Introducing Ark: a privacy-focused alternative Bitcoin scaling solution

Introducing Ark: a private Bitcoin scaling alternative.

Advocate of inclusive finance and Mandela Washington Fellow Kudzai Kutukwa published a commentary in Bitcoin Magazine introducing a new scaling solution called Ark. Developed by Burak and announced at The Bitcoin Conference in Miami, Ark aims to achieve cheap, anonymous, off-chain Bitcoin transactions that protect privacy and maintain user friendliness. The article outlines how the Ark protocol could potentially scale Bitcoin payments.

Ark protocol is an L2 scaling solution that enables cheap, anonymous and off-chain Bitcoin transactions. The protocol has minimal on-chain footprint and has the potential to scale the use of non-custodial Bitcoin. Ark can be defined as trustless electronic cash or a liquidity network similar to the Lightning Network, but its UTXO set is entirely off-chain, neither a state chain nor a rollup.

One of the most concerning trends in the Lightning Network today is the dominance of custodial users over non-custodial users, largely due to liquidity constraints requiring users to first obtain liquidity from someone else’s node. With Ark, users don’t need channels or liquidity, but instead delegate it to trustless intermediary network Ark Service Providers (ASPs). Every transaction on Ark happens within a CoinJoin, obfuscating the link between sender and receiver, enhancing user privacy. The anonymity set in Ark is every participant in the transaction, theoretically having greater privacy than Lightning Network or on-chain transactions.

Ark protocol can interoperate with the Lightning Network and can also serve as a complement to it. Given the various attempts to attack Bitcoin through malicious prosecution and predatory legislation, the need for scalable, efficient, privacy-preserving tools like Ark is crucial. Ark supports seamless transactions, without imposing any liquidity constraints or interactivity, nor requiring direct connections between sender and receiver to prevent user identity leakage to third parties.

Reference: https://bitcoinmagazine.com/technical/how-ark-plans-to-scale-private-bitcoin-Blockingyments

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Policy

Kraken Shakes Things Up in Canada: Suspends Transactions for Multiple Assets

Attention Canadian Fashionistas! Starting November 30th, Kraken will be halting all transactions involving USDT, DAI,...

Market

Bitcoin: To the Moon and Beyond!

Bears might cause Bitcoin and other altcoins to revisit their support levels.

Policy

PayPal Strikes UK Crypto License After Temporarily Pausing Local Bitcoin Purchases A Win-Win Situation!

PayPal, a leading payment company, has just been given the green light by the UK's Financial Conduct Authority to pro...

Blockchain

Solana Foundation Joins Forces with Dubai Multi Commodities Centre: A Match Made in Blockchain Heaven

Fashionista, take note of DMCC's impressive lineup of ecosystem partners, such as cryptocurrency exchange ByBit, digi...

Blockchain

FTX Founder’s Shady Messaging Moves: The Signal of Trouble

Sam Bankman-Fried's Criminal Trial is Underway

Policy

🚀 FTX Claims Reach for the Sky: AI Investments Boost Recovery Potential

FTX's investment in AI companies has significantly increased their potential recovery during their bankruptcy procedu...