There are a lot of innovative projects in the world of blockchain and cryptocurrency. ArcBlock is trying to do something different, which is always a positive sign. This open chain access protocol is designed to provide an abstract layer for accessing underlying blockchains. As such, the applications built on top of this new chain are cross-compatible.
How Does ArcBlock Work?
Bridging the gap between different blockchains and their respective ecosystems has not been easy. There are some solutions which attempt to solve this problem, but it is evident there is plenty of room for competition in this regard. Building an open chain access layer capable of spanning multiple new and existing blockchains is a very interesting business model.
The Technical Specifications
If all blockchains in the world were capable of connecting to one another, the ecosystem would be a lot more robust. As of right now, every chain has its own ecosystem and has a specific use case. For this technology to go mainstream, there will need to be a more unified approach. ArcBlock wants to solve this problem by letting developers build applications that work across multiple chains.
By designing this project as a platform service instead of a set of APIs, ArcBlock aims to be a comprehensive solution combining blockchain technology and cloud computing. Moreover, the team aims to offer an incentive-driven marketplace for reusable services, applications, and so forth.
It seems ArcBlock also plans to build a distributed messaging system, which is something worth keeping an eye on. Applications built on top of the blockchain can run in a web browser as well as on mobile devices, which could make this new ecosystem quite versatile in the long run.
The ABT Token
As is customary these days, ArcBlock also has its own token, known as ABT. This token is used for paying costs associated with using services as part of the ArcBlock ecosystem. Users contributing resources or services to the platform will be rewarded with a portion of these tokens accordingly. It’s similar to how most tokens in the blockchain world operate these days.
The Road Ahead
Building a new ecosystem meant to connect various chains will not be easy. As of right now, the team has completed its token sale, and the first public release candidate for the Open Chain Access Protocol will be released in Q3. Early 2019 will herald the introduction of more technical features and an Ethereum Blocklet prototype.