TL;DR
ArcBlock is a web service for blockchains that’s exploded over the past few weeks. Jumping up more than 400% in less than 14 days the price of ArcBlocks ABT token has exploded in value. But, the truth is that few in the community are familiar with ArcBlock or know that it’s been in development since 2017. Looking past the recent hype, this week’s review will dive deep into the ArcBlock project to discuss what it does and what’s in store for future holders.
Lately, the focus of crypto growth has revolved around the Development of Layer 2 Networks that help scale the current Layer 1 landscape. As such, bridges designed around these Layer 2 Ecosystems have taken up a large portion of the narrative.
Being able to move assets from one network to another is certainly important. But, what’s becoming more important is having the ability to launch any application or blockchain without worrying about storage limitations or development experience.
This is the role ArcBlock is looking to play in the crypto marketplace. Providing an Amazon Web Service equivalent for blockchain networks. Allowing applications launched on one network to also interact with others via ArcBlock nodes.
What is ArcBlock?
It’s been 7 years since the ArcBlock project was first announced and its ICO whitelisting process began.
Raising what most would consider a menial amount when it comes to crypto development, ArcBlock started its journey with $1.5 Million in funding from a group of unknown investors.
ArcBlock describes itself as a Blockchain 3.0 design centered around providing application and blockchain middleware for developers. Making it easier for application creators to onboard users and manage their products. Or launch fully functioning blockchains with the click of a button.
With the continued expansion of blockchain technology, ArcBlock wants to position itself as an easy-to-use product that fills the needs of both developers and users.
ArcBlock likes to use the word decentralized often when describing its services and tooling products. However, this couldn’t be further from the truth. That’s because ArcBlock is not a public network and its codebase is not open-source.
When ArcBlock launched it did so with an empty GitHub. This set off red flags for many community members who felt ArcBlock was misrepresenting itself as a decentralized application layer.
Managed through the ArcBlock dashboard. Access to ArcBlocks services is locked behind a paywall. Users of ArcBlock must pay a fee in the form of 100 ABT per 5GB of space used.
When comparing this model to something like the Internet Computer Protocol, ArcBlock is a significantly more expensive option for blockchain and application hosting services.
While it’s true that anyone can launch a node on ArcBlock in a permissionless manner. The node is non-functional without paying the required ABT fees needed to connect it to the network.
This makes ArcBlock Software-As-A-Service and not a decentralized protocol.
Off to a slow start, it wasn’t until ArcBlock launched its ArcBridge in 2022 that the project began to gain more traction as a viable service option for developers.
But the real star of ArcBlock is its Decentralized IdentityRollup (DIDR) technology. Allowing…
Jesse is a passionate seeker of truth who enjoys educating others about Bitcoin.
As a free thinker and 2nd amendment advocate, Jesse believes each individual has the right to monetary freedom.
“The swarm is headed towards us” -Satoshi Nakamoto
