What is Ardor (ARDR)?
ARDR is the native token of Ardor, which is an open-source multi-chain blockchain platform. If you're interested in the current ARDR price, check out the Ardor price chart above.
In essence, Ardor is a blockchain-as-a-service (BaaS) platform. It offers an entire ecosystem for businesses that want to create blockchains without the need to write code.
This ecosystem is created through a parent-child chain architecture. The main Ardor chain, the so-called parent chain, provides all the necessary security and transaction processing features. The child chains, which can either be permissionless or permissioned, are separate customizable chains that businesses can use to develop their own networks.
Child chains are equipped with all the capabilities required for their particular use case, as well as their own native tokens. Besides, all child chains are interconnected and share the same source code. Thus, numerous items, including assets, account properties, currencies, and so on, can be accessed from any child chain.
Due to the bundling system used by Ardor, all child chain transactions are stored in the main Ardor chain. The bundling system aggregates many child chain transactions into parent chain blocks. Once a child chain transaction is no longer required and its hashes are added to the parent chain, it can be safely removed from the system.
To secure the system, Ardor utilizes the forging Proof-of-Stake consensus mechanism. Users have to stake ARDR tokens in order to become forgers (validators). Forgers have to validate and create new blocks. For doing that, they are rewarded with transaction fees from the blocks they have forged. However, no new ARDR coins are created.
The project was launched on January 1st, 2018. That day, the Ardor price was reported at around $1.60. The asset grew rapidly in its first month, peaking at $2.55 within two weeks. However, this was followed by a period of steady decline. The ARDR token wrapped up its first year with its value down to $0.05.
Ardor saw a slight recovery in 2021, particularly when the broader crypto market sentiment was bullish. Nevertheless, that year the ARDR price did not go back above the $1 threshold, peaking at $0.50 in April.
The Founders of Ardor
Ardor was developed by Jerulida, which is a blockchain software development company. The company's goal is to help various businesses to integrate blockchain technology into their initiatives. Designing, creating, and deploying private, permissioned, or hybrid dApps on open platforms is made simple with Jerulinda. Other Jerulida initiatives that are related to the Ardor project include Nxt and Ignis.
The Nxt Network
Nxt is an open-source blockchain platform developed using Java. The network is powered by NXT tokens, which are used to pay transaction fees. Nxt has been one of the pioneering blockchain platforms since it was launched in 2013. It's the first blockchain platform to employ a pure PoS consensus mechanism and launch a fully decentralized crypto exchange. The Nxt software serves as an all-encompassing framework for the evolving distributed ledger technology. Its modular design makes blockchain adoption much easier since it can be expanded to accommodate any public or private use case.
The Ignis Network
Ignis, the primary child chain of Ardor, is a crucial component of the Ardor network. It is fully featured, permissionless, and suitable for regular transactions at reasonable costs. While the security of the entire network is provided by the parent chain, all child chains are actually developed on Ignis.
A fully decentralized asset exchange, market, data cloud, conditional execution of transactions, voting, monetary system, and other features are among the functionalities of Ignis.
Additionally, any operations (like asset issuance or account and asset control) that affect global entities (such as accounts or assets) of the whole Ardor network are, by default, performed on the Ignis child chain.
The Purpose of ARDR Coins
ARDR coin is mainly a PoS consensus token, which is required to participate in the consensus mechanism. It is used to reward forgers for their participation. However, Ardor tokens can also be used to pay the processing fees of Ardor child chains.
If you're considering buying Ardor tokens, bear in mind that the ARDR price is prone to change. This is caused by the broader crypto market trends influencing altcoins like Ardor.
Tokenomics of ARDR Coins
The max supply of Ardor coins is 998,999,495 ARDR. No new ARDR coin will ever be created. Therefore, this asset is deflationary. As the supply becomes more scarce, traders can expect the Ardor price to increase.
There was no ICO or other types of offerings held for ARDR coins since they were distributed among NXT token holders. The amount of ARDR tokens they received depended on the NXT balance they had during a three-month period in 2016.
