Ardor Price Chart and Latest News
Published on Feb 21, 2020
Ardor is an open-source, permissioned blockchain-as-a-service platform written in Java and launched by Amsterdam-based Jelurida on 01 January 2018. It represents the company’s second iteration of NXT, a cryptocurrency widely respected for being the first to secure its blockchain through Proof of Stake – eliminating the need for energy intensive “mining.” Ardor continues NXT’s 5-year legacy by tackling “blockchain bloat,” an issue that has brought early cryptocurrency projects to a near standstill during times of high activity.
Jelurida decided to separate the functionalities of NXT into two separate buckets – security and advanced functions. From there, they restructured the blockchain almost as a key ring. Ardor sits at the center as the “parent chain” – and it is responsible solely for the security and validation of all transactions across the “child chains” beneath it. The advanced functionalities and built-in smart transactions (akin to pre-tested, securely coded, and instantly deployable smart contracts) of NXT were cloned into Ardor’s first child chain, Ignis. Public users can now put together transactions on the Ignis child chain, and then submit data for validation by the Ardor parent chain. At the end of 2018, pruning of child chain transactions will begin to occur. The ongoing development of this ecosystem is funded by the more than $15 million of funds raised by Jelurida in their 2017 ICO.
Cloning and customization of the Ignis source code is an option for businesses and developers after paying licensing fees to Jelurida. For example, the launch of the AEUR child chain, a euro-pegged asset provided through ArdorGate and Mistertango Bank, occurred in February 2018
Market Value and Rank
Ignis, the first child chain, inherited the same built-in smart transactions and functionalities users grew to appreciate on the NXT platform. The most popular features include :
- Transferable Assets (i.e. shares, tokens)
- Voting and Poll Management
- Multi-Signature Accounts
- Document and Media Authenticity Validation and “Time-stamping”
- Encrypted Messaging
The platform’s source code is publicly available for testing and audits; however, anyone seeking to clone Ignis or launch customized child chains must go through a licensing process with Jelurida. Those interested in doing so are encouraged to contact the company directly .
Benefits of the Parent and Child Chain Architecture
Blockchain interoperability, making different blockchain protocols compatible with one another, has been considered a “holy grail” for cryptocurrencies . In the Ardor ecosystem, each child chain is secured by Ardor’s parent chain. This, in turn, means each child chain is compatible with every other child chain – creating an ecosystem of interoperability for businesses, applications, and services operating within it. Just as Microsoft won the race to offer “plug and go” office suite solutions with standard, secure features and interoperability between other businesses – Jelurida is seeking to offer the blockchain equivalent through the Ardor ecosystem.
Another benefit of this architecture is around fees. Since none of the data validation is happening directly on child chains, fees for the users of a particular child chain can be set to 0. Of course, each child chain transaction must still be validated by the Ardor parent chain. This structure allows businesses and owners of child chains to purchase batches of Ardor up front to cover "bundles" of network transactions on their child chain - creating an opportunity to hedge against the risks of day to day price volatility the cryptocurrency market is known for .
The most prominent competitor to Ardor’s unique architecture is likely to come in the form of “Side Chains,” which continue to gain the endorsements of high profile cryptocurrency developers . However, as of February 2018, none of these projects have launched a functioning product. Furthermore, side chains require businesses to handle their own validation and security. Ardor’s child chains are ready to use out of the box, with no extraordinary network security burdens placed on the 3rd party