ArcBlock, a new platform and ecosystem made for building and deploying decentralized blockchain applications, coming with a new concept called “Open Chain Access Protocol” to minimize the problems of the current blockchain technology. This article tells you about ArcBlock’s new innovative technology and their five year project plan.
History of the Blockchain Technology
Block chain technology was introduced in 2008 by an anonymous person/organization called “Satoshi Nakamoto”, and implemented in 2009 with a digital currency called “Bitcoin”. It was defined as a public ledger that serve for online transactions without central authority. But, this technology only allows to record the transactions.
In 2015, Russian programmer called Vitalik Buterin launched Blockchain 2.0 technology minimizing the issues existed in Bitcoin’s blockchain technology with a concept of smart contracts which allows users to transfer and recording of other assets like loans or contracts.
Why ArcBlock?
Even Blockchain technology was developed over the past few years, still it has considerable serious issues that users get into troubles. Poor performance, Not consumer friendly, cost, platform lock-in and lack of features are some of them.
The aim of the ArcBlock platform is to solve these problems with their innovative technology. ArcBlock is not just a software package or set of APIs, it enables the ability to combine blockchain technology with cloud computing.
How it Works?
The main component of the ArcBlock’s system architecture is called “Blocklet” which is a serverless computing architecture component for running various types of applications. Blocklets can communicate with various blockchain protocols such as Bitcoin, Etherium, Hyperledger, etc. through the “Open Chain Access Protocol” On the other hand, the Distributed pub/sub Gateway allows blocklets to communicate with client-side codes such as web browsers, apps, etc. Briefly, Arcblock platform is based on blocklets and it communicates from server-side to client-side through various APIs.
The specialties of this technology compared to the current blockchain’s technology is, it can communicate with different blockchains through the Open Chain Access Protocol and not only that, it can communicate with off chain resources such as databases.
About ArcBlock Project
In the 1st quarter of 2017, the ArcBlock concept was born. ArcBlock’s has a five year plan to turn their concept into reality. A token sale event is going on the 1st quarter of 2018 and then onwards the five year plan will be executed.
In 2018,
Launch first decentralized apps built on ArcBlock with selected clients.
Launch Open Chain Access Protocol and reference implementations for major blockchains (Ethereum, Hyperledger, etc.).
In 2019,
Public launch and popularization among the general public.
First Developer Conference for ArcBlock developers and partners.
Launch the support and Blocklet Building Blocks for digital media, publishing, and knowledge sharing.
Design and implement support for IoT blockchain applications. (Support MQTT protocols and AWS IoT service. Consider supporting IOTA as a blockchain underlayer).
Build the decentralized marketplace for ArcBlock decentralized applications and their tokens.
In 2020,
Public launch for IoT smart home and smart city application support.
Contribute Open Chain Access Protocol and related technology to the open source community (through the Linux Foundation, Hyperledger Foundation, or a similar organization) to increase adoption and position ArcBlock as the de facto standard of open chain access.
Extend cloud computing support for the ArcBlock platform, targeting support for all major cloud platforms, including AWS, Windows Azure, Google Computing Engine, Aliyun, Tencent Yun, etc. ArcBlock is aiming for a cloud platform-independent, universal, and decentralized application platform.
In 2021,
Embrace the potential trend that blockchain protocols may be adopted at the OS (operating system) level by providing foundational OS-level support in the ArcBlock Platform.
Build the token ecosystem and a new operating system with ArcBlock platform partners and developers for a truly decentralized, autonomous business environment.
In 2022,
ArcBlock becomes an open, foundational service of the new programmable society, supporting the DAO/DAC and their services/applications.
The ArcBlock Token (ABT)
ArcBlock has their own token system driven by the latest blockchain technology. Their target is to more than 100,000 tx/s (transactions per second). It is comparatively very high rate compared to Bitcoin and Etherium maximum tx rates (10 tx/s).
Also, the ArcBlock token system has another specialty. Transaction fees are paid by the application providers for their end users monthly basis. This is the opposite way of the Bitcoin’s and Etherium’s fee payment method.
Miners’ Role
As the typical blockchain systems, miners play a major role in the ArcBlock platform. Miners run the platform services and anyone is allowed to join the network as a miner. But, ArcBlock has a difference. They have two types of miners; Resource Miners and Component Miners. Resource Miners contribute computing resources to the system while Component Miners contribute software components to the system. It seems like this way improves the overall efficiency of the ArcBlock platform.
Token Sale Event
ArcBlock token distribution during the ICO is shown in the below figure.
186,000,000 ABT (ArcBlock Token) will be distributed within this event, according to the above figure. Softcap of the event is 12000 ETH and Hardcap is 37500 ETH + 6M CMT (Cybermiles Token). 25000 ETH of the hardcap is the maximum amount reserved for private sale and 12500 ETH + 6M CMT is the maximum amount for public sale. Both Etherium (ETH) and Cybermiles Tokens (CMT) are allowed to deal during the token sale event.
Conclusion
Blockchain technology is the future of the world economy. Decentralized economy gives more freedom to the people rather than control by a central authority. But, still blockchain technolgy is not a perfect system. It needs more improvements. ArcBlock; Born for Blockchain 3.0, a really important project to take the blockchain technology to the next level. ArcBlock brings a plenty of new features to the block chain technology to make it more efficient and user friendly system. Investors must pay more attention to this project, because, this will be a big opportunity to give your contribution to the development of the blockchain technology.
Important Links:
Web: https://www.arcblock.io/
Announcement Thread: http://bit.ly/ABTANN
Telegram: https://t.me/ArcBlock
Twitter: https://twitter.com/ArcBlock_io
Facebook: https://www.facebook.com/arcblock.io/
Instagram: https://www.instagram.com/arcblock/
Reddit: https://www.reddit.com/r/arcblock/
LinkedIn: https://www.linkedin.com/company/18355951/
My Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=1611255