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NXT And Ardor: The Future Of Cryptocurrencies

There is a myriad of parallels between the development of cryptocurrencies and the development of the internet. During its inception, the internet was limited in scope, and only a few organizations were able to use it effectively. However, the advent of the internet 2.0 marked the change to a less rigid and more feature-packed global network. In the same way, the future of cryptocurrencies lies in the creation of better blockchains that allow better features while maintaining the main benefits of confidentiality, security, and decentralization. One of the pioneers in this new shift is Jelurida, the creator of NXT and Ardor.

 
Jelurida

How are NXT and Ardor different from Bitcoin and Ethereum?

NXT and Ardor are blockchains that are effective alternatives to the initially more established chains of Ethereum and Bitcoin. This is a bold new step in cryptocurrencies, as the blockchains are not built on the same layers as the others. As a result, there are some inherent differences. One example is the shift from a proof-of-work protocol to a proof-of-stake.

Bitcoin has been based on the former architecture, making it effective as a store of wealth, but with slow transfer speeds limiting its applicability for payment processing. Ethereum may eventually shift to the proof-of-stake architecture, but this is after being originally founded with proof-of-work architecture. As a result, the payment processing speeds are not as effective, and the mining process requires a lot of hardware power.

This is where Jelurida comes in - the NXT Blockchain - their flagship product, is a lot more energy efficient than both Ethereum and Bitcoin. It is also a lot more stable than the two.

Ethereum has been subject to multiple severe security breaches that have wiped out investor’s savings. NXT has been operational since 2013, and there has been no security incidents since then. Furthermore, the blockchain is a lot more stable despite the lower capitalization. This success can be attributed to the technical team that has repeatedly been testing the blockchain to ensure that the source code is continually updated.

What are NXT’s key features?

NXT has been an alternative to Bitcoin and Ethereum for the past four years. During the development and subsequent maintenance of the blockchain, some noteworthy features have been implemented, with a number of them unique to the NXT Blockchain. The first is the decentralized nature of the asset exchange. The NXT ledger is decentralized to provide greater security from malicious individuals who would seek to steal from the users of centralized exchanges. Second, the voting system has been developed to allow the development of polls with flexible ways of counting votes.

Additionally, assets can be created and traded, and digital goods can be purchased through the platform without having to rely on a centralized management system. Since the blockchain was implemented in JAVA - the industry standard language for financial applications, there are a lot of other features that have been continuously added, such as conditional transaction execution, assigning properties to accounts and encryption of messages sent over the network. Finally, all this functionality is available for customization using the NXT API which supports more than 200 requests types that can be used in more functional layers.

One feature that is inherently different from other blockchains is the use of smart transactions. This should not be confused with the Ethereum smart contracts. Smart transactions use the conditional transaction execution feature that enables multiple parties to participate in the confirmation or rejection of a transaction. Additionally, it is more efficient since it is 100 percent based on the proof-of-stake protocol. The NXT Blockchain is a second generation blockchain that is distinctive from the others in the industry. As a result, the NXT coin is a completely new cryptocurrency, designed from the beginning to do much more than just value transfer.

How does Ardor differ?

The NXT Blockchain proved that there is a better way of creating altcoins without directly copying Bitcoin. Ardor is the next step in the design. It is based on the NXT blockchain giving it the same reliability and stability. It is also written in JAVA allowing the easy improvement of the blockchain by open source developers familiar with financial software.

One specific area of improvement is the development of the parent-child architecture that makes it unique in the cryptocurrency market. The parent chain is responsible for processing and network security. These are core functions that should not be delegated. The child chains can maintain operational functions that are important for the success of the cryptocurrency. The features again include voting on polls, sending messages and creation of assets and also many new ones, such as coin exchange, composite phasing, and asset control.

You may be curious about how the transactions are recorded on the blockchain. Since the architecture is based on the parent-child approach, a bundling system was created to ensure that the Ardor ledger is updated with child transactions. In the process, multiple child chain transactions are packed into one child-chain-block using the bundling process. Thereafter, a small fee is paid to the Ardor parent chain, and the block is recorded to the main blockchain.

As unconventional as the architecture may be, it is an improvement over the existing layering approach used by other altcoins. The child-parent architecture leaves the security of the blockchains in the hands of the Ardor parent blockchain. This gives altcoins based on the platform the same high-level security and encryption at a fraction of the cost. At the moment, Ardor is running on testnet, and a full launch will occur in the fourth quarter of 2017.

Jelurida

The brain behind both NXT and Ardor is Jelurida. The firm has been maintaining and developing open source blockchains for years. The quality of the products is evident with NXT and Ardor offering a truly different take on the creation of cryptocurrency blockchains. Not only are the blockchains more feature packed, but they are also more secure than competitor products. Apart from the open source market, Jelurida has also been developing private blockchains for enterprise customers. The blockchains offer 100 percent protection from cyber-attacks while minimizing fraudulent transactions from happening. Most of our clients are in the data transfer and banking sectors, like BNP Paribas.

Presently, Jelurida is in the process of launching the Ignis cryptocurrency as the first altcoin based on the Ardor blockchain. The first round of the ICO was launched a while ago, and it was well received in the market. The second and third rounds also received great support from investors and fully sold out. On 23rd September, the fourth round of the ICO was launched with the aim of raising at least €5 million. You can take part in the ICO from the Jelurida website, or using the NXT wallet software.

The Ignis tokens will provide the essential currency that will facilitate transactions on the Ardor ecosystem. This will be the base currency that will be accepted for the parent-child block transaction recording. As a result, there is already a unique function for the coins indicating that it will continue to appreciate in value.

Despite the launch of Ignis and the Ardor blockchain, Jelurida will continue to maintain the NXT blockchain. It can still be used in other areas that do not require the more complex parent-child architecture of the Ardor blockchain. It is also expected to yield revenue in the commercial field where the third-party project can be based on the platform.

What does the future hold?

There has been an upsurge in the figure of technology firms with ICOs for different blockchain-based startups. This trend is expected to increase as more applications for blockchain technology are being discovered. The stability and security offered by NXT and Ardor blockchains will make them a popular platform for firms seeking to utilize the unique crowdfunding feature. Using the Ardor or NXT platform may save these start-ups capital because their security and transaction processing needs will be provided by the host blockchain. Already the Ignis ICO has been quite successful for Jelurida, and several more are expected.

Investor opportunities

For an investor’s point of view, Jelurida is providing something completely different from the myriad of cryptocurrencies in the market. Most of them are based on the Bitcoin or Ethereum blockchains. Investing in more cryptocurrencies on the same platform may be redundant. The best way of minimizing risk is by diversifying your portfolio. The same business acumen should be used in the cryptocurrency market.

Investing in NXT, Ardor or Ignis will give you a completely different channel. This will inherently have a different trend from the Bitcoin or Ethereum based cryptocurrencies. In the event of any catastrophic market crash on either of these platforms, the NXT and Ardor blockchains will remain relatively unaffected. Furthermore, Ardor and NXT are based on an architecture that is easily adjustable to ensure that threats are responded to in advance.

Apart from diversification, earnings are important to every investor. If you consider the state of the other blockchains, they are either in the second or third stage of their evolution. The investors who invested when Bitcoin and Ethereum were still new have achieved handsome profits. After this, most of the profits are earned through speculation. NXT, Ardor, and Ignis offer you an opportunity to invest in a fast-growing platform while still in its infancy. The superiority of the blockchain is undeniable. All that is left is market exposure and growth. If you invest early, you will make a tidy sum for yourself while growing the blockchain.

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