What you'll learn 👉
Ark Coin – Introduction
ARK is a fast, decentralized, scalable, collaborative system that allows for bridging between blockchains. Transactions on the network average around 8 seconds, much faster than the estimated one hour for Bitcoin transactions.
Ark Coin currently has a market capitalisation of $295 million, of which $6 million is traded daily.
The Ark platform aims to make crypto technologies more socially acceptable.
It wants to achieve this through secure core technology and the implementation of practical services.
Ark Coin – The Cryptocurrency
ARK pays up to 10% dividends on coins when you stake them and vote for one of the 51 delegates. These dividends are paid out every few days (or sometimes daily) so you’re getting instant growth in your tokens.
There will be a total of 128,694,286 Ark Coins. Currently, 97,444,286 of these are in circulation, with Ark using the delegated Proof of Stake.
The advantage of this algorithm is that it provides a fast, efficient, decentralised and flexible consensus finding.
Coin holders can make decisions about the future course of action via a voting system, in a grassroots democratic sense.
The Ark system, like many other block-chains, uses the system of Byzantine fault tolerance.
This means that no computer on the network trusts the other computers.
This means that no hacker in the world who does not know the system code can hack into the P2P network.
This is because every computer in the network that spreads false information is excluded from the system.
This ensures that blockchain operators ensure that, for example, the following conditions are met transactions should not be made twice.
The original problem is also known as the problem of the Byzantine generals.
A unique feature of the Ark platform is the distribution of the voting weight to all computers in the network.
That makes it almost impossible to take over the network.
Every computer in the network would have to be manipulated so that it could be hijacked.
Also, Ark’s rapid transaction times. Miners need 8 seconds to find a block.
Ark reserves the right to adjust future scaling if necessary flexibly.
Ark Coin – The Crew
The Ark Crew, the team behind the Ark platform, has set itself the goal of developing an Ark ecosystem.
The team wants to integrate the best blockchain technologies into its ecosystem and offer these technologies in everyday practice.
The Ark platform is designed to reach a wider audience.
This includes users, developers and startups who are supplied with innovative blockchain technologies.
The ecosystem is supposed to connect block-chains with each other to create a block-chain-network for any number of applications.
The platform guarantees this through the use of smart bridges. Ark has the ambition to be highly flexible, adaptable and scalable.
This makes the Ark platform secure and provides important resources for customers and developers.
To secure themselves in the long term, the crew launched the ARKShield programme.
This is a professionally managed sustainability and contingent fund to ensure stable financing and future development.
Ark Coin – The Ecosystem
The developers of the crypto platform are basically working around the clock to improve the core.
It seeks to connect blockchains together essentially using Ark to bridge the gap between coins. It’s still in its infancy, mind you, but its blazing new trails toward decentralizing exchanging of coins and showing such mindblowing things as executing smart contracts on ethereum using bitcoin (with Ark, and Aces node operators as intermediaries)
To put it in a one sentence elevator shill, Ark is trying to create an internet of blockchains. Think on that.
They ensure fast, safe and stable operation.
In doing so, it develops not only tools that the company itself needs, but also those that consumers need and want to use.
The challenge lies in the simultaneous development, maintenance and explanation of innovations.
This includes interconnected block-chains, which can be connected via a Vendorfield, a platform for providers and users, which can be used as an interface for block-chains.
This should make it possible that not only the Bitcoin-Blockchain or the Ethereum-Blockchain can contact each other.
Furthermore, the Ark Crew wants to make physical cards and transfer devices accessible to people without traditional bank accounts.
This is in the area of off-chain transactions. Another innovation is a hypermedial protocol platform. A P2P InterPlanetary File System (IPFS) allows you to process large amounts of data without overloading your blockchain.
Additional technologies include the InterPlanetary Database (IPDB), InterPlanetary Lined Data (IPLD) and a Web-To-Web-Serverless-Webtorrent.
The Ark platform is constantly evolving and will release a whitepaper for each innovation.
Conclusion
The one-line description of ARK says it is the place to get all-in-one blockchain solutions.
ARK has plans for the Integration of Interplanetary File System (IPFS), a hypermedia protocol system. Essentially IPFS is a fancy way to say storing media on the blockchain. Once stored on the blockchain users could readily access media such as video or audio.
DPoS combined with ArkVM & Push Button Deployable Blockchains are going to make Ark a powerhouse in the future.
You can’t buy it directly for fiat on any exchange. You can choose the best cryptocurrency exchange for your region and buy BTC there, then trade it for ARK on exchanges. Learn here how you can instantly convert altcoins to bitcoin and vice versa.
Our recommendation is always check if Coinbase is available for your country and buy there – as it is by far the safest and best regulated bitcoin exchange. Coinbase is legit and trustworthy crypto exchange.
If your country is not available on Coinbase – check for Coinbase alternatives and buy BTC on one of those exchanges. You can always exchange your coins on Changelly (see our review of Changelly here), instantly and directly to BTC.
Best and safest option to store your coins is to download an official coin wallet and store it on a hardware wallet – our recommendation is just go and buy Ledger Nano S, it is the safest option.You can read our review of Ledger Nano S or check out other best hardware wallets here.
