In an era of where the blockchain technology is rapidly expanding, many different projects lack connectivity, compatibility or are simply too complex for the end user to understand, and many barriers still stand when it comes to decentralized applications.
Arcblocks is a blockchain infrastructure that aims to connect different platforms and protocols. It provides the framework tools for the consumer to use decentralized applications just like they’re using a regular web or mobile app.
Arcblock’s ICO managed to sell over $11 000 000 worth of tokens, raising over 12 500 ETH for the development of the platform.
ArcBlock is definitely a shady project. Their team is nothing special and if they dared to lie about such easily fact-checkable media coverages and partnerships, who knows what else they lied about. The company’s integrity is very questionable and the fact that the project hardcap was worth about $40 000 000 at the time really raises some questions about whether this wasn’t plain old money-grab if anything else. Caution is advised when investing.
There are a few issues with Arcblock in general. The company claimed a partnership with another blockchain project named Algorand. One community member wrote to the leader of the Algorand project, Dr. Silvio Micali, who totally denied having any affiliation with the project. Another issue is that their site claimed they had press releases by sites like Coindesk and Techchurch, no such coverage was found however.
Also, they mislead investors by tricking them to believe they had partnerships with IBM and SAP.
The Open Chain protocol gives the system the ability to adapt to the various different blockchains like Bitcoin, Ethereum and more. Anyone within the blockchain community will be able to participate by contributing and creating extensions and improvements. The Open Chain Access Layer defines generic, high-level APIs that allow the platform to connect to a wide range of established blockchains
ABT is the ArcBlock’s platform native utility token. It would have various uses depending on the scenario, like paying the cost for using the ArcBlock platform and allowing developers to pay the transaction fees for their end users.
There are two types of miners within the ArcBlock Ecosystem: Resource miners that contribute computing power to the system and Component miners that contribute software components to the system.
The core of ArcBlock is the Blocklet. It is the foundational layer of the Arcblock ecosystem and there are series of Blocklets that the platform is built on.
Blocklet technology breaks through the established blockchain limitations by communicating with it through the so-called Open Chain Access Protocol, making it possible for applications to gain access to external data safely, while maintaining data integrity at the same time.
The whole infrastructure relies on a distributed messaging system that acts as an API for Blocklets, allowing applications to run both on web browsers and mobile apps in real time.
