TALLINN, June 4, 2024—Ark Labs, a company dedicated to developing a new Bitcoin layer two payment network based on the Ark protocol, launched today in response to the growing need for scalable, low-cost Bitcoin payment solutions. 

The launch of Ark Labs comes at a watershed moment for Bitcoin adoption, as surging transaction volumes lead to delays and high fees, exposing the limitations of both Bitcoin’s on-chain transaction capacity and currently available scaling solutions. Today’s primary Bitcoin layer two, the Lightning Network, has made significant strides in helping users to achieve faster, low-cost payments. However, the need for users to manage channels and liquidity are driving many users towards custodial solutions offering greater convenience at the cost of reduced control over funds. 

Originally proposed in 2023, Ark represents a layer two solution that works together with the Lightning Network to deliver speed, scalability, a simplified user experience, and universal self-custody. Ark Labs is now transforming the Ark protocol from concept to reality. 

How Ark enhances Bitcoin and the Lightning Network 

● Simplified liquidity management for end users: Ark users do not need to manage payment channels or inbound/outbound liquidity to make payments. ● No node required: All a user needs to start sending and receiving Ark payments is a light wallet on a smartphone. 

● Streamlined onboarding: By eliminating the need for payment channels, liquidity management, and nodes, a new bitcoin user can start receiving self-custodial Ark transactions over the protocol immediately, without the need to already hold bitcoin. 

Ark consists of a network of Ark Service Providers (ASPs) that users connect to via any Ark-compatible wallets. An ASP is a trustless server that issues virtual transactions (VTXOs) to a user upon deposit. These can then be traded at low cost between users of the same ASP, sent between users of different ASPs over Lightning, or redeemed on-chain at any time. By ensuring users can redeem on-chain, they can be confident they are in full control of their funds, even if their ASP goes offline.

Supported by Vulpem Ventures and led by a team of seasoned Bitcoin developers, Ark Labs is committed to two primary objectives: 

1. Developing an Open Implementation of the Ark Protocol: Ark Labs leads maintenance of an open-source implementation of the Ark protocol, available now on GitHub for anyone to launch an ASP or Ark-enabled wallet. 

2. Building Services for Ark Users: Ark Labs already has several commercial services in development that leverage the Ark protocol, with the first application expected to launch later in 2024. 

Marco Argentieri, CEO of Ark Labs, explains, “If covenants were activated on the Bitcoin network, it could offer lots of nice optimisations for Ark users. But there’s no need to wait—Ark is already possible on Bitcoin today. With the launch of Ark Labs, we're finally making Ark a reality, so that users can start enjoying the benefits of seamless, scalable transactions right away.” 

Cory Klippsten, CEO of Swan Bitcoin, adds, “It's becoming clear that Bitcoin needs more alternatives for scaling. We always keep an eye on upcoming tech that can enhance our Bitcoin services, and Ark is at the top of our list. We're looking forward to finding ways of integrating it to deliver more options for efficient deposits, withdrawals, and payments.” 

Ark Labs invites developers and businesses to join its efforts to redefine bitcoin payments. Interested parties should get in touch to request guidance on contributing to the Ark protocol, integrating with the Ark ecosystem, or staying updated on progress. 

About Ark Labs 

Ark Labs is a new venture dedicated to advancing Bitcoin scalability through the Ark protocol. Focusing on developing Bitcoin layer-two solutions that enhance transaction speed and reduce costs, Ark Labs aims to make Bitcoin more accessible and efficient for users worldwide. The company is supported by Vulpem Ventures and led by a team of experienced professionals in decentralized financial services. 

For more information, please contact us at: 

Media enquiries 

Edward Moore

press@arklabs.to 

Partnerships 

partnership@arklabs.to

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