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Ardor is a new innovation in the world of cryptocurrencies designed to ease how people use the public blockchain platform, ‘NXT.’ The blockchain is the word used to refer to a growing list of records linked and secured to monitor how cryptos are traded on a daily basis. The use of blockchains was pioneered by bitcoin and has been adopted by almost every cryptocurrency to date.
What is Ardor?
Ardor is a scalable service-as-a-service platform. As part of its service, ardor users can create customizable, lighter versions of normal blockchains referred to as “child chains.” It was developed by Jelurida, the main development team that engineered Nxt. Ardor was launched on October 13, 2016. The team developed ardor based on the same that runs Nxt 1.0 cryptocurrency but with simplifications that make it possible for users to integrate the technology into their own businesses. Ardor was designed with the primary aim of expanding the capabilities of Nxt. Ardor offers more scalability, customizable childchains, and safer systems.
Ardor has its own cryptocurrency known as ‘ardor coin’ and abbreviated as (ARDR). It works through a main blockchain and child chains. The platform is designed to be financed by transactions made at the childchains. However, transaction fees are only paid out when users find a complete blockchain. The main ardor chain connects all childchains. It also stores ardor crypto besides facilitating the trading of accounts between ardor coins accounts.
Ardor offers several benefits and features to users:
- It utilizes a proof of stake system– an algorithm that aims to determine the person who best fits to find the next blockchain.
- It offers the advantage of fairness as users are chosen from a formula that randomly selects the next blockchain generator.
- Cost Effective-The proof of stake system is several thousand more cost-effective than the normal, proof of work systems used to mine bitcoins.
- It’s fast-Ideally no new tokens are created through the ardor proof of stake coin generation system.
- Childchain transactions on ardor can be done with names.
- All data is also saved on the blockchain and security is assured.
- Childchain users have control over the transactions they make and the accounts they hold.
- All data in ardor is encrypted to enhance a decentralized data transmission system.
Cons of Ardor
- Easy to be misused since a person with more ardor cryptocurrency has a higher chance of generating more blockchains.
What are Childchains?
- A childchain in ardor mining is a lighter version of a blockchain.
- A childchain can be customized either at its creation or at a later stage.
- The main benefit of childchains is that they make it easy for businesses to use the data recorded in blockchains more efficiently.
In the ardor mining platform, ardor acts as the main blockchain. Ardor is more lightweight compared to Nxt but is built with a highly efficient security system. Ardor has one main childchain:
- Ignis-This childchain acts as an open chain that any ardor trader could use. A child chain can be equated to one ERC20 token.
- Jelurida currently also designs and licenses software to help companies create their own child chains.
Childchains ease the organization or creation of blockchains on the Nxt platform. The childchain architectural system also offers a platform for businesses to build their products and services while getting security from the parent platform developer. The main features found in the ardor architecture system are:
- The ability to initiate transactions under pseudo names–
- Users in the ardor system can use their own names, names of streets, pets or any other test to represent their real account numbers and transaction details.
- Ability to store data in the mainchain cloud.
- Total control over accounts.
- The childchain system allows an ardor use to restrict access to any of their accounts without asking for authorization from anyone else.
- Enables the creation of additional decentralized currencies that can act as security to the main blockchain.
- Through the childchain system, users can launch regular altcoins like litecoin without going through the normal hassles.
- The childchain system can also be encrypted to secure communication from one account to another.
- Marketplace- The childchain system by ardor also acts as a trading platform where anyone can purchase or sell digital items such as music, ebooks, software, and videos.
Ardor has 3 main markets:
The ardor pool has a capitalization of $1.7 billion. An estimated $34 million are traded on the platform on a daily basis. Since October 18th, 2016, ardor has experienced a sharp rise in value over the years.
Market Capitalization History:
- Closed at $19,051,900 on October 18th, 2016.
- On 17th April 2017, ardor hit a market cap of $26,006,300 million, registering a 7% growth.
- On April 30th, 2017, ardor peaked at a market cap of $50, 277,600; registering an almost 100% growth rate in just under two weeks.
- May 19th, 2017, a market cap of $123,862,000 million, a high jump of 123%.
- June 14th-$200,685,000.
- June 24th, ardor closed the day at a high $273,983,000.
Ardor started the year on a high note. The 2018 first blockchain on the platform was generated in the 4th minute and 57th second of 2018. Ardor, through Jelurida, aims to launch a new branding strategy, create new partnerships across countries and partner with new development teams. This affects the platform’s performance in 2018 in a major way. But in a nutshell, predictions for ardor in 2018 are:
- More money will be invested in the platform.
- The price for a single ardor coin is expected to cap at $3-4 at the end of the year.
- The price for ardor cryptocurrency is expected to grow steadily at $1-2 a year in the next 5 years. That is to say, if you invest $1000 today, you can expect as much as $5000-10000 by the year 2022.
Can ardor be mined?
- Mining in ardor and Nxt is slightly different from normal bitcoin mining.
- Ardor acts as a virtual rig where ardor transactions can be forged on a normal computer anywhere and at any time forging is enabled.
- Forging in ardor mining secures user investments and the entire network as well.
- Generally, users are required to have at least 1000Nxt coins to forge.
- To use ardor, however, a user must convert their Nxt points into ardor coins before forging.
How Mining works in Ardor
Since ardor works in partnership with Nxt, all coins exist via Nxt at the beginning. To launch ardor mining on your computer, therefore, you must purchase Nxt coins. Here is the complete process:
- Step 1: Purchase Bitcoins
Similar to many alt-coins, the first step of purchasing Nxt coins is to own bitcoins. Head on to a trusted platform such as Coinbase and purchase bitcoins worth $100 or higher. Coinbase does not sell Nxt, so you have to use another platform for this purpose.
- Step 2: Purchase Nxt
Search for a trusted platform that facilitates the trading of Nxt cryptos. Shapeshift is a prime example of a platform to buy Nxt from.
- Step 3: Change Nxt into Ardor
Create an account with ardor. Login to your Nxt account and transfer your coins into the ardor system. It takes a minute or less. Ensure you transfer at least 1400 coins, which is the recommended starting point before you can mine ardor cryptocurrency.
- Step 4: Start Mining
Complete any instructions on the ardor software such as the requirement to have a ‘public key.’ Enable forging and you can start mining ardor coins wherever you are.
The ardor mining system uses as a proof of stake mining strategy to eliminate mining competition as well as reduce the hassles of normal proof of work mining strategies. However, mining on your own is not as lucrative as mining together with others.
What is a Mining Pool?
A mining pool is a group of cryptocurrency miners who pull their mining resources together, share processing power over a network and later share the rewards of generating a blockchain equally.
How does it work?
Since mining is basically validating transactions done, every miner validates a number of transactions and then hands over their data to the network. When a blockchain is found, all miners get a share based on their contributions to the process.
Who can join?
- Any adult with a Nxt and ardor account can join a mining pool and begin mining.
What to consider before joining a mining pool
- Check the legitimacy of the mining pool to ensure it’s trusted
- Check the security measures used by the network to assure you of your data’s security in case of a hacking attempt.
- Consider the mining fees and go for the least expensive pool.
- Consider the pool’s reputation.
- Check the hash rate-This refers to the formula used to determine how much money every ardor miner gets when a blockchain is found.
A wallet is the software program where data about your cryptocurrency private and public keys are stored. It acts as a channel for communicating with other blockchains so that you can easily trade cryptocurrencies or monitor your balances.
Similar to every cryptocurrency, you can’t trade in ardor without a wallet. And each wallet works with a limited number of cryptocurrencies. For the ardor crypto:
Ardor Original Wallet
This wallet is generated by Nxt.
- It is a web-based wallet that is easy to use and highly secure.
- It’s highly reputed and asks little to no charges.
- Not affected by downtime
Unfortunately, the wallet is only available to ardor and Nxt customers.
Ardor wallet on mobile
The ardor mobile app is the mobile version of the normal ardor wallet. It shares all the features of the web-based wallet provided by Nxt. Access this app by visiting the official ardor website.
- Offers high security.
- Compatible with specific hardware wallets.
- Easy to use.
Free Wallet’s ARDR wallet
This is another version of the ardor original wallet.
- It’s web-based and free to use for ardor crypto holders.
- The free wallet is only suitable for a hobbyist or as a temporary wallet before you upgrade to a secure wallet.
- This free wallet is threatened by security issues such as hacking.
- Not compatible with hardware wallets.
Electrum is one of the most popular wallets for crypto enthusiasts.
- Electrum is a fast, web-based and mobile app compatible program.
- Electrum is also: Flexible enough to work with major hard wallets while maintaining user anonymity.
- Electrum is also not tied to a server, hence suitable for use anytime.
Jaxx is another software program designed to store cryptos for the tech-savvy. Jaxx is a mobile app wallet compatible with Android, Windows and IOS devices. Its main benefits include:
- Uses a mnemonic system to back up your wallet
- Allows you to receive, send and monitor your cryptos easily on your mobile device.
- Allows inter-device linkages.
Unfortunately, Jaxx has a steep learning curve.
Things to Consider before using a Crypto Wallet:
- Safety-Go online and do a thorough research about the wallet’s security features. Purchase a hack-proof wallet.
- Reliability-Research on the wallet’s reliability when transacting or monitoring your cryptos.
- Fees– Go for a wallet that is secure, reliable but with minimal charges of any kind.
- Ease of use– Research for the easiest to use wallets. In most cases, these wallets have high ratings and are popular.
In a nutshell
Ardor is an innovation created by Nxt developed, Jerulida to address issues of blockchain scalability, competition, and versatility. While it shares principles with many cryptocurrencies, ardor was designed to offer a wide array of services. The primary ardor meaning does not change though and makes it a highly likely to increase in value crypto invention in 2018. Stay connected with all news cryptocurrency by constantly visiting our site for fresh content.