On January 23rd, ARK was the third highest crypto price increase by percentage for the day, having grown by 19.28% in the prior 24 hours. ARK was priced at $6.33 with a market cap of $620,397,894, ranking 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?
It looks like ARK’s glory might have been short-lived after all. The coin has moved down to the 49th largest cryptocurrency by market cap and is now selling, as of January 31st, at $5.45. ARK has declined 2.43% in the past 24 hours. Based on its movements from the last few weeks, ARK may very well continue declining.
This doesn’t matter to the die-hard fans, though, who are backing ARK to the moon. ARK’s Reddit forum surpassed 20,000 subscribers not too long ago – people are interested in this coin, even if it is down right now. Personally, I agree. ARK is managed by a fantastic team that knows what they’re doing and are completely transparent with users. ARK has consistently delivered on what it’s said to be doing.
Most recently, ARK announced that it would be sponsoring a blockchain and cryptocurrency conference in Dallas. This is a chance for ARK to tell more people about its powerful blockchain and learn from the other presenters.
Yes, ARK is down right now, but it’s still a worthwhile project. One of the good things about being a smaller coin is having a smaller trading volume. ARK’s 24-hour volume is currently $10 million. The smaller the volume, the fewer transactions occurring. This means transactions times won’t be bogged down and can remain being as fast as ever. So that’s a win at least.
Featured Image: Bitcoin hub