There’s no doubt that cryptocurrency is here to stay. Then why is it still so difficult for regular consumers to actually use digital currency in a practical way?
Well, Ark coin wants to change that. Let’s take a long look at Ark’s price, strategy, and competitors so you can decide if this currency is worth your money
What is Ark Coin?
It seems like almost every country, company, and institution is launching their own digital currency these days. In fact, it might be better to start asking who’s behind them rather than what they are.
Ark is led by an international team of 19 mainstay members from 11 different countries.
Some time ago, Ark and Lisk both forked from Crypti. In fact, a lot of the Ark team previously worked at Lisk immediately following the fork. You might not be familiar with most of the faces but they have more than enough experience behind them.
Matt DC, for instance, recently published a six-part series on Medium detailing his background in a certain “three-letter” government agency everyone knows and likely despises – Matt's words, not ours. Although Matt says this is his first real job in the crypto world, he has experience and knowledge in the basic back-end principles through his previous 17 years of work.
Ark coin (or just ARK) takes decentralization seriously by employing a delegated proof of stake (DPOS) to verify transactions and oversee the entire ecosystem. Token holders can vote for the 51 forging delegates (at a cost) but Ark claims this comes back 15% to each voter yearly thanks to income sharing.
The major benefit to using Ark isn’t necessarily the currency itself but rather having access to the ARK ecosystem. We’ll explain this more in depth later but Ark essentially wants to eliminate the hassle of operating multiple exchanges and wallets to make purchases and trade your various currencies.
Not only that, but their goal is to be a one-stop-shop for all things crypto. This is comparable to what Google has done for professional cloud services with G Suite.
Ark Coin Price and Market Cap
At the time of writing this, the Ark coin price is $0.677486 USD with a market cap of $70,901,205 USD according to CoinMarketCap. This places Ark in the 86th highest-valued spot of all cryptocurrencies.
There was a time when the market cap surged past $200,000 USD but this coincided with the broader Bitcoin and crypto surge in November of 2017. In early August of 2018, Ark’s market cap dipped below $100,000 USD and continued to tumble from there. At that point, the price was about $1.67 USD.
Keep in mind that these slides are part of a general downward trend across the digital currency board. Also, buyers should look at other features to using the Ark system as opposed to simply price of the coin alone.
Creating a One-Stop-Shop for All Things Crypto
Ark’s goal is to make cryptocurrency easy to use for consumers. They have a lot of projects under development in their roadmap but Ark’s major selling point is the SmartBridge technology.
SmartBridge uses encoded listener nodes which allow just about any blockchain to interact with the Ark ecosystem. This eliminates the need of adding snippet codes to your blockchain which could potentially result in a hard fork. You can, however, still add codes if you want to interact with the Ark system in that manner.
With the SmartBridge technology, only one transaction takes place on the surface. Underground, however, several interactions happened.
This means that any company or entity with a blockchain – including centralized ones – can interact with other blockchains via the Ark ecosystem. The possibilities are pretty endless. Here are a few projects Ark has up their sleeve at the moment.
You can get in on the action with Ark’s ongoing bounties. Pull requests start at $10 each but Ark will also select monthly winners for tiered prizes topping out at $2,000.
Security bounties pay considerably more. If you can find a security flaw somewhere in the Ark ecosystem, let them know and you might snag anywhere from $200 to $2,000 or more.
How Can I Buy Ark Coin?
Buying this coin takes a few more steps than the more "mainstream” coins like Bitcoin and Ethereum but you don’t have to jump through too many hoops.
- The first thing you need to do to buy Ark coin is download yourself an Ark wallet. So head over to Ark’s GitHub and download the right wallet for your operating system.
Always pay special attention to the links you’re downloading and installing on your computer – especially when it comes to crypto – because you don’t want to install any malicious software.
- Follow your computer’s instructions as you normally would to install any new software. You might need to temporarily disable your anti-virus software.
- Next it’s time to open the software and create your Ark account. Follow the instructions on the software screen and create a pass phrase.
Write down your pass phrase and triple check it for spelling and spaces. Ark clearly states several times on their FAQ page that they can never – under any circumstances – recover lost pass phrases.
- Now you need to copy your wallet address. That’s the long string of characters and accompanying QR code that you use to buy, spend, and trade digital currencies.
- It’s time to buy a currency you’ll exchange for Ark like Ethereum. Head over to your preferred exchange like Coinbase and purchase some Ethereum. Keep Coinbase open on one tab.
- To buy Ark coin, you now need to open an exchange that offers Ark. Binance is one of the most popular, but you have a handful of exchanges to choose from. (Go through the motions of setting up an account on this exchange if you haven’t already.)
- If you’re using Binance, click on “Funds” in the main menu and then select “Deposit/Withdrawal.” Search for “Ethereum” on this screen if that’s what you plan to exchange for Ark. Once you’ve clicked “Ethereum,” click “Deposit” to bring up your address to deposit Ethereum into your Binance wallet. Keep this page handy for easy copy/pasting.
- Go back over to Coinbase and click on your Ethereum wallet. Paste your Binance Ethereum address into the recipient screen and confirm your deposit.
- After a few minutes, you’ll have Ethereum in your Binance wallet to buy Ark coin on their exchange. Unless you’re a crypto expert, click on “Market" instead of “Limit” – this is a much simpler method. Select how much Ethereum you’d like to spend on Ark and click “Buy COIN.”
- That’s it! You now have Ark coin in your Binance wallet. Now, just go through the steps of withdrawing on Binance to transfer it over to your Ark wallet. One of the benefits of Ark is their special ecosystem so you’ll probably want to do this.
A Worthwhile Investment Working Behind the Scenes or Massive Bust?
Ark coin has all the right ingredients to suggest that this coin is a solid investment. Why? Well because Ark brings something new to the table: a crypto system for mass adaptation. Their SmartBridge technology alone is likely a worthwhile investment at first glance. Plus, Ark is investing a lot of time, energy, and resources into making their product marketable for actual consumers. The team really knows what they’re doing.
It would be a good idea to thoroughly research Ark’s competitors and the different technology they’re offering. A lot of buyers and traders focus on sheer dollar value and consumer exchange. However, it seems like the real long-term money to be made you'll find in companies producing blockchain technology for mass consumption and developers.