Ardor cryptocurrency review: a convenient ecosystem for business

The Ardor platform represents the next evolution in the Nextcoin ecosystem chain. The uniqueness of the Ardor blockchain platform is that it allows you to quickly and securely exchange cryptocurrencies and host ready-to-use interconnected subsidiary blockchains. The internal token of the platform is ARDR. We’ll tell you in detail why it’s interesting and how it can be used.

Description

Ardor positions itself as a scalable blockchain-as-a-service (BaaS) platform for organizations and individuals, making Ardor a viable resource.
The BaaS model makes the user experience easier as it solves most of the problems they may encounter. Ardor can compete with some of the most popular BaaS platforms such as Microsoft by taking a different approach in terms of technical elements.

Ardor has a unique parent-child interface that takes all the heavy lifting and technical hassles off of the individuals and corporations that need to use BaaS.

You no longer have to worry about security issues, patches and timely updates, Ardor takes care of it all as the parent chain. For example, companies can now create their own services and products in Ardor using child chains that will take advantage of the security updates and other benefits that the Ardor parent chain offers.

The concept of sidechains has become a topic of great interest in blockchain technology, and this explains why Ardor is gaining attention. Besides providing security features, Ardor as a BaaS project is also designed to save energy. This is a huge advantage over most other players in the market.

The energy required to run BaaS may not be the same as the energy required to mine cryptocurrency, but using the PoS method instead of PoW makes Ardor less energy-intensive.

Ardor also does not engage in mining. Users do not need to invest in very expensive hardware or spend a lot of money on electricity to run this BaaS platform. This is because consensus in Ardor is achieved through a distributed system, eliminating competition in mining.

What problem does Ardor solve?

Ardor is built on the Nxt platform. Nxt introduced a second generation cryptocurrency in an attempt to expand the use of blockchain technology.

During the development of Nxt, there were inevitably three main challenges that Ardor had to solve:

• Using one token
• Cloning problems
• Increase in Blockchain

Using a single token - All platform functions must use the native NXT token. This includes the process of generating blocks, paying for transactions, transferring value, valuing orders to exchange assets, prices of goods that are traded in the market, and transferring assets through the blockchain.

The problem is that it becomes difficult for developers to design applications that use blockchain. The current system should not force users to use NXT to pay for transactions. In addition, the value of currencies and assets should not be forced into NXT.

Problems with cloning - Cloning a blockchain is very easy. The problem that most organizations face is maintenance.

A clone is simply a separate blockchain that runs a modified version of the blockchain software, but there is no connection between the original version of the blockchain and the new blockchain.

Although the new blockchain can work on its own, cloning causes many problems for small and medium-sized companies. A cloned blockchain does not provide the same level of security as the parent blockchain. It will lag behind in terms of security updates and feature development, especially if it is created by someone who is not very knowledgeable about Nxt software.

Blockchain bloat is one of the main problems that most platforms face. This is a situation where all nodes are responsible for storing and reprocessing transactions. Nxt is not exempt from this either. When new nodes are created, they must reprocess all the data when loading the blockchain. This problem occurs because some blockchain platforms may not be trusted.

The problem with this bloat is that the system becomes overloaded as the size of the blockchain increases. As the number of users increases, the need to increase the number of transactions per second becomes increasingly important, and this affects the blockchain. Blockchain bloat is a problem that needs to be addressed fundamentally to enable true scalability and make the blockchain platform future-proof.

What makes Ardor better than its competitors?

One of Ardor's biggest advantages over its competitors is that it borrows heavily from the proven Nxt blockchain, taking advantage of its strengths and improving on its weaknesses.

Below are some of the reasons why Ardor stands head and shoulders above the rest:

Java

Ardor is written in Java. Java is one of the most widely used multi-platform programming languages ​​in the world. Using Java means that Ardor already has a rich development environment that makes it easy for users to review code.

Apart from this, Java is common in most enterprises. This means that anyone who wants to create anything in Ardor can easily clone the blockchain and adapt the code to suit their unique needs. Additionally, users can also use the same integration, deployment, and software tools they already use to run and maintain their products or services in Ardor.

Proof of Stake

Ardor uses the most environmentally friendly algorithm - PoS. This algorithm is Ardor friendly because it does not require a lot of hardware to run the blockchain efficiently. To run Ardor, a simple laptop will be more than enough. In fact, many projects are currently trying to move to PoS, including Ethereum.

Parent-child chain

The parent-child chain is one of the reasons why Ardor is considered one of the best BaaS platforms. Nodes are run publicly through different users around the world.

This eliminates unique points of failure. It is decentralized, which sets it apart from other BaaS solutions such as IBM and Microsoft, which manage and host their infrastructure.

What are Ardor's views on security?

Ardor's vision for the future of BaaS and blockchain technologies is one of simplicity. Ardor does all the heavy lifting and allows users to build their own products and services on the platform, while Ardor handles most of the heavy lifting and one of them is security.

This is why users can create their own public or private blockchains with personalized settings as child chains.

From a security perspective, Ardor has a team of developers who work around the clock to ensure the best security for the parent chain. Child chains are connected to a parent chain, which controls security and data processing. The nature of these parent-child relationships is such that the child chains receive or inherit all the security features of the parent chains. Therefore, by protecting the parent chain, all child chains are protected.

This makes it easier for users, especially those who do not have much experience in BaaS security. They can build their applications, products and services without worrying about security compromises.

Examples of Ardor usage/applications

There are several areas where Ardor comes in handy. In terms of monetization, users can use paid services on the platform. Ardor's integration into payment systems and exchanges makes it easy to convert child chain coins into other cryptocurrencies, which can be fiat-based.

In terms of adoption, the banking and finance sector is one of the industries that has been looking to embrace blockchain technology over the years. Some of the services that run on the Ardor platform include:

• Digital payments
• Money transfer
• Financial trading
• cross-border transactions

These are all services where participating parties can appreciate the distributed nature of the Ardor blockchain. Community organizations find Ardor useful because of its transparency.

Forecast and prospects

Ardor can be called not only a cryptocurrency in the usual sense of the word. It is also a combination of technology and successful business solutions. Many organizations, including financial ones, still need a product that will allow them to use blockchain technology without deep knowledge in this area. And Ardor is just such a project, providing ready-made solutions and showing high results in security and efficiency in practice. Therefore, in this regard, his prospects are quite good. The technology is easy to learn and use, and can be easily implemented into the business structure.

As for the future of ARDR and its child-chain IGNIS, of course, they cannot compete with such giants of the crypto markets as Bitcoin and Ethereum. However, the asset exchange rate is stable, there are no sharp jumps, it’s worth counting on the long term, and you can keep at least 1000 coins in your wallet.

Development team

The project development team is publicly available. In total, the team includes 11 participants.

Kristina Kalcheva is the founder and CEO of the project. Legal specialist and co-founder of Jelurida. She holds a Master's degree in Law and International Relations from Sofia University. He has been working as a legal consultant for seven years. She has experience in private national, European and international law. Her professional expertise is in the protection of human rights and intellectual property rights at the national and international levels. In the last two years, her professional interests have also focused on exploring the various possibilities and use cases of blockchain technology in real-world areas and the emerging legal issues along the way.

Tomislav Gountchev – developer and technical director. Senior Java Developer at Hippo. Co-founder, Senior Java Software Developer, Linux System Administrator at Nabble, Java Software Engineer at eBay; Programmer; Chief Developer at Nextag.

Flaws

The disadvantages of Ardor include:

• low demand for the functions of the site, as well as for its internal token among the majority of crypto network participants;
• lack of a clear marketing policy and strategy to popularize the project’s ideas on the crypto market;
• lack of actual interest in the platform on the part of large investors, which significantly limits the possibilities of ARDR creators in terms of creating new technologies and promoting the crypto platform;
• fierce competition in the crypto market and pressure from other similar projects.

One of the tasks of the token development team should be to combat the problems existing in the project. Only such a strategy can increase the competitiveness of the platform.

Where to store?

You can store coins on an official cold wallet, for such operating systems as:

• Windows
• Linux
• Mac

You can find these wallets from the official website of the project.

It is possible to install a light version , without synchronization.

Note that the Virustotal website shows this wallet as completely safe.

You can also store coins on a mobile wallet for the Android operating system (“Lite version”).

This type of wallet is very convenient, as it is almost always at hand. You can easily and quickly check your balance, find out the exchange rate, and also enter or withdraw coins.

Wallet installation

1. Download the wallet from the official website
2. Run "ardor-client.exe
3. Choose a language
4. In the window that appears, click “Next”

5. Agree to the rules and click “Next”

6. Select the folder where you want to install the wallet and click “Next”

7. In the window that appears, click “Next” again.
8. This point is the most important! 1) The first checkbox means that if it is installed, the wallet works in a graphical style, if not, then in a command line style! 2) By checking the 2nd checkbox “Check to operate as light client, leave unchecked to work as full node” you set “LIGHT VERSION OF WALLET"if daw NOT It’s worth it that the wallet works as a “full node”.

9. Next, leave everything as is and click “Next”
10. We are waiting for the wallet to install

11. After installation, click “Next” and “Complete”

This completes the installation process. Launch the wallet from the desktop and select the desired language.

Click on registration. We rewrite the 12-word password created by the program and the account address.

For greater security, we do not recommend storing your password on your computer; it is best to write it down and print it out!

After you have rewritten the password and address, check the box and click “next”.

Enter the password again.

That's all! The wallet is ready to use!

Peculiarities

Ardor will give you the ability to create your own child chains within the Ardor ecosystem. Just think of all the possibilities associated with creating your own child chain rather than just an asset or coin.

Just look at NXT. All the features that NXT has will also be available to Ardor child chains:

• Aliasing : Initiate lightly named transactions. All aliases end with a period preceding the name of the child chain.
• Data Cloud : Securely store data directly on the blockchain. This can be either public or private and time stamped.
• Account control . Restricting account access or prohibiting transactions without multiple party approval.
• Monetary System: Create custom monetary system tokens in addition to the local child chain token.
• Secure messaging : Send encrypted messages and files without a centralized system.
• CoinShuffle: Allows users to quickly and efficiently move funds using other users' funds to further enhance privacy.
• Voting: Decentralized polling for secure and anonymous voting.
• Plugins: Plugins can be installed to increase and customize functionality.
• Staged: Create automatic conditional or unconditional transactions with deferred execution.
• Marketplace: Have a marketplace where anyone can buy and sell physical and digital items.

Where can I buy?

Ardor cryptocurrency is traded on the following exchanges.

How to get a?

1. Buy on the exchange
2. Use a video card that is not designed for this algorithm to mine any of the most profitable coins that the card is designed for, and immediately sell it in exchange for ARDR

Details about the cryptocurrency itself

The emission of cryptocurrency is limited; all coins, in the amount of about 1 billion (based on the volume of NXT digital assets in the hands of the owners), were issued at the launch of the network. They were distributed among Nextcoin holders, according to the average figure of the total balance (hourly distribution over the previous 5 months).

Currently, the market capitalization of ARDR is $110,356,906. The daily volume is $1,211,580, and the circulating and maximum supply are the same - 998,999,495 ARDR. The asset is trading at $0.110467 against the dollar, and at 0.00001734 BTC against Bitcoin.

With IGNIS the situation is similar, but there are significant differences. The maximum number of tokens was calculated using the formula 50% of the emission of NXT + 0.5 million. As a result, the emission of Ignis is limited to 1 billion. Coins were also distributed among wallet holders who had Nextcoins on their balance sheets, according to the following algorithm: for every 2 NXT, 1 Ignis was awarded . Accrual was carried out based on the balance screen on the wallet at the time of the launch of the Ardor platform.

Jelurida decided to use the remaining Ignis coins within three months. As a result, 167 million NXT was collected, which was partially converted into fiat, Bitcoin and Ardor. At the end of the token sale, total proceeds amounted to more than $15,000,000. These funds will be used for further development, maintenance and promotion of the NXT and Ardor blockchain platforms, as well as for protecting the intellectual property of the code base.

The token sale was conducted on the NXT blockchain platform using a “governed currency” called JLRDA. For 1 JLRDA token, ICO participants received 1 IGNIS coin at the time the Ardor Genesis screenshot was created.

At the moment, the market capitalization of IGNIS is $38,257,383, the daily volume is $323,287. The circulating supply is 761,143,950 coins, but the total and maximum are the same - 999,449,694 IGNIS. The cryptocurrency is trading at $0.050345, 0.00000788 BTC and 0.44922431 ARDR.

Mining ARDR

Like its predecessor platform Nextcoin, Ardor uses the PoS (Proof of Stake) algorithm. Since the emission was limited, and the release of coins is no longer expected, mining in the pure sense of the word is impossible. How can you get coins:

• The creator of the block is selected in a deterministic way and is determined as a bet, depending on the amount of tokens in his account;
• Rewards for blocks are not awarded, miners using the PoS system receive commissions for transactions in the network - the so-called forging.

Forging is the process of obtaining coins by investing directly in a given cryptocurrency. As a result, the investor receives a reward in the form of a commission for making transactions with assets.

To start forging, you must have NXT coins on your balance (minimum 1000) or purchase them on the official website of the project.

Trading tokens on exchanges

The ARDR token was listed on the largest exchanges, where it can be purchased for bitcoins or fiat:

IGNIS is listed on the following exchanges

Wallet for Ardor

On the Ardor platform, your own wallet for storage and acquisition can be downloaded both on the official website (as Ardor Blockchain Wallet). The password used here is the same as on NXT-Wallet (if this wallet was previously used).

Forecast

In general, Ardor is an interesting project that is in the top 100 by capitalization and has active social networks.

However, the project has one big disadvantage - abandoned Github. The branches are updated once every couple of months, which indicates very poor progress on the project. For example, the main branches of Ether are updated several times an hour!

At the same time, the project is traded on many major exchanges and is of interest to investors, and this is one of the important indicators of success.

Ardor is still an altcoin, which means it also depends on Bitcoin, and when it starts to rise, the ARDR price may also rise after it.

Follow the news of this coin on our website, to do this, add it to your bookmarks!

Advantages

When analyzing the technical and conceptual features of the ARDR platform, experts identified its following advantages:

• conducting and confirming financial transactions within a minute, which allows this site to compete with other projects that are unable to provide such a high level of crypto network performance;
• the block size of the blockchain does not depend in any way on the number of child cryptochains used;
• Nextcoin developers are responsible for technologies that ensure the security of crypto network users and ongoing transactions;
• child chains enable third-party developers to create their own technologies and crypto projects;
• child chains operate using their own digital tokens. At the same time, all child tokens can be easily exchanged for coins on the ARDR platform using built-in tools;
• Tokens received by users can be stored in user accounts or used on the internal exchange for conducting monetary transactions.

It is worth realizing that the prospects for the ARDR cryptocurrency will depend not only on the listed advantages of the crypto project, but also on its inherent disadvantages.

Available features

It is worth noting some platform features that are available to all users.

They are what make the platform easy to use. Among them, the ability to control the user account.

Any transactions can be limited or prohibited without confirmation by several trusted persons.

Also, it is worth noting the possibility of sending encrypted messages that cannot be controlled by centralized systems.

There is also a voting function, the work of which is completely decentralized.

There is support for plugins that need to be installed to expand functionality. You can also create automatic transaction payments that will be made within the allotted time.

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Short story

Ardor is the brainchild of Jelurida, the brainchild of NXT. Among the developers:

• Kristina Kalcheva, co-founder;
• Lior Yaffe, co-founder;

Petko Petkov, co-founder and core developer;

• Tomislav Gunchev, leading programmer.

In 2016, the first rumors about the new platform appeared when news and descriptions were published on bitcointalk.

Rice. 2. Screenshot of a forum thread. Source: Bitcointalk.com

Events developed like this:

1. 2013 – creation of NXT with further development;
2. 2nd quarter 2016 – start of development: in August of this year, a video presentation was released reflecting the main points of the concept and its advantages;
3. 4th quarter 2016 – active development and implementation;
4. 1st quarter 2022 – start of the public test of Ardor;
5. 4th quarter 2022 – launch of the main network and child chains.

Road map

Ardor had a productive 2022. In the evolution of their first product, Nxt, they released the year with a number of key development goals in their quest to bring Ardor to market:

• Q4 2017
  Launch of the Ardor highway
• Migration of ARDR balances from Nxt block to Genesis Ardor block
• Creation of a subsidiary network IGNIS based on NXT and JLRDA balances
• Spawn from the Bitswift children's network with 10% airdrop for IGNIS owners
• Expiration of BTC, EUR and USD child code chains supported by third party businesses

You can read more about the promotion and plans of the Ardor platform on their official website in the “Timeline” tab or by following the link.

Testnet launch and recent changes

With the release of Ardor publicly available in the first quarter of 2017, there have been many updates and new releases. In fact, just in November, the brand added asset management and compound phasing, bringing them to a whole new genesis block.

The latest version was released just a couple of weeks ago and should be the last major release from Testnet before the Mainnet launches. This launch will occur in early 2022, and the only updates consumers should expect after that are simply security changes and critical bug fixes, although there will be no other changes to the core API.

What is the appeal of Nextcoin smart contracts?

Work on intelligent templates for smart contracts in Nextcoin had been going on for a long time, until the team found it possible to announce the creation of a complete set of such templates, suitable for use by both individuals and entire organizations and enterprises. According to the authors, they offer a safer alternative to ETHereum contracts.

The main goal of the development was to create inexpensive templates that are maximally protected from the influence of the human factor, unlike Ethereum.

One of the leaders of the NXT project, Mitchell Kiko, spoke wittily about this. He compared his templates to Lego, and Ether's templates to clay. In the sense that in ETH all parts of the contract are first created from scratch and only then does it come to implementation, that is, shortcomings and shortcomings are identified already during the operation of the contract.

Nextcoin has a different approach. We have ready-made “cubes” for contract construction, they have been tested and do not pose any danger. All that remains is to assemble them correctly to achieve the goal.

Such specific, verified and secure smart transactions will be in demand among business representatives in a variety of areas. In development of this topic, the Ardor project was conceived and implemented.

What is Ardor

Ardor (ARDR) is a blockchain project developed and promoted by the creators of the popular Nxt platform. Ardor offers innovative business applications that simplify and optimize the work of private and public enterprises.

The Ardor ecosystem offers the following:

1. New business opportunities , in particular settings to facilitate and optimize the workflow. The system uses BaaS, which is ready to launch and be used effectively. The platform will become something like WordPress for businesses. Developers will be able to engage in their own design and development, setting commissions within platforms at their discretion.
2. Scalable solutions . The growing trend of blockchains is causing them to slow down. To prevent this problem, in addition to the main chain, sad chains have been introduced into the blockchain, the number of which does not affect the performance of the network. Child chains have advanced functionality that expands the capabilities of the Ardor ecosystem.

The Ardor platform has a technologically advanced structure consisting of user applications and additional transactions that are transferred to a number of main payments. They remain in such a chain for a day, then move to the archive node.

This operating principle ensures smooth operation of the blockchain without overloading the main network. Optimized settings and expanded functionality make the Ardor platform simple and accessible to users. At the heart of the mother blockchain is the security of the network.

The functionality of sadchains consists of a monetary system, an internal cryptocurrency exchange, anonymous voting, etc. Participants in the main network also receive access to the expanded functionality of the Nxt platform.

How to mine

The concept of “cryptocurrency” is traditionally associated with the process of mining and mining pools. But NXT moved away from this principle, and there is no need to mine a new coin.

Important: there is no classical mining of the currency in question, since all coins are issued at the same time. Instead, “forging” was introduced, or earnings from commissions for transactions on the network.

To start forging, you need to purchase coins through the official NXT client (link above): the more you purchase, the greater the reward. While Ardor operates on the NXT blockchain, it can be purchased for this currency - native forging will be available from January 2022, when the developers release the official manual. The minimum number of NXT coins to start is 1000.

Links to discussions on various forums

Ardor is actively discussed on Russian- and English-language forums dedicated to cryptocurrencies. The most interesting forum threads:

Informing about the new idea of ​​NXT https://bitcointalk.org/index.php?topic=1518497.0.

Where to invest? https://bitcointalk.org/index.php?topic=2356558.0.

How to open an Ardor wallet https://mmgp.ru/showthread.php?t=542117.

About Ardor and the Baas platform https://mmgp.ru/showthread.php?t=457373.

General information about cryptocurrency https://mmgp.ru/showthread.php?t=547369.

A word about Ardor https://www.reddit.com/r/Ardor/comments/7cnhs1/what_is_happening_to_ignis_on_hitbtc/?st=ja5d8eii&sh=87802d73 .

NXT for newcomers https://www.reddit.com/r/NXT/comments/7be9rn/nxt_noob/?st=ja5dag5u&sh=4e499f71 .

Coin wallet

The developers offer their own wallet, Ardor Blockchain Wallet, which can be downloaded on the platform’s official website. If you have a previously registered NXT Wallet, you can use the same password. The same wallet can also be used to store ARDR coins.

Ardor Blockchain Wallet can be installed on a PC and smartphone (support for IOS and Android).