Arc Block - future of blockchain
2017 has been the year of awareness for blockchain technology, the total cryptocurrency market cap started the year at 15 billion usd and peak at 800 billion usd, going up 53x over the course of the year!! More and more people are becoming aware of bitcoin everyday, bitcoin is considered the grandfather of blockchain technology. Governments are starting to pay attention and are even considering or have created their own cryptocurrency (Venezula and the petro) and more CEOs of big companies (Jamie diamond/ Warren buffet)/celebs are talking about the pro and cons of Bitcoin/blockchain everyday.
Bitcoin is the first public blockchain (1.0 blockchain) created, Another popular blockchain that came after bitcoin was ethereum, the most commonly used public blockchain to date. Ethereum relies on similar Proof of work algorithm like bitcoin with the addition of smart contracts (2.0 blockchain).
Both blockchains are currently experiencing problems with the daily increase of new users using them, both blockchains were not initially designed to handle the amount of transactions sent per second today. Bitcoin in its current state can only process up to 7 transactions per second and ethereum is better at 20 transactions per second but no where near enough, currently due to the overwhelming demand transactions on both blockchains are slow and costly . It can cost above $50 to send one transaction on the bitcoin network and takes 2–3 hours to confirm a transaction, ethereum is also backlogged with transactions taking 30 minutes to do a transaction and costing increasing amount of ‘gas’ (fees) to process compared to when there were alot less users.
What is ArcBlock?
Arcblock is an ambitious project which aims to build and introduce us to a 3.0 blockchain era. It has all the above features of 1.0 and 2.0 blockchains along with
1) Cloud node — design to run ontop of cloud services, it can run on virtual nodes comprised of one or more virtual machines, or a group of cloud services working together as a computing environment.
2) Open chain access — Cross chain compatability with ethereum, bitcoin, hyperledger etc. using ‘chain adaptors’.
3)Blocklet — The core of the blockchain, The ArcBlock platform is built on a series of Blocklets which enables communication with the underlying blockchain to client side applications/software.
https://cdn-images-1.medium.com/max/1600/1*Uw2FHzK4k2HulqITl1-YIg.jpegArcblock is a self evolving ecosystem, a blockchain which constantly evolves to met the needs of the community, Arcblock is an economy driven by incentives that encourage the [Suspicious link removed]munity to work together to build a better ecosystem.
Why is Arcblock ico the best ico to invest in??
All the problems Arcblock aim to solve have real world problems with blockchain currently. Scalability(>100,000 transaction per second), ease of use, cross chain communication and flexibility/lack of features.
Finally
With the need for this product in the market and the strong team i’m very excited to participate in this ICO. I reckon this could be the best ICO of 2018 and will be trying to participate in their token sale. I hope to welcome all fellow community members reading this to join in this project and support it to full fruition.
