Ark is both a cryptocurrency and a decentralized blockchain ecosystem that enables both developers and entities to create their own customizable blockchain. It’s designed in a way that it can give developers easier access by solving the difficulty of working with blockchain technology. It does this by reducing the need for Smart Contracts and allows the use of custom transactions, ARKLogic, and over 18 programming languages. It went live in 2017 after a successful ICO event where it sold 100 million ARK tokens and raised $800,000.
To ensure that the ARK ecosystem attracts and keeps a big number of users, the ARK team adopted the Delegated Proof of Stake (DPoS) consensus algorithm. Users who stake their ARK crypto are able to elect 51 delegate nodes. These nodes are then responsible for forging blocks, where they get rewarded with 2 ARKs. They also share a part of their rewards with the users who voted for them. The total block time for ARK is 8 seconds, therefore, the total daily reward is about 200 ARKs.
The ARK blockchain usually referred to as the ARK core, is considered to be at the cutting edge of blockchain innovations. Launched in early 2017, the ARK blockchain is one of the fastest and most scalable blockchains in the industry. Some of the major attractions of the ARK blockchain include 8 seconds block time, built-in ARK SmartBridge, and custom ARK smart transactions. It provides a break away from the usual high fees, blockchain congestion, and network inefficiencies.
Resource:
https://swapzone.io/blog/what-is-ark
