What is Ardor?
As per their website, Ardor is the first blockchain-as-a-Service Platform for Business.
In simpler terms, Ardor is a platform that offers blockchain as a service to Businesses, unlike Bitcoin, which is a cryptocurrency and a worldwide payment system.
The next question that naturally arises is – how does Ardor implement this?
Ardor does this by utilizing blockchain technology of NXT (a cryptocurrency) and creating child chains using it which are customizable to some extent.
So basically Ardor operates with the help of two chains – parent chain and child chain. The parent chain i.e. Ardor is responsible for providing security to the Ardor platform and all its child chains. It does not have many features due to which it is lightweight and fast.
On the other hand, child chains have a lot of features such as creating assets, sending messages, etc. which Businesses can utilize without developing anything and they won’t have to set up nodes or do mining for security, as the Ardor block-chain will do it for them.
It’s important to understand that Ardor is not a currency, but a token that securitizes Ardor platform and all the child chains.
Before we proceed ahead, let’s have a look at a couple of important concepts:
Proof of Stake(PoS):
As per Wikipedia, PoS is a type of algorithm by which a cryptocurrency blockchain network aims to achieve distributed consensus. In PoS-based cryptocurrencies the creator of the next block is chosen via various combinations of random selection and wealth or age (i.e. the stake). In contrast, the algorithm of proof-of-work (PoW) based cryptocurrencies (such as bitcoin) uses computationally intensive puzzles in order to validate transactions and create new blocks (i.e. mining).
Ardor uses PoS as a consensus algorithm which enables anyone to participate in forging(transactions processed into blocks) as PoS doesn’t need a huge amount of hardware (ASIC or GPU) unlike mining in BitCoin.
So users of all child chains have to pay a small transactional fee to the owners of Ardor tokens, who do forging, to process their transactions into blocks.
A blockchain is a continuously growing list of records that are linked to each other. As the list of records increases, the amount of data that is needed to be downloaded to store the blockchain also increases.
Every node (a program that processes and validates transactions) needs to store and reprocess all the transactions since the blockchain has been created – when downloading the blockchain for the first time.
This processing bottleneck keeps on increasing as the blockchain increases and is called the blockchain bloat – which leads to the issue of network scalability.
Ardor addresses this problem by creating parent chain that secures and processes all the child chain transactions, and these limited features of the parent chain help in reducing the blockchain bloat that occurs with the accumulated storage of information.
- Native Token – All child chains will have their own native tokens and the users of a specific child chain will pay transaction fees using the child chain tokens only. The end users do not even need to be aware of the existence of the forging chain which takes fees in Ardor only.
- Bundling – A designated account on the child chain, such as the creating account, will collect transaction fees in the native child chain tokens and then pay the processing fees of the child chain in ARDR to the Main chain.
- Platform Wide Assets – The users of any child chains will be able to hold and trade assets that exist on Ardor with all other child chains throughput the platform.
- Easy Setup – Also dubbed as the WordPress of Blockchain, Businesses will be able to easily create, customize and launch a child chain.
Key Benefits vs. Ethereum
- it’s easy to use and an average user can easily create their own cryptocurrency, digital asset or smart transaction unlike Ethereum where coding knowledge is necessary for customization
- all smart transactions are verified by the core team
- solves the issues of blockchain bloat
- separation of security tokens from transactional tokens
- parent/child architecture
Team Behind Ardor
Jelurida is the company behind the Ardor blockchain platform and Nxt Blockchain technology. The creation of the Ardor platform was announced in 2016 and it was launched on 1st Jan 2018. Ardor is built upon the Nxt platform.
The Nxt blockchain technology was one of the first blockchain platforms that were coded entirely from scratch and was launched in 2013.
IGNIS is the first child chain token of the Ardor platform and its ICO raised over $15 Million. IGNIS tokens are now accessible using the Ardor Wallet.
Where to Buy Ardor and Store It
To store ARDR, you will have to set up, install and create an account in the Ardor’s official wallet, which can be found at nxtplatform.org
|Launch Date||1st Jan, 2018|
|Has it’s own cryptocurrency / coin, is it usable in the market?||Y|
|Business model – does it address a solid need / market gap?||Yes – it is the first scalable Blockchain-as-a-service platform for Business|
|Key Features||– energy efficient as its based on Proof-of-Stake algorithm
– parent/child chain
– no blockchain bloat issue
– child chains can be customized
|First Child Chain||IGNIS(raised over $15 million in its ICO)|
|Team / Organization||Jelurida|
|Any hacks, scandals, known major issues?||No – Nxt has proven its functionality and reliability since it’s inception in 2013|
|Challenges||Ardor has struggled to market itself|
So what do you think of the Ardor Platform? Let me know in the comment sections below.