What is Ark Coin (ARK)? How Does It Work?
What is Ark coin? Take a closer look and learn more about the Ark coin with our complete guide here at Easy Crypto.
The crypto space is abundant with new innovations. The advent of blockchain technology has opened up numerous possibilities for a more decentralised and digital future.
One of these innovations in the blockchain space is the Ark blockchain, which shows promising potential for the future expansion and integration of blockchains in the near future.
Key takeaways:
- At its core, Ark is a decentralised cryptocurrency built on a unique blockchain platform designed to bridge the gap between different blockchain networks.
- Launched in early 2017, the project aims to provide an interoperable ecosystem for blockchain technologies, fostering collaboration, and promoting mass adoption.
What is Ark Coin?
Ark is a cryptocurrency that focuses on interoperability and giving developers the power to easily create their own blockchains.
Launched in October 2016, by a 27-strong Ark team, the Ark team designed the platform to be used as a bridge between various blockchains. Apart from this, Ark does something unique.
The network allows developers to clone the Ark network to effectively create their own blockchain networks and decentralised applications (or D’Apps) in a matter of days.
This has a great implication in that it gives the Ark network a greater adoption as developers from all sectors and skill levels can easily implement the security of blockchain into their existing systems.
Why was Ark invented?
Since the launch of the first Ark main net in March 2017, the Ark team has worked with one single objective. They wanted to promote a wider blockchain technology adoption, while simultaneously making it possible to link several blockchains together.
In effect, Ark allows third-party developers to clone the Ark blockchain to create separate for-purpose blockchains. To do this, the Ark network allows developers to experiment with clones of the Ark blockchain in a sandboxed environment.
At the same time, Ark also allows developers to code in 18 different programming languages. This makes developing D’Apps and new blockchain technologies far easier than on existing platforms like Ethereum.
Read more: What are decentralised apps (DApps)?
What are Ark SmartBridges?
As well as being user-friendly for developers, Ark is also unique thanks to what are referred to as ‘SmartBridges.’
In simple terms, SmartBridges facilitate interoperability and communication between the Ark Core blockchain and any third-party blockchain. Ark users can, therefore, execute smart contracts on Ethereum, or even instantly convert ARK coins to Bitcoin, Litecoin, or any other cryptocurrency bridged to the Ark network.
- Ark SmartBridges effectively merge the core functionalities of every Ark connected blockchain.
- SmartBridges allow Ark to operate as an intermediary between connected blockchains while preserving the uniqueness of blockchains like those of Bitcoin, Litecoin, Ethereum, etc.
- New blockchains created on Ark by independent developers have SmartBridges enabled by default.
Ark effectively networks the entire cryptocurrency market, while simultaneously encouraging the growth of new Ark-based (and independent) blockchain ecosystems.
As well as pioneering new blockchain technologies for the benefit of the broader cryptocurrency ecosystem, Ark is fast.
Ark can currently process 18.75 transactions per second. This makes Ark faster than Bitcoin, Ethereum, Litecoin, and several other top market cap cryptocurrencies.
The Future as the Ark Team Envisions It
The primary goal of Ark is to streamline interoperability between otherwise separate blockchains, while spurring innovation in the blockchain industry.
Ark is, therefore, still a work in progress. However, the Ark team are one of the most developmentally active in the crypto space.
Invest in the future of blockchain. Add Ark coins to your portfolio.
How to buy Ark Coin (ARK) in South Africa
Here at Easy Crypto, our aim is to simplify the crypto experience and make it accessible for anyone – that includes buying Ark coins.
Follow our guide below for a quick guide on how to buy Ark coins in South Africa:
Step-by-step guide for buying Ark Coin (ARK) in South Africa:
- Sign up or Login
Start by logging into your Easy Crypto account, or sign up to create an account if you haven’t got one already!
- Verify your account
To do this you’ll need to submit a picture of your South African ID, passport or drivers license. You’ll be able to start purchasing any cryptocurrency once the documents you submitted have been verified.
For further information, you can visit the Easy Crypto’s account verification guidance. - Select Ark (ARK) as your crypto order
Browse the cryptocurrencies we have to offer in South Africa, and select ARK as your crypto order. Enter the amount you wish to purchase and proceed to the payment method.
- Payment
You can currently choose between 3 different payment methods when buying cryptocurrency on Easy Crypto South Africa.
These include Stitch, Ozow and manual bank deposits. (Based on testing, we found that Stitch tend to be the faster payment method).
Note: Blockchain transaction times may add up to 1 hour until your coins are delivered (depending on network congestion) – which is beyond our control.
And that’s it! Additionally, we’ve also got a handy YouTube guide to buy crypto on our platform:
And if you want to follow along step-by-step, we’ve got a more detailed guide on how to buy crypto in ZA here.
Feel free to reach out to us if you’ve got any questions or inquiries on all things crypto. We’re always ready to help.
Further reading: Explore our learning Hub for all things crypto.
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Disclaimer: Information is current as at the date of publication. This is general information only and is not intended to be advice. Crypto is volatile, carries risk and the value can go up and down. Past performance is not an indicator of future returns. Please do your own research.
Last updated August 10, 2023
