Ardor coin hasn’t had the most stellar of months. After gravitating around $0,15/2366 satoshi for some time, the coin experienced a strong breakout on July 18th. The price expressly rose to $0,274/3698 satoshi in under a day, and has since gone into a pretty strong retraction. Currently one Ardor coin will set the purchaser back $0,186818 USD (which is a drop of 0,55% in value throughout last 24 hours) or 2275 satoshi (a drop of 1,62% in that same time frame). The coin’s trading volume has somewhat picked up as of late and is sitting at the levels of 636 BTC for the day. The market cap of the coin is at $186,631,088 USD, making Ardor the 60th most valuable cryptocurrency on the market.
Metatr0n from TradingView provided the analysis above, saying:
“I’m not religious but WWWD? (What Would Wyckoff Do)“
The massive spike the coin experienced at the beginning of the second half of the month was a result of a special event, one that every new coin dreams of happening due to its inherent potential to cause its price to rise. The Blockchain-as-a-service project was recognized as a coin of great potential by the team of Binance, which decided to officially list Ardor on July 18th. The coin is currently tradable with Bitcoin, Ethereum and Binance Coin trading pairs.
The project is based on the NXT infrastructure and allows companies to build their own blockchain products on the Ardor platform, with Ardor functioning as the parent chain. The Ardor Platform uses the Proof-of-Stake consensus algorithm which eliminates mining competition; therefore nodes can use low energy and economical hardware. This enables the platform to be powered by solar energy-based power sources. Some of the key features of the platform include:
- Child chains
- Lightweight contracts that don’t require the entire network to run
- Data cloud which reduces blockchain bloat for individual nodes
- Dead man’s switches on child chains
- Built in blockchain voting and messaging
- Built-in coin marketplace
- CoinShuffle features
Ardor already has a child chain named Ignis, which was created by the Jelurida B.V. development team to prove and test Ardor’s performance. As said previously, Ardor is based off the Nxt cryptocurrency, which was previously launched in 2013 and was the first platform to successfully implement a PoS algorithm. Nxt’s main problem is the size of its blockchain which made every node download insane amounts of data; Ardor fixes this with the implementation of parent/child blockchain dynamics.
The company’s focus currently seems to be promotion and getting the word about the project out into the cryptosphere. Another child project seems to be in the workings; its name is Dominium and it will hold an ITO in August. The development is coming along well, as Ardor devs are currently proposing a Q&A site for developers and users of the Ardor and NXT distributed computing platform which runs the blockchain for the Ardor, Ignis, NXT, and other child chains. It remains to be seen how successful Ardor will be in the sea of BaaS projects out there, but it surely has all the fundamentals required to put up a good fight.