Today there are so many emergent digital currencies fighting their way up to recognition in the crypto world. They are all trying to make advancements to the systems of the already existing cryptos by trying to offer something new and better. Actually, with the current state of the world, its possible feel left out if you haven’t joined the big masses who are using cryptocurrencies already.
Ardor (ARDR) is one of the emerging cryptocurrencies that has a dream of bringing to the market a whole new phase of blockchain technology for use in business today. Although it offers something very unique to the crypto market, not so many people know about Ardor. Despite that, it is striving hard to pick up a position among the big leagues of crypto market.
Ardor is the first ever scalable blockchain which can be used as a service platform for certain businesses. Maintaining this status will not be an easy road for Ardor but now we can take a quick navigation to see what Ardor has to offer. In that case, I will discuss the history and founders of Ardor, the market performance, features, wallets among other things. This will help you understand more about Ardor cryptocurrency.
History and Founders of Ardor
The Ardor platform development was announced in the year 2016. Later in January 2018, it was launched with the company behind its make being known as Jelurida. Ardor seems to have a very extensive road map, from as early as 2013 when the NXT was initially released.The Jelurida has some of the most experienced personnel in blockchains development who since the launch of NXT has been able to maintain the codes of blockchain.
In addition to that, the co-founder happens to have a background on legal issues therefore she is in charge of blockchain applications and opens source architecture. Jelurida is bound to grow especially with its first chain token known as IGNIS which raised about $15 million during its initial coin offering.
Unlike Bitcoin, Ardor is a platform that provides its users with blockchain technology through some customizable child-chains. In other terms, Ardor is run under two chains, the parent and child-chain.
In this case, the parent-chain provides tight security measures to the platform as well as the child-chain. Being fast and light in weight, Ardor comes in fewer features than its predecessors. The main thing is to note down that Ardor is not a cryptocurrency. Instead, it is token that works to scrutinize all its child-chains and the Ardor platform.
The child-chain of Ardor comes in with a variety of features. Some of them include assets creation and sending messages. These features can be utilized by businesses without necessarily having to develop any other thing. This is because they will not have to do the mining and setting up of nodes to enhance its security protocols. The Ardor blockchain is always there to do it for them.
The Proof of Stake
The Proof of Sake is an algorithm which is used by blockchain networks of cryptocurrencies to achieve what is known as the distributed consensus. Cryptocurrencies which are based on the Proof of Work algorithm, block leaders are selected via random selections. This is divers form the Proof of Work algorithm based cryptocurrencies where block creation and transactions are validated through computing some intensive puzzles.
In the case of Ardor, it uses the Proof of Work algorithm which allows the members to participate in the transaction blocks because there are no huge and expensive hardware machines required in mining like on Bitcoin. Ardor does not require the GPU and AISIC machines. Here, users in the child-chains pay transaction fees to users who own the Ardor tokens. The token owners do the forging in order to process all their transactions in to blocks.
Features of Ardor
It has native tokens – All the child-chains have their own native tokens. The transaction fees paid by a particular user of the child-chain are paid using the child tokens alone. In that, the users on the receiving end does not need to be aware of the forging chain which takes in possession the fees in Ardor.
It has an easy set up – Businesses established through Ardor will be able to customize, create and launch the child-chains.
Platform Wide Assets – The users of then child-chains will hold and trade assets existing on Ardor with the other child-chains present in the platform.
Bundling – This is an account in the Ardor platform which is designated to collect the fees accumulated through transactions of the tokens, native child-chains and then used to pay for the child-chain to the main-chain in Ardor.
Benefits of Using Ardor
- It comes with both the parent and child architecture
- The transactional tokens are separated from the security tokens
- It solves the issues which are experienced by blockchain bloats
- The core team verifies all the smart transactions
- It gives an average user the chance of creating their own smart transactions, digital asset or cryptocurrency
Looking for a place to store your ARDR is not as easy as most people think. This is because you have to set up an official Ardor’s wallet account which then can be accessed through the nxtplatform.org Ardor can also be bought through some of the major exchanges like; Bittrex and Poloniex where it can be used with trading pairs like BTC, EUR and NXT.
In conclusion, Ardor is doing pretty well in pioneering new structures of the blockchain system in terms of security and infrastructure. The success of Ardor will mean the best to the business world. In that businesses can be run easily without needing ongoing maintenance schedules and technical expertise. The fact that the child tokens accepts transactional fees, it means that the ARDR tokens will be fully operational on the main-chain too. This might be the business breakthrough people have been searching for. All in all, let’s see what the future holds for us regarding the Ardor blockchain.