If you’re like me, you’re probably holding some pretty heavy ARK bags. Actually, that’s an overstatement. Smart money bought into this cryptocurrency months ago and for good reason. For many ARK holders, we’ve managed to secure a negative netcost, now holding risk free.
The question I get the most is, “how’d you know, why’d you buy”.
Well, good question, and as the price of ARK drops dramatically, allow me the privilege of explaining to you… the fundamentals.
Let’s say you’ve got a cursory understanding of the internet. You’ve probably heard of bitcoin. Bitcoin was supposed to be digital cash, but now is digital gold. It doesn’t really do anything — but don’t tell that to the maximalists or snake oil salesmen perpetuating the ponzi scheme.
Bitcoin is cool — but development for the chain takes a long time and is fraught with internal civil wars that cause things to explode. But since it’s gold, it has become a pretty decent store of value.
The Ethereum hype train took off in early June, due to Ether prices skyrocketing to 400$. Ether is like digital oil. While it works as a faster “currency” than bitcoin, it’s simply meant to be fuel to power their “network”. Devs can use ETH to create tokens and create dApps DECENTRALIZED APPS that support those tokens.
So Bitcoin is mined in digital gold mines, ETH is a giant pipeleine of apps power by blockchain. So why do you need ARK for anything, what does it do?
One of the biggest issues with Ethereum development is storing data on the chain. Let’s say you wanted to connect all the tokens for use across dApps. Well, the way tokens are created, they really can’t have dynamic attributes. Once created, what’s defined by the smart contract stays. That’s cool. You can develop a token that references a database offchain. BUT the big part about being onchain is the security and verification tools available.
If you’re familiar with ARK, you’ve heard the “CONNECTING THE BLOCKCHAINS. SMART BRIDGE” stuff.
Bridging the chains through encoded listeners will allow for actions to be taken without having to hold another crypto. Whether that’s creating a smart contract on Ethereum’s network or getting into the game with Digibyte Gaming TM. It will also act as a sort of decentralized exchange — working similar to atomic swap, but for all chains. Can’t wait to buy cigarettes with MonaCoin through ARK…
While being able to do anything on any chain with any chain is a big deal, it’s not the selling point for me. You’ll have to go a little deeper into the development side of things.
Let’s look at the roadmap.
Currently this is not required for ARK to continue. It is on the roadmap because we feel it is a step into future ideas…ark.io
IPFS support IPDB support 11 supported development languages ARKVM SmartBridge yadda yadda.
When married together, what does this mean?
ARK basically aims to be a fully featured operating system powered by blockchain.
HTTP or Hypertext transfer protocol worked pretty well for a long time. Over the past 20 years, lots of support has been built on top of the foundational structure of the web. Well, as more companies are getting hacked to shit and the centralization experiment is turning into a giant clusterfuck of downtime or censorship, we need to have alternative options for ye olde web.
IPFS is a crpytographic replacement for HTTP that will allow decentralization of file storage with 10000% uptime. IPDB is a database equivalent, that will allow for decentralization of database storage, powered by blockchain.mar
Combine these two elements with ARKVM (the ability to create smart contracts like Ethereum) and familiar development languages such as Java C# Python etc — you will be able to create secure, web based applications entirely on chain (by this I mean chainstate level of security) — without relying on standard database or file share protocols.
This is a game changer. ARK Ecosystem is an ambitious project. The big fear I hear around is “WHY ARE THEY DOING ALL THIS STUFF. WHY NOT JUST FOCUS ON SMART BRIDGE”. The bridge isn’t the end-all be all. The bridge is simply a data-field. Ethereum already has a data field, Bitcoin has a data field. The major advantage to connecting them all will be the ability to utilize ARK developed applications across all major chains.
So this is the overview. Next time I’ll talk about the Lisk mafia and how DPoS is a great idea, and why you need to start voting and get involved to destroy the Lisk mafia.
Until then, vote biz_classic and stay safe.
ps: wrote this without editing while on a manic episode. enjoy.
Originally published here: https://robekworld.com/fun-dementals-stoked-on-ark-ecosystem-ark-io-8b5b950f69f
Also published on Medium.