Arcblock just broke into the market cap top hundred after recording 226% growth in the past two weeks. Billed as the provider of ‘Blockchain 3.0’, Arcblock launched its $45,000,000 ICO in January 2018, and was subject to a somewhat uncertain ICO analysis by one of Hacked’s writers at the time.
So what is Arcblock? The project which unites all of the world’s blockchain applications under its ‘Blockchain 3.0’ umbrella? Or a possible scam coin with higher levels of sophistication than its predecessors?
What is Arcblock (ABT)?
In the words of the founder himself, Arcblock represents the blockchain version of Amazon Web Services (AWS). The Blockchain 3.0 label, which many projects assign themselves, refers to the aim of connecting all of the world’s blockchains using one set of tools.
While many aspects of the Arcblock project are open source, the developers make no apologies for the fact that they aim to make money. As the founder and CEO, Robert Mao, said himself:
“ArcBlock is NOT an open source project, and nor is it developed by volunteers, we build it with commercial software development process which I have many years experiences.”
Mao takes the example of Amazon Web Services, noting that Amazon frequently release snippets of open source code, but retain their commercial goals. He said:
“We might consider open source more components in the future. ArcBlock is essentially like a Amazon AWS but for blockchains, you won’t find any core AWS source code anywhere from the github, but Amazon [still] release code samples, some frameworks, APIs etc.”
Accusations of Scams
More than one accusation has been laid at Arcblock’s door since its launch…