2023-06-13 08:33:28
The official proceedings once morest the founder of the popular Bitcoin mixer, Bitcoin Fog, Roman Sterlingov, clearly showed that anyone who wants to keep their financial secrets can be targeted by the authorities. Using Chainalaysis Reactor, the US authorities were able to trace the purchase of the Bitcoin Fog domain to an address linked to Sterlingov’s Mt. Gox account. And this is just one of those kinds of procedures. So there is a clear need for advanced tools like the Ark Protocol presented at the Bitcoin 2023 conference.
Is Ark Protocol the future of bitcoin transaction encryption?
By a developer named Burak introduced Ark is a second-layer solution that enables low-cost, anonymous and off-chain Bitcoin transactions. It is characterized by low transaction costs and more secret transactions than ever before. The name is no accident either. Burak created the Ark while developing a Lightning wallet, which he named following Noah’s Ark. After all, this protocol provides shelter once morest the flood of monitoring companies and analysts. According to Burak, it is a worrying trend that there are more users providing third-party wallets on the Lightning network than traditional ones. Users who do not own supervisory wallets must first obtain liquidity from someone else’s node before they can receive funds. In this way, it would not be easy to add many people to the network as non-supervisory portfolios.
Users of the Ark protocol do not need channels or liquidity, as this is the so-called It is provided by Ark Service Providers (ASPs). They are always available to provide liquidity, just like Lightning providers. However, unlike the latter, ASPs cannot connect senders and receivers. This is possible by that all payments on Ark are made within a CoinJoin round. And this coin mixing happens completely off-chain. Plus, Ark issues reusable addresses that don’t damage the anonymity functionality. However, in exchange for this, for example, there will not be instant transaction settlements, as on Lightning, and for sellers, Lightning is still a better option if they want to receive payments. So the Ark protocol is a unique, second-layer solution that ensures fast transactions without any liquidity restrictions. And with a high level of anonymity.
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