Ignis Coin Guide: Complete Analysis

/Ignis Coin Guide: Complete Analysis

What is Ignis and what's its relationship with Ardor and NXT? Here are the details.

Ignis Coin Guide: Complete Analysis 2018-05-04T08:53:30+00:00
Ignis Coin Guide: Complete Analysis

Quick inner navigation:

  1. What is Ignis?
  2. What is Ardor?
  3. Ignis ICO
  4. Ignis price Growth
  5. Ignis Wallet
  6. Buy Ignis

To understand what Ignis is, we need to first understand what Ardor and NXT are because they are all interconnected.

Ignis and NXT

As the crypto gold rush gained momentum, more cryptos were introduced into the crypto market. NXT was launched in 2013 after the crypto greats Bitcoin and Ethereum making it a second-generation coin.

But NXT is more than a cryptocurrency. It is also a blockchain that was implemented entirely in Java and uses the proof-of-stake consensus mechanism, unlike its predecessors, which are proof-of-work based blockchains.

The NXT blockchain platform has an incredibly advanced architecture, which allows rapid prototyping and development of new features. Some of the existing features include creating and trading of assets, creating simple polls with flexible vote counting options, executing transactions, sending encrypted messages and much more. The ease in which developers can add new functionalities to the blockchain proves the well-designed and flexibility of the platform’s architecture.

Initial NXT platform limitations

But despite its Avante-Garde architecture, NXT had some limitations that needed to be addressed. One of this limitations was the issue of a single token. NXT coin is the only exchange currency accepted on the Network. So if you want to make a transaction; pay a transaction fee; buy a digital asset; or transfer an asset over the blockchain; it has to be done using NXT coin. Ideally, this is not very flexible for users who may want to use other currencies. Users should not necessarily need to own NXT to transact on the platform.

The other issue was the Blockchain Bloat. This issue is due to the fact that each node on the blockchain needs to store all the transactions processed since the blockchain was created. On top of that, new nodes must reprocess all the data when they download the blockchain for the first time.

Then there were the customization issues. NXT needed their blockchain to be customizable to meet their needs. It needed to create a clone. That is a separate blockchain that would run on the modified version of the software with zero connection with the original NXT blockchain.

The birth of the Ardor project

This is where the idea of the Ardor protocol was born. Ardor was built to overcome these limitations. With Ardor the transactional tokens and the network security tokens are separate. In the NXT blockchain, the NXT token did both. It was responsible for determining which accounts had the right to generate blocks and the execution of transactions.

What is Ardor?

Ardor is a blockchain platform that is based on the code base of NXT allowing it to support all the existing functionalities of the NXT blockchain. Ardor has a unique design made up of a single parent chain and multiple child chains.

The single parent chain is responsible for managing the network security and processing, while the child chains manage the operational transactions.

Now, the child chains transactions are bundled into a single ChildChainBlock on the main (parent) chain. This process is known as bundling. So the bundlers, that is, the multiple child chains collect the fees in child chain coins and pay them to the parent blockchain in Ardor coin. The parent chains process all the child chains transactions and stores all the Ardor coins or tokens.

What is Ignis?

Ignis is the first child chain of Ardor. It supports all the features of the NXT blockchain except the forge feature. Child chains do not forge on the Ardor blockchain platform. Additional Ardor features are also available on Ignis.

All the features available on Ignis include asset exchange, marketplace, monetary system, phasing, voting system, messages, account leasing, account monitor, coin shuffling, plugins, asset control, composite phasing, asset share increase, and by-property phasing.

How does it work?

Ignis processes the day to day transactions on the blockchain and reports to Ardor. The child chain collects fees in IGNIS tokens and pays the fees to the parent chain in ARDR, which is Ardor’s native currency.

Ignis ICO

The Ignis cryptocurrency sale ended in November 2017. The company’s fundraising goal was $21,600,000, but they managed to raise $15million.

Here is the breakdown of how Ignis tokens were distributed.

  • During the Ardor Genesis Snapshot, the overall number of IGNIS tokens were equal to the NXT on the NXT blockchain plus five hundred million.
  • Half of the IGNIS cryptocoins were automatically distributed and reserved to the holders of NXT with 1NXT being equal to 0.5 IGNIS.
  • The rest of the IGNIS coins were used for Jelurida in order to make the IGNIS token sale successful from August to November time period by collecting 167 million NXT, which used to be converted to fiat money as well as Ardor and Bitcoin.
  • By the end of the token sale, the proceeds were more than $15 million.
  • The funds used for the continuation of the development as well as maintenance and promotion of NXT and Ardor blockchain around the world.
  • The token sale took place on NXT blockchain, through JLRDA.
  • 1 JRDA = 1 IGNIS during the Ardor Genesis Snapshot.

Ignis price Growth

After the Ignis ICO in November 2017, by December, the market value of Ignis had jumped from $0.05 to $2.09. However, the price of Ignis has been on a downward trend since January of 2018. As of this writing, the market price for Ignis is at $0.203, which is a relatively significant drop from when it was at its highest.

Surprisingly, in late January 2018, Ignis trading volume was at its highest since its entry into the market with a volume of $94,125,300. But by the end of February, Ignis trading volume was at $5,001,800. It had dropped by 1881%.

According to the Ignis Reddit community, many users are worried that the price of Ignis will continue to go down, especially if its trading volumes also continue to drop-off. But let’s see how well Ignis will perform in the coming months. The child chain or Ardor could surprise us. 

Buy Ignis

You can buy and sell Ignis on some exchanges, but they are significantly small in number. Some exchanges that support Ignis trading include HitBTC, Bittrex, UpBit, AEX, Bitcoin Indonesia and Stocks.Exchange.

Ignis pairs available in the market: IGNIS/BTC, IGNIS/ETH, IGNIS/IDR, IGNIS/BITCNY.

Ignis pairings in different exchange markets are as follows:

Exchange Pair
Bittrex IGNIS/BTC
AEX IGNIS/BTC
UpBit IGNIS/BTC
AEX IGNI/BITCYN
HitBTC IGNIS/ETH
BITCOIN INDONESIA IGNIS/IDR
STOCKS.EXCHANGE IGNIS/BTC

Ignis Wallet

You can store your Ignis coins in NXT’s wallet or ARDOR’ main wallet. The NXT wallet also referred to as the NXT client is a client-side wallet. You can download it from NXT’s official website and sync it to the NXT blockchain. NXT wallet is available for Windows, Linux, Mac OS, and Android.

The ARDOR wallet can be downloaded to a Windows or Android device. There is also web-version of the wallet. If you are using the client-side version of the wallet, you need to sync it with the ARDOR blockchain. Do not worry about anonymity because all your transactions are signed locally, so your passphrase is never broadcasted to any remote node. You also do not need to download the ARDOR blockchain to make transactions with the wallet. Only the basic features are available: send, receive, view balances and coin exchange.

To Conclude

NXT, Ardor, and Ignis are projects of Jelurida, a private company that specializes in blockchain development and cryptocurrencies. Jelurida has years of experience in blockchain-related solutions. They create and maintain blockchain code and blockchain applications.

Ignis was the first child chain of Ardor and any other child chains that will come after will based on Ignis. They will have all the features of Ignis, but some of them may be disabled in some child chains.

After the Ignis ICO which the Jelurida team managed to raise $15million, it seems they are not stopping there. As of January 2018, Ignis began trading on Bittrex, so we may actually see a price. So this is good news for Ignis and ARDR token holders.

As Ardor and Ignis get their footing in the crypto market, NXT token holders should not panic, as the Jelurida team assures them that it will protect them. Furthermore, all NXT token holders will also get a piece of the pie by receiving 10% of the new tokens.

It is important to note that child chains are not forged; instead, they are bundled in blocks called ChildBlocks and sent to the Ardor parent chain. The ChildBlock can be forged, and forgers earn a small fee.

The Jelurida team will continue to update users and the public about their progress. So keep your eyes peeled for new and exciting information.

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