Ark Labs has announced the development of a new payment network for Bitcoin based on the Ark protocol, according to The Block. The goal of this network is to provide a simplified, self-custodial solution for Bitcoin Layer 2 transactions, eliminating the need to manage nodes, payment channels, and liquidity. The Ark protocol, first proposed in 2023, aims to offer a user-friendly Layer 2 scaling solution that works in conjunction with the Lightning Network while maintaining custody of assets. With the launch of Ark Labs, users will be able to enjoy seamless and scalable operations. Unlike the Lightning Network, the Ark protocol does not require users to manage payment channels or liquidity for transactions. Instead, users can connect to a network of Ark Service Providers (ASPs) using Ark-compatible wallets. These ASPs act as trustless servers that facilitate virtual transactions at the time of deposit, allowing for low-cost transfers between users of the same ASP, Lightning transfers to users of different ASPs, and on-chain transactions at any time. Ark Labs is backed 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 constitute investment advice. To invest in over 300 cryptocurrencies, you can register with Binance exchange and receive a 20% commission discount through this link. For exclusive news, analytics, and on-chain data, follow our Telegram and Twitter accounts.
