You have probably come across this cryptocurrency but might not remember much about since it is still relatively new. For the sake of those who do not know anything about it, or for those with scanty details, Ark is a Delegated Proof of Stake (DPOS) Blockchain, whose aim is to bring together other Blockchains through the use of SmartBridges.
Ark is not just a platform, it is an ecosystem that wants to bring about the mass adoption of cryptocurrency on a global scale.
If that did not quite sink in, here is a simpler version of what Ark is all about:
The whole idea behind Ark was to integrate all Blockchains and optimize their functionalities. This, the Ark team believes, would increase efficiency, while also exploiting new opportunities in the Blockchain network as one big team.
Ark plans to bring Blockchain to the masses and enable a larger number of people to benefit from the crypto-tech space. This is set to be achieved through the provision of Fast Secure Core Technology and Practical Services for “Real People”.
In addition, Ark is also establishing an ecosystem where independent businesses and individuals can create their own Blockchains, without necessarily having to develop them from scratch. When fully operational, one will be able to create a Blockchain, which would otherwise have taken weeks or months, in a matter of minutes.
In this Ark coin review, we will look at the history of the platform, how to buy the Ark coin and at how much to buy it for, among other things.
A Brief History of Ark
The Ark Blockchain came into existence in early 2017 after being established by a team of 27 individuals drawn from around the world. During the last year, many changes have taken place, especially in the composition of its core membership, which currently stands at 17.
Ark’s current CTO, FX Thorens, who is also one of the founding members, was the senior developer of the project. Thorens modeled Ark to heavily rely on Crypti, Bitshares, and Lisk, with all these networks operating using the same Delegated Proof of Stake (DPOS) algorithm. DPOS is a variant of an older algorithm, known as Proof of Stake (POS).
How Ark Works
Ark combines a couple of features to provide a well-rounded platform for other Blockchains to be created and integrated. Among those features are the SmartBridges. Let us briefly talk about what SmartBridges are.
Smart Bridges act as a bridge between incompatible Blockchains – to be more precise, Ark will play the role of an intermediary between different Blockchains, enabling disparate chains to communicate, thereby triggering events on other chains.
As much as a number of other projects, including ERC20, have been working to achieve this, it still remains only possible on paper at the time of writing this post.
However, many coders believe that SmartBridges can make this entirely possible with the right coding of the Ark algorithm, making the impossible possible.
One of the applications of SmartBridges would be for cryptocurrency exchanges. With the algorithm, exchanges would be able to know when a trade has taken place, automatically executing the transaction, and applying the transaction fees accordingly.
A user sends 10 Arks to an exchange wallet, such as the online Coinbase wallet. The SmartBridge algorithm will then recognize the transaction, and automatically convert the coins into Ethereum, Bitcoin, or whatever else you prefer, without necessarily having to go through an exchange to convert the funds.
Ark launched its coin in 2017 with the issuance of 100 million tokens. At the moment, about 10,800 new Ark coins are being created each day as a result of its current 8 second block time. Ark has a decreasing inflation rate, and if the rate (which currently stands at 6.31%) does not change, in ten years’ time, the rate of inflation of the coin is expected to stand at 4.02%.
If you do your homework on this, you will realize that the drop is less dramatic compared to that of both Lisk or Ethereum.
Ark’s 8 second block time is one of the fastest in the crypto space, with Ethereum coming in second with a 14 second block time, while Bitcoin operates at a distant 10 minute block time.
In addition to a faster block time, each duration is meant to process 25 other transactions as well.
However, in their whitepaper, the Ark team states that they plan to scale up in the near future by increasing the possible number of transactions handled by each block time, as opposed to improving the individual block times.
What is the Fee Charged by Ark?
Users who send Ark to other wallets are charged 0.1 Ark. However, the platform is said to be considering improving this as the network continues to grow and become more efficient.
Registering as a delegate costs 25 Ark, while to vote or unvote a delegate only costs 1 Ark.
The planned reduction in the stated fees will see into it that the network fees comes down to 0.01 Ark, the voting fees to 0.02 Ark, while the amount to register as a delegate will be slashed to only 10 Ark.
How to Buy Ark Coin
Ark coins are largely traded on two exchanges, namely Binance and Bittrex. The most common trading pairs for Ark are Ethereum and Bitcoin on Binance, while on Bittrex, you will mostly have a BTC/Ark trading pair.
Of course, there are other smaller platforms trading Ark as well, but the volumes are still quite low at this time.
At the time of writing this post, the Ark Coin price stood at $0.77 per coin.
How to Store Your Ark Coins
Just like any other cryptocurrency, you will need to get a crypto wallet to safely store your funds. Their website recommends three possible types of wallets to use to store your coins, they include:
- Web Lite Wallet
- Desktop Wallet
- Paper Wallet
All the three types of wallets are a great choice – but from experience, I’d go for a hardware wallet, which keeps you safe from any online attacks. One of the most recommended hardware wallets is the Ledger Nano S, which is known to have top-notch security features including data encryption, two-factor authentication, and password protection. And in case you lose your wallet, you can easily restore all the stored items into your new wallet.
If you are keen on holding Ark in your investment portfolio, you should consider voting for a delegate once you have your coins. Voting still stands at 1 Ark, so, this will ensure that you vote in a delegate that will pay you dividends, from which you can recover the amount you used to vote.
You can also vote for a delegate who is working on a project you are interested in.
Voting is pretty much a straightforward process – as soon as you have some Ark in your wallet, head over to the tab marked as “Vote”, and click on “Add delegate”. You can then select a delegate you wish to vote for among those listed.
Once you have selected your preferred candidate, you will need to provide your passphrase to confirm your vote, and then you should be done.
Is the Ark Coin Performing Well in the Market?
The price of most cryptos are largely influenced by their developmental milestones, as well as the going price of Bitcoin. This means that it is common for prices to take an upward and downward trend, as is the case with every coin on the market.
Since its ICO launch in 2016, the first-ever spike in the price of Ark occurred in 2017, where the price hit $1.09 per coin. This was as a result of releasing a library for Java support on the coin’s platform.
Java is a major coding language, so this was expected to cause some excitement in the crypto space, which ultimately caused a rise in its market price. And as you would imagine, another positive spike should be expected if other programming languages, such as C++, is added as well.
Later on that same year, the coin also encountered another rise in its price, to a high of $3.96, after the team released a desktop wallet that fixed a number of bugs in their previous wallet version. And to spice it all up, the platform added support for one of the most popular wallets today, Ledger Nano S.
But that was not to be all…
In January 2018, the price of Ark hit an all-time high of $9.29, but it has since dropped, as is the case with most other coins. Even as things pick in the fourth quarter of 2018, the team remains positive that their fortunes will soon change, as the market continues to take shape.
The team behind Ark is keen on building something bigger than just another coin, they are focused on building an entire Blockchain ecosystem that will provide useful resources for all other developers around the world. And, if there is a chance of them succeeding in creating such an environment for the crypto community, I believe it is worth more than what any coin can ever mean to anyone.