The world is increasingly moving towards digitization and it’s affecting enterprise businesses and governments everywhere. In order to maintain a competitive edge, businesses and government organizations must adopt digital transformation to be equipped for the future.
The internet has already completely transformed the way people do business and live their lives. New business models have arisen and many businesses can’t operate without the internet and technologies digitization has brought about.
Now, the latest technologies transforming business models and the way they operate are cryptocurrencies and blockchain technology. We are beginning to experience an influx of blockchain solutions infiltrate enterprise businesses and this trend is expected to explode.
Even China's President Xi Jinping said the country needs to accelerate the development of blockchain technology and declared blockchain “an important breakthrough”.
At the forefront of blockchain innovation in enterprise business are people and projects who are providing businesses and blockchain developers with the tools and solutions to adopt and implement this innovative technology.
One such project doing just that is Ardor (ARDR) – a public blockchain platform that offers businesses and blockchain developers the tools to build successful blockchain applications right out of the box.
Ardor simplifies the transition to adopting innovative blockchain solutions by providing a multichain blockchain platform that provides quick, easy, cost-effective, and scalable ways to use blockchain.
In the following article, I provide a comprehensive and subjective look at Ardor (ARDR) so that you can fundamentally understand what Ardor is and see the value proposition of its cryptocurrency ARDR. I delve into its unique characteristics, its history, purpose, partnerships, as well as its issues and controversies surrounding it.
So buckle up and enjoy this comprehensive guide to understanding this innovative blockchain-as-a-service platform (BaaS) – Ardor (ARDR).
History of Ardor (ARDR)
Therefore, Ardor’s history dates all the way back to 2013 with the launch of NXT, which is one of the first-ever ICO’s to launch a cryptocurrency. NXT was created and designed to allow companies and other entities to implement their own blockchain solutions, create new tokens, and begin using them out of the box.
At the time, NXT was a very well respected and established project with promising capabilities. However, the idea and technology behind NXT was so new and experimental that it eventually ran into some crippling problems.
However, the team and developers never stopped working on NXT and began building new solutions with NXT’s core technology.
In 2016, the Ardor asset was issued on the NXT blockchain and Ardor tokens were distributed to NXT token holders after a 3 month snapshot period. In 2017, Ardor’s development really kicked off and Ardor’s own blockchain officially launched with the genesis block timestamp on January 1, 2018.
Now to be clear about Ardor’s development, launch, and ties to NXT:
- Ardor’s tokens were distributed to NXT token holders, as well as Ardor ICO participants.
- The Ardor blockchain includes every feature supported by NXT.
- Ardor solves NXT’s existing problems and features new functionalities by creating multiple chains.
- Ardor’s blockchain is more secure, faster, and scalable than NXT.
As for Ardor’s token supply, the maximum, total, and circulating supply of ARDR tokens is just under 1 billion, 998,999,495 ARDR. The peak price for Ardor was $2.03 on January 13, 2018.
Purpose of Ardor (ARDR)
Ardor is an open-source multi-chain platform that evolved from the NXT codebase and blockchain. It was designed with a unique architecture that overcomes many existing blockchain technology problems and ensures scalability.
Ardor’s blockchain design introduces a parent-child chain system where the network security and transaction processing is handled on the main “parent” chain, and the child chains’ serve businesses with ready-to-use blockchain solutions.
Therefore, Ardor is a blockchain-as-a-service (BaaS) platform and its purpose is to deliver an easy to use and scalable blockchain solution for developers and businesses.
With Ardor, businesses don’t need coding to set up their own blockchain and they benefit from the security provided by the parent Ardor chain as well as rich functionality from their child chain. This design opens up the door towards the mainstream adoption of blockchain technology by providing quick, easy, cost-effective, and scalable ways to use blockchain.
Fundamental Features Ardor Offers
All child chains on Ardor have their own native tokens which are used for paying transaction fees, as a unit of value storage, and a variety of ready to use features. Each child chain is its own customizable blockchain within the Ardor ecosystem.
Ardor provides scalable blockchain solutions by safely removing (“pruning”) the unnecessary child chain data once they are no longer needed and included in the permissionless Ardor parent chain. This helps to prevent the bloating of the Ardor blockchain network.
Ardor’s team is also working on implementing the parallel processing of transactions to increase the overall network throughput even more.
All child chains are interconnected and their native tokens are interoperable, meaning they can be traded on the built-in fully decentralized exchange. As well, objects such as assets, account properties, currencies, data, etc. are accessible for the whole child chain ecosystem.
Proof-of-Stake (PoS) Consensus
Ardor’s protocol is extremely efficient because it uses a 100% PoS consensus algorithm that has been developed and perfected since 2013 with NXT. There’s no need for expensive and energy-intensive hardware, anyone with a desktop or mobile device can participate in the network.
Ardor (ARDR) Issues and Controversies
Upon researching Ardor, I found it rather difficult to dig up any dirt on the project. However, one thing that is clear to me is that the project has a lot of competitors.
To list a few other blockchain BaaS platforms with parent-child chain technology, there’s NEM (XEM), Lisk (LSK), and Aelf (ELF). All of these platforms offer many similarities and are competing in the same market.
Also, that’s not to mention Ethereum (ETH), which is also providing enterprise businesses and organizations with blockchain-based solutions. Other competing projects include EOS (EOS), Cardano (ADA), and many others.
All in all, the cryptocurrency industry is highly competitive and speculative, making it difficult to stand out from the crowd and gain market share.
Another underlying issue surrounding Ardor is that its total and circulating supply is rather large, just under 1 billion tokens. This makes it difficult to see the ARDR token’s value proposition, especially since Ardor’s blockchain is not yet widely adopted.
Ardor Partnerships, Services, and Working Products
Ardor claims to have multiple organizations building with its blockchain technology. As per the Ardor platform website, the companies building with Ardor include:
- Max Property Group
- UST Global
- ESPACIO IT
- Smart Voting
- Tarasca Art & Games
- ezy Count
Out of these partnered companies, the ones who have built on and utilize Ardor’s child chains are:
- MPG / Max Crowdfund
Products & Services
The parent company behind Ardor offers customers three separate services relating to their Ardor BaaS platform:
Ardor Child Chain Creation
The creation of an Ardor child chain is managed by Jelurida based on a contractual agreement between Jelurida and the child chain operator. Jelurida ensures that new child chains have viable business use cases and contribute to the viability of the Ardor platform.
Private Blockchain Implementation
Jelurida can provide its Ardor blockchain technology for commercial or academic purposes in permissioned environments. This is a more technical task and required support from Ardor’s core team.
Businesses' interested in exploring how blockchain technology can help them can receive training and consulting for using Ardor’s blockchain technology. This service offered by Jelurida is meant to promote the adoption of Ardor.
In addition to the above services and the public Ardor blockchain itself, Ardor also features the following products which help individuals and businesses utilize Ardor’s BaaS platform.
There’s no question that Ardor is doing some interesting things in terms of blockchain interoperability, scalability, and security. The parent-child chain architecture Ardor has adopted is unique and promising. It opens the door towards mainstream adoption of blockchain technology and is already proving itself with multiple child chains built on Ardor.
However, there are multiple other blockchain development platforms providing stiff competition for Ardor. While Ardor has a strong team with lots of experience and business expertise, it will be difficult to outpace other leading platforms like Ethereum and EOS.
That being said, it’s worth keeping a close eye on Ardor over the coming months and years as the project already has some working products and is beginning to become adopted.
What do you think about Ardor (ARDR)? Will it become one of the leading blockchains to onboard enterprise businesses? Let us know what you think in the comment section below.