Ark Born out of France, Ark represents a cutting-edge venture dedicated to uniting a multitude of disparate blockchain networks. Despite falling short of their ambitious 2,000 BTC ICO goal in December 2016, ending up with 1,279.67 BTC ($998,000 USD at the time), the team decided to press forward with their bold plans while offering investors the option for refunds.
The top priority for Ark's team is making blockchain's potential accessible to the masses. Instead of just being an investment tool like many other altcoins, Ark aspires to build, as they describe it, 'a comprehensive ecosystem of interlinked chains, creating a complex web of limitless applications that position ARK as exceptionally versatile and adaptive.'
Ark is designed to make blockchain technology more consumer-friendly by facilitating simultaneous access to multiple blockchain networks without the hassle of incessant coin trading to connect with popular networks like Bitcoin and Ethereum.
Who is Behind it?
The idea of Ark is the brainchild of some prominent developers from Berlin's blockchain scene, notably those who contributed to the success of Lisk, the well-known independent blockchain platform that gained a foothold in the cryptocurrency world since its launch in May 2016. Lisk A vibrant and talented array of professionals have come together, motivated by a shared vision among our 27 dedicated members – all unified in advancing the Ark ecosystem through collaboration and development.
Leading Ark's development is François-Xavier Thoorens, a former key developer for Lisk and co-founder/CTO of Donat.io, a platform focused on facilitating parish donations, while Mike Doty, with his mechanical engineering background and co-founding role in Crypti (Lisk's predecessor), serves as Managing Director.
Ark holds significant promise within the cryptocurrency realm, primarily due to its capability to interlink otherwise competing blockchain networks. This revolutionary feature portends a substantial shift within blockchain technology, a testament to Ark's transformative potential.
Why Could this be Big?
Ark's technology marks a turning point, allowing previously incompatible coins like Bitcoin, Ethereum, and Lisk to operate cohesively on a shared blockchain, thanks to SmartBridges. This innovation facilitates an ecosystem of interconnected blockchains, unlocking a new realm of possibilities, such as triggering actions across different blockchains, showcasing the immense potential this project holds. bridge the gap , so to speak, between them.
Imagine you wanted to execute an ETH smart contract but only held Ark tokens; with Ark SmartBridge, you can send the necessary instructions from your Ark wallet to initiate the event on the desired blockchain. lists the following examples :
- Let's say you aim to log an entry in Factom, but your holdings consist only of ARK. Simply access your ARK wallet, provide the required information, and issue the instructions through the SmartBridge tab for the FCT chain.
- If transferring 10 ARK to an ETH wallet is your goal, it entails an encoded listener with backend capability for currency exchange. Once sent, the listener interprets this transaction as an exchange function, acting accordingly.
- A noteworthy feature of Ark is its impressive transaction speed on the blockchain. Ark's Core is configured for ultra-fast transactions, achieving eight-second block times - a speed that surpasses Bitcoin, Ethereum, and most other altcoins, granting Ark a distinct edge over established coins. Additionally, Ark's scalability ensures increased throughput, allowing the infrastructure to sustain its fast processing speed as transaction volume grows with Ark's popularity.
Ark's decentralized management approach sets it apart with a democratic operation model. ARK employs a distributed voting system within its Delegated Proof of Stake (DPoS) mechanism, spreading voting weight across all votes, thereby preventing any single party from gaining total control of the network.
The reward mechanism within Ark functions as follows:
Users apply their Ark tokens to vote for delegates.
- Delegates with majority votes (top 51) are authorized to generate new blocks.
- Each newly forged block earns a delegate a reward.
- Delegates choose to share rewards with those who voted for them.
- Our perspective sees Ark brimming with potential, powered by a robust core, with possibilities of instigating a revolution in the cryptocurrency sphere.
Read here about the delegation process and here about the forging process .
Ark makes use of its proprietary desktop wallet, facilitating users in the storage and management of their ARK tokens. team of developers To create an Ark wallet, users need to download the client and click the “Create Account” link. A seed, comprising several words, is generated; users must diligently secure this information. The client will instruct users to enter three words from the seed, after which the wallet is set up with an address ready for ARK token transfers.
Ark Wallet
The Ark ICO wrapped up on December 11, 2016. The sale accumulated 1,279.67 BTC ($998,000 USD at the time), missing the originally set goal of 2,000 BTC. Post-ICO, after considerable discussion within the community, Ark's team resolved to forge ahead on their roadmap, while concurrently extending refund offers to willing investors. download here Distribution of ARK tokens occurred when the genesis block was forged earlier this year. If fundraising goals were unmet, a complete refund to investors was in place. However, the eventual decision offered investors an option for refunds, with Ark retaining most funds collected during the ICO.
ICO Details
Following the token exchange closure, 20% of the funds were released from escrow to finance initial development activities for Ark. These funds covered expenses like company formation, early-stage developer recruitment, the organization of a legal team, and various other operational payments.
The remainder of the funds are designated for building the ARK network, establishing SmartBridge connections with other blockchains, producing Smartcards, and promoting Ark's services globally.
As 2017 drew to a close, development focused on a P2P card network and establishing SmartBridge links with Bitcoin, Ethereum, and Lisk networks.
Early 2018 saw the introduction of a Smartcard P2P payment system along with expanded Bridged Blockchain support.
Timeline
- February 1st, 2017 — ARK Mainnet Launch
- Ark emerges as a promising venture to back. The achievements of Lisk and Crypti highlight the developmental and managerial caliber of the Ark team. Moreover, Ark has the tangible potential to change transaction and trading dynamics, providing it with an unmatched advantage over the plethora of other altcoins.
- Ark's functionality doesn't just stop at Bitcoin, Ethereum, and Lisk. It also introduces a physical card system, particularly appealing to individuals wanting to avoid traditional banking routes.
- By end of 2018 — Ecosystem Development
Conclusion
Regarding the underlying token, ѦRK currency is not only rapid but secure and stable, employing a delegated proof of stake and PBFT (Practical Byzantine Fault Tolerance) to ensure the network's security.
Indeed, at time of press, Ark’s SmartBridge At the time of writing, August 24th, 2017, the Ark token trades at $1.65. A recent Twitter poll revealed the majority believe Ark would achieve a valuation of $5 by year's end.
Who shows enthusiasm for ARK? What are the price projections as 2017 concludes?
Editor-in-Chief at Blockonomi and founder of Kooc Media, a UK-Based online media outfit, with a firm belief in Open-Source Software, Blockchain Technology, and the principle of a Free and Fair Internet.
His work has gained recognition, cited by major platforms like Nasdaq, Dow Jones, Investopedia, The New Yorker, Forbes, and TechCrunch. For inquiries, reach out to [email protected] #ark @ArkEcosystem #arkecosystem Twitter LinkedIn
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