ARK Questions and Answers
Over the past several months I’ve noticed that many people have asked similar questions over and over, so to save some of their time and my own I have concocted a series of questions answers that I believe will help people receive a better understanding in what they are committing to.
1.) What is ARK?
ARK brings innovative, disruptive, adaptable, and scalable blockchain technology to the users, developers, and startups. ARK aims to create an ecosystem of various blockchains that are all linked through a virtual web using SmartBridge technology. In addition, ARK aims to establish push-button blockchains where users can simply start their own unique blockchains whenever they need. Last but not least, Ark aims to disrupt the way smart contracts are established through ARK Virtual Machine integration where user can utilize the ARK platform to establish smart contracts similarly to that of Ethereum.
2.) What is Delegated Proof of Stake system (DPOS)?
In an ordinary Proof of Work system, miners compete in order to solve a problem and receive a block reward. However in Ark, that issue is mitigated with Delegated Proof of Stake (DPoS) where users vote for individual delegates to be given that task. The task of forging a new block is assigned to one of the top 51 delegates with the most votes every 8 seconds. Adding a new block to the blockchain awards the forger with 2 newly minted Ark. This means every delegate gets an average of 422 Ark every 24 hours.
It is common practice for delegates to offer to share their forging rewards with their voters in order to entice them to continue voting for them and secure their spot in the top 51.
3.) What is “forging”?
“Forging” is in a similar way of understanding “mining” where new coins are essentially introduced into the blockchain after verifying transactions within a certain block. However, since Ark uses a DPOS system and not a POW system, we thus call it “forging” when we add new Ark to the network. Below is some information how the forging rewards occur:
- 2 Ark forged for every new block received.
- If new block has transactions, the delegate keeps the sum of transaction fee values.
- If the delegate forges a block with a delegate vote fee or a delegate registration fee, the forging delegate keeps the newly forged Ark and the sum of the fees.
4.) What is a “delegate”?
A ‘delegate’ is an independent wallet address/person who is capable of forging new Ark. The delegate is responsible for contributing in maintaining the stability of the Ark network. He/she uses a server node that is able to process and validate new blocks of data and as a result receive newly forged Ark. Anyone can become a delegate, however becoming a ‘forging delegate’ may prove a bit more challenging as there are only 51 positions.
5.) How do I become a delegate?
Becoming a delegate can be a rather tedious journey, it’s really not something you get to become overnight. But you can begin by first registering your wallet address as a delegate within your desktop wallet or your mobile wallet. After you register, reflect on yourself and the knowledge you have that can ultimately contribute to the well being of the Ark network. What skills, traits, and characteristics do you possess that may prove useful and or necessary. Mind you, there are no specific qualifications other than you being able to use the command line, but its something that would allow your proposal to shine and also allow people (potential voters) to get to know you.
6.) What is a “proposal”?
A ‘proposal’ is a formal statement describing the aforementioned skills, talents, and characteristics. In addition, within the statement you can discuss your past projects, as well as the hardware you will be using to manage and support the stability of the node.
7.) What does it mean to “vote” for a delegate?
To ‘vote’ for a delegate means to participate in aiding in maintaining the Ark network. By voting for a delegate you are helping maintain the delegates position within the top 51 forging delegates and allow him/her to continuously forge new Ark. As a result, the delegate will reward you. (Note: the delegate is not obligated to pay you any Ark as a reward, its merely a courtesy to do so, you are merely helping the delegate maintain their position through your support. There are no ties of responsibility for the delegate to grant you any reward of Ark.)
8.) How do I buy Ark?
There are a number of exchanges you can use to purchase Ark, below is a list of them:
9.) How much is a lot of Ark?
That’s a good question, I personally think 100 Ark is a lot of Ark. But like with any investment, always invest whatever you’re comfortable with.
10.) How much is a little Ark?
Similar question as the one before, to some your little Ark may seem small, but other it may seem a lot. Judge for yourself, life shouldn’t be lived with regrets, so do your due diligence.
11.) How much Ark will I earn if I stake with delegate “X”?
If you are interested in finding out how much ARK your wallet staked would generate, please see the links below:
12.) What is a transaction fee? How much is it?
A transaction fee is the basic principle cost of transferring funds from one wallet to another. The transaction fee costs 0.1Ark, however soon there will be an update that will reduce transaction fees to 0.01 Ark!
13.) How do I vote? Is there a fee?
If you are interested in finding out how to vote and whether there is a fee please see the link here: Voting
14.) Do I have to vote again in order to receive shares?
After you have committed a vote to a delegate and you see that you have lost 1 ARK from your wallet, you are then confirmed to successfully voted for a delegated and will not need to revote in order to receive a stake share. However, I encourage everyone to read their respective delegates’ proposals as there might be some extra things you must do. Always do your due diligence!
15.) How many times do I need to revote?
You only vote once for a delegate. If you wish to switch votes, then you must vote again to take away the vote and then vote for the delegate you choose. In the process, you’ll lose 2 ARK.
Tip: To save ARK, simply make a new wallet and send your ARK to that wallet and revote with that new wallet. You’ll save 0.9 ARK.
16.) When I deposit more funds into the wallet do I have to revote?
When you deposit more funds into your wallet you do not need to revote, everything will be compounded.
17.) How many wallets do I have to vote with?
You can technically vote with as many wallets as you want, but just remember that there is only 1 vote per wallet per delegate. You cannot vote for multiple delegates with one wallet.
18.) How long does it take for my vote to be counted?
Your vote should be counted rather quick, less than a minute.
19.) Can I unvote anytime?
You can unnvote anytime you want, it is up to your discretion.
20.) I voted for delegate “X”, he hasn’t paid, how do I contact him/her?
If you are found to be in this predicament, find your way to: Delegates
There you can locate the delegate’s proposal and usually there is some kind of contact information, or simply leave a comment below their post and they should get back to you.
21.) What is a “minimum amount to withdraw” or “minimum threshold”?
The ‘minimum amount to withdraw’ or ‘minimum threshold’ is known as the amount of ARK needed to be deposited in your voter wallet. For example, if during the pay cycle you only accumulate 0.25 ARK and the minimum threshold for the delegate is 0.3ARK you will not be credited the ARK during that pay cycle.
22.) What is a “payment frequency”?
A payment frequency is a period of time required for your delegate to pay you a share after forging a certain amount of ARK blocks. The frequency would depend on your respective delegate, if you vote for me however, I payout on a weekly basis.
23.) How much do you share?
By staking with Del you are guaranteed to receive a share of the 95% of ALL are forged during a pay period. In order to determine how much ARK that you will be rewarded from staking, check out the calculator. Note: The amount of ARK displayed as reward is merely an estimation is not guaranteed, factors such as dilution of the pool due to high vote count can significantly influence the amount you are expecting to be paid. In other words, there are no guarantees in regards to how much you will get paid, but you will be guaranteed a payout from the 95% of the total forged ARK.
Those are basically all the questions I can remember being asked, if you have any others feel free to reach out and perhaps I can add it onto a database of these.
Thanks so much to all of my loyal supporters!
Ark is a voyage, join me and together we will reap the rewards of this great journey.