About Ark (ARK)weiss-badge
 

Overview

Ark (ARK) aims to create an entire ecosystem of connected chains and a virtual spiderweb of countless use-cases, creating a highly flexible, adaptable and scalable digital currency. Ark has six primary focuses, including transaction times, decentralisation, scalability, collaboration, bridging and open source design. Ark offers a lite wallet for both mobile and desktop devices. The desktop version is built for all major operating systems (Windows, Mac, and Linux). Further, they have partnered up and are supported by the Ledger Nano S hardware wallet.

Technology

Ark offers quick transaction's, with 8 second block times it is one of the fastest in the industry, much more efficient compared to Bitcoin and Ethereum. Ark uses a modified Delegated-Proof-of-Stake (DPoS) consensus mechanism, featuring 51 delegates, which are tasked with driving the network, and compensated with block rewards similar to Bitcoin. Ark has concentrated on developing a scalable platform through the use of custom-built SmartBridge technology. This technology allows the blockchain to off-load non-essential functions to hundreds of side-chains. Further, Arks SmartBridge technology is compatible with other well-known blockchains, allowing for the possibility of an ecosystem where various blockchains are interconnected.

Future Focus

Ark has a very clear, transparent roadmap, displaying new features being developed and their progress. Ark looks to introduce ARKVM, a virtual machine integration system allowing users to issue smart contracts similar to Ethereum. Some other exciting features under development include a new Ark Core node (v2), push-button deployable blockchains and push-button deployment of TestNet clones. For more information regarding Ark visit their official site or roadmap.

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

POLI - internet banking

POLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

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Storing your coins with Wallets

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

Pay with POLI. Its fast!

POLI - internet bankingPOLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

About Bitcoin

Bitcoin (BTC) is a form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Transactions are stored on a distributed, immutable, online, public ledger known as a blockchain. Bitcoin was the first truly decentralised cryptocurrency which was created by a programmer under the pseudonym Satoshi Nakamoto and was released in 2009. The system is peer-to-peer, verified by network nodes and recorded in a public distributed ledger called the blockchain. Bitcoin can be exchanged for other currencies, products, and services with over 100,000 merchants and vendors accepting bitcoin as payment. Bitcoin can also be held as an investment. There are only a fixed number of Bitcoin will ever be mined (21 million), it’s not controlled by any one government or central bank, and there’s no such thing as quantitative easing or fractional reserve banking. These qualities make Bitcoin excellent as a store of value and a long-term safe-haven asset, similar to gold.

A Bitcoin success story that went viral on social media is Kristoffer Koch from Norway. Koch invested around $27 in Bitcoin in 2009 and then forgot about it for four years. He remembered about his Bitcoin wallet in 2013, which had then grown in value to $886,000.

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