When Satoshi Nakamoto first introduced blockchain technology through Bitcoin, no one ever understood the transformative potential that it had. From 2008 till today, a number of projects have risen that offer complete technological solutions to problems that plague traditional systems. Therefore, a lot of businesses and individuals could take advantage of distributed ledger technology. Unfortunately, there is a great barrier to entry into the blockchain space due to the complex technology.
Fortunately, ARK, a blockchain-based development platform, has come up with a solution to this problem. Ark aims at solving it by offering an easily implementable and customizable blockchain that can be deployed in a matter of seconds. For this reason, ARK has been receiving a ton of positive attention in the industry lately. In this article, we will take a look at what ARK is, how it works, how you can buy it, and its price prediction.
What is Ark?
Ark is both a cryptocurrency and a decentralized blockchain ecosystem that enables both developers and entities to create their own customizable blockchain. It’s designed in a way that it can give developers easier access by solving the difficulty of working with blockchain technology. It does this by reducing the need for Smart Contracts and allows the use of custom transactions, ARKLogic, and over 18 programming languages. It went live in 2017 after a successful ICO event where it sold 100 million ARK tokens and raised $800,000.
How does Ark work?
To ensure that the ARK ecosystem attracts and keeps a big number of users, the ARK team adopted the Delegated Proof of Stake (DPoS) consensus algorithm. Users who stake their ARK crypto are able to elect 51 delegate nodes. These nodes are then responsible for forging blocks, where they get rewarded with 2 ARKs. They also share a part of their rewards with the users who voted for them. The total block time for ARK is 8 seconds, therefore, the total daily reward is about 200 ARKs.
Some of the features of ARK include:
- Smart Bridges
These are intermediaries between blockchains that connect one network to another, even if they have different consensus algorithms. They allow users to conduct cross-chain transactions within the ARK wallet.
- Multiple-Language software development kits
These kits allow developers to build blockchains using a programming language that they are familiar with. Thus, significantly facilitating the process. There are at least 18 programming languages available.
- Push-Button Deployable Blockchains
As stipulated before, ARK enables anyone to deploy a custom blockchain within minutes. A user just needs to use a clone of ARK’s own chain and link all the created networks. ARK itself will facilitate communication within the cryptocurrency world.
ARKLogic lowers the need for building complex smart contracts. It allows developers to use smart transactions and replace smart contracts with easy-to-build custom transactions developed using any of the available 18 programming languages.
The ARK blockchain usually referred to as the ARK core, is considered to be at the cutting edge of blockchain innovations. Launched in early 2017, the ARK blockchain is one of the fastest and most scalable blockchains in the industry. Some of the major attractions of the ARK blockchain include 8 seconds block time, built-in ARK SmartBridge, and custom ARK smart transactions. It provides a break away from the usual high fees, blockchain congestion, and network inefficiencies.
The ARK blockchain utilizes a custom implementation of dynamic fees. Dynamic fees benefit both the delegates that secure the network and the end-users. On one hand, The end-users benefit by having low transaction fees. Delegates, on the other hand, have the ability to customize the fee per transaction and also offer tiered transaction fees.
How to exchange Bitcoin to Ark on Swapzone?
Wondering how you can exchange your Bitcoin holdings into Ark? Don’t worry, Swapzone offers you the best ARK BTC exchange rates in the market. To conduct an ARK exchange, all you have to do is:
- Go to the Swapzone website.
- Select the currency you want to swap in the field “Send” and ARK in the field “Get up to”.
- Input the amount of currency you want to exchange for ARK. Swapzone will now bring you the best rates from various exchanges offering the desired pairing and show the amount of Safemoon you are getting for your crypto.
- Click on the “exchange” button, which will ask you to provide the address you want your newly purchased Safemoon sent to. There is also space for a refund address.
- Click on the “proceed to exchange” button. Swapzone will also show you the review of the exchange site you choose to buy from.
- Wait for the deposit to be processed by the exchange service and the exchange to be done.
- Don’t forget to rate the exchange partner and leave a review, so we can gather more information on the exchanges for future users.
Unlike the majority of the cryptocurrencies being created nowadays; ARK has created its own wallet that provides users with access to all features in the Ark ecosystem. The Ark wallet includes:
- The ARK Desktop Wallet: This wallet is available for Windows, Linux, and macOS. Using this desktop wallet, you can stake your ARK coins to raise revenue, initiate Smart Bridge transactions, and even vote for delegates. The wallet also supports both LISK and ARK cryptos. When it comes to transaction fees, it costs $0.1 ARK to send coins and 1 ARK to vote.
- The ARK Mobile Wallet: This wallet is available on both Android and iOS phones. It’s a great way for users to have access to all the same features and benefits that the desktop wallet offers but on a smartphone. This wallet has support for over 14 different kinds of cryptocurrencies. Therefore, making it a great wallet for anyone willing to store multiple assets.
Ark Price Prediction
In the last several years, Ark crypto has demonstrated a positive price dynamic. If you count since 2017, its return on investment is over 8,100%. The recent price spike could be related to Carrie Wood’s (Head of Ark Investment) open refute against Elon Musk that Bitcoin is bad for the environment. Market analysts believe that Ark’s future is pretty positive. Wallet Investor predicts a price rise of $4 by end of 2025. Furthermore, Digital Coin Price also forecasts that there is a chance that Ark coin could hit $6.48 by the end of 2025. However, all these Ark price predictions should always be taken with a grain of salt.