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Ardor

What is Ardor?

Positioning itself as a scalable blockchain-as-a service (BaaS) platform for entities and individual users makes Ardor a viable resource. There is a lot of interest in blockchain technology in the world, from individuals and corporations alike. However, most of this enthusiasm is killed by the inability to develop custom solutions that meet unique user needs and demands.

A BaaS model makes things easier for users because it addresses most of the challenges that they might have. Ardor is shoring up competition against some of the most popular BaaS platforms like Microsoft by taking on a different approach in terms of the technical elements.

Ardor has a unique parent-child interface which takes all the hard work and technical challenges away from individuals and corporations that need to use the BaaS.

Instead of worrying about security challenges, patches, and timely upgrades, Ardor takes care of all that as the parent chain. Companies, for example, can now build their own services and products in Ardor using child chains. The child chains, however, enjoy the perks of security updates and other benefits that are offered by Ardor’s parent chain.

The concept of side chains has become an issue of great interest in blockchain technology, and this explains why Ardor is getting all the right attention. Other than offering security features, Ardor as a BaaS is also designed to be energy efficient. This is a huge advantage over most of the other players in the market.

The energy required to run a BaaS might not be the same as the energy required for mining cryptocurrency, but by adopting a proof of stake method over proof of work makes Ardor less energy intensive.

Ardor does not hog resources either. Users do not need to invest in very expensive hardware or spend a lot on electricity to run this BaaS platform. This is because consensus in Ardor is done through a distributed system, thereby eliminating mining competition.

What is the problem that Ardor Solves?

Ardor is built on the Nxt platform. Nxt was introduced a second generation cryptocurrency, in an attempt to expand the use of blockchain technology into value transfer.

In the course of the development of Nxt, three main challenges were imminent, which Ardor was designed to solve:

  • Single token use
  • Cloning concerns
  • Blockchain bloat

Single token use – All the features in the platform must use the NXT native token. This includes the block generation process, paying transaction fees, transfer of value, pricing asset exchange orders, the prices of items that are traded in the marketplace, and transferring assets over the blockchain.

The problem with this is that it becomes difficult for developers to design apps that transparently use the blockchain. The system in place should not force users to use NXT for transactions. Other than that, the value of currencies and assets should not be forcefully fixed in NXT.

Cloning concerns – It is very easy to clone a blockchain. The problem that most organizations encounter is maintenance. Organizations create clones to help them obtain custom blockchain networks that meet their unique needs, complete with a transactional token. How does a clone work?

A clone is simply a separate blockchain that runs a modified version of the blockchain software, but there is no link between the original blockchain and the new blockchain.

While this might work, it raises a lot of concerns for small or medium-sized companies. A cloned blockchain does not offer the same level of security as the parent blockchain. It will lag behind in terms of security updates, and feature development, especially if it is implemented by someone who is not well versed in Nxt software.

Blockchain bloat – One of the major challenges that most blockchain platforms have is blockchain bloat. This is a situation where all nodes are tasked with storage and reprocessing of transactions. Nxt is not spared from this either. When new nodes are created, they must reprocess all the data when they download the blockchain. This problem arises because of the fact that some blockchain platforms might not be trustworthy.

The problem with such bloating is that it creates a bottleneck, and the system gets overloaded as the blockchain increases in size. With more users coming on board, the need to push more transactions per second is ever important, and this takes a toll on the blockchain. Bloat in the blockchain is a problem that needs to be addressed fundamentally to allow true scalability and to make the blockchain platform future-proof.

How does Ardor Solve the problem?         

In a structural capacity, the Ardor parent chain only maintains transactions that affect the forger balances. Therefore, all the other transactions by the child trains are pruned.

This leaves a cryptographic proof that the transactions were carried out. When using an Ardor child chain, users will only work with the child chain token both for paying the transaction fee, and value transfer.

Should a business require their own blockchain, they would not need to maintain their own server network, forging network or be concerned about the security of their system.

To join the blockchain, a new node has to validate the parent-child transactions. This is a very small representation of the transactions that pass through each child train over the past 24hrs. Other than that, the new nodes load snapshots of the current state of the blockchain from the existing nodes. This includes the aliases, properties, and account balances.

If, as an individual or an entity you need to pull information for bookkeeping purposes, like the transaction history, you will only need to set up an archival node. This node maintains all the transaction information depending on the instructions set.

If currencies or assets have been issued on a child chain, users have to pay transaction fees in the coin used in that child chain. In fact, the API has been streamlined in such a way that users might not be aware they are using a blockchain in the Ardor network.

The design of the Ardor network is aimed at reducing the number of transactions held in the blockchain while maintaining the network security credibility. This is a single token dependency solution that makes blockchain features readily available to users and organizations.

Business entities find Ardor coming in handy for their BaaS solutions because it provides convenient and secure blockchain applications and solutions with the dev team always available for support.

What makes Ardor better than the competitors?

One of the biggest advantages that Ardor has over the competition is that it borrows a lot from the tried and tested Nxt blockchain, taking advantage of the benefits, and improving on the flaws.

The following are some of the reasons why Ardor stands a cut above the rest:

Java

Ardor is written in Java. Java is one of the most commonly used multiplatform programming languages in the world. Using Java means that Ardor already has a rich development environment that makes it easy for users to verify the code.

Other than that, Java is common in most enterprises. This means that anyone who wants to create anything in Ardor can easily clone and adapt the code to suit their unique needs. Besides, they can also use the same integration, deployment and software tools they are already using to run and maintain their products or services in Ardor.

Proof of Stake

Ardor runs the most environment-friendly algorithm, proof of stake. This algorithm is friendly because it does not demand a lot of hardware to run the blockchain efficiently. To run Ardor, a simple laptop would more than suffice. In fact, a lot of projects are currently trying to migrate to proof of stake, including Ethereum.

Parent-Child Chain

The parent-child chain is one of the reasons why Ardor is considered one of the best BaaS platforms. The nodes are run in public through different users all over the world.

This eliminates unique failure points. It is decentralized, which sets it apart from other BaaS solutions like IBM and Microsoft who manage and host their infrastructure.

How can Ardor be categorized?

Ardor can be categorized as a BaaS (Blockchain as a service) platform. This platform was born from the Nxt blockchain, that has been around for years, and features improvements and innovative concepts therefrom. Ardor features a unique architecture with one security chain and several transactional chains. This structure allows Ardor address three of the fundamental flaws that were evident in Nxt, and is present in a lot of the blockchain platforms currently running online; reducing bloat on the blockchain, hosting interconnected blockchains that are ready to use, and allowing multiple transaction tokens.

The blockchain market is on a rapid growth trajectory, and with this comes unprecedented demand. As a result, the team behind the Ardor project built the IGNIS token for Ignis. Ignis is a child chain in Ardor. This child chain is decentralized and unrestricted, allowing users all the functionality and features that are evident in the Nxt blockchain.

Inside the Ardor blockchain, developers can create many other child chains for different uses and entities, including consortiums, enterprises, public listed companies, research institutions and financial institutions.

This is what makes Ardor more appealing to SMEs, for example. In this manner, small organizations and large corporations alike have access to child chains designed with ready to use features. Without this, they would have to build their own blockchain from scratch, with all the unique features that they need. This poses several security risks.

The Ardor BaaS, therefore, allows these entities to implement their respective child chains in an efficient and cost-effective manner without security compromise, or the risk of redundancy. These are assurances that are offered in the Ardor parent chain.

What’s Ardor’s vision on Security?

Ardor’s vision into the future of BaaS and blockchain technology, in general, is about simplicity. Ardor does all the hard work and allows the users to create their own products and services on the platform while Ardor takes charge of most of the difficult stuff, like security.

This is why users are able to create their own public or private blockchains, complete with personalized settings, as child chains.

In terms of security, Ardor has a team of developers that work round the clock to provide the best security for the parent chain. The child chains are connected to the parent chain that handles security and processing. The nature of this parent-child relationship is such that the child chains get to enjoy or inherit all the security features of the parent chains. Therefore, by protecting and securing the parent chain, all the child chains are secured.

This makes work easier for users, especially those who do not have much experience in BaaS security. They are able to create their apps, products, and services without worrying about security compromise.

By addressing the issue of security in such a simple manner, Ardor has taken away the burden of security from the users and left the task to experts. In retrospect, this makes it one of the safest, most secure BaaS platforms, which is a confidence boost for entities and individuals who are looking for a platform for their operations.

Ardor has also built on some of the security advantages of Nxt blockchain and improved on its limitations. In the Nxt blockchain, users have to clone Nxt to create a blockchain which is not connected to the original.

However, Ardor identified some of the challenges in cloning, especially the security flaws, and addressed this by conceptualizing the BaaS as a parent chain, and instead of cloning, users can create multiple child chains to suit their needs.

Examples of Ardor use cases/applications

There are several areas where Ardor comes in handy. In terms of monetization, users can make use of the paid premium services on the platform. These include charging to promote child chain services within the respective wallets or using the in-wallet ads. By integrating Ardor into payment providers and exchanges, this allows easy conversion of child chain coins into other cryptocurrencies, which can be based on the fiat currency.

In terms of adoption, the banking and financial sector is one industry that has been eager to embrace blockchain technology over the years. Some of the services that are carried out under the Ardor platform include:

  • Digital payments
  • Tracking insurance
  • Money transfer
  • Trade finance
  • Cross-border transactions

All these are services where the parties involved can appreciate the distributed nature of the Ardor blockchain. Besides, since Ardor is scalable and written in Java, its application is not only restricted to these institutions but expands to other industries too. Public organizations find Ardor useful for transparency, public notaries, and secure voting.

In the supply chain systems, this BaaS can help in design verification, tracking parts and logistical concerns. In the finance and cryptocurrency sector, Ardor is useful for currency and asset tokenization, payment of dividends, pegging child chains and creating white label tokens.

All this comes down to the fact that Ardor features some of the richest functionalities that users demand in BaaS platforms, making it ideal for issuing securities and assets without much concern. More importantly, Ardor is effectively a flexible, highly adaptable and cost-efficient architecture which does not just meet the needs of users but also addresses the complexity and diversity of the tasks that users demand of the platform.

References

https://coincheckup.com/coins/ardor

https://www.ardorplatform.org/

https://medium.com/@lyaffe

https://www.jelurida.com/sites/default/files/ArdorPlatformDesign.pdf

 

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Iconomi

What is Iconomi?

Iconomi is an asset management platform designed to help users create or invest in digital asset arrays (DAA). It is aimed at disrupting the fund management niche that has for many years been highly inflexible.

Call it the “uberization” of fund management to make sure that everybody is involved.

For beginners, Iconomi is a great way to take first steps into the cryptocurrency economy. However, experienced investors consider it a great way to diversify their digital portfolio.

DAA comprises of a combination of different digital assets that target the interests of investors. For example, one might be interested in high-interest assets or emerging ones. Then, these asset combinations are put under a manager for support and progressive management.

If you want to optimize returns, the manager will be out following every opportunity and making the right move at the right time. The digital asset arrays (DAA) are used to help users diversify and optimize value stability or fine-tune them to optimize gains.

What is the problem that Iconomi solves?

When you decide to invest in cryptocurrencies, the process can be herculean. You will need to carry a lot of research about respective assets, work with multiple accounts on different exchanges, and follow multiple wallets for storing the digital assets. This is not all, you will need to ensure that your investments are properly secured and follow every cryptocurrency under consideration to ensure you take the right moves at the right time.

The founders of Iconomi understood this situation and wanted to help users work with a more straightforward platform.

That is why Iconomi was created. Iconomi is built on the Ethereum blockchain with experts running the digital asset arrays (DAA) targeting various considerations.

Iconomi development team further aims at bridging the asset investment gaps between the old and new economic orders where average individual can benefit from investment options and practices that were otherwise considered for the elite. No matter the amount you want to put forward for investment, Iconomi will have a place for you.

How does Iconomi solve the problem

Iconomi largely focuses on providing investors with low, moderate, and high-risk investment vehicles with high liquidity. These investments are provided through DAAs available for users to purchase at the platform. Note that unlike other platforms, DAAs promise users immediate withdrawals with no threat of lockouts.

a) The Iconomi DAAs

For a user to invest in one digital asset arrays (DAA), the first step is setting an investment account on the Iconomi site. Then, you will be required to deposit digital assets for buying the preferred DAA.

The Iconomi utilizes Ethereum-powered smart contracts while all funds are stored in a multi-signature cold storage. This helps to keep users as safe as possible from attacks.

The primary goal of Iconomi is simplifying the task so that users can point and click the task to get started. Then, Iconomi will do the rest.

Iconomi uses fund managers who use advanced toolkits to profitably run the investment portfolios. Today, the digital asset arrays (DAA) list at Iconomi is created by industry leaders in the capital investment space such as Columbus Capital Ltd.

For you to join and use the Iconomi, a fee that ranges between 1-5% will be needed. Here are some examples of the DAAs in the platform;

  • Blockchain index (BLX): This was the Iconomi’s flagship DAA which was considered Dow Jones equivalent. The DAA included some of the top and highly vetted cryptocurrencies such as Bitcoin, Monero, Dash, Icon, and Qtum.
  • Crush Crypto Core (CCC): This DAA focuses on high value yet undervalued assets. The portfolio is targeted at those with a long-term focus in cryptocurrencies. The main focus of the DAA was to outperform low-risk portfolios.
  • Solid Prime (SO): This DAA advertises itself as the most balanced investment portfolio that traders can trust to make great returns. Some of the assets that the DAA focuses on include OmiseGo, Steem, Ethereum, and Golem.

b) The Iconomi DAA managers

When you decide to invest in Iconomi DAA, you have to trust that its managers will make the right decisions in your interest. Here, the target is ensuring that the managers have the requisite experience in running such portfolios for more returns. To promote openness, users are allowed to keep track of the respective managers’ history in similar tasks. However, this is not ample to earn users trust.

Iconomi safeguards the DAA manager’s credibility using a very strict screening process. Therefore, you can relax knowing that only the best are at the helm of every listed DAA. The top DAA at Iconomi is managed by Columbus Capital, a highly revered London investment management firm. Two of the Digital Asset Arrays under the Columbus Capital include Pinta and Blockchain Index.

c) The Iconomi Token (ICN)

To make transactions at Iconomi direct, easy, and reliable, the platform has its own native token referred as ICN. The token represents the shares that users hold on the platform.

Though the Iconomi team anticipated using the token for dividends, the model was later changed because of the complexity that would be involved transferring from one country to another. Iconomi has been buying back the tokens using its profits.

What makes Iconomi better than it’s competitors?

Since 2009 when Satoshi Nakamoto released the first blockchain, new cryptocurrencies have been entering the market at a very fast rate. But the high number of the digital assets has also made it extra difficult for users to invest especially when targeting several investment portfolios.

With Iconomi offering a new way of managing investment portfolios, here are the main advantages to expect from it.

  • Because DAAs are run by experts, it is relatively easy to pick the high profile cryptocurrencies that guarantee huge returns. Note that this happens under the close watch of expert managers who also help to ensure that ROI is optimized.
  • Unlike in the conventional asset management portfolios where only the elite could be involved, Iconomi has created a new model where every person can now join the preferred Digital Asset Array. No matter the amount you want to invest, Iconomi has a place for you.
  • Because the Digital Asset Arrays are run by experts, investors at Iconomi are assured of optimal returns. For example, you do not have to keep wondering about the possible price shifts in a selected cryptocurrency of interest. Let the experts work for you. They will check the cryptocurrencies, factor the expected risks, and other factors to raise the chances of making more for all users.
  • The Iconomi system has made the process of investing in multiple assets easy and direct. This implies that you do not only have to focus on one cryptocurrency or two. You can target multiple high potential cryptocurrencies and optimize returns.
  • The process of investing in assets is very easy at Iconomi. In other asset management portfolios, users have to follow lengthy procedures before they can become part of the schemes. However, Iconomi makes investing in DAA very simple. You only need to open an account and select the preferred DAA. Then, put the assets of choice and wait for returns.
  • Unlike most asset management portfolios where users’ assets are at great risk because they do not have control over the management, things are different at Iconomi. Iconomi screens all the managers are subjected to strict screening to ensure that they are committed to users’ assets management and growth.
  • The Iconomi platform, unlike other asset management systems, allows users to create their DAAs. This means that you do not have to simply follow the DAAs being presented there. You can create your own.

How can Iconomi be categorized?

Iconomi can be categorized as a revolutionary asset management platform that seeks to provide equal chances for all investors.

By decentralizing the portfolio, everybody can be involved in asset management. But this is not all. This is a great way of helping to take blockchain technology to the next level.

  • The Iconomi development team engages the most profitable digital assets in the market. This means that investors have the opportunity to look at the positive side of the blockchain technology and be part of it.
  • Most of the managers of different DAAs are experts who understand cryptocurrencies and their growth processes. They will, therefore, help to mitigate the risks that can make people incur losses and lose interest in cryptocurrencies.
  • Iconomi developers have demonstrated their commitment to growing the platform for faster adoption of blockchain technology. By adding new DAAs and managers, more people targeting short and long-term investment can now enjoy operating at the platform.

What’s Iconomi ’s vision on Security?

The main vision for Iconomi is becoming the most secure asset management platform in the market. This vision is achieved through a number of ways.

  • Iconomi is based on the highly secure Ethereum platform. Ethereum is one of the most established and secure platforms in the cryptocurrency market today. With Iconomi smart contracts and native tokens running on the Ethereum platform, it serves as an additional layer of security for Iconomi users.
  • To protect users’ assets, Iconomi employs multi-signature cold storage where all the users’ assets are moved after users deposit their cryptocurrencies. This implies that in the event of an attack, your assets would not be at risk.
  • By working with top-notch managers, investors in Iconomi DAA are assured that any risk will be easily identified. Whether it is a threat of loss through a shift in demand or attack, the managers are experts will easily see them and install mitigation measures.
  • The Iconomi system has some of the top tech developers always on the lookout and targeting to identify gaps and malware that can attack your system. Therefore, they always work on new updates that help to close gaps and keep the malware from the system.

For those who want to use ICN for additional investment to grow their portfolio or paying fees at the platform, it is important to take every precaution against attacks. Here are some useful tips to keep your tokens safe.

  • If you want to send value with ICN, it is important to always triple check the public address. This will help you avoid sending value to the wrong user because such a transaction will be irreversible.
  • Make sure to keep your private keys and the seed phrase safe to reduce the threat of loss. If you lose the private keys for your ICN wallet, the assets will be lost permanently unless seed phrase was stored safely.
  • Make sure to follow best practice when operating online. This involves backing up everything when operating online.
  • For those who opt to trade ICN directly on the exchanges, it is advisable to only use a secure exchange. This should be a system that is secured with features such as 2-factor authentication and use of cold wallet.

Examples of Iconomi use cases / applications

If you have been looking forward to investing in digital assets, the best option is looking for an asset management platform that can guarantee good returns such as Iconomi.

  • Because Iconomi is a decentralized system, you can opt to run a DAA hooked on it. This is one of the methods used to help diversify the offers available for users.
  • Most people coming to Iconomi focus on investing in the emerging and high return assets. For example, you can target the less valued yet high potential investments, especially when focusing on the long-term investment.
  • Iconomi is a great saving portfolio. If you have some funds and want to put them in a secure place, one of the top options is Iconomi. It is considered better because your funds will be put to different investments over time to generate interest.
  • If your target is sending value, one of the top assets to use is ICN. As an ERC based token, it implies that you can send value anonymously across the globe.
  • As an asset under the Iconomi platform, ICN can also be used for trading directly on the exchanges. Well, this option is for those who do not want to directly engage the Iconomi system. If you want to increase the trading portfolio, the better option is selecting the preferred DAA in the Iconomi system.

References

https://coincheckup.com/coins/Iconomi

https://www.iconomi.net/

https://medium.com/iconominet

https://medium.com/iconominet/iconomi-general-q-a-27e96f7f1d6f

https://coss.io/documents/white-papers/iconomi.pdf