ARK is one of the smaller cryptocurrencies in the market, but it has big plans to change the world of blockchain.
Coming in at around number 50 on CoinMarketCap, the project aims to build an ecosystem of blockchains by bridging existing chains and offering clones of its public chains as a push-button deployable product.
This decentralised ecosystem will be accessed through a number of lightweight portals, such as mobile wallets, desktop clients, and blockchain deployment platforms.
MyBroadband spoke to the ARK team about the basic concepts behind the cryptocurrency and their plans for the platform.
A unique feature of ARK is its consensus mechanism.
Unlike most cryptocurrencies, ARK does not use a Proof-of-Work system – and has built its consensus on a modified Delegated Proof-of-Stake (DPoS) mechanism instead.
ARK holders can use this system to stake their currency through an elected delegate who in turn votes on blocks and provides users with a reward.
A total of 51 delegates can be elected at a time, and together they run the network and distribute the block rewards among voters.
This removes the energy costs of Proof-of-Work and allows for extremely fast transactions.
“We chose DPoS because we truly believe in the decentralised governance that it provides,” said the ARK team.
“Not only does the ecosystem have a voice, but they also have power to make a change.”
It also allows for lighter user clients, demonstrated by the accessibility and usability of ARK’s desktop and mobile wallets.
The ARK team’s primary goal is a blockchain infrastructure which allows for interconnected chains and push-button deployable clones of the ARK chain.
ARK can also communicate directly with other blockchains like Ethereum and Bitcoin through the use of Encoded Listener Nodes and its Smartbridge platform.
These nodes can remove the need to use a centralised exchange when converting cryptocurrency and may enable the seamless transfer of currency between chains.
“We are very excited to see what projects will utilise our technology for. Our advanced tools will allow for a ‘Point, Click. Blockchain.’ revolution.”
“This feature combined with ARK’s ability to communicate between blockchains also allows established blockchains to enhance their own features and security.”
The ARK development team also focuses on simplifying the blockchain interaction process for users and businesses, with their wallet software and online tools sporting easy-to-use interfaces.
“2018 is going to be very busy for ARK,” the team said.
“Our current focus is the development of a new backbone for the ARK network, completely rewriting the core code that is responsible for the processing and handling of ARK network transactions.”
Rewriting this code will allow for the implementation of the ARK VM, a virtual machine built on the blockchain which will enable the system to run smart contracts – similar to Ethereum.
The developers will also implement their “Point.Click.Blockchain” solution, which will allow users to deploy custom blockchains using an intuitive user interface.
The ARK team is continuously working to improve the platform, and a list of development goals is available from the ARK website.
This article is not intended as investment advice. Always do your own research before investing in any cryptocurrency.