ArcBlock: Top AI Crypto
By Selene Wang | Crescent City Capital Market Analyst Intern
1. Introduction to ArcBlock
ArcBlock is a blockchain 3.0 platform that has taken dApp development and the creation of custom blockchains to a new level of simplicity for developers. It gives the foundational components necessary for building blockchain applications, such as flexible SDKs, code packages, developer tools, and services.
It also offers the ability to create enterprise level dApps and custom blockchains based on complex business rules. And it lets developers connect to any blockchain to get the results they need.
2. How Does ArcBlock Work?
ArcBlock is far more than a blockchain, instead, it can be defined as a platform service. This makes it far more powerful than the API set you can expect from most blockchain projects. ArcBlock should be thought of as a complete solution that combines blockchain technology with cloud computing. This will allow dApps to be deployed to any cloud infrastructure and run inside any web browser. No plug-ins, extensions or proprietary interface. Just open a web browser and get access to the apps and services you need.
One of the most interesting and revolutionary features of ArcBlock is the Open Chain Access Protocol (OCAP). Enabling it allows for connectivity across a variety of blockchain protocols. This gives developers complete freedom in determining which platform will best serve their needs. They can switch between available platforms without restriction, greatly expanding their flexibility. It is an abstraction layer that allows for development without complexity. Open-source code using industry leading tools means developers won’t need to worry about learning new languages or rebuilding business logic to accommodate new technology.
3. ABT token
ABT serves as a medium of exchange for various resources within the ArcBlock ecosystem, with a primary focus on utility. This focus ensures that the token has practical applications and value within the ecosystem.
4. Market Analysis
Price & Market Cap Performance:
- ABT live price: $2.62
- All-Time High: $4.66 (May 21, 2024)
- Live market cap: $257,778,645
- Circulating supply: 98,554,305 ABT coins
Past performance analysis:
ArcBlock held its ICO in February 2018 and even though the crypto markets were already cooling from their highs by that time the team was still able to raise $45 million, selling tokens at $0.50 each.
The token was released several weeks later and immediately more than doubled in price. It was soon trading above $1.30, but that didn’t last long and by April the token price was slipping below $0.60 as the crypto markets fell into a funk.
In May 2019, token price climbed steadily higher and reached levels above $0.70 as the entire cryptocurrency market has been recovering in 2019. Unfortunately, it wasn’t able to hold those May gains and as of July 15, 2019, it trades at $0.260798, or roughly half its ICO price. After that, the token price experienced a five-year-long slump.
From Feb 2024 to May 2024, ArcBlock surged 1378% after updating its No-Code Generative AI Engine, AIGNE, from $0.309 to $4.679.
AIGNE is an AI apps engine that enables users to develop decentralized apps (dApps) using AI without coding. The platform’s decentralized nature ensures data privacy, as it is linked to a decentralized ID instead of a personal name. The use of multiple AI models and cross-checking data results in more accurate outcomes.
However, in the past month, the price was dropping again. As the entire crypto market is in sell off mode now, ArcBlock doesn’t have any major news to resist the downward wave.
5. Summary
If they can deliver on their promise, then it seems that ArcBlock will be a major part of the upcoming Blockchain 3.0 technological revolution. It will bring decentralized applications to the masses and make the creation of these dApps simple for developers. It’s ability to connect between different protocols is a huge positive for the future of blockchain dApps. There are several competitors working on interoperability, but ArcBlock is different, with its focus on cloud computing and building an ecosystem that allows developers to build, manage and run their blockchains and dApps easily.
ArcBlock is working to make the decentralized web a reality and is well on the way to succeeding. However, investors may be somewhat troubled by the token performance, as it had difficulty remaining above its ICO price for more than five years. Considering the downward trend over the last month, it’s wise to exercise caution with investments in the current bearish market cycle. It seems they are unable to break the downward trend unless they introduce significant new updates.
Reference
https://coinmarketcap.com/currencies/arcblock
https://www.coinbureau.com/review/arcblock-abt/#what-is-arcblock?
https://twitter.com/mave99a/status/1792753519184990564