The cryptocurrency is a cryptography secured digital or virtual currency. Cryptocurrencies are decentralized networks based on blockchain technology, a distributed ledger enforced by a different network of computers. A distinctive feature of cryptocurrencies is that they are usually not issued by any central authority, representing them as invulnerable to government interference or manipulation. These advantages and many other leads make Cryptocurrencies good candidates for investment. Here we introduce Ardor (ARDR) Cryptocurrency.
What is Ardor (ARDR)?
Ardor is a blockchain-as-a-Service (BaaS) platform for individuals and other entities. BaaS is a third-part cloud-based infrastructure for companies building and operating blockchain apps. It is a kind of web host to run back-end operations for an app or platform built based blockchain. Ardor uses the unique parent-child interface that helps individuals and corporations offload the burden of technical challenges required by BaaS platforms such as Microsoft.
Ardor: roots and history
Jelurida, the Swiss software firm, launched Ardor and NXT’s blockchain ecosystem to develop a value transfer blockchain technology. Jelurida, as an experienced blockchain development team, launched Ardor on January 1, 2018, via a crowd sale of its first child chain, IGNIS. Jelurida could earn $15 million. In the meantime, the team co-founder with a legal background manages the legal implications of open-source architecture and applications on the blockchain. Ardor’s main competitors are Lisk and Aelf, which use child or side chains, even though both adopt the Delegated Proof of Stake protocol instead of regular Proof of Stake.
How does Ardor work?
Companies can benefit from the Ardor child chain to build their services, while these child chains in themselves take advantage of security updates and other benefits provided by the Ardor parent chain. In addition to offering advanced security features, Ardor enjoys the significant advantage of being energy efficient. The Ardor energy efficiency uses a Proof of Stake method instead of Proof of Work.
The Ardor arrives at consensus through a distributed system, effectively eliminating mining competition. The Ardor does not require the users to get costly hardware or pay high electricity bills. The NXT developed Ardor that eradicates the blocks inflating, scalability, and versatility problems as a Proof of Stake (PoS) consensus mechanism. Furthermore, as uniquely designed, this platform allows the synchronized presence of multiple blockchains, known as child chains. Child chains hold many features, and the parent Ardor chain guarantees its security globally. The child-parent chain simultaneously offers the user functionality and security.
Here we should add that no one can mine Ardor. The Ardor site, similar to its parent platform NXT, works by a Proof of Stake model, meaning that it has issued all coins from the beginning of the project with no plans to release more.
Why choose Ardor?
The NXT development faced three challenges that Ardor was to solve. Generally, these challenges include single token use, blockchain bloat, and cloning concerns. Therefore, the Ardor team overcame the above problems by providing practical solutions to them.
The single token use problem means that the developers face difficulty designing apps that adopt blockchain transparency. Blockchain bloat occurs where network growth by increased transactions leads to duplicated data in every node over time. Bloat increases transaction fees by impacting transaction speed. The Ardor multichain architecture solves the problem of bloating. It is easy to clone a blockchain; however, maintenance is the problem. Organizations create clones to help obtain custom blockchain networks to meet their specific needs. Clones, including separate blockchains, lacks a link between the original and the new blockchain to run modified versions of blockchain software. The cloned blockchain suffers security issues.
Technology analysis indicates that Ardor is pretty a long-term investment. Estimates show that the investments return in 1 – 2 years. The Ardor price is likely to keep on growing little by little in the upcoming years. The Ardor multichip blockchain platform with a parent-child chain architecture is key to the flexibility required with various use cases that open the door towards mainstream blockchain technology adoption. Therefore, this platform offers the security of the whole network with all functionality.