The ARK cryptocurrency is based on the blockchain and, although it is not a leader among the major digital currencies, it is increasingly chosen to expand communications with old and newly formed blockchains. Promoting the rapid spread of this type of electronic money is planned by significantly expanding the scope of financial services. A token is used to authorize a person in electronic trading – this is the name of a compact device for identifying the owner and ensuring his safety. The main purpose of ARK cryptocurrency is to simplify relationships on the Internet and to develop centrifugal processes of the movement of electronic finance instead of their strict centralization.
History of occurrence
This electronic money platform was created in order to make blockchain technology available – a basic and constantly updated system of cash flow and accumulation. The ARK cryptocurrency allows the participation of many delegates, who leave a time stamp on each of the blocks – a hash amount that identifies the process accomplice. Users can change the block they control, but the digital system prevents them from accessing other blocks.
However, a data change in one block will immediately be displayed throughout the chain and will be visible to other users. At the database level, a system for protecting the information of the entire database is also in place. One can imagine an electronic medical history, the key to which is only the doctor, the patient, and those specialists who are entrusted with access to the digital recording system. Apart from them, no one will be able to get acquainted with the encrypted information – it will simply be inaccessible to them.
The history of the ARC begins in 2008 when the creator of the ARK Satoshi Nakamoto proposed it for the electronic protection of information data. Moving further, next year, the blockchain laid the foundation for a common registry of all users of digital currency. And, thanks to blockchain technology, the problem of double expenses was solved, with the help of which the same digital money can be used twice, bypassing the central server and state regulatory authorities.
Features of use and principles of the system
The familiar access to information via the Internet does not extend to the payment system. Even making payments and receiving finances, entrepreneurs are forced to apply for services in the payment system of banks, which sort out all the functions of financial services:
- register various trade transactions;
- confirm the authenticity of the person who becomes one of the parties to the contract;
- legally draw up a contract.
But now you can do without the intrusive presence of banks, because in terms of capitalization, ARC takes a leading position in the financial services market and can significantly increase its effectiveness.
The ARK system uses the principle of delegation of 51 members – this group is also called the server. He is involved in creating a blockchain and processing transactions, and for his activities receive rewards with ARK coins. Thus, a delegated system is formed, which does not allow monopolizing the management of one or a group of persons. The more blocks the server creates, the greater the reward the participant will receive, especially if you take into account that the block is created on average in 8 seconds, you can imagine how many arcs can earn. It becomes clear and the size of the payment of 2 electronic coins per block.
The system has additional protection – if one player has a lot of coins, we can support him in contrast to several of the delegates at once. But the voice of one participant will be divided by the number of all players on the server. Such an algorithm for issuing and the total number of coins helps protect your investment from inflation, and ten years after the last coin is extracted, the inflationary process will be only 4%. The capitalization of ARK is already $ 234 million, which makes it a universal and undoubtedly profitable project for participants.
Current ARK to dollar rate:
The advantage of ARK over other electronic currencies
ARC cryptocurrency has a positive effect on the scope of contracts and the security of any type of digital information, including computer code. When signing the contracts, both parties enter their code, agreeing to conduct a trade operation. They also receive information from external sources on the blockchain – stock prices, weather reports and news headlines. All this was selected and sorted by computer. The system will be able to independently register contracts under certain conditions. And the ARK course will always remain profitable and stably high.
A system of reasonable contracts will be able to automatically transmit electricity consumption data to the supplier. Thus, the process of automation of the meter and the procedure for automatic payment for the consumed electricity are carried out. Among the main advantages are:
- speed of payments – ten seconds are enough for a transaction from one wallet to another;
- delegated process control is carried out thanks to the Delegated Proof of Stake technology and allows you to earn money on the ARC;
- “Smart bridges” are being built to exchange information with other blockchains, mainly contact is carried out by the Bitcoin and Lisk blockchains – in the future, this list is planned to be expanded;
- own e-currency fund includes 7% of all digital cash, which minimizes all the risks that arise during the bidding process.
The prospects of ARK make it possible not only to securely store our own funds but also protect them from the risk of inflation.