What is ARK Trying to Solve? ARK Crypto Overview
ARK is a blockchain platform that allows users to create stand-alone interoperable blockchains from scratch without prior knowledge of blockchain technology. With the ARK platform, anyone can develop a completely unique blockchain using a programming language that they are familiar with. The platform integrates over a dozen programming languages to simplify the blockchain development process.
Founded in 2016, right before the 2017 ICO boom ARK’s ICO managed to raise an impressive $800k. Since then, the ARK platform has grown to become a stable enterprise by using industry best practices. This enterprise is known as ARK ECOSYSTEM SCIC.
The ARK Public Network (APN) is the underlying blockchain powered by ARK crypto. The native crypto asset of the blockchain network is ARK. APN is the mainnet and it went live on the 21st of March, 2017.
APN is a functioning application of ARK’s blockchain technology. ARK’s public network uses a delegated proof-of-stake consensus protocol in which the network’s node operators serve as delegates. These delegates are voted in by users of the network.
Independent blockchains built on ARK also achieve consensus through delegated proof-of-stake. However, the delegates are chosen by the users of the independent blockchain network.
The ARK network uses smart bridges to connect separate blockchains and allow them to share information. ARK serves as the intermediary between the blockchains. Blockchains created on ARK have smart bridges built into them as well.
ARK is an open-source blockchain network with an active community of users. ARK technology does not rely on smart contracts. Instead, it uses customizable transaction logic and incorporates multiple programming languages. APN supports custom transactions like multi-signature transactions, various registration transactions, and multi-payment transactions.
What is ARK Coin Built On
The ARK coin is the native cryptocurrency that powers the Ark ecosystem. It is built on the Ark blockchain. In March 2017, 100 million ARK coins were created. The circulating supply of ARK coins for the time of writing is over 130 million but its max supply is unlimited. The ARK coin, like other cryptos, has experienced several price fluctuations over the years. However, it is currently above its initial coin offering price of $0.10.
The ARK blockchain processes transactions at an average speed of 8 seconds. This is because it uses delegated proof-of-stake to verify transactions which are faster than blockchains that use proof-of-work or regular proof-of-stake. The ARK blockchain is one of the fastest blockchains in the world. This fast transaction time means that there are over 10,000 ARK coins created every day.
What is ARK Trying to Solve
Blockchain technology is still in its early stage of development and because of this many people are unfamiliar with it. ARK aims to increase blockchain adoption by removing the difficulty associated with blockchain technology. This platform simplifies the blockchain development process and helps users create blockchains with unique functions. ARK smart bridges support interoperability between blockchains.
ARK Core is the foundation of all blockchain networks built on ARK. It facilitates and verifies peer-to-peer transactions and serves as the decentralized ledger for all transactions. Generic Transaction Interface (GTI) is a component of the ARK framework that supports the use of custom transactions.
How Do You Mine or Stake ARK?
ARK can only be mined by the node operators of the ARK network. As stated above, these node operators serve as delegates. There are 51 delegate slots available on the network. Each elected delegate receives 2 ARK for running the network. The delegates validate transactions and form the blocks that make up the ARK blockchain. ARK holders vote for delegates to run the network. One ARK coin is equal to one vote. Holders who use their ARK coin to vote can remove the ARK whenever they want.
In addition, an ARK holder can only vote for one delegate with their wallet address. After voting, the 51 nodes with the highest votes become the network’s delegates. Node operators that want to be the delegates can gain votes by campaigning to coin holders. Coin holders can give vote weight to their preferred delegate by using the ARK desktop or mobile wallet to vote.
*Delegates have complete autonomy over the staking reward paid to them.
How to Swap ARK
ARK can be bought, sold, or swapped using a cryptocurrency exchange. Several crypto exchanges disposable on Swapzone trade ARK. For example, to swap or exchange BTC to ARK, you can follow these outlined steps:
- Visit Swapzone.io.
- Select the BTC to ARK exchange pair.
- Enter the amount of BTC to be exchanged.
- Compare the exchange rates and select the best.
- Click the Exchange button to proceed.
- Enter wallet address to receive ARK.
- Send BTC to the generated BTC address.
- Processing will take some moments and then the exchange will be completed.
- Kindly rate and leave a review for Swapzone after your transaction has been completed.
You can store your ARK in the ARK wallets, multi-asset wallets, hardware wallets, exchange wallets, and crypto debit card wallets. ARK coins can be converted back to fiat currency at any time.