The basis of cryptocurrencies is found in Blockchain technology, a unique system which creates a series of chain nodes to improve the security and control of transactions such as ARK. From this technology, innovations and improvements have been derived that have made it possible to strengthen the world of cryptocurrencies.
ARK, is a cryptocurrency that has implemented a great improvement to the world of Blockchain, offering a new option to enter the field of digital money. We will tell you everything you need to know so that you understand what is behind this online currency.
✨What is ARK?
ARK goes beyond the concept of a cryptocurrency. Although it is a digital currency, it is also a unique ecosystem whose objective is to bring users, startups and companies closer to the world of Blockchain. This is achieved by creating one of the fastest, most efficient and most scalable platforms on the market.
The secret of ARK is behind its technology which allows creating hundreds of sidechains, parallel chains to the Blockchain, chaining them through Smart Bridges or intelligent bridges. This allows you to quickly create networks without having to develop the software from scratch.
✨Ark cryptocurrency value
Although the ARK cryptocurrency has been one of the most stable ones, it has also had very marked peaks and falls. We can see this, for example, in the Christmas bomb of 2017 when all cryptocurrencies fell and ARK reached the value of 10 dollars reaching an uptrend.
Unfortunately these coins lost value falling considerably and following the downtrend of the market as happened with most cryptocurrencies. Today ARK is among the 100 cryptocurrencies with the highest value on the market, or that guarantees its financial relevance.
✨Differences between ARK and Bitcoin
- Algorithm: The main difference that we can find between ARK and Bitcoin is in the algorithm in which they operate. Bitcoin operates through the Proof of Work algorithm while ARK operates through a modification or variety of the Delegated Proof of Stake algorithm.
- Efficiency: Another point in favor is that, Thanks to the use of Smart Bridge, much more simplified and efficient networks are created. Furthermore, by reducing the complexity of developing sidechains, it is possible to reduce energy consumption. This translates into less energy expenditure and also less money expenditure.
- Dividend payment: ARK pays voting participants of the 51 delegates chosen for DPoS dividends equal to 10% in cryptocurrencies. These dividends accumulate according to certain periods of time, which allows you to grow your tokens. This is a benefit rarely seen in other cryptocurrencies.
- Division of powers: One of the risks in Blockchain networks is that users take control of the votes, thus acquiring all power over the network. In ARK, the distribution of the weight of the vote is made between the different nodes, thus distributing control and preventing networks from being hijacked.
- Safety: Similarly, by including hundreds of Sidechains with their own nodes, as well as intelligent bridges and the distribution of the weight of the vote, security is increased. It is practically impossible to hack ARK, which increases the trust that this cryptocurrency offers to its users.
- Expansion and scalability: One of the most common problems we encounter with Bitcoin is the scalability of the project and the Blockchain. In this case, ARK solves this problem by allowing the development of hundreds of sidechains linked with smart bridges. This technology is very similar to the so-called chidchains linked to the blockchain through parent-child networks.
ARK is a cryptocurrency with unique technology. Its development was made from the Blockchain, as well as cryptocurrencies such as Lisk, Crypti and BitShares of reference were used. The Delegated Proof of Stake algorithm was taken and improved with the aim of creating a more efficient and robust algorithm.
In addition to this, the development of sidechains was integrated, which function similar to childchains. This allows you to create data networks easily, since you have the bases to develop, they are not built from scratch.
In order to integrate the sidechains created into the main Blockchain, as well as to build a network, intelligent bridges were developed. These bridges allow communication between the nodes, which makes the process of transactions and data exchange much more efficient. reducing costs and energy consumption.
Similarly, an improvement was developed in the DPoS which allows a better integration of the code. This with the aim of implementing simplified future interactions to the ARK scheme. The conditions have also been created for ARK as an ecosystem to interact with other cryptocurrencies without accounting problems.
Unlike other similar cryptocurrencies such as ARDOR, ARK does allow them to be mined. Of course, the mining process is different from digital currencies such as Bitcoin, since the algorithm changes. If you want to be an ARK miner, you must take these differences into account.
You need a wallet to store your ARKs, since ARK coins are received in real time after the creation of a new block, which happens every 8 seconds in the ARK ecosystem. All this is done using a normal processor, which makes the process more accessible.
Storing your ARKs in your ledger is very important because it allows you to participate in their voting system, that is, to have the possibility of being one of the 51 delegates in charge of validating transactions; this gives you rewards and bonuses. According to ARK, the more token you have, the more are the chances to participate.
The Wallet used by ARK is inhouse, that is, it is self-developed so its integration is simple. It is available in app for both IOS and Android, in addition to being downloadable for Windows, Linux and Apple, as well as being compatible with Ledger Nano S hardware.
Financial analyst and economist with a master's degree in finance.