Ardor cryptocurrency review and description
Ardor is a newcomer to the growing BaaS industry, or “blockchain as a service” (blockchain as a service). Ardor offers entrepreneurs and organizations blockchain infrastructure and makes it possible to realize all the advantages of blockchain technology without requiring investment in the development of custom projects. Instead, Ardor uses its main blockchain for security and decentralization, and provides customizable and ready-to-use child blockchains for business applications.
Ardor is being developed by the company that once created the Nxt platform. Ardor has become a standalone project that goes beyond Nxt to address critical issues such as blockchain bloat, scalability, and customization.
To get started, we’ll take a closer look at Ardor’s relationship with Nxt and the first child blockchain called Ignis. Although the project has incredible potential for the development of the entire BaaS sphere, its success largely depends on the popularity of the first Ardor applications. Nxt faced the same problem, struggling to expand the project beyond BNP Paribas and Accenture, so now Ardor plays a key role for this development team.
To understand Ardor, you need to understand Nxt
Before we decide on the unique features of Ardor, we will look at the Nxt platform and its origin. Ardor was given the unofficial name of “Nxt 2.0,” since this project relies heavily on Nxt code. In fact, Ardor offers almost all of the Nxt features, plus additional advanced features.
The Nxt project began its existence in 2013, launching one of the first cryptocurrency ICOs in history. Although the initial proposal brought in only $ 6,000, the founders of Nxt took up their project. Nxt was one of the first projects whose developers wrote code for their blockchain from scratch and borrowed nothing from Bitcoin (Nxt’s open source code was written in Java). In addition, Nxt was the first blockchain to fully implement the proof of stake algorithm.
Nxt was created for experiments, considering it its main goal to give companies and organizations to implement their own blockchain solutions using the API, creating their own coins on the Nxt blockchain and even copying / editing the Nxt source code. At the same time, the development team added a wide functionality activated when creating a new token. These functions included the creation and trading of assets, voting on the blockchain and the creation of trading floors. Nxt makes it easy for companies and organizations to create their own tokens and speeds up the process of their full use immediately after their release.
Nxt is a respected, tested and officially recognized blockchain technology with an experienced development team and a relatively large history behind it. However, as the use of technology increases, Nxt, like many other blockchains, will face fundamental problems of payments, scalability, and customization.
The first and most acute problem concerns the use of a local Nxt token for transaction fees. Nxt uses a proof of stake system, which means that the total number of tokens has already been created, and each new block does not generate any tokens.
Instead, users who verify new blocks receive a reward in the form of a portion of transactions that do not require a commission. The commission in the framework of this blockchain is paid by the NXT token. Even if you created a new cryptocurrency independent of Nxt, you still need to own NXT tokens, thereby diluting the value of your own tokens. By the way, the same thing happens with currencies using the ERC20 protocol on the Ethereum blockchain. The commission is paid on the air.
Most blockchain technologies, including Nxt, also face bloating. The root of this problem lies in the need to download the entire history of the blockchain to manage a filled node in the network. Storage requirements for a filled node increase as new transactions are added to the history.
Soon, managing a node on the blockchain will mean that users will have to download hundreds of gigabytes of transaction data so that the node can successfully function and coexist with other added nodes. Although Nxt has worked to reduce information, it has not affected transaction verification. The current system, which requires downloading a full copy of the transaction history, is extremely unreliable in the long run.
BaaS solutions for creating and customizing new assets and trading platforms are faced with problems when it comes to helping customers support their systems. Although the creation of the Nxt clone is a very straightforward process, it requires the simultaneous maintenance of individual servers to maintain the smooth operation of custom systems.
Clones will lag behind software updates and security protocols, and the team will have to invest too much effort in the ongoing support of custom solutions based on Nxt.
How does Ardor solve these problems
Ardor includes all the features supported by the Nxt blockchain, however, it changes the architecture of the implementation of new blockchains. The project separates security from functionality by creating several block chains. The Ardor core blockchain is a lightweight blockchain skeleton designed to provide speed and security.
To create a new project on Ardor, you need to create a so-called subsidiary blockchain. This blockchain supports all the functionality and customization available on Nxt. At the same time, this blockchain is connected to the main one, which provides the necessary level of security and decentralization for verification.
The new structure allows you to enter child blockchains in minutes. Since all the basic functions are already implemented on the main Ardor blockchain, child chains can quickly take the necessary form, providing the necessary functionality. At the same time, subsidiary chains receive all the speed, security and ease of use of the main blockchain, since they are all integrated into one platform.
Ardor solves the blockchain bloat problem using a transaction reduction system. In the future, each node does not have to store a complete copy of the entire transaction history, but only a few recent relevant transactions, until the node is created. Ardor will also support archive nodes that will store the entire transaction history in case of need.
To solve the problem with a local token, Ardor uses a system of special nodes – network nodes that accept commissions in the currency created on subsidiary chains. These nodes then transfer the commission to the main chain in the local Ardor tokens (ARDR), thereby performing a clearing function. This means that the end user can initiate a transaction in his own currency and use it to pay a commission.
Theoretically, users may not be aware of the existence of Ardor at all. This commitment to infrastructure development makes it even more difficult to draw attention to the Ardor project. However, if the project still takes root among the mass user, Ardor can become the basis for countless new blockchain applications.
Ignis is the first subsidiary chain built on Ardor
To test Ardor’s abilities and demonstrate the first example of a child blockchain, Ardor developers created Ignis. Ignis will incorporate all the customization features available in the Nxt code base. In essence, Ignis is a proof of concept, developed as the first of many affiliate chains on the Ardor platform. During the ICO, Ignis raised $ 15 million for development.
In the future, affiliate trading platforms, file hosting services, private blockchain applications, and other services will be able to use Ardor affiliate chains. One of the main advantages of Ardor is its quick setup and wide customization, which allows companies to use the blockchain without the need for large investments in the development of their own projects.
Ardor Coin Reserve (ARDR)
In circulation is slightly less than one billion ARDR coins. Since Ardor uses proof of stake instead of proof of work, all coins have already been generated. Proof of stake has a number of advantages, although this algorithm has its drawbacks.
Ardor Roadmap (ARDR)
Since the generation of the first block on January 1, 2018, several major updates of Ardor have been released. These include the introduction of lightweight smart contracts in the test network, which will soon become available on the main network.
Also, several projects are already working on the Ardor main network, including the Triffic tokenized customer loyalty program and the Max Crowdfund real estate financing project. In addition, Ardor presented proof of concept for the decentralized Binance exchange.
At the moment, an update is underway on the simplification of subsidiary blockchains and the exchange of snapshots, which will soon be introduced on the main network. The team is also currently working on zero-disclosure transactions and custom sidechains.
Although these updates will not say anything to tech-savvy users, all this in any case indicates the foresight of the developers and the team’s ongoing work to improve their product.
Coin New Economy Movement or NEM was inspired by the predecessor of Ardor – the Nxt project, incorporating many similar features. Other projects using child blockchains include Lisk and Aelf, although instead of using pure proof of stake, they use the delegated proof of stake protocol.
Ardor Team (ARDR)
And Nxt, and Ardor, and Ignis are projects of a private company called Jelurida. The Jelurida team, which started with the launch of Nxt back in 2013, is one of the most experienced blockchain development teams.
The team includes a number of respected experienced developers engaged exclusively in creating and maintaining blockchain code. In addition, one of the co-founders of the project deals with all legal issues, monitoring compliance with the legal norms of the open architecture of the project and blockchain applications.
Where can I buy Ardor (ARDR)
ARDR coins are available on many large crypto-crypto exchanges, including Binance, Bittrex and Huobi. Those who wish to purchase ARDR for fiat currency can use Yobit or Exmo.
Where to store Ardor (ARDR)
Ardor offers its own wallet, available for Apple, Windows and Android operating systems. The same wallet can be used to store Ignis tokens and other child blockchains of the Ardor platform.
Ardor is taking important steps, considering new ways to organize blockchain infrastructure and security. With proper implementation, the end result can be used in any business without the need for extensive technical expertise and maintenance.
One way or another, today there are already a number of other similar platforms competing with Ardor. If Ardor wants to lead this list, the development team will have to make a lot of effort.
The next year or two will be the most important in the development of Ardor. If Ardor can establish itself as a viable platform for developing new business projects, it will undoubtedly be an excellent long-term investment.