ARK cryptocurrency is an open source, decentralised ecosystem. It bridges different blockchain technologies together to create a hybrid blockchain called the ‘ARK SmartBridge’.
It provides users, developers, and start-ups with innovative blockchain technologies. The company’s aim is to create an entire ecosystem of linked chains and a virtual spiderweb of endless use cases. All of this makes ARK highly flexible, adaptable, and scalable.
Why is ARK desirable?
ARK boasts incredibly fast transaction times. The ARK network is one of the fastest in the industry, taking only eight seconds to send and receive funds. This avoids those endless hours of waiting for your transactions to clear.
The ARK cryptocurrency also utilises a modified Delegated Proof-of-Stake (DPoS) consensus mechanism. This features 51 delegates, all of which are then tasked with running the network. Once the network is running correctly, they are rewarded with block rewards, much like miners of Bitcoin.
ARK has one primary goal, and that is to “keep the core blockchain lean and blazing fast”. It aims to do this using its custom-built SmartBridge functionality. With this, ARK is able to offload any non-essential functions to hundreds of sidechains. This promotes great scalability whilst also keeping ARK’s main blockchain lean and fast.
Another aspect the cryptocurrency is praised for is its collaborative nature. ARK is not built by one team or even in one country. Instead, it is a global effort, with 23 core team members hailing from 11 different countries. ARK’s goal is to keep growing into a population of dedicated community developers. This collaborative environment allows the ecosystem to grow and improve with new features being added constantly.
ARK SmartBridge
ARK’s SmartBridge is the technology that allows the communication and connection between different blockchains. With SmartBridge every coin is able to become more powerful and any app on any blockchain has the potential to reach a larger audience. With this technology, the ARK token is even able to make bitcoin gain the functionality of every altcoin.
But how exactly is this done? ARK’s SmartBridge communicates using a data called Vendor Fields and Encroded Listener nodes. These together work through the data for tasks that it can perform. The Listener node is the hub for listening to all SmartBridge transactions. This hub can be set up by anyone such as Coinbase or Shapeshift. The reward they get for setting up each hub is that they can collect transaction fees for exchanging currencies via the technology.
Conclusion
ARK cryptocurrency is one of the most innovative platforms available on the global marketplace. Thanks to its open source nature and extremely user-friendly interface, ARK allows and facilitates users to launch their very own SmartBridge-compatible blockchain.
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.