Imagine a cryptocurrency that provides you with all the tools to build blockchains as easily as playing with Lego. This is where ArcBlock comes into play!
ArcBlock is a crypto platform that enables and simplifies the development of distributed ledger technologies, such as blockchains, decentralised apps, and AI products.
On top of that, ArcBlock offers connectivity with multiple blockchains and provides an end-to-end developer environment and a library of assets and tools which aims to make Web3 accessible for everyone.
Fundamentally, it aims to streamline the creation process to make it as simple as possible for developers.
But how does it all work?
Today, we find out!
What is ArcBlock?
Created by Robert Mao back in 2015, ArcBlock was originally a knowledge-sharing blockchain but over the years has pivoted and now looks to provide the tools for other developers to get their projects running instead.
In a single sentence, ArcBlock is the platform trying to simplify the processes of blockchain and decentralised application development.
ArcBlock refers to itself as a Blockchain 3.0 platform, but what exactly does this mean?
To keep it simple, Blockchain 1.0 refers to Bitcoin and blockchains like it, such as Litecoin. These are the original blockchains but they came with limited functionality, meaning it has no smart contracts for running crypto applications, or anything other than a distributed ledger itself.
Then, Blockchain 2.0 refers to blockchains with smart contract functionality. This was pioneered by Ethereum, and similar to blockchains like it, such as Cosmos, Polkadot, Solana, etc.
Finally, Blockchain 3.0 is where we find ArcBlock.
ArcBlock has labeled this generation as a generational leap above Blockchain 2.0 due to features such as Cloud Node, Open Chain Access, Blocklet, and Incentive For Self-Evolution.
As I mentioned, ArcBlock gives the foundational components necessary for building blockchain applications. This can include products such as software development kits, code packages, developer tools, and more.
ArcBlock also offers the ability to create enterprise, meaning business-level, applications and custom blockchains based on their set needs and potential regulations.
In short, the objective of ArcBlock is to remove the barriers to entry, which in their opinion, have kept blockchain technology from being more widely adopted. But how does it work exactly?
How does ArcBlock work?
As I mentioned, ArcBlock is the platform to build your blockchain, application, and AI project.
If it’s on the blockchain, ArcBlock will look to have a set of libraries and tools for you to utilise to get it set up and online.
This means ArcBlock provides the software development kits, which usually include prebuilt tools, libraries, and documentation to ensure developers can get moving as soon as possible with their products.
ArcBlock’s SDK is known as the Forge SDK, and its biggest advantage over Cosmos is the extensive documentation and support for multiple languages such as Python, Java, Javascript, Erlang, and so on.
Moreover, ArcBlock claims their SDK can help developers build and deploy their first decentralised application in minutes.
But ok, so far this sounds a bit like Cosmos. So what exactly makes ArcBlock stand out?
To answer that, I need to quickly explain how Cosmos works.
All blockchains created through the Cosmos Hub, known as Zones, all communicate through that central hub which allows them to effectively communicate with every independent blockchain on the Cosmos network without having to leave the network itself.
ArcBlock, on the other hand, extends on the model of Cosmos to allow for business logic to be processed through interoperability.
However, there are no central controllers and each blockchain operates independently of the others while being able to interact with other blockchains through ArcBlock’s Relayless Bridges, minimising requirements on other blockchains in the network.
Additionally, one of the more unique concepts coming from ArcBlock is the Open Chain Access Protocol, or OCAP.
By enabling the Open Chain Access Protocol, developers can gain access across many blockchain protocols. This gives developers complete freedom to utilise whichever platform best serves their needs.
Another key component of the ArcBlock platform is Blocklets.
Blocklets are simply software components that build applications.
Additionally, these Blocklets are reusable and customisable for fast development and instant deployment within any platform the developer chooses.
Blocklets also allow for the use of any computing language, which gives developers more flexibility and frees up their time to program rather than learn a new coding script.
In short, Blocklets are used to develop smart contracts, resources, asset handling, off-chain business logic, and much more.
ArcBlock can also connect with multiple data sources and can perform both on-chain and off-chain computations, making it suitable for a variety of tasks and products.
Ultimately, this design gives ArcBlock better cost efficiency and higher performance, while also making the platform more user-friendly overall.
ABT Tokenomics
In total, there will only ever be 186 million ABT tokens, with about 50% of that making up its current active circulation.
Unlike other blockchains, there are no inflationary mechanics on the ArcBlock network meaning that 186 million ABT is a hard cap.
ArcBlock runs a Proof-of-Stake based consensus mechanism which means its ABT tokens can be used for payments on the network, staking, and governance.
The initial token distribution, set in 2018 looked as follows:
45% was sold to public, 32% went towards Community Rewards, 15% went to the Team, and 8% towards Marketing and Partners.
Is ArcBlock a scam?
Clearly, no one can accuse ArcBlock of being a rug pull or a quick money-making scam as the team persisted through six long years of falling value before seeing a revival in 2024.
In my opinion, to develop away at a project while its value plummets shows that those involved really believe in this project and are not just here for the quick cash.
Slowly, ArcBlock has built, transitioned, and rebuilt into a successful platform that enables other developers to get their projects moving and is finally starting to see some recognition for the product they have built.
Of course, previous success is not an indicator of future performance, so this does not mean green days will last forever.
However, assuming there are no major mishaps in management, it currently appears as if ArcBlock will be here for a while to come.
Though, as always, nothing is ever guaranteed in crypto, of course.
ArcBlock FAQ
What is ArcBlock?
ArcBlock is a crypto platform that enables and simplifies the development of distributed ledger technologies, such as blockchains, decentralized apps, and AI products. It provides tools and resources to make Web3 accessible for everyone.
When was ArcBlock founded and by whom?
ArcBlock was created by Robert Mao in 2015.
What are Blocklets in ArcBlock?
Blocklets are reusable and customizable software components used to build applications. They allow for the use of any computing language and can be used to develop smart contracts, resources, asset handling, off-chain business logic, and more.
What is the Open Chain Access Protocol (OCAP)?
OCAP is a key component of ArcBlock that enables developers to gain access across many blockchain protocols, giving them complete freedom to utilize whichever platform best serves their needs.
How are ABT tokens used in the ArcBlock ecosystem?
ABT tokens can be used for payments on the network, staking, and governance.
How were the ABT tokens initially distributed?
The initial token distribution in 2018 was as follows: 45% was sold to the public, 32% went towards Community Rewards, 15% went to the Team, and 8% towards Marketing and Partners.