Ark is a cryptocurrency based on the improved Delegated Proof of Stake (DPoS) system, which was previously used by such cryptocurrencies as Lisk, Crypti, and BitShares.
What Is Ark?
Ark is a cryptocurrency based on the improved Delegated Proof of Stake (DPoS) system, which was previously used by such cryptocurrencies as Lisk, Crypti, and BitShares. It uses Smart Bridges to communicate with other (brand-new and already existing) blockchains to increase the number of available technologies, providing a wide range of functions in one place.
The main task of the Ark team is to bring the blockchain technology to perfection for the consuming masses. Instead of a simple investment vehicle like the many altcoins and tokens on the market, the Ark seeks to create its own ecosystem of connected chains and a virtual web of endless use-cases. The main idea behind Ark is to provide a bridge for many blockchain networks to be used concurrently without the need to constantly trade coins in order to access competing networks like Bitcoin and Ethereum.
Ark plans to stimulate the spread of cryptocurrency by providing consumers with various tools, such as card networks, game tokens, anonymous transactions, multi-signature accounts, etc. More tools are planned to be added over time.
Pros and Cons of Ark
Advantages of Ark
Ark currently holds a solid position within the top-200 cryptocurrencies worldwide. Ark also has a well-developed website that covers all the topics regarding its platforms and leaves no questions unanswered. It’s clear even for a novice in the world of cryptocurrencies that the team has put much time and effort into the coin and the website perfectly encapsulates that.
Disadvantages of Ark
Some claim Ark’s goals and concepts are too generic so the coin has many competitors to deal with. There is also a concern that the vast majority of Ark coins in circulation is currently held by big “whales” who have accumulated it since the inception of the coin. Another area where Ark needs expanding is its exposure to the major exchanges.