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What is ArcBlock?
ArcBlock (ABT), a Blockchain platform that aims to achieve effective transactions and enable providers to pay their transaction fees using the ArcBlock coin ABT, for easier accessibility of underlying Blockchain, hence enabling different applications to perform efficiently on various Blockchain platforms. ArcBlock enables developers to freely access Blockchain protocols and switch between the platforms without source code challenges. Users will have real-time and reactive experiences hence applications are compatible with both mobile apps and web browsers. Let’s learn all about it on our ArcBlock crypto guide.
ArcBlock is a blockchain ecosystem designed to enable building and deploying of decentralized applications. Its developers claim that it is the first of its kind in the world. This blockchain has been developed from blockchain 1.0, that only contained data, blockchain 2.0, that had data and smart contracts, and now is at blockchain 3.0 that has data, smart contracts and extra features such as cloud note, Open Chain Access, and blocklet. This system is designed in such a manner that whenever there are any updates, users can simply use the updated version without the need to refer back to the older or previous one.
- This system is the brainchild of Robert Mao, who is the founder and Chief Executive Officer (C.E.O). Mao has worked as a software engineer at Microsoft and was one of the pioneers in developing UUZONE, LOCQL and Wide Web Consortium. He is also the Co-founder and CEO of PixoMobile and Seattle Entrepreneurship Club.
- The co-founder of ArcBlock is Flavien Chalon who has a Ph.D. in Engineering Technology. He is also a former employee of Microsoft having worked for eight years as a software engineer. He is the founder of Coinprism and also the co-founder of Trezeo.
- The Linux Foundation – ArcBlock Inc has collaborated with The Linux Foundation a leading technology developer which advocates for open source projects to enhance excellence in investments under the shared technology platform.
- HyperLedger Organization – the organization enhances Blockchain technologies in various sectors. Their open source collaborative effort has led to their global partnerships with different industries including ArcBlock Inc. to ensure Blockchain technology success.
- Bibox – it is the world’s first and largest platform that offers the crypto community a platform for currency trading, digital assets trading and credit transaction among others. ArcBlock and Bibox are aiming at accelerating the upgrade and transportation of Dapps to ArcBlock platform. Bibox is founded by a group of elites who are profoundly conversant in Blockchain, internet, and financial fields.
The ArcBlock Coin
The ArcBlock coin is the digital currency that users will utilize to pay for transactions and services on the ArcBlock ecosystem. It is an ERC-20 coin meaning that you can utilize it to pay for smart contracts and can be stored in any ERC-20 compatible wallet. You cannot mine ArcBlock crypto as they are pre-minted. In this system, developers are rewarded with ArcBlock coins for their services or resources. These resources can be reusable components or ready to deploy apps.
Total ArcBlock coin supply – 186,000,000. Coins stored in MyEtherWallet, any Ethereum compatible wallet.
ArcBlock Initial Coin Offering was the first token sale of ABT held on 16th to 21st January. One ABT retailed at $0.5. The total number of tokens were 186,000,000. The ICO aimed to raise $45,000,000, but they managed to raise $22,800,000. The maximum available tokens for sale was 45% of the total number of tokens available, 32% went to community rewards or miners who provided resources and services, 15% was retained within the ArcBlock team, while the remaining 8% went to marketing and partner support.
ArcBlock Price Growth
ArcBlock coin, like other coins, is volatile and keeps changing in price relative to hype and speculation. At its ICO, the coin’s price was $0.5. Its current price as of writing this review is 0.75. This represents a market cap of $70.34 million with a total supply of 92.28 million coins. ABT rate of return has been about 35.93%, meaning that if you had spent $1000 to buy ArcBlock during its ICO, your investment would be $1359.3, making a profit of $359.
While its growth seems to be lagging, ABT may have a chance of future growth considering that it solves the problem of slow transactions inherent in other blockchains. While it takes 15 transactions per second on Ethereum platform, ArcBlock platform promises about 100,000 transactions within the same time. If they live up to this, then it could grow tremendously. Keep in mind that other similar developments may surpass ABT, so when investing, take extreme caution. You may want to invest a little and hold on for about six months to determine the progress.
How to Buy ArcBlock coin
Now that you know about the ArcBlocks cryptocurrency and have made a decision to invest in a few coins, the next phase is to know how and where to buy ABT as well as where to keep your coins.
You will first need an ArcBlock wallet. A digital coin wallet is simply a program or software that secures your private and public keys. It is much safer to have those keys in such a program since you have control of them unlike living them in an exchange where an exchange company has the control. A wallet syncs to various blockchains enabling you to send and receive cryptocurrencies.
ABT, being an ERC-20 token is compatible with various ERC-20 wallets. Examples of these wallets include MyEtherWallet, Ledger Nano S, and Trezor.
Launched in 2015 by Tayvano and Kvhnuke, MyEtherWallet allows you to create your wallet on your computer rather than on their servers. You have all the data stored on your computer. It is both a desktop and a web wallet. You can use a chrome plugin to create a wallet on your browser. Make sure you keep your private key carefully as it gives you access to your wallet. If you lose it, you cannot access your wallet, and the company cannot help you to recover it.
This is a hardware or cold storage wallet. It enables you to store your coins offline keeping them away from hackers. You can make a transaction using the device by enabling it to sign off the transactions with the private keys stored in the device. It is one of the safest wallets you will find in the market.
This is also a hardware or cold storage wallet meaning that you keep your coins offline. It is very safe and convenient for carrying out transactions on the go.
You will also need to find an exchange from which to buy ABT. There are various exchanges in which this coin is listed. Here is a few of them.
Huobi is a Chinese based cryptocurrency exchange launched in 2013. It was developed by Leon Li and has its headquarters in Beijing. This platform lists ABT and has BTC, LTC, ETH, BCH and ETC currency pairs. New users have to provide real details including their bank details which should match with their registered names. You can deposit funds using wire transfer at a 1% charge, and trading fees stand at 0.2%. There is no margin trading on this platform.
Coinone is one of the largest crypto exchange platforms in the world and is based in China. It came about as a merger of three former exchanges. It prides itself on having one of the largest Bitcoin trading volumes and has a large and varied number of digital coins pairs. The ArcBlock trading pair is ABT/USDT. Not much is known though, about its developers or its actual headquarters.
This exchange is based in China and was developed by OKCoin.com team as they were putting a halt on further trading on the OKCoin platform. The goal was to offer their clients with spot and margin trading with up to 10 and 20X leverage. This site also allows hedging and has a high liquidity
The most common trading pair is ABT/BTC, but you can also exchange ABT with other coins listed on this platform.
Now that you know about the wallets you will use to store your coins in and the exchanges from which you can buy ABT, here is a simple process on how to buy the coins.
- Identify an exchange, sign up an account and fund the account. You will be required to use Bitcoin or Ether in most of the exchanges.
- Once you fund your account, identify the available trading pairs of ABT and place your trade.
- Once you buy your ABT coins, use your wallet address to transfer your coins to your preferred wallet. This is a simple process of simply copying and pasting your Wallet address from your wallet to your exchange platform.
ArcBlock aims at removing the barriers that are slowing down transactions on the blockchain to encourage more people to adopt this technology. It is cooperating with existing technologies such as Ethereum to improve these transactions. If it remains consistent, it is going to bring a significant change to this industry. As of the moment, it remains in its infancy with little to show but has promising prospects.
Thank you for taking your time to go through this review. We will endeavor to keep informing you of the latest developments. Keep checking our site for more.