It has recently come to light that ARK has scheduled its second hard fork on the 28th of this month. With this latest update, it is now being projected that users will be able to receive benefits such as:
- Flexible transaction fees
- Easy development of plugins using streamlined design modules
Also worth mentioning is the fact that ARK has been preparing for its Core V2 update for quite some time now. As per a statement released by the firm, their latest hard-fork will not affect the project community in the slightest if they timely upgrade their desktop/mobile wallets to the latest version.
Lastly, once released, Core V2 will require exchanges as well as node operators to update their systems to the new core codebase.
In relation to the aforementioned upgrade, a representative for the firm mentioned that one of the newest developments to come to the ARK ecosystem is that of “Dynamic Fees”. This new system allows ARK users to outline the maximum fee they are willing to pay (in order for their transaction to be executed).
By implementing such a system, ARK is looking to create a marketplace for dynamic TX fees, thus introducing more competition within this burgeoning sector. Not only that, this protocol-level change could also potentially help make network delegates more responsible and accountable moving forward.
Lastly, the company has also just introduced a fresh new ‘cap’ on their wallets (in terms of how how high the native platform fees can go).
Other key aspects of the upgrade include:
- ARK provides its customers with an advanced option that allows users to see the “lowest fees and highest transaction fees” paid over the past 30 days.
- A new mechanism has been installed in order to prevent any unwanted transfer of money to/from a user’s wallet.
What are Some of the New Features ARK is Offering?
As per company representatives, once this latest hard fork gets done with, the ecosystem will be able to triple its TPS rate (transactions per second). As a result of this, a single block will now be able to facilitate 150 transactions (as opposed to the previous maximum of 50).
In addition to this, V2 core is also projected to transform ARK into the “WordPress of blockchain” — primarily because it has incorporated functional improvements which make the process of developing plugins much more streamlined and hassle-free. According to the devs over at ARK, it will now take users only a couple of minutes to add/remove plugins from the system once V2 is live.
Other notable features include:
- Multisignature transactions
- Brand-new AP
- Webhook support
- Improved verification measures
In closing, it is worth remembering that the latest Core V2 upgrade is not backward compatible (thus users will have to act accordingly). Via a blog post released on the official ARK website, the dev team mentioned that:
“All are in agreement that the upgrades are necessary and beneficial to the network. ARK will continue on as one network, with substantial upgrades, and a positive foundation for future development.”
It now remains to be seen how successful this latest venture is for the firm and how the future of ARK plays out from here on end.