ARK is a blockchain ecosystem that focuses on interoperability and ease of use for developers to create their own blockchains. It functions as an ecosystem designed to popularise and simplify various interactions and transactions within the virtual space, aiming for mass cryptocurrency adoption.
ARK operates through a lean and efficient blockchain structure, utilising a main chain and multiple side chains to ensure high scalability. Its SmartBridge technology enables communication and interoperability between different blockchains. The platform uses a Delegated Proof-of-Stake (DPoS) consensus mechanism where network users elect delegates to validate transactions, providing scalability and efficiency. ARK also introduces ARK Logic, a suite of development tools that reinvents smart contracts, allowing for customizable blockchain applications.
Interoperability and Cross-Chain Transactions: ARK's SmartBridge technology facilitates seamless communication between blockchains, enabling cross-chain transactions.
Decentralized Applications (dApps): ARK supports the development of dApps with its smart contract capabilities, offering enhanced scalability and speed.
E-commerce and Retail: Through platforms like ARKShop, ARK tokens can be used for purchasing products and services.
Financial Services: ARK tokens can be utilised in voting for delegates and for investment purposes, enhancing decentralised governance.
Blockchain Development: Its modular design supports developers in creating customised blockchains.
ARK was founded in mid 2016, running a Token Exchange Campain (TEC) later that year which raised $800K in Bitcoin and other exchanged cryptos. Sound financial planning has allowed the team to become a well-funded entity since its inception. On March 21, 2017, the ARK Public Network went live, hosting the native ARK crypto asset. The ARK business entity formed shortly after, called ARK ECOSYSTEM SCIC. The business entity is commonly referred to as 'ARK.io' which is part of the teams branding as well as the teams website.