrency’s Merchandise Store. However, this shall become operational once they fully develop the business entity.
- The team is carrying out research and development of many Smart Card/NFC Materials.
- The team is also researching the point of Sale Hardware R&D
The Ark has a very active community. Usually, the Team posts blog updates, social media updates as well as GitHub additions so that the users will be updated on what is happening with the cryptocurrency.
There is also a host of developers who contribute much to the growth of the ecosystem. Usually, there are bounty rewards for the developers to encourage them as they develop solutions.
There is also the Ark Contract Execution Services (ACES) team, which is part of the development team.
Ark team comprises of 17 main members who are part of the 27 founders of this cryptocurrency. The core members come from 11 different countries showing how decentralized this project is.
The 17 member team comprises of Mike Doty (managing director), FX Thoorens (CTO), Lars Rensing (CFO), Travis Walker (Board Member), Rok Černec (Board Member), Scott McPherson (Board Member), Mathew DC (CSO), Velislav Valkov (Lead Network Architect), Chin Song (Support Director), Khanh Vuong, Stefan Neagu (Project Manager), Lúcio Rubens (Full-Stack Developer), Oleg Shcherbyna (UI / UX Designer), Juan Martín (Full-Stack Developer), Alex Barnsley (Full-Stack Developer), Arnaud Deborne (General Secretary), Kristjan Košič (Core Developer), Simon Downey (IoT Team / Developer) and Adrian Kerchev (Network Architect).
Crypto Exchanges listing ARK Token
ARK Token is listed on a number of Crypto exchanges in case users also want to trade it.
Some of the prominent crypto exchanges that have listed the ARK include Binance, Brittex, CoinSwitch, CryptoMate, LiteBit.EU, Cryptopia, and Upbit among many more.
The current market cap of ARK token is USD 156,561,326, which is equal to 23,697 BTC.
The total supply is 134,609,230 ARK. However, the current number of tokens in circulation is 103,359,230 ARK.
The ARK seems to be performing better than some cryptocurrencies which entreated the market way before it. The value of one Token is now valued above $1, and it is expected to rise as the cryptocurrency continues to develop.
Where to store your ARK Tokens
After purchasing ARK tokens, users have three wallet options to store their tokens. The three options are the desktop wallet, the paper wallet, and the mobile wallet.
The most used wallet is the desktop wallet, which is also compatible with the Leger Nano S hardware wallet. But if you want to use your mobile device, you can use the Web Lite Wallet for mobile devices. There are two versions of the Web Lite Wallet; the iOS version and the Android version for use on iOS and Android operating systems.