Ana Sullivan

The Ardor Project is Impossible to Understand

by Ana Sullivan February 5, 2018

Ardor (ARDR) is a blockchain-as-a-service platform which gives people the opportunity to utіlіѕе the blосkсhаіn tесhnоlоgу оf Nxt thrоugh thе use of сhіld сhаіnѕ. A child chain is a “light” blockchain that can be customized to a certain extent and it is designed to allow easy self-deploy for your own blockchain. Ardor was created by Jelurida, the company of the core development team of Nxt, with the main idea to provide low-cost, low-risk, fast platform which, in turn, enables organizations to work together. In other words, Ardor offers to build blockchains for other companies as a service.

The NXT technology is one of the first that were created after Bitcoin and Ardor is its main chain, aka parent chain, which is responsible for providing security in a global level for the child chains as well as processing their transactions and processing power for them. Ardor`s first child chain is Ignis which relies on its IGNIS tokens for its operations. The Ignis initial coin offering was conducted from August 5th, 2017 until November 4th, 2017 and it was able to generate 167 million NXT, which were converted to Bitcoin, Ardor, and fiat.

The current price of ARDR is $0.389079 after a huge decrease (on January 12th, the price of the coin was $2.03 USD). There are 998,999,495 ARDR coins which are all in circulation which gives Ardor a market cap of $388,689,725 USD.

A lot of people find this project very confusing, which, let`s be fair, it is. Basically, Ardor is the offshoot of Nxt, and Ignis is a child chain of Ardor. All over the forums where Ardor is discussed, people are asking someone to explain everything to them as if they are five years old. This, of course, doesn’t say anything in particular about the project but it should say something to you. If you are not quite aware of how all of this works and you don’t understand it completely, experts` advice is to stay away from it. This is a simple rule and yet, many fail to follow it.

Also, one of the main problems with Ardor is the warning Jelurida make, namely that the Nxt system features allow for the creation of fake coin, which is very surprising since it is general knowledge that cryptocurrencies cannot be forged. But in the case of the Nxt network, fake tokens can mimic legitimate ones and confuse the user. In addition, one of the big concerns when it comes to investing in tokens is how convenient and easy these tokens are for holding and controlling. In this case, storing and holdings Ardor or Ignis tokens is a technologically involved process. First, you need a Nxt wallet and then you need to wait for the Ardor snapshot to move into another holding structure. As a result, Ardor strikes us as inconvenient. Of course, there is always a possibility for you to store your tokens of Bittrex or Poloniex, provided that you accept all the potential risks, which are many.

Trading with cryptocurrencies of all kinds is an extremely dangerous business not only because of the lack of clarifying information and the volatility of the prices but also because scam coins and fake projects are not something made up by skeptics. There are plenty of real cases to back this statement up. There is a high chance that you invest your money and then not only don’t make a profit but also lose everything you invested in the first place.

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