Blockchain Startup Offering ‘Dynamic Fees’ To Help Users Save Money On Transactions
A blockchain company wants to make its technology so easy that “consumers do not know they are using blockchain.”
A blockchain-driven startup believes that blockchain technology has the potential to be more than a “one trick pony designed for investors” – setting the objective of creating cutting-edge technology for fast transactions, and delivering “practical services for real people.”
According to ARK, its entire ecosystem has been built around encouraging the mass adoption of cryptocurrency through a user-friendly platform. The company says its team is determined to ease consumers into blockchain by creating easy-to-use tools and products that gradually increase awareness and general knowledge about the opportunities that blockchain technology provides.
Among ARK’s distinctive features is a development called SmartBridge, which enables its blockchain to interact with any other popular networks, including Bitcoin and Ethereum. “Continuous risk analysis and internal recurring penetration testing is constantly being carried out” to assuage fears about security.
Overall, the company hopes to make blockchain creation and adoption as easy as making a website with Wordpress.
Desktop, mobile, and hardware wallets
ARK believes one of its strengths is its easy-to-use wallets. Syncless, paving the way for “very fast” transactions, they are compatible with all ARK based blockchains and can be customized with plugins and personalized to fit users. Ledger Nano hardware has been built into the wallets for added security.
A major hurdle to cryptocurrencies becoming more popular in public circles has been the risk of transactions being delayed because of congested systems. ARK says its network resolves this by being “one of the fastest in the industry” – with block times being completed in just eight seconds.
ARK also believes that it has managed to protect itself against any potential issues when it comes to scalability in the future. Through the SmartBridge functionality, the platform says it is “able to offload non-essential functions to hundreds of parallel chains.” Therefore, making the team believe that this paves the way “for great scalability, while keeping the main ARK blockchain lean and fast.”
The power of dynamic fees
Another concept put forward by the ARK Network is dynamic fees. This makes ARK the first DPoS based blockchain to achieve this feat, the company says. Here, the speed with which a transaction is processed will hinge upon how much the consumer is willing to pay in terms of fees. The startup hopes that this will deliver financial flexibility to the community without detracting from a “seamless user experience” – and the platform says it will be reviewing this feature’s progress and make tweaks wherever necessary. In short, it means someone who needs their crypto in a hurry can jump to the front of the queue by paying a higher fee, while someone watching their pennies can pay less for transfers as long as they are willing to wait a little longer for it to be processed.
ARK’s website comes complete with detailed updates of how far along it has come in completing certain milestones – as well as providing a due date. For example, at the time of this writing, it was 84 percent through a “total overhaul” of the ARK Core – paving the way for a plethora of new features, including a higher number of transactions per second. It is expected to be released later in October or early November.
Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.