Ark Labs has announced the development of a new Bitcoin Layer 2 payment network based on the Ark protocol, according to The Block. The goal of this network is to provide a simplified and self-custodial solution for Bitcoin Layer 2 transactions, eliminating the need for users to manage nodes, payment channels, and liquidity.
The Ark protocol, which was initially proposed in 2023, aims to offer a scaling solution for Bitcoin Layer 2 that works in conjunction with the Lightning Network. The protocol seeks to enhance user experience while ensuring the security of funds.
Ark Labs CEO, Marco Argentieri, stated, “With the launch of Ark Labs, we are finally bringing Ark to life, allowing users to immediately benefit from seamless and scalable operations.”
Unlike the Lightning Network, the Ark protocol eliminates the need for users to manage payment channels and liquidity to make payments. Instead, it consists of a network of Ark Service Providers (ASPs) that users can connect to through Ark-compatible wallets.
The ASPs act as trustless servers, providing users with “virtual transactions” upon deposit. These transactions can be transferred at a low cost between users of the same ASP, sent over Lightning to users of different ASPs, or used on-chain at any time.
Ark Labs is supported by a donation from Vulpem Ventures, a bitcoin-native financial services company, and is led by a team of experienced Bitcoin developers.
Please note that this article does not provide investment advice. If you’re interested in investing in cryptocurrencies, you can register with Binance exchange using this link to receive a 20% commission discount.
For more exclusive news, analytics, and on-chain data, follow our Telegram and Twitter accounts.
Leave a comment below to receive notifications when new replies are posted.
