The holiday season is often shared catching up with family and friends. If you’re lucky, one of your fellow party-goers would have jumped aboard the crypto train, and you’ll find yourself having a lengthy conversation about your newfound interests.
Chances are, the conversation will evolve into the thousand-or-so other coins out there. This is why we thought it would be fun to feature a snapshot view of the most popular coins to date – so that you can join in and LEAD these conversations.
Today, we investigate Ark… One of the coins which allow you to ‘stake’ and earn you more…
Confused? Let’s explore:
What is Ark?
Ark is a blockchain-based cryptocurrency which aims to facilitate transactions between every blockchain using Ark tokens, on what is called a ‘SmartBridge’.
A little more about Ark:
- Established: Nov 2016 (ICO Token sale)
- Circulating Supply: 97,981,284
- Total supply: 129,231,284
- Market cap: $443.5 Million USD
- Notable Team Members: Mike Doty, FX Thoorens, and Lars Rensing are amongst 27 co-founders.
Price when it hit exchanges on the 22nd March 2017: $0.032 USD
Ark’s Price as of Dec 14, 2017, is $4.52 USD, meaning it’s grown by roughly 14,000% in the space of 9 months!
Source: Coin Market Cap
Why the hype?
The Ark token is revolutionary; It’s able to change itself into the cryptocurrency of its destination wallet (Smart bridge).
Do you want to send someone some bitcoin, but only have Ark? You can send that Ark to their bitcoin address, and it will turn itself into bitcoin!
Not only that. Users are able to create a duplicate of Ark’s chain, being SmartBridge compatible out of the box. This makes it incredibly easy to start your own blockchain.
With Bitcoin, using a proof-of-work algorithm to mine new blocks, this requires expensive mining equipment(ASICs). Ark implements an algorithm called ‘delegated proof of stake’ (DPOS). This means that you can vote for a ‘delegate’ with your Ark tokens. That delegate can then forge new ark tokens and splits the profits with its voters.
Depending on who you vote for, you can earn some nice passive income just by holding your Ark tokens.
Community thoughts on Ark?
A lot of people feel that it is undervalued because it has yet to market itself, and there is a lot of potential in the coin based purely on the team and technology behind it.
A sleeping giant ready to awake in 2018? This sentiment is also shared amongst some of us in the Wirex team. There’s a strong need for what they are proposing. At the end of the day, ideas are great – we’re really all about performance. We’re keeping an eye on this one.
Let us know what you think about Ark in the community forum below.
We’ll see you tomorrow for day 11 of the 12 days of Crypto!