What is the ARK coin? This Altcoin is Storming into the Crypto Market
ARK is currently the third highest crypto price increase by percentage for the day, having grown by 19.28% in the past 24 hours. Currently, ARK is priced at $6.33 with a market cap of $620,397,894, which ranks Ark as the 48th cryptocurrency by market cap according to CoinMarketCap.
ARK’s price has more than doubled since the beginning of September when it was selling in the $2.00 range. So, what is ARK?
According to the ARK website, ARK is an all-in-one blockchain solution where you need only “Point. Click. Blockchain.” Sounds simple enough, but it does get a little more complex than that. ARK is aiming to provide users, developers, and startups with innovative blockchain technologies that will all link together in a way that makes ARK flexible, adaptable, and scalable. ARK is meant to be a secure platform that is designed for mass adoption.
And by all accounts, it is. ARK’s wallet has been built to work with all major operating systems on a desktop, as well as for Android and iOS on mobile. The collaborative global aspect of the team also showcases ARK’s ability to adapt: with 17 core team members spread out in 11 different countries, ARK’s roadmap indicates that the ARK team is working on integrating multiple programming languages into their system so that a mass of developers can use ARK.
ARK uses what is called a Delegated-Proof-of-Stake (DPoS) consensus mechanism that is made up of 51 delegates. The delegates, located all over the world, are supposed to run the ARK network and are rewarded with block rewards for doing so. Holders of ARK are able to allocate their coins to any delegate of their choosing via a wallet. The delegate would then share their reward with those who placed their coins with them. Most delegates pay on either a daily or weekly basis, so holders are able to earn extra ARK simply by participating in the network. This also gives holders a reason to keep their ARK, meaning greater stability for ARK’s price.
ARK is both fast and scalable. ARK has one of the fastest networks in the industry at 8-second block times and by using ARK’s custom-built SmartBridge, ARK is able to push non-essential functions to side-chains, allowing for scalability and keeping the main ARK network fast. The SmartBridge technology also bridges all well-known blockchains, enabling every altcoin, and even Bitcoin itself, to become more powerful. That means that if you hold ARK, you’d still be able to trigger an Ethereum smart contract through SmartBridge, as an example.
Lastly, ARK is an open-source network. This means you’d be able to launch your very own SmartBridge compatible blockchain if you wanted.
For the most part, the crypto community has reacted positively to ARK, many very excited to see where the altcoin will head next.
What do you think? Will ARK continue to climb? Or are its glory days about to end?
Featured Image: Bitcoin hub