The world of cryptocurrencies is evolving rather fast. Even after more than 1000 cryptocurrencies being released into the market over a short period of one decade, there is no sign of stopping. Now, those who founded earlier cryptocurrencies are finding new ways of taking their cryptos to a whole new level or crafting new ones. One such crypto is Ardor. The NXT (a major Cryptocurrency in the market today) founders decided to form an entirely new Cryptocurrency, Ardor, that uses the NXT technology but operating on a higher level. While it might look like a way of marketing the NXT platform to run like Ethereum, there is no denying that Ardor operation and features are awesome and could rival even the top cryptos in the market today.
What is Ardor?
Ardor is a blockchain-as-a-service type of platform that is designed to allow users on the system to use NXT technology with child chains. The platform was developed by four developers, Kristina Kalcheva, Lior Yaffe, and Petko Petkov who targeted improving performance of NXT and remedying issues noted in other blockchains.
The Cryptocurrency was unveiled in August 2017 and has become the one of the latest in the crypto world today. All processing will be completed via the Ardor Main Chain/Parent Chain so that the Child Chains will not need to worry about issues that characterize other blockchains such as securing with ample nodes. The child chains will be able to access NXT platform and use all its features.
The total amount of IGNIS (first Ardor child chain) coins released to the Ardor network is equal to the ½ the total NXT coins on its blockchain. An addition 500 million coins will be added to the Ardor network to form the total coins for users.
Once the total number of coins is released, about 50% of them will be distributed to the NXT holders depending on their outstanding balances using the ratio of 1NXT:1/2 IGNIS. 440 million coins of the remaining 500 million will be released to the public in the IGNIS crowdsale. Note that the Tokens are not transferable.
How Ardor Works?
To deliver unique and top-notch services, Ardor runs on the proven NXT platform and uses proof-of-stake algorithm to process transactions. Unlike NXT and other cryptocurrencies, Ardor uses two additional layers that make it possible to offer unique services to users.
Ardor Main Chain
This is the main chain that will host Ardor Tokens (ARDR). The chain will be used to help secure the child chains as well as the processes therein. Though there are transactions that can be done in the Main Chain, most features will only be accessible on the Child Chain. This is aimed at helping to reduce bloating on the blockchain.
The Ardor Child Chain
The Child Chains is the main user’s point of access. It is a layer added on the Main Chain to help users to access additional features. The Child Chain acts as a node for users to interact with other people on the network and complete different transactions.
Notably, the Child Chains are designed to guarantee users of total customization for a specific business, group, or even personal needs. Users are assured of multiple transaction tokens and full interconnection to the blockchain for faster and fully anonymous transactions.
Main features of Ardor
The main features of Ardor are its main attraction to new users who are joining in droves. They include the following:
- Native token: This is the main Ardor asset used for trading on the main exchanges. All Child Chain transactions are required to use the main Ardor token (ARDR). Note that unlike other platforms, a user does not need to have ARDR to start using the platform.
- Voting: This is a decentralized polling system that takes place anonymously to confirm transactions. It is meant to prevent large-scale mining and attacks on the network.
- Plugins: This is a new feature on the Ardor network that targets increasing functionality of the platform. For example, the plugins will make it possible to send payments to specific e-commerce stores. The number of plugins is expected to continue growing over time.
- Coin Shuffle: This is a unique method of enhancing personal privacy for individual transactions. In every transaction, a user can mix funds using the platforms’ unique algorithm to make personal details, locations, nature of the transaction, and other info difficult to isolate and identify you.
Pros of using Ardor
- Ardor provides a new way of enhancing personal privacy on the network. It is the surest way to trade or send payments without revealing personal details.
- The platform uses NXT core code and brings aboard array of new features for greater value to users. Once all the features are implemented, it will be possible to use Ardor to make direct payments for conventional purchases.
- Unlike other platforms, users can customize the Child Chains to customize their operations. This makes it easier to pay in ARDR or via other cryptocurrencies.
- By using multiple layers that run from NXT to the Child Chains via Main/parent Chain, the user is guaranteed of extra security.
Cons of using Ardor
While the Cryptocurrency is ambitious, it is relatively new in the market. Its stability cannot be ascertained until after a couple of years. The fast rate of new cryptocurrencies generation and mixed market reception could affect the stability of Ardor.
Some people have pointed that Ardor formation could have been necessitated by the need to split the original NXT blockchain. Though founders have pointed that they wanted to come up with a new platform, some concerns have raised that it could be a split like the one experienced in Ethereum resulting in the formation of two blocks. This type of discussion could confuse the users.
Where to Buy and Sell Ardor in Australia?
Crypto Currency for Fun recommends buying Ardor at CoinSpot. CoinSpot is a multi cryptocurrency wallet with built-in trading features. Users can store many coins, including Ardor and they offer Instant Delivery or your coins right into your account.
The Ardor is one of the most potential crypto platforms in the market today. The founders have demonstrated their zeal to remedy current shortcomings in other cryptos and introduce new and more efficient features. Though it is one of the latest cryptos in the market, it is a great option for people looking to get deeply involved in blockchain technology.