What you'll learn 👉
Table Of Contents
Introduction
Ardor is a platform that offers blockchains as a service. It is a Blockchain-as-a-Service platform. Ardor is one of the coins we have listed as top altcoins for 2018.
Through NXT, a cryptocurrency with its program code, the company can offer so-called childchains. Ardor Coin (ARDR) is the associated cryptocurrency for the platform.
It has a market capitalisation of 364 million US dollars, of which 4-6 million are traded daily.
Ardor Coin – The Cryptocurrency
Ardor works with two types of blockchain: the main blockchain and childblockchains. Ardor works with NXT, a cryptocurrency that works with its program code.
Unlike Bitcoin, all coins exist via NXT from the beginning.
The cryptocurrency is designed to be financed by transactions. NXT uses the forging principle.
Users who have found a block through forging are awarded transaction fees. Accordingly, Ardor also works with the proof-of-stake algorithm.
The Ardor Coin cryptocurrency comes into play at the point where transaction fees are charged within the Childchains.
The chains collect transaction fees and pay them in Ardor Coin to the main blockchain. This also applies to Childchain tokens.
They are first collected on the Childchain and then paid to the main chain in Ardor Coin. All Childchains are connected to the main chain of Ardor.
On the one hand, the main chain processes all transactions of all childchains and on the other hand, it stores all Ardor tokens or Ardor coins.
Through the main chain, it is also possible to exchange accounts between Ardor Coins accounts.
However, other features are only available on the Childchains, because they would unnecessarily burden the main chain. This ensures the performance of the main chain.
Because the blockchain works 100% with the proof-of-stake, no additional processing by mining is required as no new tokens are created.
Each block containing all subordinate chain transactions is processed in about 60 seconds.
Childchain transaction data is compressed so that the size of the blockchain remains independent of the number of childchains.
Ardor is developed by Jelurida, the core development team of NXT. Creating a Childchain allows users to use the Blockchain technology for their own business.
Only the installation of a Childchain is done manually. Afterwards, the creation of the Childchain is done almost automatically.
In this way, users can have their blockchain. They can hold and trade assets on it.
Don’t forget to check out our initial coin offering list here.
Ardor Coin – Features
With NXT, Childchain users can have the following features.
On the one hand, aliasing, which means that transactions can be carried out with names.
They replace wallet addresses. Each name has an expiration date. Furthermore, all data is saved in the blockchain.
Users can decide whether this should be done publicly or privately. Data has a time stamp.
Childchains users also have full control over their accounts. No approval from other parties is required. A messaging system is also available to users. Of course, it’s encrypted.
This enables data and messages to be sent on a decentralised basis.
Furthermore, Coins can be mixed quickly and efficiently by CoinShuffling, i. e. the mixing of Coins to increase the private sphere.
Decentralized polling for secure and anonymous voting can be held.
This is the basis of the proof-of-stakes. Plug-ins can be integrated to enhance and customise functionality.
Users can also plan transactions through phasing. Users also have a marketplace where they can trade assets.
Conclusion
The Ardor test network is open to everyone.
The primary purpose is to enable users to test the various features of Ardor so that developers can optimise the blockchain platform for the mainnet launch in the third quarter of this year.
By establishing childchains based on the NXT program, users have their blockchain at their disposal.
You can’t buy it directly for fiat on any exchange. You can choose the best crypto exchange for your region and but BTC there, then trade it for ARDR on exchanges. Learn here how you can instantly convert altcoins to bitcoin and vice versa.
Our recommendation is always check if Coinbase is available for your country and buy there – as it is by far the safest and best regulated bitcoin exchange. Coinbase is legit and safe cryptocurrency exchange.
If your country is not available on Coinbase – check for exchanges that are good Coinbase alternatives (such as Cex.io or Indacoin) and buy BTC on one of those exchanges. You can always exchange your coins on Changelly (see our review of Changelly here), instantly and directly to BTC.
Best and safest option to store your coins is to download an official coin wallet and store it on a hardware wallet – our recommendation is just go and buy Ledger Nano S, it is the safest option.You can read our review of Ledger Nano S or check out other best hardware wallets here.
This is my personal favorite to take over the market after bitcoin.