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Some cryptocurrencies aim to become valuable through rarity and limited supply. ARK aims to become valuable by being extraordinarily useful and widely available.
It’s a complete system rather than just a token. It has a lot of defining features, but the main one is probably its bridging chains. These let the ARK system connect with existing blockchains such as Ethereum and endless others that have yet to be created.
These bridging chains let ARK adapt to include new features over time and bring the most useful elements of other blockchains into its own ecosystem.
It’s also characterised by a very speedy eight-second block time, making for noticeably more responsive transactions than other blockchains can offer.
You can also get ARK on Bittrex, Bit-Z, COSS, UPbit, LiteBit, CoinSwitch and Cryptomate
There are a lot of unique features. The most important thing to remember is probably that ARK isn’t just a token. It’s an entire system designed to function as the last cryptocurrency the world needs by utilising the following:
A range of usage fees apply, which may be subject to change based on the value of the coin.
All fees are paid to the forging node which processes the block containing those fees.
For this to make sense. it’s worth knowing how ARK “forging” and “delegates” work.
Forging on ARK is equivalent to mining on other blockchains. ARK uses a delegated proof-of-stake (DPoS) mining algorithm to reward stakeholders semi-randomly for their contributions to the network.
These contributors are known as forgers or delegates. There are up to 51 at a time, and they’re democratically elected by other stakeholders. Their job is to maintain and run the network. In return, they get any of the set fees that they happen to process as well as a flat 2Ѧ per block reward.
There’s no set ARK coin supply limit or built-in deflation the way there is with other systems. Instead, having a set eight-second block time and a flat 2Ѧ mining reward results in reducing inflation year-on-year.
In the first year, ARK inflation was 6.31%, while in the second year, it was 5.93%. In the tenth year, it’s set to be 4.02%.
During December, 2017, the 51 delegates were forging a total of 10,800 blocks per day, earning a total of 422Ѧ. At US$5 per Ѧ, each delegate was earning over US$2,000 per day by being a forger, even before counting any transaction and other fees they earn in the process.
Users can put an upvote next to their delegate of choice, at the cost of 1Ѧ. To change it, they can pay a further 1Ѧ.
Whichever 51 proposals have the highest number of votes at a time are eligible to force ARK blocks and collect the rewards.
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