Investing in cryptocurrencies reflects investors’ opinion that in the future, cryptocurrency will be a functional means of payment. It’s that simple. How can the future of cryptocurrencies be predicted? Let’s have a look at it.
Today I have the honor of introducing the cryptocurrency with a market cap of around 350 million (28/2/18), making it #52 in the crypto world according to market cap.
The core of ARK is SmartBridge, which enables cooperation between ARK and other blockchain based cryptocurrencies like BTC, ETH, LTC, and others. In the simplest form, you can understand ARK as a decentralized exchange. Let’s have an example: You need to pay for your new cell phone with BTC, for membership in some secret Facebook group with XMR and you, unfortunately, must pay a ransom for your daughter with ONION ☹. Having ARK will make the whole thing much easier – not in every cryptocurrency, but hopefully in a myriad of them, a special code can be placed making the blockchain listen to your ARK transactions and automatically exchanging your funds into the desired cryptocurrency. You will save time and transaction fees. Isn’t that nice? And it’s just beginning. You can trigger smart contracts by sending ARK – in this field ARK is competing only with BLOCK (market cap 190 million, making it #92 in the crypto world according to market cap).
Generally, the team behind ARK want to bring cryptocurrencies to real people who can use cryptocurrencies almost without knowing anything about using cryptocurrencies, easily creating just one wallet for everything. That’s great!
ARK utilizes DPoS (Delegated Proof of Stake) – a kind of democracy in cryptospace. Daniel Larimer (a software programmer who created the cryptocurrency platform BitShares) realized that Bitcoin mining was a total waste of energy (you can read an article about the energy consumed by bitcoin mining). In the DPoS system, there are just 50 or 100 miners (delegates) who are responsible for mining ARK and processing transactions and they are paid for the work. Just compare the energy consumed by 50 computers (ARK or another blockchain with DPoS) and the energy consumed by millions of computers (BTC, XMR). All right, we’ve saved some energy. Another disadvantage of bitcoin is the possibility of mining centralization (in countries with lower electricity costs).
Firstly, everybody who holds a stake in ARK, can vote for a delegate (and everyone is paid for voting – that’s important!). Voting costs you 1 ARK. You can vote for just one delegate. Otherwise, you must split your funds among more wallets and you’re able to vote for more delegates. 1 ARK = 1 vote. Splitting your funds into more wallets means splitting your voting power. So everybody can influence who is in the TOP mining group collecting rewards for the work. In ARK’s case, only the TOP 51 delegates are rewarded for the work. If you aren’t satisfied with your delegate’s work, you can change your vote (but it will cost you 1 ARK). This way, everybody can prevent the network getting centralized.
15% of the supply of ARK was divided among the 30 founding ARK team members based on the activity and participation of each member prior to the token exchange. 7% for the ARKShield Program – a professionally managed fund to provide healthy long-term growth of the ARK Platform, OTC exchanges, and to deal with matters of contingency, 2% for bounties and 1 % for escrow. 75% of ARK tokens are distributed to participants of the ARK Token Exchange Campaign (source: whitepaper of ARK). I think it’s quite reasonable, as team members are doing a great job and nobody works for free.
Once more: Investing in cryptocurrencies reflects investors‘ opinion that in the future the cryptocurrency will be a functional means of payment. It’s that simple. How can the future of cryptocurrencies be predicted? Let’s have a look at it.
I think ARK will be a functional means of payment because SmartBridge is the future!
Have a wonderful evening (or morning or afternoon depending on you daytime 🙂
Binance is well-known for its very low trading fees and hundreds of trading pairs. You can buy some coins on Binance, just click on the banner below, the registration will take seconds and you’re ready to make big money like me!
Information about team members: https://ark.io/team
Tracking delegates‘ work is possible here: https://explorer.ark.io/delegate-monitor
Disclaimer: This is my opinion and everyone is fully responsible for their own investment decisions.