Ardor’s innovation in blockchain is not one that can go unnoticed. Its child chain platform allows anyone from individuals, startups and large corporations to easily build their own Blockchain service. This blockchain-as-a-service (BaaS) framework, that incorporates several blockchain uses asides crypto, now has a new and improved third version that promises to serve developers better.
What is Ardor?
Launched in 2018, Ardor is an open source multi-chain platform that seeks to make blockchain services available to anyone. Ardor brings a unique level of scalability and security to blockchain.
Like Ethereum, Ardor works on smart contracts. Uniquely, it offers blockchain solutions that can be easily deployed at very low-cost, high level scalability and security.
Ardor’s child chains allow for the trading of any other asset, and also Decentralize voting and governance systems.
Phased transactions is also one feature present on the Ardor platform. Phased transactions are transactions that allow for the creation of terms and conditions before the transaction takes place.
According to the pioneers behind NXT, the platform eliminates the barriers to using blockchain solutions
The Ardor design also meets a large number of market requests.
A decentralized asset exchange.
Individuals are able to trade assets on any child chain. This means anyone can create and trade a child chain token with the unique Ardor child chain feature. Child chains can independently interact with one another under the Ardor parent chain.
Governance systems and decentralized voting.
The blockchain network is one that offers virtually all block chain services. All child chains on Ardor have a secure and anonymous voting feature.
Prior to a transaction, the network will enable users to set conditions for the transaction. Such conditions include; minimum number of votes and transaction time.
Smart contracts is a key feature of the Ardor platform. The feature comes with a level of ease that requires little level of expertise. This is particularly good for individual users who lack such expertise.
The feature will require users to submit the parameters for the contract and ID the transaction type. The smart contract feature on Ardor, unlike most networks, is completely decentralized, making it arguably the most secure smart contract platform.
Blockchain-as-a-service became popular in fintech after the launch of Ethereum in July 2015. Over the years, blockchain has been proving that there’s more to it than crypto, several developers and innovators are making it clear that it can bring a lot of ease, security and efficiency to several systems of the world.
Additionally, it can cut a lot of cost associated with running a lot of systems. A lot of companies are already using blockchain to create more efficient systems such as governance and logistics.
Initiatives such as Ardor are now making the technology accessible to anyone, making it easy to make easy to customize blockchain services that could lead to blockchain innovations.
Updates to Ardor 3.0
Pruning of child chain transactions is one of the major updates on the Ardor network. This means that a transaction that will affect the calculation of proof of work consensus algorithm, does not need to find a chain with the best cumulative difficulty.
According to the document summarizing the changes in Ardor 3.0, developers who built on version 2 will easily transition to the new version.
Interestingly, a tweet by NXTER magazine revealed that a mobile phone could easily run an Ardor blockchain, smart contracts, Dapps (DeFi applications) with 0 cost fees.
No cost to running DeFi applications could be a major competitor for the ethereum blockchain that requires exorbitant fees to run DeFi protocols.
However, Co-founder of Jelurida, Lior Yaffe, has said that “While #Ethereum based #NFT projects are faced with high transaction fees, #Ardor and #Ignis based singleton assets are shaping up to be a viable option providing low fees, simple APIs and a decentralized asset exchange out of the box.”
With a use case event coming up on the 25th of February, Ardor could be opening up a new alternative in the world of Decentralized Finance.