Ark project purpose and description
What is Ark?
Ark is a decentralized ecosystem created to help increase the adoption of blockchain technology in the community. In their white paper, the ARK development team indicated that they were working on a sandbox system that can allow businesses and individual users to craft own blockchains. To achieve their objective, the founders created ARK as a derivative of BitShares, Crypti, and Lisk. This helped them build on the existing technologies as opposed to reinventing the wheel.
The ARK features an improvement to the DPoS (delegated proof of stake) consensus algorithm. The DPoS used by the ARK was considered more effective because it offers a simplified future interaction between with other blockchains that utilize same protocol. The enhanced codebase allows ARK to offer bridges in form of apps and other systems. To address these issues, the development team narrowed to two critical areas; practical services for real people and fast secure core technology.
What is the problem that Ark Solves?
ARK is designed with one core objective; address the problem of poor blockchain adoption. When Bitcoin was created by Satoshi Nakamoto, it demonstrated that it was possible to run a fully decentralized system to increase the efficiency of financial operations. Ethereum followed closely and introduced the smart contracts. Then, Altcoins introduced a wide array of features. However, the rate of adoption still remained below par.
Many people going to the blockchain networks are perhaps attracted to the hyped features and anticipated ROI (return on investment). In 2017, most people were trooping to Bitcoin to cash in the skyrocketing price and reap high ROI. With such models being the drivers for people coming to the blockchain networks, application in other areas has been very poor. This is the potential that the ARK has come to address.
How does Ark solve the problem?
From an early point, the ARK team envisioned a complete ecosystem with endless potential for growth and success. The team targeted having a large ARK community, its underlying token, bridged blockchains, optimal security and high privacy. Here are the core features that the ARK team uses to enhance blockchain adoption.
1. The Ark SmartBridges (bridged blockchains)
Though the ARK platform does not offer direct support for side-chains or decentralized databases, it features a method of bridging the blockchains through a bridging function built into its core code. The bridging function allows other blockchains to send or receive trigger function notices as well as informational data via smart bridges.
One good thing about the smart bridges is that they allow users to even connect to centralized services. For example, users can listen to the ARK network for particular triggers in a SmartBridge using Encoded Listeners. Then, their autonomous systems can act on their behalf. The Encoded Listeners are designed by connecting blockchain administrators. However, ARK provides them with the Rapid Deployment Engine for such creation.
The Bridged Blockchains can allow the ARK crew to come-up with systems such as micro-loan bridged blockchains where clients who want to get loans can be connected with lenders. When you combine this approach with online/offline transfer hardware, processing of payments, loans and transfers become prompt and simpler.
To push with its agenda of promoting faster adoption, the ARK team has integrated with many programming languages. This implies that almost every developer can now feel comfortable working on the ARK system. Some of the supported languages include;
- Swift iOS.
2. The ARK ‘s Delegated Proof of Stake consensus model application
ARK works with Delegated Proof of Stake (DPos) algorithm. Unlike other common Proof-of-Work (PoW) blockchain networks where miners are required to have expensive mining rigs to generate the highest possible hashing power, the ARK is different. By utilizing DPoS, it implies that nodes in the ARK system have to select the delegates to confirm transactions and add new blocks. The network will only have 51 delegates in its system.
As a delegate in the system, you only need to have some ARK to participate in the voting system. Note that voting requires the nodes to pay a fee of 1 ARK. Besides, the reputable delegates have to submit written proposals about how they will operate. If they go against the proposals, users can outvote them.
Once you select a delegate, part of the reward he gets from confirming transactions will be channeled to your wallet. Therefore, if you have more stake, it implies that you will also enjoy a higher reward. A block reward of 2 ARK is awarded to a delegate for every block he adds to the public ledger. Note that a new block is generated every 8 seconds.
With the block time of 8 seconds, ARK stands well ahead of its peers. For example, Bitcoin has a block time of 10 minutes, Litecoin 2.5 minutes, and Ethereum 14 seconds. By the close of 2017, the ARK system was processing a total of 25 transactions per second though they indicated the transactions would be scaled up by lowering the block time.
3. The transaction fee
While the idea of decentralization was primarily targeted at pulling down the cost of sending value through the elimination of centralization entities such as banks, crypto coins’ price growth has become a big obstacle. This situation is what has been making more people consider shifting from top networks such as Bitcoin and Ethereum. To keep the transaction low at the ARK network, the transaction fee is maintained at 0.1 ARK. However, this fee is subject to changes as the network continues growing and becoming more efficient. Here are other fees associated with the Ark.
- Sending ARK in the network: 0.01 ARK.
- Registering as a delegate: 10 ARK.
- Voting/Unvoting: 0.02 ARK.
What makes Ark better than its competitors?
From the beginning, ARK was committed to covering the gap that many other cryptocurrencies had either overlooked or were unable to address; faster adoption in the society. The main things that make the ARK better include;
- The ARK uses Delegated Proof of Stake (DPoS) consensus that makes it easier for greater adoption. This implies that people only need to hold some stake in the network to mine and participate in building consensus in the network. You do not need to have expensive ASIC equipment to qualify to mine the network.
- By using POS model, it implies that less energy is required to mine ARK is low. This makes it better than most proof of work based cryptocurrencies that energy intensive. What this implies is that even those with standard computers can get involved in mining the network.
- The price of the ARK tokens has been doing very well in the market. For example, one ARK was valued at about $0.07 in March 2017. However, this value grew with more than 2000% by mid-June 2017. This is significant growth at a period when other cryptocurrencies have been on a negative growth trajectory.
- The Ark is one of the top cryptocurrencies that have invested so much in promoting mainstream adoption. This adoption has helped more people to understand what cryptocurrencies are and how to use them in mainstream operations.
- The ARK has been designed to help with more use cases. This makes it better than other top networks such as Bitcoin that can only be used for sending value. From gaming to the printing industry, every party is likely to find meaning in the network.
- Unlike other blockchain networks that are primarily aimed at own growth, the ARK is different. It is designed to communicate with other networks so that one does not have to open multiple accounts in different networks to send value. When the ARK grows, the entire industry will also take a similar growth trajectory.
How can Ark be categorized?
The ARK is a unique blockchain network that is carefully designed to make meaning of decentralized operations in the society. By creating a model that allows every niche to join and use the blockchain, the Ark appears to be stone that the industry needs to achieve its full potential.
From the use of Delegated Proof of Stake to the reduced price of transactions, the ARK team is stopping at nothing in helping more people join and enjoy the technology. But it is their commitment to the progressive development of new features and supporting apps that have made the network more appealing to more people. For example, the development team has indicated they will work progressively to promote scalability.
What’s Ark’s vision on Security?
In their white paper, the development team appreciated that security was a crucial concern for most people before joining the blockchain sector. Therefore, the team committed to incorporating cryptographic and security principals in the entire development cycle to make the network as secure as possible. They want to give users a guarantee that their assets, information, and stake in the network would always be secure. Here is how the development team plans to achieve the mission.
- The team carries progressive risk assessment to identify gaps in the network and fixing them immediately to lower the risk of attacks.
- The use of Delegated Proof of Stake has also helped to evenly distribute the network’s tokens to prevent the danger of many tokens falling in the hands of a single mining pool and risking the network with threat of 51% attack.
- The network employs advanced cryptography that encrypts user information at all levels to ensure that no one can easily pull out personal information. Even when miners visit your public address, they can only pull out the balances for confirmation as opposed to personal information.
Examples of Ark’s use cases / applications.
In line with the Ark’s mission of promoting extensive adoption of blockchains, the development team targeted and has been growing the network’s use cases. Here are some of them.
- Live gaming and personality broadcast streaming platform. This closely resembles Twitch that allows content creators earn ARK via tips embedded in Chat boxes. In live streaming, ARK members rely on a mixture of CDN (content delivery networks) and P2P to take high-speed live stream of content to users. Note that developers who target in-chat modification are also a key revenue stream for clients of Ark content creators.
- The Ark network and native tokens are a reliable method of sending value across the globe. As a decentralized network that operates across the globe, it implies that sending value can be completed easily without involving third-party organizations such as banks or credit companies. The network is fast, cheap, reliable and highly secure.
- If you are looking for a reliable platform to save cash or invest, the Ark is one unique consideration. As a decentralized and fully encrypted network, you are sure that the savings will be safe from attackers and even third-party seizures. Besides, the demonstrated potential makes the ARK network a reliable option for investors targeting high ROI (return on investment).
- Because of its versatility, ARK has become a great option for direct payment in both online and offline stores. You can use the native coins to make purchases on stores that accept it or even convert to other coins. More stores prefer the ARK because they can customize its diverse features for easier, faster, and reliable payment.
- The Ark is designed to effectively operate with a wide range of devices ranging from smart cards to wearable NFC devices. This is achieved via direct partnerships with NFC hardware designers to help take the ARK closer to the people. Whether you want to follow the performance of the native tokens in the market or purchase more, it is as simple as tapping the smart bracelet.
- The ARK Tokens can be used to pay for transaction fees in the exchanges. Traders are required to pay a fee based on the traded volume when using most exchanges. It is important to appreciate that the charges in most markets are different from what the ARK charges when sending value.
- On the Ark network, you can use the native token to pay the transaction charges for sending value. You can also use it to pay the registration fee or during voting/ unvoting delegates.