ARCBLOCK: Born for Blockchain 3.0

kambaralikhan (25)in #blockchain • 6 years ago (edited)

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What is ArcBlock ? A brief overview.
ArcBlock is the world’s first blockchain ecosystem for building and deploying decentralized applications. The platform goes beyond providing the necessary foundational components for using
blockchain to power complex business rules. Arcblock connects the existing system to blockchain networks, enabling users to automate business processes using the data and identities associated with existing systems.
ArcBlock’s primary objective is to remove the barriers that have hindered and slowed blockchain adoption among the public. Arcblock is very enthusiastic about creating interesting approaches that will fundamentally progress blockchain improvement.

What is Blockchain ?

A blockchain is a continuously growing list of records, which is called blocks, which are linked and secured usingcryptography. Each block typically contains a cryptographic hash of the previous block, a timestamp and transaction data. Blockchain is inherently resistant to modification of the data by design. It is “an open,distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way”. For use as a distributed ledger, a blockchain is typically managed by a P2P (peer to peer) network collectively adhering to a protocol for validating new blocks. Once recorded, data in any given block cannot be altered retroactively without the alteration of all the subsequent blocks, which requires collusion of the network majority.

Blockchains are secure by design and are an example of a distributed computing system with high Byzantine fault tolerence. Decentralized consensus has therefore been achieved with a blockchain. It makes blockchains potentially suitable for recording of events, medical records, & other records management activities, such as transaction processing ,identity management, documenting provenance, food traceability or voting.

The world’s first blockchain was conceptualized in 2008 by a person or group known as SATOSHI NAKAMOTO and implemented in 2009 as a core component of Bitcoin where it serves as the public ledger for all transactions. The invention of the blockchain for Bitcoin made it the first digital currency to solve the double spending problem without the need of a trusted authority or central server. The bitcoin design has been the inspiration for other applications.
Issues with the existing blockchains.

Some major problems with the current blockchains are as follows.

NON CONSUMER FRIENDLY
The present blockchain applications are worked for the few tech whizzes who know how to utilize them, instead of standard purchasers. All blockchain applications require clients to either run a blockchain node or install a “light node.” The learning curve and effort involved has delayed adoption of blockchain among the general public.

For instance, while the Ethereum-based amusement CryptoKitties is presumably the most easy way to use decentralized application at any point assembled, despite everything it requires the client to install the Metamask light wallet2 browser extension. Users likewise need to know how to purchase Ethereums safely and utilize them with Metamask.

To draw in substantial quantities of individuals, blockchain applications should be as straightforward as the present web and versatile applications. Blockchain innovation ought to be totally straightforward to the buyer.

POOR PERFORMANCE
Performance is one of the primary challenge confronting current blockchain innovation. The blockchain that Bitcoin utilizes is designed to handle seven transactions each second, and Ethereum can just deal with a couple of few more. As of December 2017, a basic CryptoKitties1 application can moderate Ethereum and increment exchange expenses significantly. Today the consumer applications must have the capacity to deal with a huge number of dynamic clients like tens of millions users once a day. In addition, some applications will only become important when criticial mass is reached. The platform itself must have the capacity to deal with a large number of simultaneous users. A good user experience demands reliable feedback with the only sub second delays. Longer delays frustrate users and make the applications built on blockchain less competitive with existing nonblockchain alternatives.

PLATFORM LOCK-IN
Similarly as with the beginning of any computing technology, blockchains have basic “platform lock-in” issues. Developers need to choose which blockchain to support, then implement platform related code that makes it very difficult to switch an application to a different blockchain later on.
Develpoers would prefer not to be locked into working with a specific blockchain technology. They require the flexibility to assess, utilize, and switch between options. A few applications may even need to keep running on multiple platforms to give the best client experience.

COST
The significant high cost of utilizing blockchain technology is a big drawback of mainstream adoption. It additionally restrains developers who require the flexibilty to develop free applications. Like the Internet, blockchain technology ought to have the capacity to support free applications. Making blockchain free to use is key to widespread adoption. A free platform will enable developers and businesses to make valuable new services they can adapt, instead of having clients pay charges to utilize the blockchain network.

LACK OF FEATURES
In reality, however, blockchain technology is still in its infancy. Due to lack of features, high expectations of people from blockchain are not met in the proper way. The news media, evangelists, and journalists paint a good image for decentralized applications for the public, especially with increasingly high prices of cryptocurrencies. Many blockchain services lack rich features and don’t have mechanism to encourage the community to contribute to the feature stacks. Blockchain protocols make them very easy to fork, and there’s been a recent spike in forks created for the various purposes. Unfortunately, forks typically only improve on the forked branch, splitting the community and computing resources. Incentive mechanisms for blockchains just aren’t designed to encourage contributions to the blockchain tech stack yet.

ARCBLOCK PLATFORM. The Solution.

ArcBlock platform is revolutionary platform giving the solution of all these issues through its marvelous new design. Not like its predecessors, ArcBlock is a platform service, rather than a standalone software package or set of APIs. ArcBlock is a comprehensive solution that combines blockchain innovation with Cloud Computing. ArcBlock is an incentive driven marketplace for reusable services, parts, and even applications. “Miners” in ArcBlock platform not just bring computing resources, more over they help to develop the platform together by giving reusable components, new services, and even prepared to deploy applications. People who contributed resources or services will be remunerated with tokens to shape a positive, self-developing platform that keeps on advancing without anyone else. The ArcBlock platform service isn’t ArcBlock’s creation alone. It is produced by the whole ArcBlock community. Arcblock is kick starting another blockchain revolution. ArcBlock’s introduction of the Open Chain Access Protocol empowered open network over numerous blockchain protocols. Developers now have the flexibility to assess blockchain protocols, and even switch forward and backward between them. The Open Chain Access Protocol makes it simple to execute new blockchains as the technology advances. It eliminates the platform lock-in issue and enables applications to run on multiple blockchain fabrics, vastly improving the developer and user experiences.

Blocklet is another revolutionary segment that exploits the most recent microservice design and serverless computing technology. Blocklet is an abnormal state application convention that can be actualized with any stage or dialect. It use full limit of the local stage and offers a similar level of execution, as opposed to running on a low-performing virtual machine. Blocklet accomplishes more than get to blockchains. It interfaces with any current information source, and performs both on-chain and off-chain processing. Our interesting plan expects to give a superior, easy to understand, cost productive, and protocolagnostic stage. ArcBlock speaks to the noteworthy innovative propel that will introduce the 3.0 age of blockchain applications.

ARCBLOCK’S ADVANTAGES

ArcBlock has significant advantages over the vendor-specific frameworks available in market today.

BUILT FOR THE NEW TOKEN ECONOMY
ArcBlock is a self-evolving ecosystem & is not just a software platform built by one centralized organization. ArcBlock Foundation Limited & ArcBlock Foundation are only jump starting the project, the platform will continue to develop and grow on its own. The entire ArcBlock service is driven by token economy. Rather than a basic service platform, ArcBlock is an economy driven by incentives that encourage blockchain community to work together to build a better ecosystem.

OPTIMIZED FOR THE BEST EXPERIENCE
ArcBlock platform is developed using a “top-down” strategy that centers on the user experience. In contrast, many existing solutions focus on the blockchain technology itself at the expense of user friendliness. Applications built with ArcBlock offer reactive, real-time experiences. Users can simply
access them from a web browser (no additional plugins needed), or download a mobile app directly from an app store. Either way, the process is familiar. ArcBlock also dramatically improves the developer experience. There’s no need to deal with lowlevel blockchain protocols. With our mock blockchain adapters, engineers don’t even have to run local blockchain test nodes to start developing and testing their applications.

BUILT FOR THE CLOUD
ArcBlock is designed to run natively in the cloud. It can also run on a single computer for testing and development. This design principle makes ArcBlock fundamentally different from many other platforms in the blockchain world. In ArcBlock, a node can be a “logical computer” comprised of one or more virtual machines, or a group of cloud services working together as a computing environment. This approach marks a significant step forward that will help elevate blockchain and decentralized applications to the
next level, including our patent pending technologies. ArcBlock will initially build on top of AWS and Windows Azure, then expand to support Google Compute Engine, major cloud computing players in China, and other platforms.

BUILT WITH AN OPEN STANDARD
ArcBlock is built with an open standard. ArcBlock is trying best not to reinvent the wheel and to build for application developer’s needs and wants. In addition to open sourcing our core components, Arcblock will also actively contribute to a variety of blockchain technology communities.
ArcBlock team members are actively involved with the range of standards organizations, non-profit foundations, and committees. These currently include the W3C Blockchain Community Group Community Group, IEEE Standard Association’s Blockchain Community, Enterprise Ethereum Alliance,
Linux Foundation, and Hyperledger Foundation. This list will expand with time.
Token Distribution Details:

ArcBlock Token sale will start on Feb 3rd, 2018, 7pm CST.

• Volume: 186,000,000 ABT

• Finite amount of ABT created

• No inflation

• All tokens pre-minted, no mining required (Algorand doesn’t need mining)

• Maximum token amount for sale: 45%

• Marketing and partner support: 8% (with bounty comprising %1)

• Team (Labs): 15%

• Miners(community rewards): 32%

• Softcap: 12000 ETH

• Hardcap: 37500 ETH + 6M CMT

Maximum for private sale: 25000 ETH