When you think of cryptocurrency, you might think only of Bitcoin. Contrary to popular opinion however, there are many currencies increasing in popularity. ARDOR is among them, and is particularly impressive on easy self-deployment of custom blockchains, which we will discuss in detail below.
What is ARDOR?
This is a public blockchain platform, and it allows individuals to use blockchain technology (a feature started by Bitcoin) through ‘child chains’.
Child chains are individual, customized blockchains that the larger (parent) blockchain hosts. This allows Ardor to host custom blockchains for users as a service. It uses the Java computing language, which makes it easy for the average business programmer to gain access and understand the system.
Why is ARDOR different?
ARDOR platform offers users benefits that are not very different from currencies like NEM. These include:
Aliases – you can conduct transactions with easy names, because all aliases end with a period before the child chain name (similar to how website naming works.)
Control of accounts – you can restrict access to your account, or even forbid transactions that do not have approval from multiple users.
Data storage – the platform allows you to keep your data secure on the blockchain, either public or private.
Secure message service
You can customize your monetary system
Allows use of plugins
Phasing transactions – this involves making transactions unconditional or conditional.
Alternative coins to use
ARDOR has the potential for increasing popularity with time. However, other coins provide viable alternatives, and we have put a list of some of them.
Lisk – founded in 2016, it aims to simplify development of blockchain technology, therefore allowing for faster transactions.
Bitcoin/XBT – the most famous cryptocurrency, from 2009. It is similar to ARDOR because of blockchain application system.
Ripple/XRP – based on open-source internet protocol currency, and formed in 2012.
Cardano – thought to be an open-source digital currency, and constantly evolves itself from research and scientific philosophies.
Ethereum/ETH – this is a 2015 decentralized software platform allowing smart contracts to operate without interference from third parties.
NEM – this is another blockchain currency from 2015, and utilizes Java script in its coding.
How ARDOR works
Each main blockchain acts as a ‘parent’ chain, and it will have multiple ‘child chains’, each with their own unique aspects and features. The aspects either can exist from the creation date or added later, and the development team at Jelurida (the founders of the currency platform) will assist in creating the initial child chains.
The operation of the child chains uses their own tokens native to them, therefore allowing them to act as distinct entities – but the parent chain will synchronize them together into the global architecture standard. All nodes on that network validate transactions that the child chains carry out.
Trading in ARDOR currency
You need to be careful when trading in the currency, especially on one-on-one basis, because some people may take advantage and become dishonest with dealings. The safest way to acquire the currency is through Asset exchanges (particularly the Nxt Asset exchange).
Nxt Asset exchange
Download, install and run the NXS (Nxt Reference Software). Ensure you choose a strong password when setting up your account.
On the NRS main page left toolbar, press the Asset Exchange button and enter your ARDOR ID in the search box.
Press ‘Add asset’, and then an interface will appear. This will allow you to trade ARDR<>NXT on the main blockchain.
Note that due to the system being blockchain-based, updates will happen after every one-minute intervals.
Certain exchanges offer ARDR exchange, such as Poloniex, Bittex, and Changelly. However, in order to use them, you will need to acquire another cryptocurrency such as Bitcoin or Ethereum and exchange it on the sites.
ARDOR prices and trading history
ARDOR is similar to other cryptocurrencies in price volatility, with the current price at $0.4298. The price has steadily decreased generally over the last seven days, with the highest price being $0.942, and trading volumes peaking at $8.4 million.
Is it worth trading in the coin?
This question is complicated, since even experts generally see investing in cryptocurrency as a risky venture with low returns. The reasons given usually cite the highly fickle nature, and the unpredictable rises and falls in value.
The success of investment will depend on the uptake by individuals and businesses. The currency will give you a nice return in investment, as well as whole IGNIS coins that you can sell when the value increases.
Cryptocurrency tends to be unpredictable in value, but this should not stop you from investing in ARDOR. It promises to make a difference in the financial world, but only invest in it if you are not afraid of possible losses.