According to The Block, Ark Labs has started developing the new Bitcoin Layer 2 payment network based on the Ark protocol.
Accordingly, Ark aims to offer a more simplified, self-custodial Bitcoin Layer 2 solution without the need to manage nodes, payment channels and liquidity.
First proposed in 2023, the Ark protocol aims to provide a Bitcoin Layer 2 scaling solution that works with the Lightning Network and aims to provide a more simplified user experience while maintaining its own custody.
Ark Labs CEO Marco Argentieri made the following statement:
“With the launch of Ark Labs, we are finally making Ark a reality, so users can immediately start reaping the benefits of seamless, scalable operations.”
What is Arc Protocol?
In the Ark protocol, unlike the Lightning Network, users do not need to manage payment channels or incoming/outgoing liquidity to make payments.
Ark consists of a network of Ark Service Providers (ASPs) to which users can connect via Ark-compatible wallets.
The Ark team said the ASP is a trustless server that provides the user with “virtual transactions” at the time of deposit, which can then be transferred at 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 funded by a donation from bitcoin-native financial services company Vulpem Ventures and is led by a team of experienced Bitcoin developers.
*This is not investment advice.