Ark is a new cryptocurrency ecosystem aimed to provide users with some real-world applications for day-to-day use which is accomplished through several innovative achievements in basic techniques.
With that in mind, the company develops an ecosystem which intends to make it easier for users to accept blockchain technology. The company started to develop its activity at the end of 2016. During that period, the developers worked out a basic core featuring a high level of security and efficiency thanks to which transactions confirmation is made within a few seconds. A new currency quickly acquired popularity among users and obtained support of numerous cryptocurrency exchanges.
The developers of the platform try to make blockchain technologies more available for all, reducing the cost and speed of the financial transactions for all users preserving their anonymity.
Ark crypto-project is a combination of Bitshares и Lisk. At the same time, the founders tried to take the best from both cryptocurrencies and deliver the best financial instrument to their users, giving them the opportunity to make quick and safe financial operations.
The team developing Ark tries to use their unique approach to solve the problems, which are common for blockchains, such as security, speed of transactions, and scalability which is achieved by deployment of side chains.
The main goal of the project is removing the barriers preventing users from entering the cryptocurrency area. People perceive this technology as something very complicated, staying beyond their understanding. Therefore, the Ark crew adjusted it to users’ needs and made blockchain technology more accessible for common users and developers. A person or a company can create their own standalone blockchain within minutes using the functionality of the platform. The blockchain project with functional SmartBridges and newly deployed chains can be launched with a single click on a button.
Ark’s main technologies
Ark employs a range of technologies that attract attention to this project and help it to stand out from competitors, thus strengthening its position in the cryptocurrency market. The system uses SmartBridge to connect the existing blockchain technologies with ARK Ecosystem. It helps to create a reliable platform delivering a new level of platform-user cooperation.
Although ARK platform does not offer direct support of side chains or decentralized databases, its solution includes a bridge connection method built in its core code. The bridge function allows other blockchains to send and to get notifications about trigger functions, and also information data through intellectual bridges. SmartBridges can also be used to connect “centralized” services.
To promote the project further, Ark team integrated many programming languages making it convenient to work with for any developer. The supported languages include Java, Go, Ruby, Swift iOS, PHP/Laravel, NET, Python, RPC and Elixer.
It’s also worth noting Ark’s fast transaction speed. With new blocks generated every 8 second, Ark can be considered as one of the fastest blockchain projects (just to compare: Ethereum generates new blocks once in 14 seconds, with Bitcoin this process takes 10 minutes on the average). Also, Ark can process up to 25 transactions per second. It’s still not much, but the project doesn’t stop on these achievements and wants to work further to make transactions even faster increasing their number per block.
The system uses Delegated Proof of Stake or DPoS consensus algorithm with 51 delegates chosen via voting to process transactions. The delegates are rewarded with ARK coins for their work. To vote for a delegate, it’s sufficient to have at least 1 ARK on your wallet as this is exactly the fee that you pay for the action. The delegates submit proposals for the network’s improvements and other members of the community vote for these proposals with their tokens.
The Ark ICO
The ICO was conducted from November 7th until December 11th, 2016, helping the team to raise 22 million USD. During the public sale, the company accepted direct payments in Lisk, ETH, Bitcoin, and numerous altcoins via Shapeshift. 125 million tokens were distributed to investors making up 75% of the total supply.
As for the remaining supply, it was distributed in the following way: 15% is allocated to the founders, 7% set aside for ARKShield program, 2% was reserved for bounties and 1% held in escrow.
ARK is a utility token that is used to pay for transactions within the system. ARK is traded on Binance, Bittrex, Upbit, OKEx, LiteBit.eu, COSS and many other platforms. The holders can store their funds on the official ARK wallet, which has paper, desktop, mobile, and web versions.
The ARK Team
The coin was founded by the team of blockchain experts and enthusiasts from different countries of the world. At the time of writing, there are 36 core members from 9 different regions.
The President of the company is Francois Thoorens who is also a co-founder of the platform along with its Vice President Rok Černec. The executive team also includes Kristjan Košič, CTO of the project.
Supervisory Board consists of 3 specialists: Matthew Cox or GreXX, a Chief Strategist of Ark and father of Munchkins, Lars Rensing, a Vice-Chairman, holding 2 board and advisor roles as Advisor at DigitalBits and ICO Advisor at Blockport, and Scott McPherson, MD, the Board Member at ARK Ecosystem, SCIC (ARK.io).
Ark’s strategic partners
The company partners with nOS that develops a virtual operating system and other products based on NEO. Another Ark’s key partner is WOLFRAM that offers computational intelligence for smart contracts and crypto asset analytical tools. The list of famous partners also includes Ledger that develops customizable infrastructure solutions protecting crypto assets, and Changelly, an intermediary between crypto exchanges and users, providing security and easiness of transactions.