What is Ardor?
Ardor is a derivative of NXT platform which allows anyone to create their own blockchain for specific and personal uses for a fee which can be paid via the native token, Ardor (ARDR). The Ardor main blockchain is called the “main child chain” while the user created chains are called “child chains.” As one of the older token-launching cryptocurrency platforms in existence, NXT enjoys a long-standing reputation as being safe and secure, making it a worthy platform of choice for Ardor to host its independent operations.
History of Ardor
The Ardor Testnet was launched in Q1 2017 and in Q2 2017 several major updates took place including the implementation of Smart Phasing and By-Property Phasing. As a child chain, the Ignis ICO was launched during Q3 2017 and its first-of-a-kind asset control mechanism was implemented. The Ardor mainnet was launched on Q4 2017, and soon afterward BitSwift became one of the early adopters of the network. There are several ETH, BTC and USD pegged child coins that use Ardor which are backed by 3rd party business entities.
How Ardor Works
Creating a blockchain is a technical task but the need of using blockchains for every digital purpose is growing rapidly. Ardor utilizes the NNXT (NXT) network and presents a decent interface to developers for the development of child chains (side chains). Processing takes place on the Ardor main chain and thus frees developers from the associated worries of maintaining their blockchain. Child chain participants can take part in decentralized processes of phasing, voting, trading and more. The ARDR token itself is used to pay for charges associated with use of the Ardor main chain.
- Data Cloud: Using the irreversibility of records on blockchains, one can keep sensitive data in the Ardor main chain where it is permanently stored and timestamped.
- Voting Power: users can take part in completely anonymous and secure voting. Nobody can hack Ardor voting systems or change its outcomes because it is all permanently recorded on the blockchain.
- Phasing: It is easy to create conditional payments or payments in future (deferred execution) on the NXT network , a feature which Ardor inherits.
- Decentralized Marketplace: The marketplace allows all users to buy and sell items and services from one another, even if they reside on different child chains.
- Aliasing: Funds can be transferred to a ‘name’ instead of a complex wallet address. This makes conducting transactions easier.
- Account Control: Users can secure an account or transaction authorization using multiple signatures. This greatly improves the usability on DAO or private company networks.
- Monetary System: Child chain creators can easily create their own coins and name them whatever they want.
- Plugins: An abundance of pre-existing plugins allows developers to instantly add more features into their child chains. This saves extra effort needed when installing common features.
- Child Chain Interoperability: The user of a child chain on the Ardor network can trade seamlessly with the user of another child chain and exchange assets independent of the need for an exchange.