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ARK Coin: The Most Innovative Blockchain Ecosystem?
Heard about Ark coin and need some help understanding what it is? Our simple guide will tell you everything you need to know.
Contents
What is Ark Coin?
Ark is more than just a cryptocurrency. It is an entire ecosystem: A fork of Lisk that offers developers, startups, and users with an innovative opportunity built on blockchain technology. This secure platform is designed with mass adoption in mind. It will offer the services and solutions that developers need and customers want to see. Ark aims to address the primary problem of interoperability that comes along with blockchain development.
Everyone agrees that ledger technology is a highly disruptive industry but critics argue that in its current state, it is too decentralized. Popular blockchain networks like Ethereum and Bitcoin operate separately from one another, making it impossible to perform transactions directly between the two.
Ark coin aims to create a way to streamline the communication and transfer of data between separate blockchains. It plans to do so by creating what the company refers to as “SmartBridges”, which will enable contact across blockchains. Additionally, Ark seeks to create a way for its users to create their own blockchain as easily as possible.
Unlike Ethereum based blockchains, Ark blockchains are wholly independent. Using Ark’s SmartBridge capabilities, blockchains deployed on their platform will have the ability to interoperate and communicate with each other.
Overall, the primary drive behind the Ark project is to gain mass adoption while addressing several of the usability and scalability problems that are currently present in the Ethereum platform. Ark wants to solve these problems while also offering the advantages offered in the same ecosystem. Ark claims that it is not only a cryptocurrency but a system that is meant to drive the adoption of digital currency.
How Does Ark Cryptocurrency Work?
The Ark development team has created a platform that resides on top of a very secure blockchain core. This team has built an ecosystem that is user-friendly and seeks to increase usage of blockchain technology. Their platform consists of many parts, including the ones listed below.
Ark is built based on a decentralized voting system referred to as Delegated Proof of Stake. This type of system helps to solve the problem that some cryptocurrencies are encountering when it comes to adopting new technologies and performing upgrades.
Security –Ark cryptocurrency has integrated cryptographic features and security principals during its entire development cycle. Using these principals, Ark is able to guarantee a secure core for its users. Similar to many other blockchain ecosystems, Ark makes sure to place a high emphasis on its security.
SmartBridge connects blockchains together
Ark coin is a continuous set of blockchain technologies. Ark has done this intentionally in order to expand the reach of its ecosystem. The Ark cryptocurrency bridges together proprietary and useful blockchains through its SmartBridges technology. The SmartBridge technology is the central concept behind Ark. Simply put, SmartBridge ties together different cryptocurrencies. With Ark, you have the potential to hook various cryptocurrencies into it so you can send currencies across ecosystems.
SmartBridge technology also allows for communication between bridged blockchains that have been validated. This means they have the ability to complete advanced functions and tasks. The beauty behind this technology is that it means some of the more popular blockchains will now have the ability to create a connection between differing platforms. For example, Ark has successfully bridged Ethereum, Bitcoin, Lisk, gaming tokens, third-party networks, and many other up and coming blockchains.
Self-sustaining technology – The Ark coin development team aims to create a blockchain technology that is easily and readily accessible to its users. They want it to be so seamless that users will not be aware that they are even using the technology. This aims to make the platform self-sustaining through the ongoing creation of services that users understand and are willing to pay for as part of the Ark experience.
Tokenization – Ark plans to provide tokens that are secured through a cryptographic network of blockchains. This network will have a lot in common with Crypti and Lisk. It will operate on a Proof of Stake (PoS) algorithm while providing a newly integrated voting system that offers many enhancements over previous PoS iterations.
Programming Languages
While ARK was developed on Node.JS/Javascript, the company wants developers to be comfortable using their programming language of choice. As a result, ARK has integrated the following languages:
- Elixir
- Rust
- RPC
- Lua
- Swift iOS
- Java
- PHP/Laravel
- .Net
- C
- Go
- Python
- Kotlin
- Symfony
- TypeScript API
- C++
- Nucleid
- GraphQL
- Ruby
What is Ark Coin Used For?
Ark Coin is used to fuel the Ark ecosystem. The token gives users the ability to participate in the Delegated Proof of Stake (DPoS) governance contained within the Ark ecosystem. This gives users the ability to interact with blockchains enabled by SmartBrdige.There are many other use cases for Ark cryptocurrencies, many of which involve extensive blockchain adoption. Here are some of the more prevalent ones:
Eliminates third-party financial involvement – The Ark cryptocurrency provides a reliable means of transmitting data across the world. Its decentralized network means users can perform transactions without the involvement of financial institutions like credit companies and banks. The platform is reliable, secure, cheap, and fast.
Investment and saving opportunities – Ark coin provides a unique, reliable, and stable ecosystem in which you can invest or save some cash. With a fully encrypted and decentralized network, you can be sure that any cash you decide to save will be protected from third-party seizures or attackers. Additionally, the Ark coin provides a great option for investors looking for a great return on their investment.
Supports a wide range of devices – Ark cryptocurrency is built to operate and integrate with a variety of devices. These range from wearable NFC devices to smart cards. This is accomplished through direct relationships with the NFC hardware designers, which help users become more familiar with Ark cryptocurrency. Now, you can simply tap on a bracelet when you want to purchase tokens or follow the performance of a specific digital currency.
What Drives the Future Value of Ark Coin Price
There are a few factors that will drive the future value of Ark coin price. For instance, the project intends to complete the second iteration of its Ark Core in the fourth quarter of 2018. This is a complete overhaul of the code that will provide support for multicore PCs, faster throughput, better stability, higher scalability, and will begin preparations for smart contracts.
The Ark Core is an integral part of Ark’s overarching project and is a significant stepping stone for future goals relative to their roadmap. Ark’s development team recently announced that the DevNet version of their V2 code is live, which means any developers interested in helping can test and debug any remaining issues.
In addition to its Core update, Ark enthusiasts can also expect to see the integration of Ark Pay during Q4 of 2018. Ark Pay will be an easy-to-use widget that gives vendors and merchants the ability to accept Ark coin as payment. This means users will have the ability to make payments in online shops in the near future.
Lastly, the first quarter of 2019 will bring about the second version of the Ark coin website, which will offer an improved user and design experience. Additionally, users can expect the deployment of Ark cryptocurrency as a payment for merchant stores by the close of 2019.
As you can see, there are plenty of reasons to expect Ark coin price to continue its upward trend through the end of 2018 and into 2019. This digital currency is doing everything it can to ensure that it continues on the right track and provides users a stable, secure, and private platform.
Should Investors Buy Ark?
Ark cryptocurrency offers its developers and users new and emerging blockchain technologies. With its SmartBridge technology, Ark strives to establish an entire system of connected blockchains to make it adaptable, versatile, and scalable. Here are some pros and cons around why you may or may not want to invest in Ark cryptocurrency.
Pros
- Speed – Ark implements a setup that features eight second block times and no time transactions. As a result, Ark can offer scaling over the long run for those that need this ability.
- Security – Ark coin understands that everyone is concerned with security. As a result, Ark uses cryptologic algorithms through its entire system. This means users can rest assured that their transactions and data are secure.
- Independent – Ark wants to provide an ecosystem easily accessible to all its users. The project team seeks to offer services that users want and need. This means users have both online and offline revenue streams with Ark, leading to additional value and adoption.
- SmartBridge – With SmartBridge, Ark brings the ability to connect proprietary blockchains and connect them with other blockchains. For example, Ark coin can current bridge to Lisk, Ethereum and Bitcoin.
- Environmentally Friendly – unlike other crypto projects that use power-hungry proof of work or proof of stake consensus methods, Ark uses a delegated proof of stake method which takes very little power to run on.
Cons:
- Risk of being hacked – Ark coin does a fantastic job of incorporating security measures and options to keep their platform safe. However, there is always the possibility that it is hacked and users lose their funds.
- Spreads itself too thin – Instead of focusing on doing one thing really well, Ark is being ambitious and is taking on a lot. Maybe the team is spread to thin to execute on multiple fronts?
Do you want to go ahead and get some Ark? Our Ark buying guide takes you through all the steps.
Image via Coinmarketcap.com
Conclusion
As you can see, Ark coin offers a great solution to a real challenge in the world of digital currencies. Whether or not it makes sense to invest in Ark cryptocurrency is a choice the individual user has to make. Before deciding whether or not to move forward with investing, keep a few things in mind:
First and foremost, remember that Ark coin isn’t a perfect cryptocurrency. It has its share of challenges. What Ark is doing is very ambitious, and while the team has done a formidable job so far, there are still a few areas that need to be addressed moving forward. For instance, Ark could use some assistance in marketing as their brand isn’t as well known as other cryptocurrencies.
That doesn’t mean everything is doom and gloom for the coin. Ark has solid core network and a website which offers its users a variety of wallet options. The Ark cryptocurrency has a promising start and is working hard to realize its goals. It offers an inspiring vision for the blockchain community, which is especially refreshing given the current era of constant battling between digital currencies.
If Ark can execute and deliver on its promises and continue to work through its perspective roadmap, it may not be too long before its SmartBridge technology is a regular part of blockchains. If so, it will enable the type of blockchain transactions never before thought possible.
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Resources
Below we’ve listed some key resources relevant to Ark.
? Safest Ark Coin Cryptocurrency Wallets
The safest way to store your coins is by using a hardware wallet. Fortunately, Ledger supports Ark coin. Find out more here.
? Best Free Wallets
As Ark coin has its own blockchain you will need a specialized wallet to store it. We recommend using the official Ark wallet.
- Official Ark Desktop Wallet – Learn More In Our Ark Wallet Review Deep Dive.
- Android Mobile Ark Wallet.
- Official iOS Ark Wallet.
? Best Crypto Tracking App For Ark
Useful Links
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About The Author
Project Team
We recommend you read the Ark white paper before deciding to invest. Always do your own due diligence.
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