When ArcBlock started its operation few weeks ago, over 20,000 people joined the community, and when its private sale registered link was opened, over one thousand people had already registered within one hour. Back in 2017, the “killer applications” which were recognized separately in both Blockchain 1.0 as well as Blockchain 2.0 generations, was the Bitcoin and the ICO (Initial Coin Offering) which experienced an explosive growth at the time. The price of Bitcoin grew exponentially 20 times, from $1,000 at the beginning of the year to $20,000 at its highest point. The total market value of the top 100 cryptocurrencies have exceeded $600 billion, with I.C.O.s raising more than $6.133 billion in the past 11 months, accounting for 96 percent of total financing over the last four years.
The sizzling Bitcoin and I.C.O. came with it so much attention within the global community about blockchain technology. This also brings up certain uncertainties about upgrading to Blockchain 3.0, because it lacks the power of penetration into the real business world. However, ArcBlock’s birth is exactly the right time to empower the implementation of blockchain technology into the real world.
ArcBlock is an ecosystem for creating apps that could run with various blockchains and cryptocurrencies with an excellent user interface. Developers are provided with very simple and easy to work with, tools which enables them to effectively solve technical problems. What’s more, unlike previous blockchains, Arcblock blockchain 3.0 will be able to handle multiple transactions concurrently
ArcBlock’s Key Features
Open Chain Access Protocol
Open Chain Access Protocol (OCA) is an open-source (public project) abstraction that allows you access to a varieties of blockchains or cryptocurrency, like the Bitcoin, Ethereum, and others. With this protocol, apps are able to work effectively on the same level with multiple blockchains, and developers don’t have to waste time, mulling over different implementations of the same functions.
Blocket is the core of ArcBlock, a serverless architecture enabling you to work with various apps and communicate with various blockchains using the OCA protocol. It aids connection to multiple data sources, supports on-chain and off-chain modes. Oracle databases can be used as data sources; it also supports smart contracts and processes resources and assets.
Decentralized Pub/Sub Gateways
Decentralized Pub/Sub gateways are a system serving as an API gateway (the interface between the logic and the programmer) for Blocklet. This gateway system enables apps to work in mobile apps and browsers and user interaction in real time. The gateway supports conventional network protocols such as HTTPS, WebSockets, and others.
Tokenomics plays an essential role in Arcblock. New services and deployed apps can get rewards in ABT tokens. This can be illustrated in a cloud computing service, where ABT is a utility token used to pay for costs incurring from the service. According to each contribution to the system development, tokens will be rewarded to individuals providing the services and resources which will further empower the system to develop independently. ArcBlock wants to be the solution to the current problems plaguing today’s blockchains, namely scalability, ease of use, cross-chain communication and flexible new functions.