Projects

Project Review: ARK

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ARK (ARK) | Coin Review |

Overview

Like most of the blockchain projects out there, ARK aims to bring crypto and blockchain technology to the masses. However, the ARK platform provides a new approach which will allow users, developers, and startups to gain access to distributed ledger technologies through its all-in blockchain solution. They aim to create an entire ecosystem of linked chains and a virtual spider web of endless use-cases. Its principles: highly flexible, adaptable and scalable. The project is built on the idea, that all blockchains were meant to be connected, with connection increasing efficiency and potential use-cases.

What Problem does Ark solve?

Many blockchain solutions are still very limited in their ability to attract large numbers of users, simply because they are too complicated for new users to understand or represent very isolated networks and a lack of interoperability. Blockchains are complicated, and there will be hundreds or thousands of them, each with its own unique benefits and drawbacks. Ark does not focus on building the best blockchain, but on building bridges between all these different blockchains, and therefore allowing users to adopt the systems, they really need. Connecting them helps to solve these problems, and Ark has developed a way to do this regardless of architectural or programmatic differences.

Product and Vision

Ark calls this capability of connecting blockchains “SmartBridges.” All it takes to be SmartBridge compatible is for a bit of code to be embedded into an existing blockchain. For example, the Ethereum/ARK SmartBridge allows for Ark operations and transactions to be executed on Ethereum’s interface and vice-versa.

This makes interoperability very easy and less time consuming than many other methods, so new Dapps and Blockchains can seamlessly integrate this new feature into their existing products or platforms. The ARK team likes to call its project an “all-in-one blockchain solution,” effectively defining their SmartBridge technology with a straightforward statement.

Another catchphrase they like to use is: “Point. Click. Blockchain,” which refers to their blockchain creation system. Using this system, users of the Ark blockchain can create their own blockchains based on the Ark mainnet, simply and easily. Users will be able to launch their own Dapps without much technical background knowledge, heavy testing, and over-extensive testing.

Furthermore, the ARK developers were very clear in their intention to allow development in as many coding languages as possible, thus allowing as many developers as possible, access to their platform.

ARK is running with a Delegated Proof of Stake consensus algorithm. 51 delegates are responsible for maintaining the network. They confirm blocks and receive rewards in the form of transaction fees and Ark payouts. The ARK token holders choose these 51 delegates through a voting system. Delegate candidates often write proposals detailing how they will work to secure the network and make ARK better for everyone. Another popular way of obtaining votes is through profit sharing. Since the delegates receive rewards for forging new blocks, it’s possible for them to share these rewards with those that vote for them, as dividends. In addition, I believe that the future of cryptocurrency decentralization is in the proof of stake protocol, if done right, DPoS is one of the most promising implementations of this protocol.

Team

Collaboration is a key part of the ARK blockchain. The team behind Ark consists of 23 core team members. As an investor, seeing such a large group of individuals stay a part of the project for such a long time, enhances confidence in ARK as a solid long-term investment. Many say the community is what makes this project so strong. ARK is continuing to grow its community of developers as they believe collaboration is the key to ensuring the blockchain adoption can become a realistic goal.

But also the core team members offer a vast amount of experience in the cryptocurrency and blockchain industry, computer science and tech. Their leadership skills are what’s needed to organize and push forward a project of this size. With many other Co-Founders and important roles being taken up by knowledgeable and invested individuals, ARK has built a solid foundation for its success in the future.

Tokenomics: What is the Ark Token?

One aspect of ARKs tokenomics that stands out is the fact that ARK was launched in early 2017 with 100 million tokens, and with the current 8 second block time there are 10,800 new ARK created every day. Assuming this doesn’t change, ARK has a decreasing inflation rate, which is 6.31% in the first year, but will decrease to 4.02% by the tenth year. This drop is far less dramatic than that seen with Ethereum or Lisk. 107.317.266 of 138.567.266 ARK are currently in circulation.

Growth potential and Roadmap

The ARK Deployer GUI (“Point. Click. Blockchain,”) is expected to be completed during Q1 2019. This will be a significant step for the project, as it marks the launch of their biggest USP to date. Their roadmap is very detailed and works as a public to-do list, which keeps investors and developers updated about the project’s progress. They have a lot in store for Q1 2019, and I am very curious to see if they can deliver on their goals.

One aspect which I really like about the project is that ARK does position itself as some sort of  “anti-hype machine,” allowing for adoption and market impact to come with a product, rather than an expensive marketing campaign. As mentioned earlier, a lot about this projects strengthens their investors, and thats what ARK needs, because it could take some time until adoption occurs, but if the team can deliver on their promises, this project could become more significant than everything we have seen before.

Conclusion

ARK is a very interesting project, backed by a great team. It is by-far one of the foremost players in the interoperability sub-industry, with a solid product and an ambitious schedule. The team is building a useful resource for the blockchain ecosystem as a whole. Interoperability is a huge factor for the overall adoption of this technology, whoever figures it out could become a champion of the industry and ARK is definitely on the right path.

Personally I like this type of project that aims to create a useful user interface, and make blockchain technology and cryptocurrencies accessible by the masses. I could see ARK becoming one of the long term winners in the blockchain revolution.

ARK scored 57 out of 76 Points in our evaluation program.

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