A blockchain network is preparing for the upcoming "hard fork" on the second version of its core system on November 28 – with users who will benefit from flexible transaction fees and the ability to develop their own plugins with ease.
ARK has prepared Core V2 of its platform for some time, and has stressed that its community will not be affected by hard fork as long as they update their desktop or mobile wallets to the latest version. At the time of launch, exchanges and node operators will be required to update to the new main code base.
Fork for taxes
The team says one of the most interesting developments of the update is its dynamic pricing system, which allows ARK users to outline the maximum rate they are willing to pay to complete the transaction.
ARK wants to create a market for transaction fees – offering flexibility to people who are willing to wait a little longer for the liquidation of funds in order to contain costs. Protocol-level modification could also help increase levels of competition among delegates, who are responsible for including transactions in their blocks. There's a limit on portfolios about how high commissions can be – which means that users who urgently need their funds will not have to face exorbitant charges.
ARK hopes to ensure that this system is achieved "without diminishing or confusing the user experience without interruption" – and to keep its community informed, an advanced option is made available where users can see the commissions of lower and higher transaction paid in the last 30 days, in addition to the average. In addition, mechanisms are in place to prevent users from transferring more funds than they intended.
Once the hard fork has been completed on Core V2, ARK says its platform will be able to handle three times more transactions per second (TPS). The number of transactions that can be placed in a single block increases from 50 to 150 and this will increase TPS's capacity to 18.75. Although this is by no means a limitation, executives say "for now we do not foresee the need to increase it further".
The new core will also help the platform build its goal of becoming the "WordPress of blockchain". Improvements have been made to simplify the process of developing plugins that take advantage of the power of the blockchain and, according to ARK, only users need a few lines of code to remove or add plug-ins to the system.
Other notable features included in this update include multisignature transactions, a brand new API and webhook support, improved verification measures and one of the first blockchain plugin implementations that give ARK the ability to be modular and fully customizable.
As reported previously by Cointelegraph, ARK states that it aims to create accessible tools that improve the understanding of blockchain technology and its potential. A SmartBridge feature also allows its blockchain to interact with all ARK-based blockchains, as well as other mainstream networks such as Ethereum and Bitcoin.
Why the fork?
ARK pointed out that Core V2 is not backward-compatible with its previous version, but states that the update is not controversial, unlike Bitcoin Cash. Although initially a soft fork was planned, its development team concluded that "it would take too much time and effort", distracting them from driving the platform forward.
In a blog post, the team wrote: "Everyone agrees that updates are necessary and beneficial for the network." ARK will continue as a single network, with substantial updates and a positive basis for the future development. "
ARK says its open source technology is free and open to all – supported by a community of experts who can offer advice and guidance.
Looking ahead, the platform is preparing to launch a second version of its white paper, along with new editions of its desktop and mobile portfolios. An e-commerce plug-in called ARK Pay will be released soon, which will make it easy for websites to accept ARK as a payment method.
By the end of 2018, further updates on the pending articles in the roadmap will be presented to the community.
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