Ark: An Alternative Privacy-preserving Second Layer Solution

[BlackHatCoiner]

Ark v0.2.0 is released: https://github.com/ark-network/ark/releases/tag/v0.2.0

In this release:

• Wallet interface has a covenant-less implementation. That means it is now possible to send satoshis in Bitcoin networks, such as signet. (not mainnet, yet)
• Offline payments are introduced. Sender co-signs the transaction with the ASP and delivers the payment request to receiver, whenever he (the receiver) comes back online. This is like your transaction being unconfirmed until you come back online.
• MutinyNet support is added. Mutinynet is a custom Bitcoin signet, which has a 30-second block interval.

Yesterday, when testing v0.2.0 with one of their core contributors, I was able to receive 2000 signet sats off-chain, without making a single on-chain transaction.

Code:

$ ark balance
{
    "offchain_balance": {
        "details": [
            {
                "amount": 2000,
                "expiry_time": "2024-08-22 23:04:26"
            }
        ],
        "next_expiration": "2024-08-22 23:04:26",
        "total": 2000
    },
    "onchain_balance": {
        "spendable_amount": 0
    }
}

[BlackHatCoiner]

Important announcements.

- Ark Labs closes a $2.5M pre-seed fundraise with the investor Tim Draper and his associates: https://blog.arklabs.to/ark-labs-secures-2-5-million-pre-seed-to-power-the-future-of-bitcoin-driven-global-commerce-9b5b19fe1a37. This will allow more people to work on Ark full-time. Soon, ArkLabs will post job openings. I'll let you know.
- Short video about the wallet software is out: https://x.com/ArkLabsHQ/status/1827013390134296723.

Cheap, private and fast off-chain transactions are the way to go. 

[BlackHatCoiner]

Ark v0.3 is released: https://github.com/ark-network/ark/releases/tag/v0.3.0

What's added:

• VTXO tree signing: Trust between clients and the server for when completing a round is now removed. Round participants now collectively sign the VTXO tree after they've verified it.
• A new on-boarding process is implemented, that allows users to on-board by simply sending their coins to an on-boarding address. (Pull request: https://github.com/ark-network/ark/pull/279)
• Extended functionality: Developers are provided with enhances tools to build on Ark, any change produced by payments can be spendable without needing to claim it, allowing more efficiency and flexibility in off-chain transactions, and the system has become more robust with easy Bitcoin wallet restoration.

Let's see what the future of money holds.

[BlackHatCoiner]

Ark v0.4 is released: https://github.com/ark-network/ark/releases/tag/v0.4.0

What's new:

• New address encoding: Instead of encoding user and server public keys, you can now encode a script, just as in Bitcoin with P2SH, unlocking a number of possibilities.
• Introduction of market hours: To tackle the challenge of paying high costs when participants are few, the servers can schedule settlements (such as joining a round) with their clients in predetermined times in the future.

And many more, smaller improvements.

[Ejarwan]

It's nice to see that Ark is getting more concrete, especially now when there is a roadmap and a team working on it. While it's still very early and many things are not clear—like which of the covenant proposals will be used and how the Ark will fit alongside Lightning—it feels like there's genuine effort to solve current pain points. If the team can continue to communicate transparently, present actual demos, and find a smooth way to integrate it with existing infrastructure, then Ark could prove to be a valuable tool in an effort to make off-chain Bitcoin transactions more private, efficient, and user-friendly.