Estimated reading time: 2 minutes, 49 seconds
In this series, we will cover the different types of blockchain platforms and cryptocurrencies on the market right now. We’ll give you a quick description of each blockchain/token, its function, who is their competition and where you can learn more. Episode 24 of Blockchain Token covers Ark!
Ark defines themselves as “a platform for consumer adoption.” Their ultimate goal seems to be focused on getting everyday computer users to adopt blockchain technology through regular services they already use. They aim to alleviate inaccessibility to blockchain tech for developers and consumers, and make these services available for developer and consumer wants and needs through the Ark ecosystem.
Using Ark, developers and start ups can clone Ark’s blockchain to form their own, and connecting these different blockchain platforms through Ark’s SmartBridge technology and the use of different coding languages. This makes these systems interoperable and promotes access.
For example, using the SmartBridge, your cryptocurrency would automatically be converted to the necessary token needed for whatever blockchain project you are bridging to.
Their cloning features enables developers and start-ups to clone Ark’s blockchain, and adapt it to their own needs and purposes, without needing to know extensive knowledge of coding languages. This creates individual blockchains, or sidechains to Ark’s blockchain, without direct support through Ark’s platform. They use their SmartBridge to bridge these different chains, and this creates an ecosystem of networks that are all inter-accessible.
Ark also has built many other features into their technology, with intention to help progress adoption and make it easy for users to use the functionality of these systems. Some of these features include: a decentralized dropbox-like system using Inter-Planetary File System (IPFS) integrations, a type of credit card for cryptocurencies, and the option of complete anonymity on the network.
ARK is Ark’s native token. It is used in their Delegated Proof-of-Stake system as type of block rewards and in their delegate system and as a way to vote (this is pretty much the stake placed on the transaction). Their Delegated Proof-of-Stake system is where delegates “forge;” which is like mining Bitcoin or Staking in PoS systems. When a delegate forges they are validating transactions along with miners, and the miners and delegates share the profits of the block reward (freshly mined ARK coins). This system is used for validating transactions and as their governance system.
Overall, Ark’s system can be used for a wide variety of use-cases, and it is a platform you can build other networks and applications on, which can be interoperable and connected via Ark’s mainnet. Their token is used as a tool in the network for validating transactions and in some forms of governance on the network.
Since Ark serves as a platform for developing other blockchain networks and applications, you could say it competes with other projects like Ethereum, NEO, Lisk, Crypti, Blocknet, and PolkaDot. There are many other projects trying to “bridge” blockchains or create multi-chain functions.
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