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The leading cryptocurrency is not very attractive in terms of transaction fees, requiring users to pay significant fees. However, the solution is not that difficult. Sidechains developed for Ethereum and other networks also solve the problem here. Now, Ark Labs has initiated a new process.
Ark Labs
First discussed in 2023, the Ark protocol aims to increase the use of the leading cryptocurrency in payment services. The goal announced last year focused on a Bitcoin layer2 scaling solution working with the Lightning Network. Today, it was announced that action has been taken towards this goal.
Ark Labs CEO Marco Argentieri said the following about the issue;
“If contracts are enabled on the Bitcoin network, Ark can offer many optimizations for users. However, there is no need to wait. With the launch of Ark Labs, we are finally making Ark a reality, allowing users to immediately benefit from seamless and scalable transactions.”
Bitcoin-Based Payment Services
Currently, transactions on the BTC network are expensive, and investors often have to pay significant fees for cross-border payments. Similar issues exist on the Ethereum network. Therefore, second-layer networks are being implemented, enabling faster and cheaper transactions based on the security of the main network.
Unlike the Lightning Network, users do not need to set up their own nodes. With the system developed by Ark, you only need a smartphone and a wallet application. Ark Labs is financed by Vulpem Ventures. Thanks to side application services on the network, users can benefit from many services on the Bitcoin network. The protocol consists of Ark Service Providers (ASPs). Argentieri said;
“By enabling users to use money on-chain, they can be sure that they have full control of their funds even if ASPs are offline.”
Swan Bitcoin CEO and Ark Labs advisor Cory Klippsten wrote today;
“It is becoming clear that Bitcoin needs more alternatives for scaling. We always follow new technologies that can improve our Bitcoin services, and Ark is at the top of our list. We look forward to finding ways to integrate Ark to offer more options for efficient deposits, withdrawals, and payment transactions.”
