The new ARK Core V2 looks promising. The ARK team has rewritten all the code and is now completely focused on the V2 platform. But what about the new version?
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The great thing about ARK is that it wants to make working with a blockchain much easier. It gives everyone the opportunity to create their own blockchain. ARK wants to be the platform that makes this possible. Travis Walker from the ARK team compares the platform in an interview with the Youtube channel Crypto Zombie with a website construction kit such as Wix, WordPress or Weebly, which enabled people to create their own website without understanding any code. ARK makes this possible as well, only it is about blockchains. ARK also allows you to use functions to connect to other blockchains like Bitcoin, Ethereum, Litecoin etc. You can now exhibit Smart Contracts on Ethereum without ever coming into contact with Ethereum, just by using the tools offered by ARK, says Walker.
users have the ability to choose functions that are appropriate for them. For example, they can add the ARK Virtual Machine, which is a Smart-Contract development platform, Walker said. And adding them is child’s play at ARK. “If you want to change the transactions via second, how many nodes are in a network … everything is configurable”, he continues.
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Delegated Proof of Stake
A great advantage that ARK would like to use to stand out is the Delegated-Proof-of-Stake-System (DPoS) with which it works. This means that Proof of Work (PoW), which consumes a lot of power, is not used. Proof of Stake (PoS), on the other hand, requires working with a lot of wallets, Walker explains. It doesn’t consume as much power as Proof of Work, but still a lot. Delegated Proof of Stake, on the other hand, only requires a small amount of performance because there are a certain number of nodes in the network. This is ideal for private blockchains, since the number of nodes can be determined and all run on a single server. Users don’t have to worry about the high power consumption of a proof-of-work system, which can slow down crypto currencies like Bitcoin. Unlike EOS, ARK is also more decentralized. While EOS decides who can use the nodes, each user can vote for a delegate node at ARK. There are 51 in the ARC network. They could be replaced at any time. The ARK team has no control over this. Only the owners of ARK tokens can influence this.
Dynamic Fee Structure
The V2 version offers the dynamic fee structure. Whereby most proof-of-stake systems have a flat rate, the dynamic fee structure is already integrated into the code at ARK. This means that users can set their own prices for each block, he explains. However, if the price is set too low, the network will reject it. For users, this means much more freedom and a decentralized platform that is largely tailored to their needs.
We are curious to see what the project means for the future of blockchains. Can ARC compete with crypto currencies like Bitcoin? The ARK share price is still around 0.60 euros and a market capitalisation of almost 66 million euros. Can blockchains of crypto currencies like Bitcoin keep up with what ARC promises? And how much will ARK V2 influence the purchase of ARK? It remains to be seen.