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New Ardor series on YouTube

Today, Jelurida’s Youtube channel got itself a new URL. Why should you care?

The Ardor Updates and Lightweight Contract videos were the first to be uploaded to this channel, and if you have been hyperlinking to any videos on this channel lately – note the links in your posts might stop working and need to be updated. So writes CyptoDemetrius, host of both shows and so, indisputably the biggest and unparallelled contributor to the new ArdorPlatform channel.

CryptoDemetrius started off as an independent crypto YouTuber, researching blockchain technologies and sharing what he learned. After his premiere on the youtube.com/c/ardorplatform channel (yes, that’s the new URL!), I reached out to him and asked him about his vision for the Ardor and NXT shows.

Read his story in our conversation below the first episode of ‘Ardor Updates’…

Nxter:

Congrats with the premiere!

CryptoDemetrius:

Thanks!

Nxter:

Awesome start! So, what is to expect from the series in the future?

Same format? Same sofa? Weekly or more sporadic updates?

CryptoDemetrius:

It’s exciting to see the enthusiastic response to the first episode of Ardor Updates. It has taken a lot of work behind the scenes to figure out a format for the program to feel fresh – particularly since there are already so many incredible community members providing regular updates at NXTER, Ardor.World, ANG, and several others.

The idea with “Ardor Updates” is to release a 5-minute video at the end of each month with two segments: one providing rapid fire updates on noteworthy achievements, and a second segment focusing on an alternating “main topic.” I will also do my best to get comments from the team at Jelurida on progress each month.

This format should allow newcomers and more casual blockchain enthusiasts to get a sense of what’s happening and what features make the Ardor platform so special. The description of each of these videos will always be a valuable place for viewers to find resources to continue their learning.

“You can’t get to the use case and business discussions if no one knows the key benefits of your platform, or where to go to understand how to use or build using your product.”

Over time, I’m interested in finding ways to get the community and other team members at Jelurida more involved with the format of the show. Moving forward, “Ardor Updates” could also expand to include special editions of the series whenever there are particularly newsworthy announcements or events.

Nxter:

Interesting. But you also host another series, ‘Blockchain Ardor’, that you actually started off on your own channel. Is there a future for this series as well, or will the more “educational” content be for others to create?

CryptoDemetrius:

Since July, the Ardor youtube channel release schedule has been focused primarily on the technically-focused “Blockchain Ardor” series. As a complementary resource, the first 9 parts of a written version of the Blockchain Ardor video series will be launching on the Ardor Medium publication soon. Around the same time, the new Ardor wiki with extensive API and developer documentation should launch. Furthermore, I hope to see the Ardor Blockchain Bootcamp remain free on Udemy.

This collection of developer resources lays the foundation for myself and everyone else in this community to shift gears and begin having more articulate discussions around use cases and business implications. It also means more time to begin implementing a marketing strategy that goes beyond simply explaining how this thing works. “Ardor Updates” will serve an important purpose as the key tool for communicating progress and interesting discussions around each of those initiatives.

Nxter:

You have been hanging around in the Nxt and Ardor community since the beginning of this year – you created some great introductory videos, you interacted and learned, and you also put your finger on a variety of issues we have, like the lack of easy-to-understand information, marketing, and documentation for developers.

For the readers who don’t know you at all, could you please share some insight into your background, skillset, and motivation for doing all this? How long have you been into crypto, what is your main interest in blockchain and why Nxt and the Ardor platform?

“We need to lay the foundation for businesses to feel confident building their house on top of this blockchain infrastructure because that’s essentially what Ardor is.”

CryptoDemetrius:

I come from a different background from many people in crypto – while I had an initial run-in with Bitcoin back in 2010, I didn’t truly begin educating myself more deeply on the potential (and pitfalls) until January 2017. At the time, I was working at an environmental nonprofit as a grant manager focused on financial capacity building.

I started looking back into Bitcoin during a work trip to Cambodia – it started with an article about using “excess energy” at dams to power massive mining facilities. I read more about the energy demands of Bitcoin and the mining cartels dominating the Bitcoin network. Then, I read more about the underlying technology.

I quickly got excited as I began to recognize the potential value adds this technology could have for things like sustainable rice supply chain tracking, fair timber trade certifications, carbon credit exchanges, local cooperative financial structures, and more. That said, I couldn’t reconcile the resource drain of a network operating on Proof of Work.

“It was a big deal to me that there was this community that was open to critiques in the face of having actually delivered a groundbreaking product.”

After a few more months of research, I started passively hanging around this community in October or November of 2017 when I did my first review of Ardor and NXT on the CryptoDemetrius youtube channel. Around that time, I had been releasing 3-4 reviews of different cryptocurrencies each week. While many YouTubers were bounty hunting and shilling coins, I was using my channel as a space to look at the pros and the cons of each project. For obvious reasons, many projects disliked the fact I poked holes in their claims.

To my surprise, when I released a follow-up review of the Ardor mainnet launch in January 2018 – this community was receptive to the criticisms. I was already tired of reviewing whitepaper after whitepaper and pointing out the shortcomings, so it was a big deal to me that there was this community that was open to critiques in the face of having actually delivered a groundbreaking product.

After a few more days of research and engagement with the community through the Slack, I decided to commit myself to doing a series of videos and written pieces to try to help shed some attention on the Ardor platform. As I mentioned earlier, the potential use cases for blockchain technology are plentiful. That said, a major part of the problem in cryptoland is around educating people on what each platform can (and can’t) do. You can’t get to the use case and business discussions if no one knows the key benefits of your platform, or where to go to understand how to use or build using your product. And let’s be clear – most businesses still think blockchain is a technology with no use case. If you give them a reason to doubt you, they will.

We need to lay the foundation for businesses to feel confident building their house on top of this blockchain infrastructure because that’s essentially what Ardor is. If someone hears about Ardor and its features at a conference or in an online forum, we need to be certain there is a prescribed path with guideposts and checkpoints along the way to ensure a secure journey into this new land of blockchain technology. If we want businesses or developers to use our technology, we can’t allow them to get lost on their first day.

In the past two months, there has been a massive amount of progress in developing technical resources and guides – the fruits of that labor will be on display for the community in the next several days. As each of these keystones is set in place, the time is finally arriving to shift gears and begin more public engagement around the benefits of building on this platform.

To subscribe to the channel, you know what to do, and we, at NXTER, look forward to more episodes of both the ‘Ardor Updates’ and the ‘Blockchain Ardor’ series. There is plenty to look into, plenty to analyze and pass on. Our ecosystem is seeing rapid growth alongside the upgrades that Jelurida is pushing to the Nxt users and the Ardor platform. And Demetrius can think that our community is unique because we’re listening, but also, personally speaking, I’d say that it’s rare these days to see an outsider come in, who actually cares about understanding the benefits of the tech, the vision, and the future of blockchain.

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TOKOK Exchange Platform supports IGNIS

In the process of updating Nxter.org to reflect the latest state of our ecosystem, I have been updating myself on exchanges that have IGNIS listed – not all of them are represented on CMC.

One new exchange on the block is TOKOK, launched just months ago, July 2018. NXT and ARDR are supported (due to a community vote), and now it also got IGNIS implemented. Appreciated, of course, not least because IGNIS buyers and traders currently have limited options for choosing exchange, and a wise decision from TOKOK’s side, possibly, for the same reason.

What is TOKOK?

Let’s take a look at the information available. TOKOK is Chinese based, located in the British Virgin Islands, affiliated to Kindly Keep Network Technology Limited (Registration No. 1967379 ). No fiat deposits, so if you want to trade on TOKOK, you need to own cryptocurrency already. It has ETH, BTC and USDT markets. NXT, IGNIS and ARDR trade against ETH.

It’s AML-compliant, so you have to identify yourself before using their services. Picture, social security number, all that… let’s not go into that discussion here, nothing THEY can do about THAT. Upload your full identity to a private company’s central server you must, not. their. fault.

TOKOK wants to focus on projects with a good technical background and future application scenarios in the blockchain field. They are here to contribute, they say, to make a social contribution to the industry by growing a consensus community, and by adding to the development of blockchain technology themselves. TOKOK releases development reports in English on Medium and their website, so everyone can follow the ongoing development of the platform, new listings, and promotional programs. They actually communicate well in English.

Security

Safety first. To protect its trading platform and customers against bad things, TOKOK has partnered with John Wick Security (JWC), a Beijing based security service solution for Blockchain. It’s founded by core members of the security team from Baidu (one of the largest AI and internet companies in the world), 360 Enterprise Security Group, which – according to their website – has provided “security capabilities for companies such as Microsoft, Google, 360, Facebook” with JWC being on a mission to provide comprehensive and in-depth security solutions for blockchain companies and ecosystems.

Not bad, cryptocurrency exchanges should, after all, ALWAYS be safeguarded professionally – unfortunately, unbelievably, and as proven by too many exchange hacks, it just isn’t so! Centralised exchanges are by far the greatest danger to people’s blockchain tokens, so good to know that TOKOK is alert and takes their security measures. TOKOK also keeps a so-called “Risk Reserve” of frozen funds, for further customer protection, and promise that if any user’s assets on their platform “suffer abnormal losses, such as system failure loss, hacker attack loss, etc., [TOKOK] will make corresponding compensation for them after investigation, evidence collection and elimination of the user’s personal reasons”.

Fees for trading

The transaction fee is 0.1% of purchased assets. If you hold their token, TOK, you can use the equivalent value in TOK to deduct the fee. When using TOK, the transaction fee is reduced by 50%, to 0.05%.

No fee for Withdrawal

Withdrawing is free, except for the necessary transaction fee to blockchain forgers/miners.

Interest for hodling?

On September 7, 2018, TOKOK announced a “Deposit With Interest Program”.

What they want is to hold your coins in cold storage and pay you 0.005% in daily interest. The platform scans all coin balances daily at 0:00 (UTC+8) and generates the interest between 0:00-1:00. Users must actively claim their interest (daily) before it expires after 23:59 (UTC+8) or it will not be accumulated.

The money to pay for the Interest Program comes from the 6% of TOK total supply that has been set aside by the team for promotion. As interest is paid in the corresponding currency, TOK is used to buy up these currencies from the market. I asked my contact, June Chen, about this and got this information but no further details, as this is handled by another part of the team. The idea is clear though – “promotion” isn’t just buying ads, sponsored articles and going to blockchain events, but also creating benefits for users, rewarding and building community. Give and thou shall get more in return.

What is the TOK token?

You should know Binance, the world’s largest crypto exchange. And if you do, you probably also know about Binancecoin, BNB. It’s their ICO token and gold calve, giving traders a 50% discount on fees when they pay fees with BNB or trade other cryptocurrencies against it. Oh, and it just so happened to become a Top20 coin by marketcap within less than a year after its ICO in July 2017. Early investors saw a high return, and as a loyalty/utility token, it must be considered as nothing short of a success. And like any success (take NXT, as an example), others will want to follow in its footsteps.

TOK does smell like BNB. You can choose to pay fees on the TOKOK exchange with TOK, and you’ll get a 50% discount on the trading fees. 1 billion TOK were issued. Some gets burned (destroyed) weekly. No more will ever be created. TOK currently can be traded on the exchange against ETH, BTC, and USDT.

Tongue in cheek, let’s take a look at what else is offered TOK holders:

TOK fees:

70% of the TOK that are paid as trading fees are re-distributed equally as a dividend to each TOK on the platform. Holding is like mining, we get it. The remaining 30% is burned weekly (destroyed) and because no new TOK tokens will ever be issued, this is supposed to push up the value of the remaining TOK (and be reflected in its price), as the amount of TOK tokens decrease with every burn.

The non-TOK fees:

Then we have the non-TOK transaction fees. 80% of the non-TOK transaction fees is used to repurchase TOK, which is also distributed to users (TOK holders). The more TOK you hold, and the more trading orders you execute – the more TOK rewards you get. Hold TOK, spend TOK – get TOK.

Other rewards…

25% of the profit earned by the platform (which is of course not just fees) will be equally distributed to each TOK on the platform in the form of BTC, ETH or other currencies. When TOKOK cooperates with crypto teams about their coins, some of the tokens obtained from project cooperation will also be equally distributed as a reward to each TOK. TOK holders have other exclusive privileges, in proportion to their holding percentage – these are announced on the TOKOK blog and include lucky draws (for example, TOKOK recently gave away 100 iPhone X). 

TPS Rewards Points

Finally, TOKOK has TPS points.

These cannot be withdrawn or traded, but are awarded to users that participate in certain activities on the exchange. I couldn’t find much information about this and reached out to June again. He got back to me almost instantly: “A fairly large number of our users hold TPS and we are considering to prepare a gift exchange but for now the platform development shall prevail”.

If you want to buy or trade IGNIS, NXT or ARDR on the TOKOK platform, you can SIGN UP HERE. That’s an affiliate link. By using it, you will be supporting Nxter’s work. Remember – the blockchain wasn’t invented for you to keep your funds in 3rd party wallets – your tokens are safest in a blockchain wallet you control, and our security advice is always to keep them there, use them there, trade on the platform. But when you want to buy tokens with BTC, ETH or trade against them, you can’t do that on Nxt or the Ardor platform (yet), and also, daytraders do prefer the speed of centralized exchanges. The further incentives pushed forward by TOKOK in the form of interest, TOK fee discounts and dividends will likely help them to establish the liquidity and community they need to grow from here. We’ll follow them, as an interesting token use case to watch and not least, a place to buy and trade IGNIS, NXT and ARDR.

Source

Dear Investors, It’s Time To Face The Real Facts

Many of the existing blockchain startups that are looking to raise money are not real businesses. Yes, they have ideas, often brilliant ones that almost sound too good to be true. And then… that’s it. Nothing but ideas put on paper with no clue on how to fully execute it to make the promised prototype. So, time goes by with no real tested product and the investor’s trust starts to diminish.

“Many of the existing blockchain startups that are looking to raise money are not real businesses.”

Several business consultants and companies are out there now. Each with the determination to stand out from the crowd in what they do. They specialize in helping startup companies / dreamers craft their whitepaper and business plans in order to attract investors. Next time you see a beautiful whitepaper think of this. Endeavour not to have so much conviction in its content but also Do Your Own Research. Don’t get me wrong, whitepapers are and should be the first step, but it should be a determinant for the first 10% of the investment decision only. The real determinant goes far beyond this.

“Business consultants and companies…. specialize in helping startup companies (dreamers) craft their whitepaper and business plans in order to attract investors.”

Choosing the right blockchain token to invest in takes more than just skimming a whitepaper, a great promise, and a fancy website.  What you need is in the real details from the team to the existing product and the future expectations for its adoption. See the whitepaper as what it is, a means of coercion and the fancy websites as a possible means of deceit.

Let’s recall that investment by definition is the act of putting money or effort into something (a business) to make a profit after a scheduled time. Determining the worthwhileness of the investment for your hard-earned money is of extreme importance. Making investment decisions requires time. Time is very precious and time is what you might not feel you have. Time to learn and know more about a new industry. This could very well be associated with why many investors tend to make costly mistakes. They do not take their time to learn or they don’t have the interest to know more about a new industry.

“…determining the worthwhileness of the investment…. requires time…. to learn and know more about a new industry.”

Let me tell you a few things that you need to know about the Blockchain industry. Call it the summary of all important points, or a thousand pages in few lines. Blockchain is a public ledger in which peer-to-peer transactions are stored securely using cryptography in a verifiable and permanent way creating endless chains of data blocks that can’t be tampered with. It is a way to structure data, decentralized and secured with Cryptocurrency as one of its outstanding by-products.

It’s not up for debate anymore that an investment in Blockchain and Cryptocurrency can be very worthwhile, but it needs to be done right. As an investor, aren’t you tired of false promises and failure to deliver and market hypes with no real achievements? Failures always eventually lead to a dump and this we all know. The sad and bitter end of the few minutes of fame. This can all be averted if only we take a few minutes or even hours, weeks, months to learn about what we invest our hard-earned income of years into, for years to come.

Now that we have got the basics out of the way, let’s talk about a few investment options. Most importantly, let’s talk about the blockchain platform that can be powered by the sun. Let’s dialogue about the blockchain platform with a built-in Decentralized Exchange. With fully developed features such as voting, encrypted messaging, p2p marketplace, basic cloud storage and more. Let’s dialogue about Ardor and Nxt blockchain technologies.

“Let’s talk about the blockchain platform that can be powered by the sun.”

A worthwhile blockchain investment will satisfy some conditions if it were to be successful. Ardor satisfies these conditions:

  1. It will not be costly for the environment
  2. It is a working product not just a promise.
  3. The team is proven professionals and experienced blockchain engineers
  4. The tech solves the Blockchain bloat problem-it can scale globally
  5. Ardor brings the true nature of decentralization into effect by giving everyone the chance to participate and earn interest for securing the blockchain network.

These conditions are already fully developed and functional on the Ardor and Nxt blockchain. Below are some bullet points that can really be useful in getting to know more about these real investments opportunities and what makes them so different from the rest:

  • The Nxt asset exchange can be and has been used as a crowdfunding platform to kick-start projects and businesses.
  • Nxt also offers a classic ICO platform. It automatically returns the funds to the investors, if the fundraiser’s monetary goal isn’t met.
  • Nxt provides an authentication system that allows Nxt accounts holders to prove they are in control of the account.
  • Nxt offers a “Plugins” feature enabling third party software developers to add functionality to the Nxt client.
  • Nxt offers a bank statement similar function called the ‘account ledger’ enabling users to see what in-and outgoing transactions have been made from their account.
  • Some of the other tested features of Nxt includes but are not limited to: an asset exchange, a monetary system that allows you to create coins, voting, Data cloud and account control.
  • Nxt also offers a blockchain creation kit that allows you to easily launch a clone of Nxt, 10% of the Nxt clone’s tokens must be distributed to Nxt holders according to the JPL.
  • Ardor can be as reliable as Nxt, as it has the same years of experience in team and technology using PoS consensus algorithm eliminating mining competition and high energy usage.
  • Ardor invented the concept of child chains,  where transactions are removed from the blockchain and stored in the cloud once they are confirmed, hence solving the blockchain bloat problem, a major blockchain issue.
  • Ardor is developed in Java, same as Nxt, the most popular development language for commercial production.
  • Ardor’s parent-child chain architecture allows companies to build their products and services using ready-to-use and interconnected child chains relying on the security provided by the parent chain. Ignis being the first permissionless child chain, with all the features of Nxt and the Ardor platform.
  • Ardor offers lightweight contracts that don’t require the whole network to confirm all transactions for each dApp, and Jelurida is working on child chain subnets, decentralized storage, researching DAG implementations, and more.

In this new era of ICOs and new exchanges coming up, you will notice fake volumes, deceitful hypes, and pump-focused marketing plans. Sometimes it’s like a battle of who can fake it best and run away with billions in funds. A once great idea remains a great one but too often it is used for a selfish purpose in a short-term profit con. The resulting major problem is that blockchain startups are now being judged by biased analytics, fake adoptions and the high expectations of traders looking to get to the moon from the deep bottom of the planet in seconds.

We, as investors, need to judge right and ask the factual questions. Once again, look beyond the fancy websites, and perfected whitepapers, fake volumes, paper ideas and cunning promises. If you must judge, which you should as an investor, take a look at the founders, the team as a whole, the existing technology, future plans and their probability of success. Take, for example, a closer look at Jelurida’s projects. Look deep into Nxt, Ardor, and Ignis and rest assured you will not have to look any further.

This is a call to all investors, prospective and existing. A call to follow the voice of guidance through the dark path of deceit and choose wisely. Below are what others have to say about the company and their blockchain projects:

“For a property project with potentially millions of users and assets worldwide, blockchain bloat and functionality are of a primary concern to us”, says Dominium’s Managing Director, Mark Lloyd.

“Having closely followed several blockchain technologies from conception, including Ethereum, we strongly feel that Ardor is the platform with the best features for our business, especially the controlled trading of assets”, says Joost de Kruiff, a Dominium Blockchain Advisor.

“Ardor is doing some pretty important work thinking about new ways to structure blockchain infrastructure and security. If done correctly, the end result could be a solution that any business could implement without needing extensive technical expertise or ongoing maintenance”, says Bennett Garner, Coin Central.

“Nxt is an amazing and ambitious project. I’m truly excited to see Ardor in operation”, says Coinist.

“Ardor operates on a Blockchain-as-a-Service (BaaS) model, supporting many use cases out of the box and makes it easy for anyone to get into the blockchain space, while also allowing developers to build their own solutions on top of it”, says TROND VIDAR BJORØY, Head of Product development and Implementation- ATPI Nordics.

“Ardor is also a platform well suited for running ICOs — anyone is able to create a new currency and issue an ICO in a few minutes, making it a more accessible alternative to Ethereum”, says TROND VIDAR BJORØY, Head of Product development and Implementation- ATPI Nordics.

“Ardor is a major blockchain-as-a-service (BaaS) platform that helps companies to share digital currency with ease”, says Bitcoin Exchange Guide.

“Jelurida is not just another blockchain service provider. It has developed a customizable blockchain infrastructure that is ready for customer use”, says Cryptovest.

“Ardor solves the blockchain bloat issue with its prunable child chain infrastructure, which side chains do not solve”, says Fintech.finance.

“Ardor is the “WordPress of blockchain”, it was designed with simplicity, as such, offers a stress-free interface to users without the need for coding”, says Yusuf Olayode; Oracletimes.com.

 

Further reading?

Whitepaper

https://oracletimes.com/ethereum-eth-and-ardor-ardr-are-in-a-lifetime-war/
https://www.fintech.finance/01-news/ardor-blockchain-platform-launches-public-testing-forum/
https://cryptovest.com/reviews/private-blockchains—the-good-the-bad-and-all-the-misconceptions/
https://www.coinist.io/what-are-nxt-and-ardor-blockchain-platforms/
https://coincentral.com/what-is-ardor-blockchain-as-a-service-explained/
https://bitcoinexchangeguide.com/ardor/
https://venturebeat.com/2017/09/21/ardor-could-fix-key-blockchain-weaknesses-if-it-can-get-its-message-out/


The views, opinions and positions expressed within blog posts on Nxter.org are those of the author alone and do not (necessarily) represent those of Nxter. The accuracy, completeness and validity of any statements made within this article are not guaranteed. We accept no liability for any errors, omissions or representations.

Ardor API | Nxt API | Developer resources

Ardor Blockchain Bootcamp Reviewed or: How I Learned to Stop Worrying and Master Ardor

Ardor

What a great feeling it is to challenge yourself and accomplish something that you have been meaning to do so for a long time. As an editor of Nxter for the past year, I have written much about the advanced functionality of Ardor and yet my dark secret until last week was that I had never truly explored the advanced functionality of Ardor. Sure I could parrot the concept of Phased Transactions but I have never created my own approval model. I could highlight the Asset Exchange functionality of child chains like Ignis, yet I have never issued my own asset or even bothered to see what assets are out there.

I acted like this guy:

But I really was like this:

I have that exact shirt!

But the plot twist here is that I decided to change all of this. I conquered my fear and my inadequacy and dammit I sat down and went to the Ardor Blockchain Bootcamp. Herein lies my review, and my experience.

SPOILER ALERT: the course is very well designed and has something to offer anyone, no matter their experience level and I highly recommend it to anyone who desires or wishes to be able to explore the advanced functionality of Ardor in a structured and guided manner. Yes, this course costs actual cash money, but I fervently believe that this course is a bargain for anyone who completes it as they are going to have a very solid understanding of many, but not all, of the functionality of the Ardor client.

 

What is Udemy?

For the uninitiated, Udemy is a website full of online courses, designed by knowledgeable and passionate people that are structured to teach you about specific courses. I needed to register an account with them to take this class.

Once I had passed the paywall I was in. It was comforting to read that this course ASSUMES NO PRIOR KNOWLEDGE. Nothing about Nxt, the Airdrop or anything like that. No special programming knowledge is required is plastered in the course description. While I personally enjoy programming, I get how the average plebian might be relieved to read this. This entire course is just using the Ardor client and the Ardor testnet. Oh yeah, I learned how to use the Ardor testnet too! #Exciting

 

Part 1: the Basics

The headphones are on, the calming lights are activated and I am ready to do this. The very first thing I am treated to is a calming video of the creator, Eric Funk, explaining to me what I am about to learn and what the objectives of this course are. I am excited to gain real-world, hands-on experience with the advanced features of Ardor.

What lies ahead of me is creating my own cryptocurrency, setting up my own poll using the Voting System, creating my own Asset on the Asset Exchange, issuing my own currency and more. I am actually knowledgeable about everything in part one, as is likely the average user. The first videos are likely very skippable for most Nxters – chances are that most everyone already has the Ardor client installed and an account created. No worries if this does not apply to you.

Like many Nxters my Ardor account is the same address as my Nxt account, but you know, with ARDOR prefixing it and not NXT. It was a little odd seeing an account creation process from scratch.

One thing that I heard that bears repeating, nay, tattooing onto your forehead, is that THERE IS NO CUSTOMER SUPPORT for Ardor. If you lose your PRIVATE KEY you have lost access to your account. This is the 21st century people – take some responsibility!

An interesting note is how US-centric these videos are. As our American audience knows, about the only real way to access the crypto world is through Coinbase. Oh, the horrors, the PTSD-like flashback of my account registration process with them last year. Shivers descend down my spine. Yet I persevere, I am not afraid. A critique I have is how hand-wavey the “Obtaining Ardor” video is for those who are truly beginners. The course recommends buying Bitcoin and converting it to ARDR on third-party exchanges. It reminded me of those cooking shows you see on TV: the host just magically has a pre-made version of the recipe just below the counter while you are struggling and making a mess of your kitchen trying to mix all the ingredients together. The video abstracts away A LOT of the frustration many users will experience as they try and convert fiat currency to crypto. Alas, us Americans do not have access to MisterTango accounts so the convenience of AEUR is unavailable to us. Regardless, the videos do a decent job of explaining how to fund your account with ARDR.

Now I am watching how to declare your public key by completing my first transaction. I want to nitpick how he does not explain the difference between Ardor, the blockchain, and ARDR the token of the blockchain. I am a perfectionist and such things bug me to no end. But again, I am here to learn and not to complain.

Overall the first part was very informative and complete – it exposes the core important concepts of blockchain without going into unnecessary detail. Simple and easy to follow along and all-in-all a pleasant experience. Videos around an hour.

Wow, an hour of my time has passed. I felt like I deserved something and so do you for reading this far. I present you with fuzzy kittens!

D’awww

 

Part 2: Advanced Placement

Part two of the course gets you down and dirty with the Ardor. For those only interested in trading crypto, Part 1 is enough. For those wishing to truly use and appreciate the future that is the blockchain, part two is for you. This is also where casual users of the Ardor platform can jump in and begin dabbling with the advanced functionality of the client.

Here I begin to explore the functionality of Ardor by using the Ardor testnet! Essentially I am using a real copy of the Ardor blockchain with FAKE tokens that have no real value. This way you can experiment without fear of losing tokens. From here on out the course takes place in the Ardor testnet in your browser and not in the Ardor client.

A shout out to Ardor.World – man this a great resource for anyone. In order to proceed in the course and become adroit at Ardor, I need to fund my testnet account. Luckily, you can get FREE testnet coins from the faucet links on the landing page!

It seems odd to me that FAKE testnet ARDR and IGNIS tokens are scarce – like why can I not have infinitely many fake ARDR tokens? I suspect that has something to do with how Ardor.world is set up. If I am wrong, please correct me in the comments.

Interesting to note that all the exercises for this section make use of the creator’s testnet accounts. There is no reason not to use your own, but I wanted to see if I could exactly use the same testnet accounts as Eric, the presenter, and I totally can. I feel like this does not scale with increased user activity, but hey, it works.

I finally get to experience conditional transactions. Not sure why they are called “Phased” transactions – I am ignorant of that distinction, I suspect it an esoteric computer science term. I created my first Approval Model and I saved it! Yet WTF am I limited to FIVE characters to naming things. Arbitrary limit is arbitrary, yo.

Random stock photo woman agrees with me

Continuing on now I am experiencing the Asset Exchange part of Ignis. I get it now, Ardor does not have an Asset Exchange. You and I cannot issue assets on Ardor but we can on Ignis because it is permissionless! That is sweet and totally makes sense now. This is coming from a guy who has written about this for a while now and yet it did not click until I actually created my own asset! The importance of asset control is mentioned many times here – the ability to control who can trade the asset.

Issuing assets and creating dividends is fun, it makes me feel like my own CEO. It is annoying how you need to search for assets by IDs so I hope you have handy the long string of numbers that represents the assets you wish to buy. A poorly optimized piece of UI for the Ardor client, but hey, it is what it is. Disclaimer, I understand that asset names are non-unique and that during the Ignis ICO there were many scammers out there selling assets named JLRDA. The only way to be sure you have the correct asset is by the asset ID. I just wish that there were a UI mechanism that would allow for verification of proper asset names such that I did not need to keep an ID string around.

I also get what Singleton assets are – nondivisible assets; like those absurdly popular crypto kitties on Ethereum.

Oh, for anyone who diligently does the exercises using the same testnet accounts you will need to copy and paste the passphrase like literally a million times.

Now for some real unknown waters for me: the Currency System. I have no idea how to create a currency, let alone do I know how they are different and distinct from assets. My understanding of Ardor continues to grow, as does my hair but that is not the point. The point is that I am deep in the course now, over two hours, and I am continuing to comprehend and appreciate the advanced features of Ardor.

Issuing my own currency is a little weird for me, but hey I can say that I have done it. The nuances of whether or not you want your issued currency to be “Reservable” and/or “Claimable” are subtle but powerful. Luckily the Ardor client (testnet and mainnet) are smart enough to not allow you to issue a currency with conditions that make it inoperable, but I sure wish that there was more documentation on what the significance of the categories are. I know the nxtwiki has documentation on this but it is not easy to grasp everything fully. It was fun to learn that, in essence, you can create “mineable” PoS coins and that you can enact conditions that only release the currency when they are fully met. There are many different currency types and different use cases for all of them. Admittedly this part was a little hard to follow.

The last few sections covered the many topics briefly. I created a poll whose only participants were the holders of my fake Ignis asset. Sweet – I see the usefulness of these polls. Why do I personally not use polls more often? Nxter needs polls – they drive engagement and are very easy to use. My only doubt is how can you link to them? This question is going to keep me up at night. But boy, are they useful!

The Data Cloud is cool, but documents are limited to 40K of space, good for hashes and code snippets. I understand that I can pay for more but man that seems small. Also, kudos to whoever listed Top Secret as a tag in the Data Cloud. I salute you, sir, or madam.

The Marketplace functionality of Ardor is great. I am guided through the Marketplace. The ability to list and sell things is great, but I wonder what guarantees I have of receiving the product? The same question exists on Craigslist and eBay but with them, the company can intervene on my behalf if a seller does not ship the product. On the testnet the products are fake – 5 IGNIS for a sailboat is too good to be true. LOL on whoever listed cocaine on the testnet Marketplace. The creativity and dark humor of people amuses me to no end.

Messages are the last section on my journey and it is mostly as advertised, but with an important distinction that I am probably the last person to appreciate: Shared Keys allow for third-parties to see encrypted messages to me without me giving up my Private Key/ Passphrase. That is a great point to understand and one that was here-to-before lost upon me – with them you can share sensitive data like identity documents, medical journals, certificates, whatever. Again, I am probably the last person to get this, but hey, better late than never!

And that is it, I put my headphones down. My 3.5-hour long journey is over. Before I was but a padawan, but now I am an advanced user! I am pumped and want to sell this exciting and exhilarating feeling of completing the course and gaining a much better understanding and intuition of the powerful functionality of Ardor.

I am no master of Ardor, but I am a sufficiently advanced user who now has the foundation to continue to explore and build my knowledge base. My journey is not over – it is only beginning.  It is a little deceptive to claim that anyone is a “Master” of Ardor after completing this course, but you definitely will be an advanced user.

The hands-on structure and constant manipulation of the Ardor testnet account were a great asset to me, and likely will be to anyone interested in exploring and mastering Ardor as well. A few minor gripes aside, (more on Forging and Bundlers please) and a complete lack of any mention to Lightweight Contracts, Multisig Transactions, and Cold Storage and proof-of account-ownership tokens, the course was engaging and methodical.

Nonetheless, believe that this course is very thorough and well-paced if not a little brief infrequently. The nuances of the many restrictions possible for currency and asset creation requires more of my time to fully appreciate all the different use cases for them.

Kudos to the creator for making this course. The material is accessible to all and well presented. The beauty of Udemy is that you do not need to watch every single video. You have access to all the content from the beginning and can immediately jump to the sections that interest you. Manipulating the exercises in Part 2 requires nothing from Part 1 if you already have the Ardor client installed and running.

The blockchain is the future people, experience it! Long series of sequentially hashed files are the future and now I am an advanced user of Ardor. I am prepared. My Private Key is secure, my high fives are for sale and I am ready to broadcast on Ardor, and to the world, that I am truly appreciative of the advanced blockchain features that are standard on Ardor.

Conclusion

I feel accomplished and I experienced, hands-on, much of the great functionality of Ardor. What are you afraid of when it comes to learning and personally exploring Ardor? Here, let me incline you to begin the same journey as me by offering this Nxter code course discount!

To many, a blockchain is a scary thing, an abstract concept that is hard to connect to. This is patently absurd – overcome your fear by practicing with it – it exists right now. Wonderful functionality already exists that is immediately usable for most anyone and this is just the beginning of what is to come!  There are many great features of Ardor: the Coin Exchange, the Monetary System, the Voting System, the ability to add conditions to transactions, Aliases, Currency creation, the Marketplace, all of it. But it is nothing more than words unless you experience it – dabble with it. Make it your own! With the release of this course, I believe that the time of being hesitant is over. Take the course and learn the advanced topics and concepts of Ardor. Now it is May and soon it will be June and then it will be summer and then you will be dead! Act now and learn the joys of using Ardor, you will be filled with regret of not taking a small amount of time to appreciate just how powerful a tool we have at our fingertips right now.

IGNIS Airdrop

The holiday season is upon us and soon free IGNIS tokens will rain down into your Nxt accounts! 500M IGNIS tokens will be airdropped on NXT coin holders at the New Year!

What is Going On?

On Dec 28, 2017: a snapshot of the Nxt blockchain will occur:

Jelurida takes a snapshot of all NXT accounts with everything in them, including the NXT you hold, your registered aliases, account properties, your NxtAE (asset exchange) portfolio, Marketplace items, Monetary System coins, etc. The state of the blockchain. Your NXT balance @ the snapshot block determines how much IGNIS you will get: 1 IGNIS per 2 NXT.

With the snapshot block, some coins and trading markets will be temporarily frozen.

These tokens will, temporarily, become untradeable: ARDR (the Nxt asset which represents ARDR tokens on the Ardor blockchain platform), JLRDA (which represents the IGNIS tokens sold during the ICO), Janus (which will be re-issued on IGNIS/Ardor), and also BITSWIFT, which will be reborn as an Ardor child chain, along with Ignis, with the Ardor Genesis block.

The Ardor platform and its first child chains will launch on 1/1-2018 0:00 ETC.

From that moment, when the Genesis Block is forged, the markets for the beforementioned tokens are open again. For every 1 NXT you have in your Nxt account on Dec 28, at the time of the snapshot, you will find an additional 0.5 IGNIS, on the Ardor blockchain. You can already log in to the Ardor testnet with you current Nxt account ID and see how it works. Also, 10% of the BITSWIFT child chain tokens will be distributed to IGNIS holders. Not because of the JPL license, but because Bitswift has decided to reward the Nxt and Ignis community, with an extra Xmas gift to holders!

NXT and IGNIS

IGNIS is the transactional token of the unrestricted open to all blockchain 2.0 Ignis child chain, spawned from Ardor, the scalable disruptive platform that Jean-Luc, Nxt lead developer since 2013, and Jelurida, have created.

Those that listened know that the Nxt platform will not become obsolete but will be taken care of, as a perfect showcase for Jelurida and a still relevant featureful public blockchain, under the JPL license. The JPL (Jelurida Public License) aims to protect investors in the NXT token, while at the same time keeping the core code open source. According to the JPL, any clone of Nxt must distribute 10% of the newly issued tokens among NXT holders, proportionally according to their stake in NXT.

Jean-Luc explained:

[With JPL], unlike the GPL, in addition to the copyright owner (Jelurida) any token holder can initiate a claim, because he has incurred a loss. It will also be much more straightforward to demonstrate the total monetary value of such losses, as 10% of the marketcap of the infringing clone.

IGNIS inherits all the features of NXT. Plus more. Much more.

Ignis is spawned from Ardor. The Ardor server software can run on a mobile phone, a Raspberry Pi or a VPS, and anyone with ARDR can earn fees from forging ChildBlocks (blocks of bundled transactions made on Ignis and other Ardor child chains). Forging is Nxt and Ardor PoS’s equivalent to PoW “mining” and secures the full Ardor network.

Other ways to support and monetize the network is (currently) Bundling or running Archival Nodes.

Child chain transactions are not forged on the child chain but are bundled and sent in blocks to the Ardor parent chain, which forges, files, and secures them. Anyone can become a Bundler, and bundle child chain transactions. It takes ARDR to be a Bundler, because the Bundler must transfer ChildBlocks (those consisting of bundled child chain transactions) to the Ardor parent chain. Ardor only accepts ARDR. Bundlers are paid in child chain tokens for their service. They set their own fee.

Archival Nodes expand the default network when it comes to storing data on the blockchain. Messages sent between accounts as well as other kinds of encrypted or public data uploaded to the network are “pruned” from child chains. Only hashes are stored, which makes the child chains scalable – unnecessary bloat is removed at regular intervals. Archival Nodes, on the other hand, store pieces of data, so they can be dug up and used. Thus, Archival Nodes provide a distributed data storage network to Ardor’s blockchain ecosystem – which, of course, also can be monetized. This is already built into the platform. The first archival node service provider will be Jelurida, but competition is welcomed.

Smart Blockchain

IGNIS lives on and communicates with this full network. It’s part of a scalable platform; Ardor, the advanced EXISTING BaaS platform, which allows transactions to be sent across the full network of child chains, globally. For example, an asset that is issued on Ignis will become instantly tradeable on all child chains that support the AE. Be they business token child chains or simple gateway child chains with tokens pegged to other cryptocurrencies or a bank/government-backed fiat coin, like DKK, EUR, USD, YAN, which you can deposit/withdraw directly to your bank account. On top of this, Asset tokens can be issued with their own unique rules set and specified- like, if they can be traded by all, or only by selected accounts, pre-approved by the issuer of the asset, or tagged in the blockchain as KYC/AML/CTF compliant accounts. Also, Ignis currency tokens (MS-coins) can be traded between child chains. Whatever you do, you can scale it. Whatever you do, it is in your control, finally.

I think that the Nxter Magazine should soon begin talking about use cases. Or about building commercial applications on the public blockchain. Maybe we could even run a contest! Describe a use case that solves a problem for you, and win!

It could be a lot of fun. Those that win the contest by vote, could get an advisory board, some initial funding, marketing and possibly a partnership arrangement with core Nxters. Nxt, IGNIS, and Ardor are supposed to solve real problems, you know, and the tech is capable of it. As IGNIS and ARDR appreciate in value, and with our sponsorship with Jelurida we *could* make this happen. Follow, learn about Nxt and Ardor, sign up for the news. Maybe we will make such a contest. Until then, feel free to post ideas for use cases in the comment field. Here’s why:

Use Cases

One of the most important aspects of Ignis is what it offers to the developer; e.g. businesses, local societies and even to national governments. All the advanced basics of connecting your use case to the blockchain are covered. Tested, reviewed and approved in the wild, Ignis (and the NXT and Ardor platforms) offers working executable secure inbuilt smart contracts, that developers can combine into the use cases he/she/the customer wants, as easy as with Lego bricks, with the API.

Right off the bat, Ardor is a well-prepared infrastructure of an entire economic system, with all its twists and turns, an infrastructure built on the blockchain, which is ready to go global on January 1st.

New GUI’s, apps and Dapps (decentralized apps) are expected to emerge:

Bitswift:

The child chain infrastructure seemed to solve all of the problems we were looking at, blockchain bloat, reducing fees, fast confirmations, everything we want it comes with to start building on.

Our rewards network is built on top of this blockchain technology which ensures stability, reliability and transparency, while maintaining exceptional performance.  

Dan Charbonneau, CEO of CBT Nuggets:

[Our] learners will buy training content with crypto and consume the content. We’re developing a cryptocurrency to be deployed as an ARDR child chain that will provide a financial incentive to learning. There are quizzes throughout the content so you can prove you learned the material. When you answer the quizzes correctly, 30% of your purchase price is returned to you. In addition, everything you learn is stored in the blockchain so we will maintain a lifelong record of learning for you.

When you interview for a job, you’ll be able to show the interviewer everything you’ve learned. The transcript will of course be private only for you and shared with the people you choose. The value of our cryptocurrency will be pegged to ARDR on a 1-to-1 basis. The initial launch will be with 50M of the new cryptocurrency paid for with 50M ARDR. The currency will be redeemable on a 1-to-1 basis for ARDR so it has value out of the gate.

I’m hoping this changes education worldwide, providing greater access to quality content and adding competition and the principles of the free market economy to education at all levels.

Alex Pfeiffer, University of Danube – Center for Applied Game Studies:

As we talk on a daily basis with Jelurida (…) at the moment I am 100% sure about doing the following “proof of concepts”. I can speak about my plans but I don’t like to reveal any partners before the ink is dry ;).

Doing my research for several months I switched all my developing plans first from Ethereum to Ethereum Classic and finally decided to fully go on Nxt and later Ardor for my plans regarding setting up new ecosystems.

I also decided to work with Ardor and Nxt for a very simple personal reason. I am economist, social scientist, game designer and conceptional developer. I am not! a “real” technican. Working with Ardor gives me the chance to understand most of the stuff the tech people are doing with it and it enables me to chance things and not crashing the system.

Adel:

Adel is built on the Nxt platform which has numerous features that will be extended to the Adel ecosystem. [Adel] will move to the Ardor platform, once it is deemed suitable. With this foundation of advanced blockchain features, the Adel ecosystem can focus on project development, best-in-class business practices, and an efficient and self-sustaining community. Adel will continue to capitalize on the features of Nxt and Ardor as both evolve.

So, What Is Next?

The “Bitcoin-thing: transferring money, is one use case of the blockchain; but Ignis and Ardor bring ALL the Blockchain 2.0 ideas to life. Ideas like running secure proven smart contracts on a scalable decentralized blockchain infrastructure, not with the old energy-wasting PoW algorithm but an energy efficient and green 100% PoS algorithm.

You can build decentralized applications with little coding experience on Ignis. Run your own business on Ignis, even create a DAO. Or with Ardor you can get your own child chain, it’s scalable, connected to the network. The impact and transformative nature of the changes to businesses and governments that the Ardor / Nxt / Ignis blockchains bring are unimaginable.

To old Nxters, this is not news. But it must be said: on January 1st, 2018, Ignis, Bitswift and Ardor will launch. Almost everything envisioned by the great, early Bitcoin (and Ethereum) blockchain visionaries will be doable and live with Ignis and Ardor. One can only hope that the launch on Jan 1st will spark a disruptive network effect. And oh yes, you can be part of it! Begin by sharing this article.

Learn about the utilities of Nxt and Ardor, and apply it to your own life and see which problems you can solve with it. Share it with us.

Exchanges

We have all seen the price of NXT and ARDR increase. I see it talked about a lot in forums, slacks, and on social media, and I spend a lot of time giving answers to folks who want to know if they will get IGNIS, ARDR and BITSWIFT if they hold their NXT on either this or that centralized exchange. Short answer: Why would you?

I have used NXT for a long time. Now Ignis and Ardor are coming. I know, for a fact, that in a not so distant future I will never have to use a centralized exchange ever again. If YOU don’t know that, you don’t know what you’re investing in. You invest in disruptive tech. Not like Jelurida is against the established system, with its taxes and governments, they will work with them all. Yet, their tech is public. Anyone can use it out of the box or build applications on top of it, change things.

Maybe NXT and ARDR exchanges like Bittrex will support the snapshot. Maybe Poloniex will, and AEX, Bitcoin Indonesia, HitBTC, Litebit, all of them – and maybe they won’t! None of these exchanges have made an official announcement about the IGNIS airdrop yet, the date is closing in, but what they all want is to get paid. By Jelurida.

UPDATE: These exchanges have announced support of the airdrop

So you ask me: Will the airdrop be supported by this or that exchange?

No one knows yet. IMHO, centralized exchanges act like they are banks, nowadays. They will list IGNIS, as well as NXT and ARDR, of course, they will, they earn millions in trading fees, but that’s not enough. Profit maximizing middlemen, some of them are, and they do not even provide an indispensable service. We do not really need them. Nxt and Ardor have inbuilt unhackable decentralized exchanges. So, to make sure you get your IGNIS and Bitswift tokens for holding NXT, and your Ardor tokens for holding ARDR, I strongly recommend you to simply claim your own private account on the network.

Create it offline, with a web client, or locally, by downloading and running the NRS client from Jelurida. The web client is the fastest and easiest, requiring only a minute or two of simple setup. Be sure to keep your passphrase safe!

Personally, I care about supporting blockchain technologies that I know will accomplish great things. I do not buy and trade shitcoins. And I do not know how many day traders, dolphins, whales, and bots manipulate the price of each coin, including NXT. That’s not my thing.

Buying cryptocurrencies seem like a (risky) get-rich scheme to a lot of people today. Even “average Joes” seem to think they know the market and that it’s probably a good time to enter. But a lot get burned. There’s no cancellation of transactions. Do your due diligence. Make your own decisions. And never invest more than you can afford to lose.

 

nxter.org/assethub

 

Nxt News – November 2017 (I): Never, Never, Never, Never, Never Give Up

November (I)

Welcome again, fellow Nxters! Start off your week by reading about the blockchain news of last week. Our dedicated team endeavors to bring you the most comprehensive list of the major events of last week. Winter sucks, it is cold, it is dreary, and it is often wet. But hey, Thanksgiving is a thing that is coming up. For our non-North-American readers, picture a holiday where you eat too much food, drink even more, watch sports and then proceed to drive to the nearest mall before dawn to participate in Black Friday sales to buy things you definitely do not need at slightly lower than normal prices; with that in mind, we have much info for you to intellectually gorge yourselves on.

From the end of the IGNIS ICO, finally, to a new Ardor website redesign, to a HUGE Ardor testnet release, a lot happened in the week that was. As always, if you are new, welcome, and if you are an old Nxter, welcome back. We adore the Nxt / Ardor / Ignis platforms and we love our talented and dedicated community members even more. Who needs to work when you can read up on your favorite hobby that will slowly take over the world! Sit back and let your mind become full.

NXT COMMUNITY

NXT AE

DEVELOPMENT

NXT IN THE MEDIA

PRICE EVOLUTION

 

This week’s newsletter is put together by James, Jose, apenzl, and rubenbc.


NXT COMMUNITY

  • IGNIS ICO

It took three, eventful months but now the IGNIS ICO has ended. On behalf of Jelurida and the Nxter community, we profoundly thank all of you who participated in the crowdsale that helped fund the Nxt and Ardor platforms for years yet to come. What is next is the airdrop of IGNIS tokens that will occur on January 1, 2018 – basically a second Xmas. We will elaborate more as the time nears, but for now let us revel in what we have helped build and fund.

Kristina, from Jelurida, explains:

Hello everybody! IGNIS Token sale is now officially over after three (unforgettable) months. It has been a great success and we are grateful for your contribution and the trust you have shown in the team and in the technology! Thank you!

Jelurida will keep and allocate the unsold tokens to a pool to be used to continue to raise awareness of the Nxt / Ardor platform. Later we will touch on the release of the latest testnet version of Ardor, v2.0.4.

Also read: IGNIS ICO Report 8

Ignis ICO Schedule
Dates JLRDA tokens for sale Price of 1 JLRDA in NXT
Aug 05 – Aug 12 60,000,000 0.40
Aug 26 – Sep 02 80,000,000 0.55
Sep 09 – Sep 16 100,000,000 0.76
Sep 23 – Oct 21 100,000,000 1.05
Oct 28 – Nov 04 up to 100,000,000* 1.45


Live stats from the Nxt Blockchain

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  • New Ardor Website

The ardorplatform.org redesign is almost complete. The developer appreciates community feedback on how the site can be improved. The conversations below highlight what is to come and how the community can help when the new info and functionality is added.

qbtc / Crypto Woman: I would like to ask for your help! The goal is to get the site to a “finished” state in two weeks. Please contribute constructive feedback and reasonable suggestions. I will be rewriting some of the content yet again for further simplification and business understanding while at the same time creating more technical info for the crypto-minded. I also want to develop some generic use case examples…

Source

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  • Ardor Listed on AEX.com

AEX lists ARDR and NXT as assets that can be exchanged for BTC.

Billed as the “Next-Generation Asset Exchange” we are happy to promote this new exchange (former btc38) and we wish them the best.

Source

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  • Invitations for Nxt/Ardor Slack are Open

This is the perfect opportunity for community members to participate in the Nxt slack community. Please submit your invites. We apologize for the delay it might take to process your invite as new methodologies are being implemented to prevent spammers and bots from hijacking and shitposting the conversations. Over 4000 people are already members and you could be one, if you ask, and pass the human test. This Slack is one of the premier Nxt / Ardor forums out there with direct participation from many of the founding members of Nxt, Nxter, Jelurida, Adel, Janus and more.

vanbreuk – Invitations for this slack are open again at slack.nxtplatform.org – please update your bookmarks! Our community staff will from now on quickly review new invite requests, to intercept bots and potential spammers.

The new bookmark is slack.nxtplatform.org or https://nxtplatform.org/slack , as you prefer.

(Soon we should also forward there slack.ardorplatform.org)

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  • Chinese Community – News Updates

For our Chinese readers, we have released the translated version of last weeks newsletter for you! Our tremendous thanks to all who aid us in our translating tasks.

Also, Chinese Nxter, lege, announced last week:

lege
hi guys, after lior back from China , i decide to promote ardor in China, so those days i was busy with my work, and i quit my job, register a company in China, yesterday i made a speech about ardor in the trip of Blockchian in China. so if you are in China, you can contact me , let’s do something together for ardor, and change the world. where amazing happens, ardor is here.

my wechat id : legelchain

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  • Meetup Nxters in NYC – Presenting NXT / Ardor in Building out Dapps on Codepen.com

This was a demo and intro on how to build decentralized apps using Codepen. Blockchain technologies covered, included Bitcoin, Ethereum, and Ardor/NXT. It was a great opportunity for our community to mingle and meet other dedicated developers in the blockchain space. Cool pics below.

box1413

https://www.meetup.com/codepen-nyc/events/244014591/?_cookie-check=po8Ti5KVz8R-jXTf

I’m running a new meetup dedicated to front end developers and I’ll be giving a presentation on NXT / Ardor capabilities using only html/css/js on the codepen.com platform. I’ll be presenting to a room full of developers that most likely might not have dabbled in blockchain yet. imo, this target audience is more valuable than trying to sell tokens/coins to speculators. If you can get even just a few to work on the nxt/ardor platform thats a success already.

I’m demoing simple json ajax calls to the nxt/ardor apis and showing how to:

– build a decentralized market place filtered by specific keywords.
– possibly build out some type of simple chess board game that records the piece location on a board using data cloud
– build a MIDI player fetching .midi music from the data cloud that is less than 40kb.

If anyone is willing to help out, that would be great. I need codepen.com demos that make use of the nxt/ardor apis.

Met some awesome folks from our community in the Big Apple today. Here I am with @patoshi and his lovely wife, @codehalo and @xdmcrypto
qbtc / CryptoWoman: Met some awesome folks from our community in the Big Apple today. Here I am with @patoshi and his lovely wife, @codehalo and @xdmcrypt

 

qbtc
In addition to Pats team and us there were about 20 developers. Small but very interested.

Source

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  • User @Almonte Showing Ardor’s Potential in Business

Almonte was in Spain demoing the many use-cases that Ardor and Nxt have for businesses, especially in the fintech sector. He visited a company in Lisbon, documented below, and also presented to a bank. We are excited for his success and look to continue to follow his adventures in the Spanish business world.

Almonte – Last week I came back to my projects and had a very good opportunity to show Ardor potential in a business environment. Have a look at this picture and check where nxt fits: the CoE of the company located in Lisbon was such a great experience, where we were able to seat the basis for blockchain design. I´m awaiting permission for this company to publish an article about what we did last week.

And this week I have another one, this time in Spain for one of the most important banks. Wish me luck.

I had the presentation this morning. It went really well and I had the opportunity to explain from blockchain introductions to hands-on demonstrations using Ardor/Nxt. I´ll write an article soon. The audience was the innovation department, which is very open to start working on this technology.

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  • Travin Keith – NXT For Investors #28 NXT, Ardor, and Ignis Updates 

Travin represents the Nxt Foundation and here presents to investors about the many benefits and business solutions provided by using Nxt / Ardor distributed ledger technologies. The live stream video of the presentation is below and is worth checking out, it contains a wealth of information.

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  • Crypto Woman – An Impromptu Opportunity to talk about Blockchain

The Crypto Woman had an impromptu opportunity to talk about the blockchain with over 200 eager developers at a conference in Pennsylvania last week. It went over well, demonstrating a lot of high level interest in Nxt and Ardor platforms.

She wrote:

An impromptu opportunity to talk about blockchain and the incredible tech of NXT and Ardor to a group of about 200 developers at Central PA Open Source Conference today 🙂

Source

All about NXT:

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NXT AE

  • Janus – Status Update

Janus announced that they will be selling 250K CCEX tokens to offset a major purchase on behalf of their JNSHash project. Variable rate tiers are available depending on how much you wish to purchase.

 

They wrote:

bjorn_bb
In order to offset a portion of this months purchase for Bitmain L3+ asic miners we posted some Janus for sale on the NXTAE, to give an alternate purchase option we will add 250,000 to CCEX at current going rates. If you want to get yourself into a different payout Tier this is a good chance to make the jump.

JNSHash is going to be open to Janus token holders who own 100k JNS or more and mining payouts will vary based on the 4 tiers. Further information will be coming out this month to allow people time to absorb the information.

The office has grown much since we posted this first video: https://www.youtube.com/watch?v=dn29aBQgS0Q

Within the next 7 days video part 2 will be posted showing current progress, and then followed up by the final mining rigs coming at the end of November.

Janus tokens are the only method to obtain hashpower from this mining farm. We have placed tokens for sale to allow token holders a chance to fill their wallets with the required amounts needed and posted tier structure in our slack. The more funding we get the more we expand which is why on our twitter, forums, and slack you see portions of the deliveries we make. If you want to reach an alpha level farm we appreciate all team token buyups that occur.

We realize Bitcoin is mooning but I assure you nothing goes parabolic forever, and as a long time trader you can nearly count on segwit to stop the rise on btc. We welcome all new people to our diverse project and look forward to a bright future with our current and new community members.

Join the “Janus Token” YouTube Channel

 

 

You can find a list of all paid dividends here. Also, follow the Janus news on https://nxter.org/janus, and Janus Twitter.

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  • Adel – Status Update

Blockchain incubator Adel announced that their AdelWiki project is about to go into beta testing. Also, they were one of six finalists at a conference sponsored by the Czech National Bank and they will have a large and important presence this week at the world’s largest technology conference: The Global Web Summit.

They wrote:

New Collaboration Module is here! ▲ Adel Community
Ready for take off? AdelWiki™ is imminently ready for member beta testing. Members will shortly be able to take a test drive and explore the interface and get ready for projects that will change the world! They can submit ideas for incubation, and help develop ideas from other members, The power of community and valuable insights allow for bold iterations and the continuing improvement of our processes. Become a member today with 64000 ADL, and Start Something Great! www.adelphoi.io

ADEL Ecosystem Ltd. ▲ Crowdfunding 2.0 on the Blockchain
Sometimes the best way to communicate ideas behind new technology is to make references to an existing platform. This can spark the minds of people new to the space and help facilitate adoption. In his latest blog that’s lighting up social media, community member @R0bInI0 @wolffang breaks down Adel in bite-sized pieces by relating it to Kickstarter. His down to earth explanation of evolving tech is one you’ll want to share with your family and friends.

https://medium.com/@R0bInI0/adel-ecosystem-ltd-evolution-of-kickstarter-on-the-blockchain-9e76051989da

Fintech Innovator Conference ▲ e.conomia ▲ Deloitte
Out of 140 startups reviewed by Deloitte, Adel was one of only five to get a pitch at Fintech (R)evolution. In this new video, Adel’s Co-Founder Gabriel Dusil speaks to hundreds of leaders in Fintech at the event sponsored by Czech National Bank and hosted by the Media House of Economia. During the event last week, each startup including Adel, had six minutes to pitch their company and four minutes to answer questions from the audience.

Global Web Summit ▲ Adel Community
We’re gearing up for the largest tech summit in the world. Adel will join more than 1,000 speakers, 60,000 attendees and more than 2,000 journalists from 160 countries in Lisbon next week. From startup battles, to crypto talks, Artificial Intelligence, cybersecurity panels, marketing tech and much more, the center of the tech universe unfolds in Portugal, Nov. 6-9. Visit our stand #B203 on Wednesday Nov 8th. https://websummit.com/

Follow Adel In Medium

Adel’s first incubated project will be iFin.io.

 

More info

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  • Bitswift – Status Update

There was a Blockchainers Meetup in Queens (NYC) that Bitswift attended. Their Bitswift.shop is live and is looking good.

They wrote:

It’s about time we let people know a little bit more about Bitswift and who better than the bright minds going to Queens. https://www.meetup.com/Queens_Blockchainers/events/244005403/?read=1&_af=event&_af_eid=244005403&https=on.

Back from the meetup, a bunch more people know about Ardor, Nxt, and Bitswift.. mission accomplished. Looks like there may be opportunity to speak on a panel in the near future @Queens. Should be interesting and good for spreading the word.

Bitswiftbro wrote:

she is live
she is not optimized
prices may seem weird
categories will change
not nearly even 25% of the products are posted but it works…

You will see over the next few weeks that we go through the categories and adjust the pricing to be on par with Newegg, Bestbuy, and Staples Business Depot. We are having some issues with pricing and availability being pulled in across the distributors we have hooked up, so if you see “Quote” options instead of pricing, that is why. We have pushed some updates to the shop to fix the out of stock items. Check out our VR section:  https://bitswift.shop/collections/virtual-reality. Much more products and categories coming also.

 

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  • DeBuNe Token Swap Finalized

The DeBuNe Token Swap is over, ending at the beginning of November.

Capodieci wrote:

IMPORTANT AND URGENT

Last few hours to send back the DeBuNe Assets to the issuer account, to then get them as ERC20 or as DeBuNe tokens once the DeBuNe blockchain is launched.

I saw some of you that have put them for sale, in a few hours they will be worth nothing (I will put ALL the assets from the issuer account for sale at 0.00000001 (or whatever the minimum is).

Cancel your purchase orders, cancel your sales order and send back to asset issuer BEFORE all the assets will be put on sale.
Just a few hours left!

Roberto

Hopefully, you migrated your assets in time.

 

Source

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  • Stocks.Exchange – New Dividends

Dividend payments were offered on Stocks.Exchange last week at a rate of 1.88%.

 

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DEVELOPMENT

  • Ardor – v2.0.4e Released on Testnet

Exciting news from Jelurida, the latest testnet release of Ardor is epic and has mindblowing functionality. We are so stoked about this that we wrote an exclusive report extolling the many wonderful features that the latest release provides, including complete and total asset control and multistage phased transactions – just to name a few.

Kristina Kalcheva wrote:

We are looking forward to the future and are happy to announce the release of Ardor testnet 2.0.4e with major new features added (Asset control, Composite phasing, By-Property phasing, Asset share increase) as well as new and modified APIs.

Update your testnet nodes, delete the nxt_test_db folder and start forging. Block generation will start automatically at midnight!

https://nxtforum.org/nrs-releases/ardor-v2-0-4e/
https://bitbucket.org/Jelurida/ardor/downloads/

ARDOR Implements Game-Changing Features In New TESTNET RELEASE

Major new features:

– Asset Control: Similar to Account Control which once set requires all transactions of an account to be subject to approval (i.e. to use phasing), the new Asset Control feature allows imposing such restriction to all transactions involving a given asset – such as placing bid and ask orders, transfers, share deletions, and dividend payments that use the asset as a dividend.

This feature enables, for example, a private company to issue its shares on the Ardor blockchain, yet to impose control over who can purchase or sell them, for example requiring asset transactions to be approved by its board of directors, or a shareholder voting. It also allows asset issuers to be KYC compliant, by only allowing verified accounts to transact with their assets.

– Composite Phasing: The Composite Phasing (“Smart Phasing”) is a very powerful new feature that allows approval models for conditional transactions to be defined in terms of a Boolean combination of other approval models, i.e. allows joining the current primitive approval models such as by whitelist, by asset balance, by hash, etc, using the AND, OR, and NOT operators.

This allows the new Asset Control feature to be used in combination with the Account Control feature when required, the transaction execution being made conditional on satisfying both the Asset Control and Account Control settings. It also allows for example combining the existing by hash or by transaction approval models with by whitelist, by balance, etc, approvals, which enables doing atomic coupling of transactions (including cross-blockchain) even for multisignature accounts (i.e. subject to Account Control), or with assets subject to Asset Control.

The NOT operator allows for dead-man-switch type conditions, where a transaction is executed only if some condition (e.g. revealing a secret) is not satisfied.

– By-Property phasing: The new by-property approval model allows the transaction execution to be made conditional on the sender account or the recipient account having a specific account property set. If this property is set, the transaction will be executed immediately, else, a second check whether the property is set is performed at the finish height defined.

This allows, for example, enforcing KYC by asset issuers, who can define in their Asset Control settings that only KYC-verified accounts, labeled with a predefined account property by a trusted authority (or the asset issuer itself), to perform transactions with their assets.

– Asset share increase: A new transaction type has been added, allowing the asset issuer to increase the total number of asset shares in existence. The new shares are allocated to the asset issuer account but can be then distributed to shareholders using a separate dividend payment transaction. This allows corporate actions such as capital increases or stock splits to be performed.

Modified APIs and new APIs

See changelog.

Imports from Nxt blockchain: 

– Accounts public keys
– Account balances. ARDOR chain balances are based on ARDR asset balances, and IGNIS chain balances are based on NXT balances divided by 2, plus JLRDA asset balances. Each of those has been additionally divided by 2, in order to allocate 50% of the testnet coins to developer accounts for testing purposes. BITSWIFT chain balances are based on Bitswift asset balances, plus a 10% sharedrop distributed proportionately to all IGNIS shareholders.
– Account info (name and description)
– Account properties
– Account control settings, but only for account control by whitelist with no minimum balance. Other types of account control will not be imported.
– Account aliases have been imported to the IGNIS child chain.
– Assets. Only the Janus, JanusXT, and ComJNSXT assets have been imported, with their asset ids preserved.
– Monetary system currencies have been imported to the IGNIS child chain, but only the currency code and name, in order to reserve those. It would be up to each currency issuer to re-issue the currency with the appropriate properties and re-distribute it to users.

(Back to the Index)

 

  • Weekly Reminder

 

Patoshi on StackExchange:

Is there a way to open up the Nxt / Ardor wallet in the browser and immediately go open up the account you want to view? The answer is yes, you can with Ardor and the link below explains how you can specify the specific chain. A bug is soon to be fixed such that a blue screen does not show if you forget to select a chain.

@riker any help with this? https://bitcoin.stackexchange.com/questions/61787/how-to-goto-a-nxt-ardor-wallet-with-a-default-address-set-in-the-url

riker
In Ardor you also need to specify the chain i.e. https://ardor.jelurida.com/index.html?account=NXT-YD9C-ZKZW-ZZLZ-BNB3W&chain=IGNIS however I will fix it so that if the chain is not specified we will choose the parent chain and not just show a Blue screen.

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NXT IN THE MEDIA

  • Lior Yaffe in Medium –  Ardor Q&A

Lior Yaffe conducted an Ardor Q&A last week covering the basics of the platform and explaining the many benefits that it aims to solve regarding common problems in the blockchain space. Excerpts of the Medium interview are below:

Discussion with potential stake holder

Q: What result are you looking for?

For the next 2 months, we want to focus on promoting both Nxt and Ardor
as platforms, to increase their visibility in the crypto community.

We also want to attract businesses to consider licensing our software (either Nxt or Ardor) for their private blockchains, to consider launching a child chain on Ardor, and also use Nxt and Ardor as platforms for conducting their own ICOs.

Q: What is the purpose of Ignis?

Ignis as a token is necessary in order for the Ardor platform to function. We distribute 50% of it for free to existing Nxt holders, in the upcoming Ardor Genesis Snapshot. The other 50% is distributed to buyers of the Ignis ICO.

Q: What do you want to communicate?

The snapshot is the last chance to acquire Ignis cheaply, by just holding Nxt at that time. It is a share drop where users get to keep their Nxt, and get 0.5 Ignis for each 1 Nxt they have.

Q: What is the value of ardor?

As a token, it allows tokens holders to participate in the proof of stake consensus algorithm which provides security for the whole platform. For this service, those who own Ardor and actively forge, are rewarded with transaction fees.

Q: What is different?

Ardor is not yet another Bitcoin clone or an Ethereum asset. It is a standalone platform with a unique architecture, based on the solid and time tested Nxt code. Proof of stake, multi-chain, scalable, implemented in Java.

Source

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  • Money 20/20 – Blockchain Usage at a Tipping Point

Article about the growing usage of private permissioned blockchains and how Microsoft and Jelurida are investing heavily in enterprise-grade solutions.

Public permissioned blockchains are not scalable for enterprises. However, private permissioned blockchains allows for innovations in scalability and many companies are investing in this, including Microsoft and Jelurida.

A permissioned blockchain restricts the actors who can contribute to the consensus of the system. A permissionless blockchain is the opposite of this.

Source

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  • Cryptopost – Ardor Should Surprise Investors Very Soon

We do not offer investment advice, but Cryptopost speaks very highly of Ardor and believes that the price will skyrocket.

The nearest upside target is at $4 which is a psychological resistance, but overall $0.46 is expected to be reached in the short to medium term. If this resistance at 161.8% Fibonacci will be broken then the trend will indeed prove to be a long term.

Keep in mind that break below the $0.15 support area will invalidate this bullish forecast.

Source

 

PRICE EVOLUTION

  • Cryptogirl – My Thoughts on NXTUSD

 

  • Weekly NXT/ARDR Price Evolution

The following graphic shows the NXT / Bitcoin exchange price at Poloniex over this past week:

The following graphic shows the ARDR / Bitcoin exchange price at Poloniex over this past week:

Live stats from the Nxt Blockchain Asset Exchange:

 

(Back to the Index)

And that is all for this week, Nxters. Make sure you have more of your favorite warm beverage available as you stay tuned next week for more coverage of the new year launch of Ardor, ongoing projects, and much more. For those who cannot wait a week to learn more, visit our site. We explain in much more detail about Jelurida, Ignis, Ardor, and everything else that is pertinent to the platforms and the momentous ICO.

Follow us on Twitter for important breaking updates during the week as they happen. Stay warm and stay informed, dear Nxters. See you back here next week!

Help us grow and help us continue to provide excellent and focused coverage on the ever-growing blockchain space by rewarding us for our efforts. Donation address: NXT-TK9J-MEKH-MUP9-HFCH2.

ARDOR Implements Game-Changing Features In New TESTNET RELEASE

Do you remember, back in the day, the first time you got your mind blown? I remember fondly how that happened to me with Nxt. That blockchain bastard repeatedly blew my mind – sometimes several times a week as it implemented feature upon feature at such a frantic pace. As such, I became a part of the embracing high-level community of Nxters and eventually surmounted the steep learning curve. It was totally worth it but afterward, I became hard to impress.

Released today, a brand new Ardor testnet finally made my brain cells feel a tiny bit explosive again, and it feels great! Not just a tiny bit, actually. The client that lands today is blockchain 2.0 evolution at its finest. Let the popular experts, and all the great blockchain visionaries do their talks. Jelurida just wrote it in code. Again. Let others continue to talk about TPS, ignoring scalability and security, we covered it already. And if you don’t know about Nxt, you should read up.

Ardor 2.0.4e

The Nxt and Ardor core dev team at Jelurida presents to you: New asset control features, multiphased smart transactions, a new API for creating regulated tokens on the decentralized Asset Exchange, and a transaction type that allows asset issuers to increase the number of asset shares in existence. All of this is an addition to all the existing core features and API.

This new Ardor testnet release resets the existing testnet and publishes a new Genesis block that tests the transition of data from Nxt to Ardor, based on a snapshot made of Nxt’s mainnet at block 1558000, shortly after the last JLRDA (IGNIS) exchange offer expired.

The testnet Genesis block timestamp has been set to 00:00 (midnight) UTC time
on Monday, Nov 6th, in order to allow time for users to setup nodes check their balances, and start forging.

From the Nxt blockchain has been transferred the following:

  • Accounts (public keys)
  • Account balances
    • IGNIS balances are based on NXT balances, divided by 2, plus JLRDA asset balances. Each of those has been additionally divided by 2, in order to allocate 50% of the testnet coins to developer accounts for testing purposes. There has been a 10% BITSWIFT asset sharedrop distributed proportionately to all IGNIS shareholders.
  • Account info (name and description)
  • Account properties
  • Account control settings for account control by whitelist with no minimum balance.
  • Account aliases transferred to the IGNIS child chain.
  • Janus, JanusXT, and ComJNSXT assets have been imported.
  • Monetary system currencies have been imported to the IGNIS child chain.
    • Only currency code and name. It will be up to each currency issuer to re-issue the currency with the appropriate properties and re-distribute it to users.

Lior Yaffe kindly asks all of us to check our accounts on Ardor and make sure everything has happened correctly:

If you are only interested in checking your balances head to the Jelurida public node , login using your existing NXT Mainnet account id (no need to login using passphrase) and check your ARDR, IGNIS and BitSwift balances. In addition, check your Janus asset balances, aliases, account properties, currencies, account control and all other entities migrated from the NXT Mainnet according to the changelog.

When you check, be aware that your IGNIS and ARDR holdings have been divided by 2 in this testnet release, so 50% of the tokens can be allocated to dev accounts for testing purposes.

Read all details here.

This was to be expected. Massive work, yes, all as promised and fair for a call to shift from one platform to the N(e)XT, Ardor. Pun intended. There are API changes too, and new API, coders please (you must!) check the change-log.

What made my brain cells begin to feel explosive again then?

New features

Yes, the new features. Nxters run. Run out there and share it with the world!

The change-log for Ardor 2.0.4e presents the following new transaction types – add to them all that the Nxt blockchain’s smart transactions and Ardor’s globally scalable, energy efficient child chain platform design can do, and you will see clearly the size of this gamechanger. This is what the release implements:

Asset control

Allows an asset issuer to control her assets. That’s right. As the issuer you decide who can buy and sell them; a small group of selected people, only KYC verified accounts, perhaps. Or you could send non-transferrable assets to a board of holders and give them voting rights over the asset. How about that. Read it again and let it sink in – with this release you, the issuer, will get complete asset control.

No, it’s not the end of a free market. Ignis is free. It is a new opening that allows all new as well as old running businesses to shift their old backend to Ardor and Ignis and receive all the benefits of the blockchain as a business backend, consumer front-end, and even get it cheaply.

Example:

  • Have an ICO/crowdfunding on Ignis
    Upload contracts and legal documents to the data cloud, time-stamped, hashed, let the KYC compliant accounts of your business partners or angels digitally sign the agreements, this will be documented on the blockchain as well.
  • Issue your asset tokens
  • Decide which rights you want to give to your asset holders, and to your market.
  • Distribute assets, each with the rights attached that you assigned to them. Watch them be traded.

Selected (or all) asset holders can have voting rights. You can pay dividends in any token on the platform; IGNIS, another child chain coin, an € pegged coin, that can be withdrawn with your VISA/Mastercard or just sit in your bank account. Or in other assets, representing bonus points, tickets, whatever fits your business plan. You could even create games with this. It is here.

We welcome this Java code, the Asset Control feature, as one of the best newest addition to the already existing API.

Composite Phasing

Introduces AND, OR, and NOT to Nxt’s Phased Transactions. This, combined with the new Asset Control feature, adds whitelist control over asset holder accounts, you can choose, for example, which asset holders should have the opportunity to vote or even control an account by vote. Even control the whitelist of new accounts. Do you see the better DAO coming?

It also allows for example combining the existing by hash or by transaction approval models with by whitelist, by balance, etc, approvals, which enables doing atomic coupling of transactions (including cross-blockchain) even for multisignature accounts, or with assets subject to Asset Control.

I couldn’t say it better.

The NOT operator allows for dead-man-switch type conditions, where a transaction is executed only if some condition (e.g. revealing a secret) is NOT satisfied.

Source

Asset share increase

With this new smart transaction type, asset issuers can increase the number of assets in existence. Print new money?!!

The new shares are allocated to the asset issuer account, but can then be distributed to shareholders using a separate dividend payment transaction. This allows corporate actions such as capital increases or stock splits to be performed.

Be careful, like we all learned in Economics 101, increasing the supply of money will decrease the value. Take care not to dilute your asset into nothingness.

By-Property phasing

First, if you don’t know Nxt’s feature “Account Properties”, I should fill you in: Account Properties is a Nxt feature that adds the ability to permanently ‘tag’ any account on the blockchain with a small amount of data, like meta-information. Tags can also be deleted by the tagger.

Let’s see what By-Property phasing is:

 

The new by-property approval model allows the transaction execution to be made conditional on the sender account or the recipient account having a specific account property set. If this property is set, the transaction will be executed immediately, else, a second check whether the property is set is performed at the finish height defined. This allows, for example, enforcing KYC by asset issuers, who can define in their Asset Control settings that only KYC-verified accounts, labelled with a predefined account property by a trusted authority (or the asset issuer itself), to perform transactions with their assets.

So with this feature, the blockchain market is regulated.

With this, you can, for example, in the near future, issue an asset on any Ardor child chain, trade it on any child chain, but enforce/be enforced to only let KYC approved accounts trade it on the market. Or choose by country. Or any group. With Ignis, asset issuers and traders can choose whether or not to trade on the regulated market, but we all know: Regulation will be. The new By-Property phasing API makes it not just possible but also easy and cost-effective to develop as a user-friendly service, and yeah, remember, the main purpose for Nxt 2.0, Ardor, was actually to make it globally scalable.

Where does this leave us? Accounts can be tagged by 3rd party KYC service providers or, even better, by governments, may they ever choose to set official ID on accounts and begin using the benefits of the blockchain. Don’t get me started. Secure us, our medical records, money, ID – let us be secured by cryptography. Jelurida’s code does it for them. Give us voting rounds that cannot be interfered with as the result is public, and votes have already been counted by code, see the graph. It’s on blockchain, but energy efficient, secured by nodes all over the world, and while we’re at it – possible. And see, Ardor has, as another first, a solution to the blockchain bloat problem running in production. The first and most tested globally scalable PoS Platform. It’s here, get started.

Sure I am excited. I’m a Nxter. Aren’t you?

Come on, try it!

For newcomers, it may seem weird that scammers and developers collect millions and millions of dollars worth of ETH or BTC in ICO’s, selling their whitepaper only, describing smart contracts they want to invent, code, test, execute, and need us to trust, when old Nxt Cryptocurrency 2.0 already has the functionality that most of them seek. It’s weird that what most of all of these devs and their investors are trying to achieve already exists on Nxt, that now gets further ahead with the scalable and even more beneficent and featureful public Ardor Platform. Yes, it IS weird, that Nxt has been under the radar and ignored by, for example, the larger Bitcoin-paid media for so many years.

The Nxt core devs, Jelurida, has split Nxt into IGNIS, the transactional token of Ignis, the first and unrestricted full featured child chain on Ardor; the mother blockchain that forges all Ignis’ transactions and will give birth to a lot more and take care of all her children (child chains), as well as make sure they keep communicating with each other. This is Ardor. With Nxt being a blockchain 2.0 platform, should Ardor be called blockchain 3.0? Nxt 4.0? Who cares. If you’re just a little familiar with Bitcoin, blockchains and smart transactions, you will realize that you want to test this release.

For those who want to setup an Ardor full node, install the software as usual and start forging, the first block will be generated tonight at 00:00 (midnight) UTC time on Monday, Nov 6th (about 14 hours from now)

If you are installing on top of a previous Ardor release delete first the nxt_test_db folder from C:\Users\<username>\AppData\Roaming\Ardor on Windows, ~/.ardor on Mac and the Ardor installation folder on Linux. If you don’t do that you’ll be left on a fork.

Follow the development closely and take part in the community. Even without the awesome potential that awaits us with this momentous release, it’s always mindblowing development.

 

Ardor vs. the Competition, Pt. 5: Stratis

This post is part of a series that compares Ardor to other blockchain projects with similar features or goals. You can find the previous posts here:

This week I studied Stratis, a blockchain-as-a-service platform based on the Bitcoin protocol.

Stratis

The goal of the Stratis project is to enable businesses to create their own customizable blockchains, choosing from a set of prepackaged features. Additionally, the Stratis Group, which guides the development of Stratis, will offer consulting services to help businesses find ways to use blockchain technology effectively, and presumably will also help them configure and deploy custom blockchains on the Stratis platform.

Put this way, Stratis sounds an awful lot like Ardor. But in most of the details–to the extent that details about Stratis are available, anyway–the two platforms are quite different. More on those differences in a bit.

Currently, the Stratis platform comprises several parts:

  • NBitcoin, a comprehensive Bitcoin implementation in C# inspired by Bitcoin Core;
  • NStratis, a fork of NBitcoin that adds a proof-of-stake mining algorithm and an alternative proof-of-work algorithm;
  • the Stratis Bitcoin Full Node, which can run on either the Bitcoin network or the Stratis network, and which serves as the basis for the rest of the platform;
  • the Breeze Wallet, a simplified payment verification (SPV) wallet for both Bitcoin and Stratis that implements TumbleBit to make transactions private; and,
  • the Stratis Identity module, which allows third parties to attest to the identity of the person controlling a Stratis account.

Note that most of these components are currently in alpha.

Particularly noteworthy in this list is the integration of TumbleBit into the Breeze Wallet. The TumbleBit paper is rather dense; if you’re interested in the details, I recommend instead this excellent presentation by two of the authors. In a nutshell, TumbleBit uses one-way payment channels to transfer funds from a set of payers to an intermediary called the Tumbler, and from the Tumbler to a set of payees, without any of the parties having to trust one another. The key innovation over other payment channel implementations is that TumbleBit uses blind RSA signatures in a clever way to prevent the Tumbler from knowing which incoming transaction maps to a given outgoing transaction. If many accounts are transacting through the Tumbler, then it is impossible to trace the funds in an output account back to the input account that sent them. Not even the Tumbler can link the two accounts.

Stratis’s Breeze Wallet provides TumbleBit functionality for both Bitcoin and Stratis, making it useful to a much larger audience than would be the case if it worked only on the Stratis network. Moreover, since the TumbleBit protocol uses off-blockchain payment channels, it is possible to make many payments through the Tumbler in approximately the same amount of time as it takes to make a single payment.

The Stratis Identity module is still at the proof-of-concept stage, but it is functional nevertheless. Users can log into their Microsoft, Google, or LinkedIn accounts using the Stratis Identity mobile app, and these services will notify Stratis of the successful login. A special account owned by Stratis then records an attestation to the successful login by hashing the corresponding personally identifiable information (e.g., name and email address) and storing it on the Stratis blockchain.

An attestation by Google that a person owns a particular Gmail account is perhaps not the most useful identity service, but it is easy to see how the same mechanism could be used to prove ownership of some piece of information that is much more difficult to verify. For example, a government agent might attest that somebody presented a valid photo ID, together with a name and address. If a user can provide the name and address that match the hash on the blockchain, that would probably convince a service provider that the user also owned the corroborating photo ID, since the government agent attested to all three pieces of information together.

TumbleBit integration in the Breeze Wallet and the Stratis Identity module are two examples of the kinds of features that Stratis intends to offer on their platform. I’m not completely sure I’ve grasped the overall architecture of Stratis, but from what I can understand, the idea is for the Stratis blockchain to delegate the backend processing for each new feature, such as TumbleBit and Stratis Identity, to a dedicated set of masternodes. For example, the upcoming Breeze Node–not to be confused with the Breeze Wallet, which uses SPV instead of requiring a full node–will be a masternode that serves as a Tumbler. Similarly, there are plans to build masternodes that process Stratis Identity transactions, though I don’t really know what that means and can’t find any details.

Finally, it is worth mentioning that the Stratis team has planned several other features, most notably a way to deploy sidechains anchored to the Stratis chain. My understanding is that this will be the main mechanism that Stratis uses to provide customizable, private blockchains to clients.

Unfortunately, I haven’t been able to find any details about how sidechains on Stratis will work. The Stratis white paper refers to Blockstream’s sidechain paper, but that is the only hint I have found so far about Stratis’s design. In particular, it is not so easy to securely and trustlessly transfer value between two blockchains without having at least some of the miners on each chain validate all transactions on both chains. The details, including how the sidechain protocol handles forks and reorginzations, are crucial in order to evaluate how secure the mechanism is.

Even supposing that transfers between the Stratis chain and sidechains are secure, there is also the matter of the security of the sidechains themselves. The Stratis white paper says in several places that the Stratis chain will somehow provide security for its sidechains, but it doesn’t explain how that will work. Typically, sidechains are completely independent and must secure themselves.

Compared to Ardor

With Ardor, on the other hand, the parent chain does provide security for each child chain.

In fact, this is one of the most important differences between Ardor’s parent-chain/child-chain architecture and typical sidechain implementations. Unfortunately, without more technical details from the Stratis team, it is impossible to do a proper comparison between their design and Ardor’s approach.

One comparison that we can do is between Stratis’s TumbleBit feature and Ardor’s Coin Shuffling feature. (Note that Coin Shuffling will not be available on the Ardor chain itself, but it will be available on Ignis, the first child chain, and other child chains can also choose to support it.) This feature is Nxt’s implementation of the CoinShuffle algorithm, which allows a group of users to trustlessly agree to transfer a fixed quantity of coins from their (input) accounts to a set of output accounts, one per input, without any user being able to know which of the other users controls each of the other output accounts. The algorithm is not very complicated, and section 4.2 of the CoinShuffle paper gives a good overview of how it works.

I don’t claim to be an expert on either algorithm, but the TumbleBit approach seems to me to have a couple of advantages over CoinShuffle. Because it uses off-blockchain payment channels, it is potentially capable of scaling to a high transaction rate in addition to adding a measure of privacy to payments, addressing two problems at once. Also, if the goal is to prevent an observer from noticing correlations between several payments–which might leak information about a business’s customers or supply chain, for example–it would probably be more convenient to make the payments back-to-back from the same account via TumbleBit instead of having to first shuffle each payment to a new account.

On the subject of identity verification, I think the Stratis Identity module is an interesting proof of concept, but in my opinion Ardor provides a much richer set of tools for identity-related services. While a service like Stratis Identity can be built relatively easily on any blockchain, Ardor offers a couple of unique features that could extend such a service for some interesting applications.

On Ardor, identity validators will be able to attest to the identities of account owners using Account Properties. These are arbitrary bits of data that can be permanently associated with an account on the blockchain, rather like attestations in Stratis Identity. One novel feature that Ardor will add, though, is the ability to issue assets that can only be traded by accounts that have a specific property set.

In cases where government regulations require that asset issuers know who is purchasing their assets, this feature will allow issuers to restrict trading of their assets to accounts whose owners’ identities have been verified by compliant identity providers. This level of control will hopefully help put blockchain-based securities on a firmer legal foundation, and will make it easier for asset issuers to comply with the law.

Even apart from regulatory compliance, asset issuers will probably find other uses for this feature. For example, a club or other private organization could express eligibility requirements for membership as a set of required account properties, issue an asset that only eligible accounts could obtain, and then use the asset to pay dividends to or conduct polls of members.

Some Thoughts on Marketing

Even having read this far, you might still be wondering what exactly the Stratis platform is and how it works. To be frank, I have found myself asking these questions too, even after many hours of reading about Stratis. At the risk of speaking perhaps a bit too close to the edge of my knowledge, I think it might be helpful to compare and contrast the marketing efforts of Jelurida and the Stratis Group in order to shed some light on why it is hard for me to answer these very basic questions.

Reading the Stratis website and the white paper (linked above), I got the distinct impression that, to be blunt, those resources weren’t really written for me. The language they use reminds me of how the salespeople at my company talk, and I learned a while ago that engineers and salespeople tend not to understand each other very well.

I read that Stratis offers “simple and affordable end-to-end solutions” to “streamline and accelerate [my] blockchain project development”; that it is a “powerful and flexible blockchain development platform designed for the needs of real-world financial services businesses and other organizations that want to develop, test and deploy applications on the blockchain”; and that its “one-click process means that new chains can be launched with unprecedented speed, tailored for the needs of the organization”; but I still don’t really understand what any of this means, much less how Stratis will accomplish these things.

This type of language conveys precisely zero information to me. Without technical details, I am completely, hopelessly lost. I know that there are plenty of people who are fluent in business-speak, though, and those people can probably read the Stratis white paper and come away with a decent, if very high-level, understanding of what the company plans to do. In contrast, it took me multiple passes through the white paper before I began to grasp the big picture, and I’m still not sure I have it right.

The Ardor white paper, on the other hand, contains substantial technical detail about how Ardor works and what distinguishes it from other blockchain platforms. It is obvious, both from its content and how that content is organized, that engineers played a significant role in writing it. Upon completing my first pass through it, I understood pretty well what problems Ardor solves and how it solves them.

The point I’m trying to make with this comparison is that business-minded people and technically-minded people often speak different languages, and the marketing materials that the Stratis Group and Jelurida have created seem to reflect this difference. Personally, I found it extremely frustrating to find so little technical substance in Stratis’s resources, and this frustration has probably prevented me from really understanding Stratis.

Conclusion

Is my assessment of Stratis too harsh? Maybe. I do think that TumbleBit is an interesting piece of technology, and it seems smart for the Breeze Wallet to implement it for both Stratis and Bitcoin. Moreover, if we drop the white paper’s contention that the Stratis chain will secure its sidechains, and instead assume that sidechains will be responsible for their own security, then I can use my imagination to fill in enough of the gaps to come up with at least a rough mental image of what Stratis will look like when it is complete.

This mental image, though, is basically a direct competitor to Lisk. Sure, Stratis is based on .NET and the Bitcoin protocol instead of JavaScript and Lisk’s predefined transaction types, and the feature sets that the two teams intend to offer don’t overlap perfectly, but essentially both projects aim to provide a central, public blockchain and a set of tools for easily creating sidechains on it. Both projects are in rather early stages of development, too, and for this reason it can be difficult to find technical details about them.

Ardor is quite different. Built on the Nxt codebase, it is already far more mature than Stratis, despite not having launched on its mainnet yet. Its parent-chain/child-chain architecture achieves the goal described in the Stratis white paper–a means for businesses to create customizable blockchains without having to worry about securing them–better than existing sidechain architectures. And the rich variety of features that Ardor already supports will take quite some time for Stratis to emulate.

Perhaps just as importantly, Jelurida and the Nxt community have done a great job of making technical information about Ardor and Nxt publicly available. This information lends credibility to the Ardor project and strengthens the community. In my opinion, it is what separates true marketing from hype.


Try Ardor on testnet

Ardor vs. the Competition, Pt. 4: Waves

This post is part of a series that compares Ardor to other blockchain projects with similar features or goals. You can find the previous posts here:

Until now, one of my main goals with this series has been to survey different approaches to scaling a distributed ledger. This week and for the next couple of posts, though, I’m shifting my focus slightly towards the business side of blockchain technology. I’ll attempt to explore the real-world problems that blockchains can solve and the ways that different projects have positioned themselves to suit their target markets.

These subjects are a bit outside my comfort zone, so I’ll thank you in advance for your patience with me in case I say something ignorant or naive. And as always, I greatly appreciate constructive criticism. 🙂

This disclaimer is especially important this week, because this week I studied Waves. As a newcomer to Nxt, I’ve read just enough about its history to know that the founder of Waves, Sasha Ivanov (a.k.a. Coinomat on nxtforum.org), had been an active member of the Nxt community until the turbulent period of early 2016, at which time he left to found Waves. I won’t attempt to rehash the debate over Ardor and the future of Nxt, which I understand ended with many asset issuers like Sasha leaving the community, but if you’re interested I’d highly recommend apenzl’s summary in SNAPSHOT and the references therein.

Instead, for this post I’ll mostly ignore the histories of Nxt and Waves, and will approach both projects with an open mind and a view towards the future. I do think there would probably be some value in a proper historical analysis, but I simply am not qualified to offer one.

With that out of the way, let’s talk about Waves.

Waves

At first glance, Waves looks a lot like a stripped-down version of Nxt. It is primarily a decentralized exchange (DEX), inspired by and conceptually similar to the Nxt Asset Exchange. Like Nxt, it uses a proof-of-stake consensus algorithm and allows users to lease their balances to other accounts in order to forge in pools. It recently added a way to associate a human-readable alias to an account number, partially replicating the functionality of Nxt’s Alias System. Even a couple features still in development–namely, a voting system and a way to send encrypted messages–duplicate functionality that Nxt already offers.

At the same time, Waves is missing many of Nxt’s most powerful features. For now, it doesn’t support anything similar to Nxt’s phased transactions or account control options, for example, though it is worth noting that both smart contracts and multisig transactions are on the agenda.

Additionally, the white paper suggests that crowdfunding will be one of the main uses of the Waves platform, but tokens on Waves lack the customizable properties that make Nxt’s Monetary System currencies so useful for this application. For example, the Monetary System offers the ability to condition the transfer of funds on meeting a fundraising goal, a la Kickstarter, and also the option to restrict trading so as to prevent scalpers from creating a secondary market. Using this latter feature, called a “Controllable” currency in Nxt’s terminology, it is even possible for issuers to dictate both a fixed asking price and a fixed bid for the currency, enabling them to offer buyers full or partial refunds for their tokens. Crowdfunding on Waves, in contrast, is limited to issuing a token essentially at the market rate.

These observations notwithstanding, in my opinion it would be a terrible mistake to dismiss Waves as just another Nxt copycat with fewer features. For one thing, Waves offers several key features that Nxt and other platforms do not have, which I’ll describe next. Perhaps even more importantly, though, the Waves team has built a strong brand and has offered a clear and consistent vision since the platform’s inception. The field is currently so crowded, and innovation so rapid, that the combination of a simple, clear message, a strong marketing effort, and a demonstrated ability to deliver on those promises might be even more important to the long-term success of a project than the richness or novelty of its underlying technology.

Unique Features

One interesting feature that distinguishes Waves from many other platforms is the design of its DEX. It is a hybrid approach that combines a centralized order-matching engine, called the Matcher, with decentralized settlement on the Waves blockchain.

When users place orders on Waves, the Waves client sends those orders to central Matcher nodes, which maintain the order books for all tradeable pairs. Each new order is either matched against existing orders or added to the order book for the pair in question, but either way the user who submitted the new order is notified immediately whether the order was filled. It is still necessary to wait for the next block(s) to be added to the blockchain to fully confirm the transaction, but in the meantime, the user knows with high confidence the result of the order.

This might not seem like a big improvement over a fully decentralized exchange, but from the handful of transactions I made on Waves, I must say I was quite impressed by the user experience. The ability to see real-time updates to the order book, and to know immediately whether my orders were filled, made a bigger difference than I had expected.

In principle, any full node can become a Matcher. The lite client currently only connects to Matchers at nodes.wavesnodes.com by default, though, so Matchers on the rest of the network probably do not see much volume. With new orders transmitted directly to these centralized nodes, and only broadcast to the whole network once they have been filled (I think), this design allows the order books to remain anonymous. I don’t know for sure how important it is for open orders to be anonymous, but it certainly seems like a feature that traders might value highly.

Another distinguishing feature of Waves is the ability to trade any token against any other token without first converting to WAVES. Combined with the integrated gateways that issue tokens pegged to U.S. dollars, euros, and several cryptocurrencies, this feature enables Waves to function as a decentralized foreign exchange market. It also allows token issuers to conduct an initial offering directly in fiat-pegged tokens. With the full client, it is even possible to pay fees in tokens instead of WAVES.

Additionally, it is worth noting that there are several features in development or on the roadmap that also distinguish Waves from other platforms. One is a reputation system that will score accounts by their age, transaction history, and other factors. There are not many details yet, but the goal is to provide users with at least a rough indication of how trustworthy a given token issuer is. The white paper even goes so far as to suggest that the reputation system will serve as “some form of decentralized KYC/AML” (know your customer/anti-money laundering) system. While it’s difficult to see how a decentralized reputation system could help issuers actually comply with KYC and AML laws, it’s not unreasonable to suppose that it could serve some analogous purpose in a blockchain community.

Speaking of compliance issues, Waves has also announced a new project, Tokenomica, that will provide a “100% compliant legal framework for different types of token crowdsales, including private equity crowdsales.” Unfortunately, that quote from the 2017 roadmap is just about the full extent of information I’ve been able to find about Tokenomica. My impression is that the project is still in its early stages, but it shows that the team is taking regulatory compliance seriously.

For completeness, I should probably mention that the Waves team is also planning to incorporate smart contracts into Waves. The scripting language will not be Turing complete, and there will be no equivalent to Ethereum’s concept of “gas,” presumably because there will be no loops. Beyond these details, there isn’t much other information available yet.

Finally, I must mention the approach that the Waves team has outlined for scaling. It consists primarily of two parts: a redesign of the forging process that breaks large blocks into “microblocks” to optimize bandwidth usage; and an optimization to how account balances are stored–or rather, not stored–that reduces memory requirements for full nodes.

The first of these two proposals, called Waves NG, is based on Bitcoin NG. In a nutshell, once a node has won the right to forge the next block, it immediately issues a key block, which is usually empty, and then broadcasts microblocks containing transactions every few seconds. The motivation for this design is that broadcasting one large block each block interval is a much less efficient way to use the network’s bandwidth, and the corresponding spikes in network activity place an artificially low bound on the number of transactions that the network can handle. By spreading transactions out over a sequence of microblocks, it is possible to increase the average data rate over the network but decrease the peak data rate, lessening the constraints that bandwidth and latency impose on the maximum transaction rate.

The second component of the scaling plan is to implement the ideas described in this paper by Leonid Reyzin, Dmitry Meshkov, Alexander Chepurnoy, and Sasha Ivanov. I admit I haven’t spent very much time with it, but the gist is that full nodes will not all be required to store every account’s balance of every token in memory in order to validate transactions. Instead, they will store a compact digest of this information, and forgers that do store it in full–or some subset of it, if they choose to only forge transactions involving specific tokens–will generate cryptographic proofs that they have updated the account balances correctly. The forgers will then include the proofs and an updated digest in the header of each new block. Nodes that have chosen not to record the balances of all tokens involved in those transactions will still be able to validate them by using their current digest and the forger’s proofs to compute an updated digest, which they can compare to the one the forger reported.

The authors argue that this approach can reduce the amount of memory required for a full node under realistic conditions by about a factor of four. Moreover, if this optimization is able to keep all required information in memory in cases where it would otherwise have to be stored on disk, the performance improvement could be far greater–about a factor of 20, the authors suggest.

Comparison with Ardor

Although a couple of the features described were not present in Nxt, there will be similar features available in Ardor.

Specifically, Ardor’s parent-chain/child-chain architecture will allow users to trade all pairs of child chain coins, some of which could be pegged to fiat currencies and other cryptocurrencies. It will also be possible to price assets in any of the child chain coins, and to pay fees in the child chain coin when transacting on a given child chain. It will not be possible to trade assets against each other directly, but most of those trading pairs would probably have such low volume that it wouldn’t really be worthwhile to add this feature anyway.

As for the improvements that the Waves team has made to their DEX by partially centralizing it, it should be possible to mimic this functionality pretty closely by building a centralized order matcher on top of Nxt/Ardor. Indeed, the InstantDEX project accomplished something similar in the past, using Nxt to settle transactions in a decentralized manner.

On the subject of scaling, the proposal to reduce in-memory storage requirements for full nodes is intriguing, but I wonder whether there might be a small trade-off with security. (If you’ve read the previous articles in this series, then you have probably figured out by now that I always suspect that performance improvements entail reductions in security.) In particular, if nodes are not required to store the current state of every account, and must use the proofs and digest in each new block’s header to validate the transactions contained in it, then I assume that means that nodes will not be required, nor even will they be able, to validate unconfirmed transactions before broadcasting them to their peers. I don’t know the consequences of allowing nodes to propagate potentially invalid transactions across the network, but the thought makes me a bit uneasy.

Ardor’s approach to scaling is for all nodes to validate all transactions, but for only the minimum possible amount of information to be permanently recorded on the Ardor blockchain. In particular, only those transactions that change the balances of ARDR, the forging token, need to be stored on the blockchain in order for other nodes to trustlessly verify that each block was forged by an account that was eligible to do so. In contrast, the whole history of transactions involving only child chain coins and the assets and currencies traded on those child chains does not need to be stored on the blockchain, and hence can be pruned away, leaving only cryptographic hashes of that information behind. The result is that the blockchain stays much smaller and grows more slowly than would be the case if it stored all of this extra information.

Which approach is better depends on whether permanent storage of the blockchain or in-memory storage of current account balances presents a bigger problem as the two platforms grow. I don’t know the answer to this question, but there are a couple of related points that are probably worth making. One is that the timescales of the two problems could be quite different: I could see an explosion of new assets on the Ardor platform placing an immediate strain on memory, whereas blockchain bloat would likely pose a severe long-term problem for Waves, especially if it reaches hundreds or thousands of transactions per second, which is the current goal. My other thought is that Ardor required an entirely new architecture to implement its scaling solution, whereas Waves’s approach will not. It would no doubt be easier for Ardor to incorporate Waves’s solution at some point in the future than for Waves to implement Ardor’s solution.

Finally, perhaps the most interesting subject in this comparison is the issue of regulatory compliance. Waves has positioned itself as a platform for creating and issuing tokens, with a special focus on crowdfunding. To that end, the Waves team has indicated that they are taking a serious look at the regulatory complications that go along with crowdfunding–which might involve selling securities, for example–in order to help users comply with the law. While the suggestion that a decentralized reputation system might eventually replace traditional KYC/AML requirements strains credulity, it could at least help suppress scams and reduce the opportunities for bad actors to take advantage of others. In that sense, it might accomplish some of the same goals that regulators aim to achieve.

Ardor, for its part, will offer a couple of enhancements over Nxt that will be quite valuable for regulatory compliance. One is the ability to issue assets that can only be traded with a certain type of phased transaction, and the other is the addition of a new phased transaction type, which allows an account to approve a transaction only if the account has a certain specific property. Combining these two features, a user can issue an asset which can only be purchased by accounts that have a property that, for example, a KYC/AML-compliant identity provider has added to designate that it has verified the owner’s identity.

If your asset represents shares of a company, or a mutual fund, or some other type of security, this feature would enable you to prove to regulators that you know who is purchasing your tokens. Moreover, if you are a user interested in purchasing those types of tokens, recording a proof of your identity on the blockchain via your account’s properties will hopefully allow you to spend less time trying to convince businesses that you are who you say you are and that you aren’t laundering money.

In addition, it will be possible to create child chains that support only a subset of the features that the Ardor platform offers. This will allow child chain creators to disable certain features, such as coin shuffling, that might raise red flags with regulators in some jurisdictions.

Conclusion

What, then, do we make of Waves? There is definitely something to be said for choosing one problem and trying to solve it better than anybody else can do. Abandoning Nxt’s “Swiss Army knife” approach and focusing instead on the single goal of building a great token-trading platform no doubt made it easier to pitch, develop, and market Waves. There is also a lot to be said for starting off well-funded, as Waves did with a $16M ICO.

At the same time, though, I’m not sure that an objective comparison of Waves and Ardor could conclude that Waves is as technologically mature as Ardor is. (For the record, I have tried to do a fair and objective comparison in this article, but I am not claiming that I succeeded. That’s ultimately your call.) Nxt is already capable of almost all of what Waves can do, not to mention all of the things that Waves cannot do, and Ardor is adding new functionality, too.

Perhaps Ardor’s biggest remaining challenge is to truly sell its vision the way that the Bitcoin community and the Ethereum Foundation have sold their visions, and this is where Waves has a sizable head start. Being capable of so many different things, but not purpose-built for anything in particular, Ardor faces a very difficult task here. The worst possible outcome would be for users and businesses to see it as “just another platform,” or perhaps to fail to grasp the full range of what it can do, and to simply ignore it as a result.

As for Waves, I’m excited to see what the future holds. The improvements that it has made to the Nxt Asset Exchange, though modest in my opinion, have nonetheless distinguished it as a formidable DEX. If the Waves team can follow through on their roadmap, Waves will be a fierce competitor among exchanges–centralized and decentralized alike.

Ardor vs. the Competition, Pt. 3: IOTA

This post is part of a series that compares Ardor to other blockchain projects with similar features or goals. You can find the previous posts here:

This week I studied IOTA, a distributed ledger that doesn’t use a blockchain.

Why Compare Ardor and IOTA?

At first blush, IOTA is about as different from Ardor as a distributed ledger can be. It uses a directed acyclic graph (DAG), which its developers call “the tangle,” to represent the history of transactions, instead of storing transactions on a blockchain. It is intended to be used primarily for machine-to-machine microtransactions on the Internet of Things (IoT), a vision enabled by the fact that IOTA requires no transaction fees. And it doesn’t (yet) support the “blockchain 2.0” features that form a core part of Ardor’s appeal. On the surface, it doesn’t really look like a competitor to Ardor.

So why include IOTA in a series entitled “Ardor vs. the Competition”?

As I’ve mentioned before, my main interest with this series is in exploring different distributed ledgers’ approaches to scaling, and this is where the IOTA community has made some extraordinary claims. As I learned more about IOTA to better understand how it scales, I eventually came to the conclusion that IOTA and Ardor offer complementary (or more bluntly, opposite) solutions to the scaling problem:

Ardor dramatically reduces blockchain bloat but requires all nodes of the network to agree about the strict ordering of transactions; whereas IOTA achieves potentially higher throughput by relaxing the consensus rules a bit, allowing temporary discrepancies between transactions, but faces a significant challenge in coping with the growth of the tangle. These tradeoffs, plus what I learned about the security of the tangle, seemed interesting enough to warrant a post in this series.

If you aren’t convinced, though, please still check in next week!

After this post, I plan to shift my focus away from scalability and towards features and market fit. Stratis, Ark, and Waves are on the agenda, but I’m not sure of the order, yet.

The Tangle

Without a doubt, the key distinguishing feature of IOTA is the tangle.

IOTA’s other unique features, such as its lack of transaction fees, the fact that transactions are not strictly ordered but still eventually consistent, and the notion that (some) spam actually increases the throughput of the network, all stem directly from the way the tangle works.

For this reason, and also because I want to sidestep at least some of the recent controversy surrounding the IOTA project, I will try to focus primarily on understanding and evaluating the tangle itself, rather than picking apart the details of IOTA’s specific implemetation of it.

The tangle is a directed acyclic graph whose vertices represent individual transactions, and whose edges represent “approvals” of previous transactions. Each time a node submits a new transaction to the network it must choose two previous transactions to validate, which it references in the new transaction it submits. As the new transaction permeates the network, each node adds it to its local copy of the tangle, with one edge pointed to each transaction that the new transaction approved.

I tried my best, but this description is probably confusing. This diagram should help. Each square represents a transaction, and the arrows that point from each transaction to two others represent that transaction’s approval of the two earlier ones. The genesis transaction is somewhere far off the left side of the diagram, and the newest transactions, called “tips” in the white paper, are on the right side, shaded in gray.

What does it mean to validate, and hence approve, a transaction? Conceptually, the node doing the validation must start at the two transactions that it is validating and walk all paths back to the genesis transaction, ensuring that it never encounters a contradiction (e.g., double-spend, insufficient balance, or the like). If there is a contradiction, it chooses another pair of transactions to approve, knowing that no other node would ever approve the transaction it is submitting if it had approved a set of inconsistent transactions.

Notice that this means that each new transaction not only directly approves each of the two transactions it has chosen to validate, but also indirectly approves the transactions that those two approve, and the transactions that those transactions approve, and so on all the way back to the genesis. This is part of the basis for “eventual consensus” on the tangle.

In case you’re wondering about the computational burden of doing this validation, in practice it can be optimized substantially. Notice from the figures on this page that as you walk the tangle from the tips (far right) towards the genesis, you eventually reach a point past which all transactions are (indirectly) approved by all tips. In these figures, transactions approved by all tips are colored green. You could, therefore, cut the tangle across arrows that point to green transactions, validate the paths from those particular green transactions to the genesis a single time, cache the results, and from that point forward only validate from your new transaction back to those green transactions. This optimization saves you the time of validating the entire tangle every time you submit a transaction, and also allows the tangle to be pruned. More on that below.

Consensus

One very interesting feature of a tangle-based ledger like IOTA is that nodes that receive new transactions from their peers don’t have to immediately validate them. In fact, the tangle can temporarily contain contradictory transactions. Eventually, though, a node must decide which of the contradictory transactions to approve (possibly indirectly) as it adds a new transaction.

How does it choose between conflicting transactions? Assuming that each transaction is valid if considered separately, then the short answer is that a node could choose to approve either one. It has an incentive to approve the one that the rest of the network will build on, though, so that its own transaction will eventually be approved, too. Most of the nodes on the network are assumed to run the reference algorithm for selecting transactions to approve, so in the event of a conflict, a node has an incentive to choose the transaction that the reference algorithm selects.

In order to understand the reference algorithm, it is important to first understand the concept of the cumulative weight of a transaction.

Each node that submits a new transaction must do some proof-of-work (PoW), which determines the “own weight” of the transaction. The cumulative weight of a transaction is then its own weight plus the own weights of all transactions that have directly or indirectly approved it. In a general tangle the node can decide how much work to do for a transaction, but in IOTA all transactions require the same PoW and thus have the same own weight. As a result, the cumulative weight of a transaction is proportional to the number of other transactions that directly or indirectly approve it.

What, then, is the reference algorithm? The author of the white paper calls it Markov-Chain Monte Carlo (MCMC, see section 4.1), which is a fancy way of saying that it is a random walk along the tangle that favors paths with greater cumulative weight. This post is already getting long, so I’ll skip the details. Suffice it to say that, when there are conflicting transactions, the MCMC algorithm resolves the conflict by tending to choose whichever transaction has the greater cumulative weight behind it. Eventually, one subtangle becomes dominant and the other is orphaned. This is analogous to the mechanism that blockchains use to resolve forks, and the cumulative weight of a transaction in IOTA is a rough measure of its finality in the same way that adding blocks to a blockchain confirms previous transactions with greater and greater certainty.

By the way, the fact that nodes don’t immediately need to validate each new transaction received from their peers has big implications for performance. Each node does less work this way, validating transactions only when it submits a new transaction, and taking for granted that transactions that are indirectly approved by all tips have already been validated by the rest of the network. Also, validations run in parallel across the network, as different nodes choose different subsets of transactions to approve.

Security

So far I have mostly just regurgitated the information found in the IOTA white paper. The issue of the security of the tangle, on the other hand, is where things get a lot more interesting. While I definitely recommend reading the analysis in the white paper of different attacks on the tangle–and the rest of the white paper, for that matter, because it is very well written–I won’t discuss most of that analysis here.

Instead, I want to focus on the most obvious threat, which is a 51% attack. The IOTA devs actually refer to it as a 34% attack, for reasons that I’m not sure I understand. I suspect it’s because an attacker who waits for a fork to occur naturally only needs enough hashpower to out-compute the nodes on each branch of the fork–i.e., more than 50% of the rest of the network’s hashpower. Anyway, the exact number isn’t important, and for the remainder of this article I will use the term “34% attack.”

With IOTA, a 34% attack would look roughly like this. An attacker issues a transaction that spends some funds, represented by the rightmost red dot, then computes (or perhaps has precomputed) his own “parasitic” subtangle, which anchors to the main tangle somewhere upstream of his transaction and which contains a double-spend transaction, represented by the leftmost red dot. His goal is to add enough cumulative weight to his parasitic tangle to convince the MCMC algorithm to orphan the main tangle and follow the parasitic one.

Hopefully, the analogies to the blockchain are clear so far, because there is one more important one. Like a PoW blockchain, the tangle is secured by the current hashpower of the network, since this hashpower is what adds cumulative weight to the legitimate tangle. Unlike a PoW blockchain, though, nodes on IOTA only do PoW when they submit transactions. The security of the tangle, therefore, depends only on the transaction rate and the amount of PoW per transaction. Take a second to let that idea sink in because it is absolutely central to understanding the security of the tangle.

Because the IOTA network is currently small and the transaction rate is low, the IOTA team has established a single trusted node, called the Coordinator, that is ultimately responsible for deciding the current state of the tangle. Its purpose is to protect against 34% attacks, among other attacks. I’m not going to spend any more time on it, but I encourage you to read this critique and the devs’ responses, and draw your own conclusions about whether IOTA can be called decentralized while running under the supervision of the Coordinator.

Let’s see if we can come up with an order-of-magnitude estimate of how secure the network could be without the Coordinator. A recent stress test achieved well over 100 transactions per second (tps) on a small test network. The team suggested that 1,000 tps is achievable. To be generous, let’s assume that IOTA will eventually scale to 10,000 tps. I don’t know what the current PoW requirement on IOTA is, but let’s suppose that the average IoT device is approximately a Raspberry Pi and it runs at 100% CPU for 10 seconds to do the required PoW. Again, I’m trying to be generous; many IoT devices are considerably less powerful than a Raspberry Pi, and pegging the CPU for 10 seconds for each transaction would probably be a dealbreaker.

With these assumptions, we conclude that the average computational power securing the network is roughly 10,000 x (# of computations by Raspberry Pi in 10 s) per second, or equivalently, 100,000 times the computational power of a single Raspberry Pi. There are a lot of nuances to properly benchmarking computers, but we’re not concerned about factors of two or three–we’re just going for an order-of-magnitude estimate–so we’ll use some numbers I found on the internet.

A Raspberry Pi3 can achieve hundreds of MFLOPS (megaflops, or millions of floating-point operations per second), while high-end GPUs clock in at thousands of GFLOPS (gigaflops, or billions of FLOPS), a factor of 10,000 greater computing power. So in our hypothetical scenario, an attacker with ~10 GPUs could out-compute the entire network. Throw in another factor of 10 because I was being sloppy–maybe integer operations are a bit slower on the GPUs than floating-point operations, for example–and you still only need 100 GPUs to execute the attack.

I’m sure there are plenty of holes to poke in this analysis. Perhaps IOTA won’t run on devices all the way at the edge of the network, for example. Instead, it might run on the gateways and routers that those IoT devices connect to, which are typically much more powerful.

Still, the point I’m trying to make is that PoW successfully secures blockchains like Bitcoin and Ethereum because it isn’t tied to the transaction rate, or any other factor besides the economic value of the network. As the value of the mining reward (in fiat currency) increases with the price of Bitcoin, miners add more hardware and consume more electricity to mine it. The economic incentive to mine ensures that the amount of hashpower securing the network increases with the network’s monetary value.

With IOTA, in contrast, there is no economic incentive to secure the network. Moreover, the hashpower securing the network is tied directly to the transaction rate, which naturally has some upper limit dependent on bandwidth and network topology.

On this last point, the IOTA developers have made a creative argument, not included in the white paper, that bandwidth limitations and network topology actually improve the security of the network. I haven’t found an official statement of it anywhere, but after some digging I stumbled upon this Slack conversation, which is the most complete defense I could find.

Essentially, one of the IOTA developers (specifically Come-from-Beyond, a.k.a. Sergey Ivancheglo, possibly a.k.a. BCNext, also one of the original creators of Nxt), argues that the IOTA network will consist of IoT devices peered exclusively with their nearest neighbors in a meshnet topology, and that an attacker will not even have the option of peering with more than a very small number of devices on each such mesh. That is, the vast majority of devices will not be accessible from the internet or some other “backbone” of the network, and the only way to send messages to them will be through the mesh of other devices.

The general idea is that the mesh as a whole will be capable of achieving a high throughput, but each individual link in the mesh has a low enough bandwidth that an attacker would easily saturate it by trying to add enough transactions to convince the network to follow his parasitic subtangle. Since the attacker only has a few entry points into the mesh, he saturates all of them before his parasitic tangle accumulates enough weight for his attack to succeed.

I’ll let you draw your own conclusions about this argument. I personally don’t think the IOTA team has made enough details public to thoroughly evaluate it.

Speaking of bandwidth limitations, let’s talk about scaling.

Scalability

Because each node must validate two other transactions before submitting its own transaction, the IOTA team likes to point out that spam actually tends to make the network more efficient. Other members of the IOTA community get carried away with this point, sometimes even making the absurd claim that IOTA is “infinitely scalable.”

Every node on the IOTA network must eventually receive every transaction in order to maintain a globally consistent tangle. Broadcasting transactions to remote nodes takes time, though, and if the transaction rate is high enough that a node receives a lot of transactions from nearby nodes before it receives the next transactions from distant nodes, the MCMC algorithm will continue to select tips submitted by nearby nodes. Eventually the tangle splits, with only nearby nodes transacting on the local copy of the tangle and remote nodes transacting on their own, divergent copy.

So bandwidth and network topology must place some limitations on the transaction rate of IOTA if the tangle is to be consistent across the entire network. We will have to wait for more stress tests to learn what these limitations are.

Additionally, like all distributed ledgers, IOTA must grapple with bloat. Each transaction on IOTA is approximately 1.6 kB in size, so a transaction rate of 100 tps would grow the tangle at a rate of 160 kB per second, or about 14 GB per day. Needless to say, that’s an unrealistic storage requirement for an IoT device.

IOTA currently solves this problem by taking periodic snapshots of the tangle, which map its current state into a new genesis transaction, allowing the transaction history to be pruned away. In the limit of very frequent pruning, a node would only have to store enough of the tangle to be able to run the MCMC algorithm.

Syncing a new node with the network is a different story, though. Either the node must download the latest snapshot from a trusted peer, or it must start at the original genesis transaction and work its way forward through the entire tangle. There is no way to trustlessly and efficiently join the network.

Finally, it’s worth noting that the IOTA team has proposed a type of horizontal partitioning of the tangle that they call a “swarm,” where many nodes together store the complete tangle but no one node stores all of it. Unfortunately, there aren’t many details yet on how this works.

Compared to Ardor

So what does any of this have to do with Ardor?

In my opinion, there are two main comparisons to draw, namely on the issues of security and scalability.

Regarding security, it isn’t clear to me that IOTA could possibly reach a high enough transaction rate to be considered secure without the Coordinator, given the monetary value of even the current network, without choosing a very high PoW requirement.

Ardor, in contrast, has the advantage that its child chains are all secured by the single parent chain.

A “small” child chain wouldn’t need a trusted node like IOTA’s Coordinator to protect it because consensus is established by the entire network and recorded (via hashes of child chain blocks) by forgers on the parent chain.

On scalability, IOTA and Ardor both currently share the requirement that each node of the network process all transactions. With IOTA, this simply means adding transactions to the tangle, which is computationally cheap, whereas, with Ardor, every node must validate every transaction. Moreover, the clever design of the tangle ensures that the confirmation time for a transaction actually decreases as the network gets busier. I would not be surprised to see IOTA achieve higher throughput than Ardor as both networks grow.

On the other hand, IOTA faces a tremendous challenge in combating tangle bloat if it is ever to achieve hundreds of transactions per second, whereas Ardor has largely solved this problem.

Finally, it’s worth noting that a proposal on the Ardor roadmap would delegate child chain transaction processing to dedicated subnets of the network. This would potentially achieve a computational gain similar to IOTA’s “swarming” proposal, possibly allowing similarly high throughput.

Final Thoughts

If you’ve read this far (thank you!!) and were already familiar with IOTA, then you’ve undoubtedly noticed that I left out a lot of details, including its homebuilt hashing algorithm, the deliberate flaw in this algorithm that Come-from-Beyond included as a copy-protection mechanism, the use of ternary encoding, and the mysterious Jinn processor that will provide hardware support for IOTA in IoT devices. In the course of my research, I’ve formed fairly strong opinions on all of these things, but I was reluctant to share them here for two reasons.

First, I don’t have sufficient information to make objective statements on these issues. I’m not a cryptographer, and I know next to nothing about ternary computing or Jinn. The best I could do would be to offer subjective judgments of the design decisions the IOTA team made, but that would have simultaneously weakened the focus of this article and opened it to criticism from people who have made different subjective judgments.

Secondly, and more importantly, I’m more interested in the fundamental concepts behind the tangle than IOTA’s specific implementation of it. Regardless of whether IOTA succeeds or fails, the tangle is a beautiful idea and deserves all the attention we can muster.

So what can we say about the tangle, then? While I’m positively enamored with the elegance of its design and the nuances of its consensus mechanism, at the end of the day I’m afraid I’m quite skeptical of its suitability for the Internet of Things. Drop that aspect, increase the PoW requirement by several orders of magnitude, and find a way to tie the PoW threshold to the monetary value of the network without cutting ordinary users off from their funds, and I think the tangle has tremendous potential as a distributed ledger.

The last missing piece is how to cope trustlessly and efficiently with bloat, a problem that Ardor have solved extremely well. Perhaps somebody will find a way to combine the best elements of both designs at some point in the future. A lot could happen by then, especially in cryptoland.

P.S. – I promise the next article will be shorter. 🙂

IGNIS ICO Report 5

Is your bid order in place? Popcorn ready?

Tomorrow, on Thursday, Aug 31st between 18:45 – 19:15 UTC, the last batch of Round 2 in the IGNIS ICO is offered. That’s the last of 4 batches, each counting 20M JLRDA tokens. The price is 0.55 NXT per JLRDA – the token that will swap 1:1 for IGNIS tokens when the Ardor Genesis block is created in November 2017. Each and every single batch until now has been sold out in 1 block.

For your reading pleasure, fellow Nxters, let’s quickly touch base with the nxtchat.slack Round 2 experience:

1st batch:

amsi [8:53 AM]
now !!!!!!!!!!!!!!!

martis [8:53 AM]
now!!!!!

gabriel [8:53 AM]
woooo

strophy [8:55 AM]
lol that went fast

josenxt [8:56 AM]
39,703.93 fee in that block? :scream:

lordcameltoe [8:57 AM]
how will I know if my transaction worked?

peter2615 [8:57 AM]
you wait… until next block, to see which offers got filled

As demand is a lot higher than the supply of JLRDA, and as the crowdsale is being held on a decentralized platform, executed under the rules of the blockchain, there were investors that didn’t get lucky. The rules are clear though and people’s different attempts to take advantage of them in the lottery, are transparent as well.

Logan summarizes:

You have to be in the same block, as the JLRDA TX. The capacity of one block is 255 TX. Higher fees are priorized to get in the block and the JLRDA TX will have a fee of 5 NXT. Thats the information you need to make a decision. But there is no right or wrong. Depends on what other people are doing.

riker [10:43 PM]

What happened in practice today was that one account NXT-GJE7-KWDJ-SFWJ-APQ6S tried to game the system by submitting many transactions with 5.2 NXT fee. I’m not sure what was his calculation. What it did is that it delayed the Jelurida transaction to the next block. But we anticipated this in advance and double checked that this does not provide any advantage to anyone.

bitcoinpaul [3:36 PM]

what can we learn from that?
dont bloat the chain with high fees, guys.

Riker

It’s a game theory problem; if everyone submits their transactions with 4 NXT fee, and a single guy with 6 NXT, this guy has an advantage. His transaction, the offer, and as many as can fit from the rest will fit in the block.

If everyone thinks this way and submits their offer with a fee of 6 NXT, all will lose, since their transactions will be included in a block before the sell offer.

forkedchain [5:33 PM]

For the latest JLRDA sell offer, there were 4 completely full blocks, each with 233 TXs, and an additional one with 58 TXs. There were 484 unique accounts that sent TXs in those 5 blocks.

2nd batch:

logan [9:01 PM]
dingdingdingding

vintash [9:08 PM]
yyyyeeees
im in!!!!

mroenne [9:08 PM]
Finally :sunglasses:

vintash [9:09 PM]
yeeeees

gabriel [9:09 PM]
YEAAAAAAH

marenkar [9:10 PM]
Whoa that’s a lot of people who got in this time.

peanut [9:12 PM]
Finally I’m in. I also noticed odd fee sizes, so I used one too just for good luck hehe

eu58 [9:14 PM]
I put 4 NXT for the fee and succeeded!

martis [9:18 PM]
I put 2 scheduled orders and both were filled. Fee was 4.9. No bot, no API, just used “Ignis token sale” link. Previous rounds were unsuccessful for me. As I reached my limit for buying Ignis, I will not participate in other rounds, so more chance for others.

forkedchain [9:53 PM]
I sacrificed a ton of ants just yesterday. ran over a huge ant bed with my mower while cutting grass, AND IT WORKED I GOT SOME JLRDA TODAY!!

logan [10:54 PM]

If i use a node with a comparatively bad connection and you use one which is a few milliseconds faster to publish the Offer TX, the chance that my orders will be filled is nearly zero, isnt it? or at least much worse compared to others

riker [10:55 PM]

Assuming you did everything else right, the more central and well connected your node is you’ll have better chance.

If you are the forger, even better, since then you have no latency.

forkedchain [11:47 PM]

well, it looks like some of my forging pool members were big winners today – all of a sudden my pools forging power has dropped by 5M.

My pool forged the golden block again. I wonder if some pool members had set up my pool as a well-known peer, and that’s why they won.

In lots of my previous attempts, my transaction was in the same block as the SELL, but at an earlier index position in the block. So I didn’t get anything. That means my latency to the forger was really good, but the forger’s latency to the p2p network (network as a whole) whereby that SELL transaction eventually found its way to the forger, was high – its all luck.

Batch 3:

jesus [8:54 AM]
woohhaaaa

thewiremaster [8:54 AM]
Go! https://nxtportal.org/monitor/

josenxt [8:55 AM]
269 unconfirmed transactions!

peter2615 [8:56 AM]
wow… NXT-3CJT-YF6A-VJ5D-DNSWR

gabriel [8:58 AM]
LOL, who was complaining about there not begin enough small transactions

mikevanegan [8:58 AM]
Booya worth getting up 2am. 295,000 JLRDA

peter2615 [8:58 AM]
lol @ NXT-GJE7-KWDJ-SFWJ-APQ6S

shugo [9:02 AM]
omg I finally got in, 4.9 fee
@all with no luck, dont give up (I almost did…)

vizanto [9:03 AM]
Your JLRDA balance 47,840 !!!!!!!!
this was my 3rd try

yelth [9:07 AM]
this was my 15th 🙁

winiusty [12:07 PM]
Hi guys, I bought while sleeping lol
strange feeling

gabriel [3:20 PM]
only problem is the people who couldn’t get in until now and are frustrated, which is totally understandable, but as time goes by, more and more of these people are getting their orders fulfilled, so it will eventually work out just fine, imo

yelth [3:22 PM]
Potentially, but I can just as easily see there as being huge problems with it later on.

potshot-rsa [3:45 PM]
I got my IGNIS at 2017/08/09 8:59:12. I’m in South Africa with a 4Mb/s ADSL connection.

jesus [3:23 PM]

@yelth, i stopped worrying about it. it´s what it is. every other setup would have been stretched to the limit as well. I can see the jelurida marketing machine start working, that´s my main concern. looking at my ARDR and NXT investment, the ICO is a good thing. if i can´t get in cheap, so be it.

And so…. 1 batch left of Round 2. Join nxtchat.slack to ask questions and take part in the discussion. And if you wonder what all the fuzz is about – oh man. The IGNIS whitepaper, and all ICO details can be found here.

These are the stats from the ICO so far:


Live data from the Nxt blockchain

Jelurida AMA on Cryptocopia

For those of you who do not know, a semi-private AMA (Ask Me Anything) session with Jelurida occurred on the Cryptocopia Slack last Wednesday, August 23rd at 22:00 CEST. Jelurida spoke at length with the community, answering many questions about the now-in-progress, IGNIS ICO, Nxt, the blockchain, and much more. Only registered members of the Cryptocopia community could participate, but since we are so well connected we have you covered!

Cryptocopia’s registration-page has been offline ever since they made the AMA announcement, but here we give you an abbreviated, “best of” version that has all the relevant information and highlights that you need to know.

myco [10:02 PM]

Hello, and welcome! The Jelurida AMA is starting now!

Our guests from the official Jelurida team are:

petko

Hi! My name is Petko Petkov. I am a software developer. I’m contributing to NXT since Jan 2015. Then participated in the design and the development of the Ardor platform.

tomi

I am also a software developer, with more than 15 years of experience. I survived the dot-com crash, worked for a few companies in the Silicon Valley, then for a small startup, then became interested in crypto and Nxt in particular a few years ago. Now I am a part of the core Nxt development team.

The other core developer, Lior Yaffe, unfortunately couldn’t attend this AMA tonight as he is not feeling well. Lior Yaffe is a very talented developer and also lately doing a big part of the project management.

kristina

I am not a developer and before becoming interested in cryptocurrencies and blockchain technology I have been working as a legal advisor. I have been following Nxt from its very beginning and when Jelurida was created last year I became an official part of the team because the developers were looking for somebody to take care of organizational, administrative and legal tasks. Now, with the company growing bigger and the upcoming launch of Ardor, I am fully occupied with work and 100% devoted to it.

What will happen with NXT?

Q

myco

I know that we’ve gone through several stages in the transition of NXT to IGNIS and ARDOR.

Could you explain at a high level what is happening with NXT for those who do not know much about it?

kristina

Ardor can be considered Nxt 2.0, because it is being built using proven Nxt technology. The Nxt public blockchain, and software, will continue to exist and be maintained by Jelurida.

There were quite a few technical reasons why Ardor had to be started as a separate platform, and it wasn’t possible to just upgrade Nxt to it.

petko

NXT is an open-source project and POS-based cryptocurrency. We are planning to continue maintaining it, but after all, its the NXT stakeholders who decide whether to use the software we develop. So, there is no actual transition – we had the idea about Ardor and decided to work on it. NXT will continue to exist one way or another. As @kristina explained, there are technical reasons that prevent us from upgrading NXT to Ardor. But we distributed the Ardor tokens to the NXT stakeholders at 1:1 ratio.

Q

dereje

With the development of ardor and jlrda, do you see nxt eventually dying out from lack of support and development?

tomi

We have promised to support Nxt for at least a year, or longer, depending on the funding level obtained in the ICO, and depending on the demand for it. We will also backport features from Ardor to Nxt, if we can hire enough developers to dedicate to that. We expect that Nxt will stay as the stable, well tested and reliable platform. And not all use cases need Ardor with its multiple child chains (which also brings complexity).

kristina

please remember that Nxt is a proven and stable blockchain with a large variety of features, a platform well suited for ICOs for example which is a functionality we plan to further enhance.

Jelurida

Q

myco

What is the development like for Jelurida?

Do you work remotely, or do you have an office where you meet?

tomi

We don’t have an office, working remotely all the time. We do plan to establish a physical office however, depending on the success level of our ICO.

Q

myco

What are the upcoming tasks that the Jelurida team is focusing on in the short term?

kristina

After our ICO is over the snapshot will follow and of course the launch of the Ardor platform.

Q

sanchopansa

How many people are working full-time on the project?

kristina

4 (3 developers and myself) + 2 part time developers.

Q

sanchopansa

How do you plan to generate revenue and when do you foresee to become profitable?

Kristina

We have several possible sources of revenue – licensing of the software for private blockchains, child chain creation, and revenue sharing with businesses that run child chains, consulting, custom wallet creation. Other minor revenue sources are listed in the whitepaper.

We aim to become profitable and self sustainable by the end of 2018.

Q

doubleqp

How much funds do you expect to need until the end of 2018 to survive?

kristina

what we have collected already is enough to survive until the end of 2018.

Q

doubleqp

So what’s your reason to collect even more money?

Kristina

For two reasons: we have a detailed plan how we can utilize the funds up to €50M.

And because we exist in a very fast growing field where our competitors raise/have raised millions which they are using for marketing and because we cannot allow a technology with such a great potential not to succeed.

marenkar

In section V3 of the white paper, (https://www.jelurida.com/sites/default/files/JeluridaWhitepaper.pdf) Jelurida goes over their plan with regards to the amount that they raise (starting on page 36). More funds raised generally means a larger team, more projects, and more business activity.

tomi

Jelurida was established last year as a corporate entity to manage the development of Nxt and later Ardor. Before that, Nxt was developed as a volunteer open source project, without a legal entity behind it. This was problematic when trying for example to license the Nxt software for commercial purposes, and when having to protect the IP behind it.

IGNIS ICO < > NXT ?

Q

myco

When will the IGNIS snapshot take place?

vanbreuk

From https://www.jelurida.com/ico, “The Ardor Genesis Snapshot will be performed at least two weeks after the end of the last JLRDA sale round”. But no exact date has been announced yet.

Q

myco

What happens to the NXT collected in the ICO for IGNIS?

tomi

We will be selling most of the NXT for BTC and fiat, because the purpose of collecting it is to provide funding for the company. We have been very clear about that in the whitepaper. Some amount of NXT, up to 40 M, will be kept by the company.

Q

myco

It seems like selling the NXT you receive in the ICO for BTC and fiat will make the NXT have a much lower value.

Who will be buying the NXT from you? people who want to hold for the IGNIS snapshot?

tomi

We have already sold most of the 24 M NXT collected in the first round, it didn’t crash the price. We expect people who want to participate in the next rounds, or didn’t have a chance to buy in the previous, to be buying this NXT. And at the end, indeed those who want to hold for the snapshot. But even after the snapshot, we believe NXT will continue to have value, and this value will probably become stable, as no major disruptions will happen to it anymore.

kristina

People believed that NXT will lose value after the Ardor asset was launched too, but it didn’t happen… It indeed dropped temporarily but after that it went back up again…

Q

myco

What new functionality is present in IGNIS that was not present in NXT?

tomi

We have a feature comparison table on the website, few things I can think of: asset dividend payments using other assets, or MS currencies, or other child chain coins; asset share increase transaction; smart phasing (a boolean composite of phasing conditions); asset control…

About Ardor

Q

myco

What is the current status of development on ARDOR? When will that be a useable technology in production?

tomi

It is running on testnet now. The multiple child chains framework is implemented and working, you can try it. We are planning a new testnet release some time before the snapshot, which will introduce some innovative features – smart phasing and asset control for example.

The pruning and snapshotting parts of the Ardor design are currently being worked on, and will not be part of the initial release, they will be ready later. See the roadmap on our website for all details.

Q

myco

What mechanisms would cause the rise in price of Ardor? What is Ardor used for?

tomi

Ardor will only be used to provide security for the whole system, it is the token used in the proof-of-stake algorithm. It intentionally has very limited other functionality, as Ardor transactions by design must remain in the blockchain (and cannot be pruned like child chain ones). Having significant Ardor stake will allow users to run forging nodes, and collect fees from all child chain transactions (converted from native tokens to ARDR by their bundlers).

myco

I can understand that value if you get native tokens from staking ardor… but why would I want to get more ardor for staking ardor if there is no additional utility to it besides getting more ardor? It seems circular. what am I missing?

petko

Ardor is like the mining hardware in bitcoin, minus all the wasted electricity

marenkar

For child chains to run, bundlers will need to exist to collect child chain tokens and then pay ARDR to the forgers to process the transactions. Any account can opt to be a bundler as long as they have ARDR and set the rate they want for accepting child chain coins relative to the ARDR paid out to forgers. Transaction fees paid out to forgers will be fixed based on the amount of data processed and/or the type of transaction and have a similar fee structure as that with Nxt ( `https://nxtwiki.org/wiki/Transaction_Fees` ).

In terms of value, assuming all other things held constant, the more child chains on Ardor and the more activity on the child chains on Ardor, the higher the demand for ARDR as the need for it increases to handle the increased demand for transaction processing.

Q

oojacoboo

So Jurlidia needs money to develop Ardor so it can try and sell sidechains to companies?  That the tldr; ?

tomi

Child chains can be useful not only for companies, but for the general public, even when there is a company behind a particular child chain. For example a pegged child chain, with token value fixed to fiat currency, maintained by a 3rd party business who charges commission on entry and exit from the system – but all users than can transact with this currency on the blockchain, denominating their transactions in it. And the Ignis child chain, for which the ICO is being conducted, will always remain decentralized and accessible to everyone.

kristina

not only creating child chains, but also private blockchains – it depends on the use case

and please note that the Ardor child chains are not side chains. The difference between them is explained in our Whitepaper.

Link to white paper – `https://www.jelurida.com/sites/default/files/JeluridaWhitepaper.pdf`

Link to page about side chains vs child chains – `https://www.jelurida.com/child-chains-and-side-chains`

Q

sanchopansa

What are the major industries/verticals that you are hoping would be using NXT?

tomi

Banking and financial sectors, asset issuance and trading, voting (including shareholder meeting voting), crowdfunding. We have been in talks to several banks that are testing internally our technology, but since this is under NDA I can’t mention names until it becomes publicly known.

Q

sanchopansa

Do you have any commercial partnerships/deals that you can talk about?

kristina

The ones not covered by NDAs – we have partnerships with companies/projects like TLVC, Beecrypt, Bitswift, Sigwo Technologies and quite a few others to be announced soon…

Q

sanchopansa

If I understand correctly, you’re in the blockchain-as-a-service space so that would make Stratis, Lisk, Ark and maybe to some extent Ripple your competitors. Why would any business use Ardor instead of these other options?

tomi

We believe that our parent – child chain architecture is currently unique in the blockchain space, and it opens the door for even more use cases and a greater interoperability between child chains. It also solves the blockchain bloat problem – which I don’t believe those other platforms have a solution for. Ardor is based on the tested and stable Nxt codebase, and has a very rich feature set which will be carried over to it from Nxt.

Price speculation

Q

myco

Why do you think that NXT has been left behind in price, relative to new coins coming out in the past year?

marenkar

There’s quite a lot of reasons because Nxt has existed for quite a long time, such as a lack of a proper team, which Jelurida now fills, a lack of funds, which this ICO now aims to address. Also it being the first Proof of Stake platform during a time when everyone wanted to mine held things back a bit. I made a long post about it if anyone’s interested – `https://www.reddit.com/r/NXT/comments/6m2tyd/why_did_nxt_never_catch_on/djyjxa6/`

Q

myco

What are you going to do differently with IGNIS to make a token that people want to hold?

Or will you focus on making money through corporate consulting use cases?

Petko

My personal opinion is that there is no need to do something special with IGNIS in order to differentiate it from the other child chain tokens. Same like NXT – everyone is free to clone NXT and start another blockchain and token (and there are many clones existing), but the NXT token only one

Q

oojacoboo

And why would I want to own any JLRDA tokens?  What value do they have, since this is a funding model for Ardor…

thewiremaster

The JLRDA MS tokens represent the IGNIS tokens you will get at Ardor launch.

vanbreuk

If a company is funded for developing the platform where your tokens are used, there is a much bigger chance that tokens will appreciate in value. I don’t understand the question.

kristina

Yes, we are selling tokens, that’s right. You may want to fund the development of Ardor because it will be a scalable PoS multi chain ecosystem – it will be the next big step in the blockchain industry

marenkar

Ignis will be the first child chain on Ardor. The Ardor main chain will not have substantial features as it is intended to secure the Ardor network and not be a regularly-used chain. Ignis provides an unrestricted way for users and organizations to utilize the features of Ardor, such as creating an asset or setting up a decentralized poll. Transaction fees to do these transactions will be in IGNIS not ARDR. Other child chains will also have these capabilities but they may set restrictions on them.

The JLRDA > IGNIS ICO

Q

myco

Where can we find the best instructions for how to participate in the ICO? The software used for the ICO is different than the BTC/ETH icos we’ve been participating in lately

tomi

Since we are running our ICO on our own blockchain, it is using the Nxt wallet. It may indeed look different from the BTC and ETH client, but shouldn’t take long to figure out, and especially for the purposes of the ICO we added a separate page – accessible from the Ignis Token Sale link in the header, which really makes it easy.

But do read the instructions on our jelurida.com/ico page, there is also a video showing how to do it, and we plan to post more instructions in a video or pdf too. And remember, only use the IGNIS Token Sale link from the header – do not buy any similarly named tokens/assets/marketplace goods, as unfortunately there have been scammers selling fake JLRDA or Ignis tokens.

Q

myco

What does it mean that IGNIS is “fully permissionless” compared to other child chains

kristina

It means that it is open for everybody to use freely. Other child chains will be associated with a specific use case, a company or an organization behind them. Some of them may want to implement restrictions such as KYC for example….

tomi

Permissioned blockchains is something our enterprise customers ask for, as they want to be able to control who can connect to the blockchain (read access), who can send transactions (write access), and who can give or take such permissions (admin access). Some of this functionality will also be added to child chains that may need it.

Q

lordcameltoe

How will the next IGNIS sale be handled to avoid having whales scoop up the majority of coins before everyone else?

tomi

Everyone has equal chance to participate in the Ignis sale, using our scheduled transaction feature which automatically submits their purchase transaction as soon as the sale offer is posted. And the batch will be split into 4 rounds of 20 M each, again to give users multiple chances to participate.

lordcameltoe

So the technique one person used last time to get most of the tokens has been patched?

vanbreuk

Rather than patched, the Nxt Client now allows for everyone to place a buy order in advance, before the next batch of tokens is effectively placed for sale. So the tactical advantage of that person in the first few batches is not there anymore, since anyone can do it from the client.

marenkar

I’m not 100% sure how it works but it ends up being a lottery of sorts. Some users couldn’t get in, others could. A few users were able to get in even without the scheduler though, but that was rare. Well, at least from what people claimed on Slack.

Thanks for tuning in, dear readers. That was an interesting and informative AMA from Jelurida. They clarified a lot of their plans and continued to bring attention to the IGNIS ICO.

For our ongoing coverage of the ICO, we have our special report series and a weekly Nxter Newsletter, that follows blockchain trends and reports on the last week in the ever growing world of the blockchain. Follow us on Twitter for important breaking updates as they occur. Stay informed and keep reading.

Help us grow and help us continue to provide excellent and focused coverage on the ever growing blockchain space by rewarding us for our efforts: Donation address NXT-TK9J-MEKH-MUP9-HFCH2.

IGNIS ICO Report 4

And so, the hunt for JLRDA is about to resume.

Round 2 of the IGNIS ICO will kick off Aug 26 between 06:45 – 07:15 UTC

The price will be 0.55 NXT per JLRDA, with 80M JLRDA tokens for sale in this round.

Anyone who did their due diligence will know:

Ignis will be launched with all of the features of Nxt, plus more, and it will be created with no restrictions. When Ardor launches, hopefully, November 2017, each JLRDA token on the Nxt blockchain will be swapped for one IGNIS coin in the Ignis Genesis block. 

First child chain, so what? Well, take notice that Ignis will be unrestricted. Ardor child chain creators may choose to disable certain features or set overall rules that not everyone may agree with, as well as possibly control the supply or future distribution of coins used on their child chain. Permissioned child chains can impose restrictions on their users such as KYC/ AML, personal data protection, time-limited data retention, local securities trading laws for asset issuers, etc. But the Ignis child chain will be permissionless, available to the general public, with no restrictions on who can transact with it.

Nxt’s features are described here.
The differences between Nxt and Ardor is available here.

Ignis holders will have easy access to other child chains and benefit from services they provide. Assets, for example, are global, so assets issued using the Ignis child chain can be traded on all other child chains and vice versa. IGNIS can also be traded for any other child chain coin or even ARDR using the inbuilt, decentralized Coin Exchange.

NXT > IGNIS

You need NXT to buy JLRDA, and the NXT price has taken a good beating since Round 1.

The bright side is that the current NXT price makes 0.55 NXT per JLRDA a mighty favorable buy, also compared to the price in Round 1. Not investment advice, just saying, if you’re eager to own JLRDA, now is not a bad time to get in. Long term investors may see every round as a bargain, but do your own due diligence, read the white paper, try Nxt in production, try IGNIS and Ardor on the testnet, and draw your own conclusions. We mean it – you should ask for testnet coins here.

NXT can be bought on exchanges with fiat or BTC or with most cryptocurrencies directly in the NRS Client, using Changelly or Shapeshift.

80M JLRDA in Round 2

In Round 2, 80M JLRDA will be released, divided into 4 batches.
The 4 sell offers will be placed randomly within these 30-minute time frames:

Sat, Aug 26th between 06:45 – 07:15 UTC
Sun, Aug 27th between 18:45 – 19:15 UTC
Tue, Aug 29th between 06:45 – 07:15 UTC
Thu, Aug 31st between 18:45 – 19:15 UTC

To get a fair shot at getting in, ICO participants are recommended to place their orders using Jelurida’s official ICO sales page in the latest client release, NRS 1.11.8. Install, wait for the blockchain to download, place your order and keep the client running until the sale is over. Run the client in full mode.

As many buyers missed out on getting tokens in Round 1, we foresee another battle for tokens coming up. If you miss out on a batch, try the next one. Due to much higher demand than supply, the ICO is set up to run like a lottery to give equal chances for all.

Here’s how to attend:

https://youtu.be/NsRs0vpeNHE

The NXT to invest

When should you get in? Jelurida cashes out their NXT on Bittrex, and also the late BTC rally has been too tempting for some traders to stay in NXT. If you want to crystal ball the NXT market movements, at least be aware of this >

https://nxtportal.org/accounts/9419511406156481100

That is Jelurida’s ICO account. 3M NXT only, out of the first 24M (from Round 1), is left at the time of writing, the rest has been liquidated.

gabriel [8:35 AM]

Jelurida sells the NXT that was raised to fund the future development of Ardor/Ignis/Nxt, so while there is a strong demand for NXT, it is partly offset by the sell pressure from the ICO itself.

This is however great news for the future of all 3 platforms since they will have strong funding.

Jelurida sells the collected funds in batches on the market, to avoid a big dump, which so far seems to work according to the plan.

Plus, as summarised by Riker in nxtchat.slack:

riker [8:54 AM]

Jelurida now has more than enough resources for PR and marketing and we chose Blonde 2.0 and TLVC as our partners since they have a lot of experience in promoting the crypto/crowdsale business.

In addition we are now running full scale marketing campaigns on CMC, Google, Facebook and with anyone who is willing to cooperate and market us. If marketing and PR was indeed our problem for all these years, this problem has been solved.

Afraid of whales?

Sure, the first batches of Round were eaten by MAAC The Whale and rightfully so, due to his study of the Nxt blockchain and tests done beforehand. That said – you should stop worrying.

In case it went over your head, Jelurida solved the problem within 24 hours and released a version of the NRS Client, which not only hacked the hacker but also allowed ICO participants to place their JLRDA orders in advance of the scheduled sales windows.

Use that to buy in, and you’re good. But still, be aware not to place your order more than 24 hrs ahead of time;

When running as a full node, the Nxt software allows you to schedule the JLRDA currency buy transaction in advance, before the JLRDA tokens are offered for sale.

Since transactions by default expire in 24 h, such scheduled transactions must be submitted not earlier than 24 h before the expected time of the offer. Scheduled transactions are kept in memory, therefore restarting the node will also clear them and will require you to re-schedule them again.

Good luck. We will keep you informed.

Want to share your IGNIS ICO experience with us? Leave or comment or email us! Stay tuned and happy hunting!

IGNIS ICO Report 3

Only 1 batch left of Round 1!

UPDATE: no JLRDA left from Round 1! 

Round 2 will begin on August 26.

And so, here’s a re-cap, as the hunt for cheap JLRDA continues…

Early NXT investor ‘MAAC‘ has taken much of the limelight as he overruled “normal” participants by using the advanced features of the Nxt Blockchain as well as his stake to get ahead of the competition from Day 1.

In what was supposed to be a fair and equal early-bird lottery, divided into 12 batches as a way to stop whales from buying up all the tokens in the early stage of the ICO (as they tend to do), the IGNIS ICO was meant to be different.

 

The Get-There-First Hackathon

The theory that MAAC had used a bot to pick up the first 2 batches of Round 1 got turned down by MAAC himself, but behind the scenes, intense coding WAS going on, and an investment bot with the aim to out-compete all other attempts to invest in the IGNIS ICO WAS underway.

Only the bot was coded by Jelurida.

Those not following us on Twitter, FB, or having signed up for Nxt email newsletters, we hope you did not miss the release of NRS 1.11.7.

NRS 1.11.7 is not a small bugfix release – you must run this client version if you want a chance to get JLRDA tokens from the ICO. Furthermore, with NRS 1.11.7 you will not have to get up early / stay up late for the 2 daily 30-minute release windows, you can just enter your bid in advance and check the result of the lottery later as it fits your schedule. Read more… 

Also see: https://nxtforum.org/general-discussion/i-just-want-to-say-what-a-big-deal-1-11-7-is/

 

Lior Yaffe (Riker) has uploaded this tutorial:

So, are we equal now?

Well… Anyone can place bids on even terms. But….

A public message from another whale that got his hands on most of Batch #7, soon kicked off discussions among new and veteran Nxt users.

 

Speculation and over-thinking

Coincidence? Will leasing your NXT stake to a forging pool optimize your chances of getting an early stake in IGNIS? Could it be that connecting to 500 peers instead of the client’s default helps? How about hallmarking your node, will that give extra chances? How much does the size of the fee matter?

Well, let me be straight: About as much as the color of the shirt I wear matters.

Private discussion groups have been forming in Slack and all kind of mods and optimization tricks have been pulled off and tested, but no matter how hard anyone tries, the facts are hard to ignore:

bidji [9:20 AM]

basically luck

Scor2k, developer of NxtBridge and NxtBridge-OFFLINE:

I tweaked nxt.properties to connect to many more nodes than default, and also set it to broadcast transactions to like 50 nodes instead of default 20.

# Maximum number of outbound connections.
nxt.maxNumberOfOutboundConnections=100

# Maintain active connections with at least that many peers.
nxt.maxNumberOfConnectedPublicPeers=75

apenzl [1:02 PM]

Were you forging or was your account balance leased to a forging account?

scor2k [1:03 PM]

No )))

The number of Nxt nodes is growing, Nxtwiki sees new visitors; driven by a monetary incentive crypto investors are learning about the Nxt technology, not just the coin, which will be the backbone of Ignis and the Ardor Platform. And so, they begin to understand Nxt’s features (mind you, most crypto ICO’s usually sell tickets to not-existing technology – Nxt has been running stable and been improved upon by world-class developers for almost 4 years).

This is good.

By learning about the NRS client and server they grasp the power of Nxt, Ignis, and Ardor.

IGNIS logo

forkedchain [9:39 PM]

it appears that MAAC was splitting his NXT into orders with 400.000 NXT in each

napdude [9:43 PM]

MAAC risked tons of nxt to get his fills in the last many rows

 

“This shit project will not exist next year”!

Oh yes, it will. We must emphasize something, though:

Nxt’s powerful ‘Smart Transactions’ (inbuilt smart contracts) are only as smart as the people using them! Some people get desperate or make transactions too fast without knowing what they do.

Then they get angry.

PLEASE DO NOT PLAY AROUND WITH FEATURES YOU DON’T UNDERSTAND!

A few ICO adventurers have tried to take shortcuts but ended up worse than they started.

Some have bought JLRDA look-a-like currencies from the Monetary Exchange, fake JLRDA assets on the Nxt AE or the Nxt Marketplace, despite all warnings. One new user managed to broadcast a phased transaction to himself, which has locked his NXT for 7 days, using advanced functionality in the client.

One new user managed to broadcast a phased transaction to himself, which has locked his NXT for 7 days, using advanced functionality in the client.

That’s “learning the hard way”. One can react sanely, or by simply crying “shit ICO you bad take my money”, frown publicly upon Nxt, Ignis, Ardor, Jelurida – and about everything from the 1 NXT transaction fees to – understandably – not being able to get in at this very early point of the ICO.

Most though has found the ICO setup ingenious.

The adrenaline!!!!

Yes, IGNIS will be traded on exchanges eventually, and ICO participants may or may not (well, we won’t give trading advice here) make a fortune from their early investment, but what Jelurida is selling are operational tokens, the access to the first child chain of the Ardor Blockchain Platform.

Don’t fall for scammers

An old scam trick on the Nxt blockchain is sending out teasers in the form of tokens, for example, an asset issued for 1000 NXT but worth a lot more if the scammer succeeds, so he sends it to NXT accounts, it’s like ads on blockchain, an airdrop of assets which he hopes will make Nxt users think: Wow. Is this what I’m looking for? I’ll buy more!

No you won’t. Delete the assets or just let them be.

scor2k [10:34 AM]

May the forge be with you (c)


IGNIS ICO Report 2

Did you hold your breath?

Never mind, the second 5M batch of the IGNIS ICO got snatched by MAAC the Whale. And also most of the third.

But look at this now:

Live data from the Nxt blockchain

69 new buyers got their hands on JLRDA  –

no ninja tricks, no bots, just by using the full Nxt client. It’s a race to get in, sure. Back hurts from leaning forward towards the screen, eyes burn from staring without blinking, and personally, I burned my dinner in the oven because I didn’t dare to leave the computer within the ICO time frame. And I wasn’t even among the lucky 69. Transaction sent, the fee goes to forgers, try again if you want.

Only 5M of the ICO tokens are released in each batch in this Round 1, so maybe it’s better to wait. It’s just that… buying IGNIS for 0.4 NXT per token would be pretty nice, right.

What’s next?

Kristina (Jelurida) gives us this update in nxtchat.Slack:

Dear Nxt community members, thank you for your contribution in the first 2 days of the IGNIS ICO!

We are carefully considering the feedback and we are looking into possible ways to ensure that all the Nxters and also newcomers can participate in the IGNIS crowdsale more easily.

We also recommend to everybody to configure their Nxt client as a full node to avoid overloading the public nodes.

Jelurida has started moving funds to Bittrex, which is one of the higher volume NXT exchanges.

As people are beginning to calm down now, lots of thoughts and research by both new and veteran Nxters is ongoing, about the method MAAC uses and – not least perhaps – how to copycat it.

Another piece to this puzzle came from MAAC himself, as he uploaded a second public message to the Nxt blockchain:

Now guess who forged the block with the 4th JLRDA bid offer and 1009 NXT in fees while at work? Ahem, yeah

Questions?

So, does all this mean that Jelurida is incapable of running a fair ICO on the platform they designed themselves? Will this be Nxt’s “bad distribution” issue all over again? Is MAAC a heartless attacker, a movie theater worker with great belief in the work of Jelurida or just a greedy whale? Will he succeed or can Jelurida exploit his methods and succeed in creating equal terms for all?

In the coming days, we will dig into this in much greater detail, and not least explain about IGNIS, and all the advantages of the revolutionary new Ardor platform.

The JLRDA release schedule is as posted from Jelurida, remember each one is a batch of 5 M tokens:

Aug 5th between 06:45 – 07:15 UTC and between 18:45 – 19:15 UTC
Aug 6th between 06:45 – 07:15 UTC and between 18:45 – 19:15 UTC
Aug 7th between 06:45 – 07:15 UTC and between 18:45 – 19:15 UTC
Aug 8th between 06:45 – 07:15 UTC and between 18:45 – 19:15 UTC
Aug 9th between 06:45 – 07:15 UTC and between 18:45 – 19:15 UTC
Aug 10th between 06:45 – 07:15 UTC and between 18:45 – 19:15 UTC

The coin sale will last for months so do not worry if you are not able to participate immediately, there will be many opportunities to participate in the IGNIS ICO.

In addition to the ongoing ICO, approximately half of the IGNIS coins in existence will be distributed automatically to NXT holders based on their account balances at the time of the Ardor Genesis Snapshot, at 1 NXT = 0.5 IGNIS ratio.

 

IGNIS ICO Report 1

The long awaited crowd sale of the IGNIS token has begun.

For sale are 440,000,000 Jelurida tokens (JLRDA) out of 1,000,000,000 total.

The Nxtchat.slack has been buzzing for weeks with anticipation and discussions of how to get your hands on these JLRDA tokens and this article contains some important information pertinent to your investing decisions.

1st round sold out in a flash

IGNIS logo

Boom – first round is over…

Eager participants from all around the globe were ready, eagerly staring at their desktop clients with the ICO window open in their NRS Client, excitedly building tension in Slack, ready to purchase.

And then…

The shock – as everyone realized that the first ICO round was over even before Jelurida’s exchange offer had hit the client GUI! The first 5M JLRDA tokens had been sucked up by a single whale in a flash.

1% of the JLRDA tokens available in the ICO had been sold without anyone even seeing the offer let alone having a chance to place their orders in the client!

What happened?

Take a look at the whale’s account.

https://nxtportal.org/accounts/11731960900805566730

Lots of phased transactions. Buy offers put into every block within the announced time frame of the first round, just waiting for his approval to be executed.

But how could he react so fast? One sound theory is that the buyer had a bot listening to the network and as soon as the exchange offer was put by Jelurida, still unconfirmed, he executed the transaction in that same block.

First reactions were harsh. From emotional accusations from disappointed users that the ICO round had to be an “inside job”, to conspiracy theories and sad claims that all IGNIS tokens most certainly would be sucked up by rich investors only, “just like in the fiat world”, hit the world wide web by storm.

And now, few hours before the next batch of 5M JLRDA tokens are to be released, we can only wait and prepare for our second chance to get in. No, “MAAC” did not play it fair in Round 1 but after all, he played it well AND played everybody by the rules of the tech. Rules that can be dug into by everybody, by the way.

Here’s a statement he made, sent from his phasing account:

Jelurida has released a schedule of the availability of the batches for the first round of JLRDA. 55 M tokens are left in 11 bins of 5 M, staggered by 12 hours to make it harder for whales (people with massive amounts of NXT) like MAAC to buy the entire amount.

The release schedule is as posted from Jelurida:

Aug 5th between 06:45 – 07:15 UTC and between 18:45 – 19:15 UTC
Aug 6th between 06:45 – 07:15 UTC and between 18:45 – 19:15 UTC
Aug 7th between 06:45 – 07:15 UTC and between 18:45 – 19:15 UTC
Aug 8th between 06:45 – 07:15 UTC and between 18:45 – 19:15 UTC
Aug 9th between 06:45 – 07:15 UTC and between 18:45 – 19:15 UTC
Aug 10th between 06:45 – 07:15 UTC and between 18:45 – 19:15 UTC

In the coming hours and days, we will keep you posted about the progress of the ICO, as well as explain in much greater detail about IGNIS, Ardor, and all the advantages of this revolutionary new platform.

The coin sale will last for months so do not worry if you are not able to participate immediately, there will be many opportunities to participate.

Let’s see what happens. Meanwhile, the discussion is ongoing:
https://nxtforum.org/general-discussion/ignis-token-sale-progress/

In addition to the ongoing ICO, approximately half of the IGNIS coins in existence will be distributed automatically to NXT holders based on their account balances at the time of the Ardor Genesis Snapshot, at 1 NXT = 0.5 IGNIS ratio.

IGNIS ICO Report 2 >

Jelurida Announces New Details About the ICO

Earlier today, Jelurida, the development company behind Nxt and Ardor, has announced new details about the upcoming ICO on their website.

The Jelurida team is now happy to announce that the legal, technical and organizational preparations for the IGNIS ICO are entering their final stage. The ICO will start near the end of July or early August 2017 (exact date and time to be disclosed at least two weeks in advance).

After inquiries into the start date of the ICO have been asked by the community on a daily basis, this should hopefully bring some clarity now on how the rest of Q3 will shape up to be like, even if no exact date has been given yet.

 

NXT in the ICO

As mentioned in our earlier newsletter, Jelurida mentioned that NXT will be used in the ICO and that this was due to technical reasons. Now, with the announcement, we can see why this was chosen.

The token sale itself will be conducted on the Nxt blockchain platform. A “controllable currency” called JLRDA will be issued and offered for sale in several consecutive rounds.

Being a controllable currency, the JLRDA tokens will not be tradeable or transferable between user accounts. The purchased JLRDA currency units will only serve as a proof of ownership and initial IGNIS balance for the Ardor Genesis Snapshot.

Purchasing JLRDA tokens will require NXT, however users will be able to exchange other cryptocurrencies to NXT conveniently within the Nxt wallet using the integrated ShapeShift and Changelly third party exchanges, subject to availability.

For 1 JLRDA token the participants in the ICO will receive 1 IGNIS coin at the time of the Ardor Genesis Snapshot.

So, the IGNIS ICO will utilize the Monetary System feature of the Nxt blockchain, where a controllable currency called JLRDA will represent the IGNIS to be distributed when Ardor launches. Purchasing a controllable currency on Nxt directly requires NXT as the transactions are on the Nxt blockchain itself.

 

Ardor Genesis Snapshot

The announcement also shed some light on the snapshot date for NXT balances where 0.5 IGNIS is given for every NXT an account holds.

As already promised, approximately half of the IGNIS coins will be reserved and distributed automatically to the NXT holders based on their account balances at the time of the Ardor Genesis Snapshot, at 1 NXT = 0.5 IGNIS ratio.

The Ardor Genesis Snapshot will be performed at least two weeks after the end of the last JLRDA sale round.

However, since the exact date of the start of the ICO and the duration of the ICO are still unknown, we can only estimate when the Ardor Genesis snapshot will happen.

 

Important Notice

There have been some complaints on some channels in the community about false information being spread around, such as that the launch was supposed to happen on July 1st, despite multiple announcements for over a year that Q3 was when Ardor would launch, not necessarily July 1st. Because of this confusion, Jelurida was prompted to also state this in their announcement:

IMPORTANT NOTICE:
All official information regarding the IGNIS ICO will be published on this website only. If you receive information from other sources always make sure that it is consistent with this page.

While Nxter Magazine strives to provide the most accurate information, if any conflicting information is found on this website with Jelurida, please trust the content posted on Jelurida’s website as they are the development team and may have made some changes and we just did not get to update our content yet.

Source: https://www.jelurida.com/ico

NRS 1.11.5

Nxt Client (NRS) 1.11.5

THIS IS THE LATEST NRS RELEASE

Digital signature: "Stichting NXT"

.sh Sha256:863fadaedf11ca9f0317b724c0e68e549703482c30fdb07e90f16d0f1f7195bd  nxt-client-1.11.5.sh

Release 1.11.5:
https://bitbucket.org/JeanLucPicard/nxt/downloads/nxt-client-1.11.5.zip

1.11.5 .zip sha256:
facb359f2a4fae62b5e2cbb2f5a41bd8cface8090ba72d3ddcba22a904fb23d3  nxt-client-1.11.5.zip

NRS 1.11.5 release notes

Added firstIndex, lastIndex parameters to the getUnconfirmedTransactions and
getUnconfirmedTransactionIds APIs to support pagination.

Minor performance optimizations and UI improvements.

Updated H2 to version 1.4.194 and jetty to 9.3.17.

Source: https://nxtforum.org/nrs-releases/nrs-v1-11-5/

Also, read:

Nxt Tutorials
ARDR on the /assethub
Nxt 2.0: Ardor child chain blockchain platform

BUY NXT /ARDR :

 

NXT Mobile app

 

The NRS Android app is available at:

Hash 94f71ed4d3762dd2e28f28bf0f8760a5a2c3cb78ee22a257639cc39dbe0c2621

The new version has been updated to:

Node v7.8.0
NPM 4.4.4
Cordova 6.5.0
Android Platform 6.1.2
All Cordova plugins were updated to their latest version

Source: https://nxtforum.org/index.php?topic=13427.msg231036#msg231036

Read more about installing the Nxt core devs' mobile app @ Nxtwiki.org

The NRS (Nxt Reference Software) Client is the Nxt core developers’ official wallet release.

NRS is a locally hosted client-server application. By default, it downloads the Nxt blockchain, but from version 1.10.0e you can run it as a light client as well as a full node. To forge and earn forging fees from processing transactions on the network you must run the Nxt Client in full mode, which is possible even on small devices like laptops, or on a Raspberry Pi. There are also bounties for running public nodes.

The Nxt Client is easy to install. Use the 1-click installers for Linux, Mac, and Windows or read this INSTALLATION GUIDE to launch the NRS .zip from terminal.

Intel & The Floor Hackathon – Day 2

Riker (Lior Yaffe, Nxt, Ardor, Jelurida) was at the Intel & The Floor Blockchain Hackathon in Tel Aviv, to meet the challenge of creating a digital “Share registration” solution.

As we learned yesterday, it turned out that coding or hacking wasn't very needed, as all the necessary functionality (and GUI) is already built into the Nxt core distribution and has been working for years. Anyone can download the Nxt Client and make use of it already.

Read on and see how Nxt solves the hackathon challenge right out of the box.

DAY 2

Judgment criteria

riker [9:36]

Update from the organizers:

The Jelurida/NXT team was automatically qualified to the finals (no need to present in front of the judges in the semi-finals). This means a whole 5 minutes presentation in front of the full panel + 2 minutes time for questions for judges.

The presentation

Powerpoint:

Mobile video recording of the presentation: https://goo.gl/photos/9P37BykVUfyo42ys9

riker [4:12 PM]

Done now. Took 4:20 minutes to deliver. There were no questions so not sure if everything was understood or if they lost interest. 

There is a low-quality video from my phone. I'll upload it after I get a chance to watch it.

The aftermath

riker [5:39 PM]

No prize but was a very nice experience.

martis [9:53 PM]

Curious why there were no questions. The audience were shocked or couldn't believe it can be done just on blockchain?

riker [9:55 PM]

Only the 10 judges were allowed to ask questions.

In other presentations, they asked 1 or 2.

apenzl [9:54 PM]

How much time did you spend on coding compared to the winners of the hackathon, u think?

riker [9:56]

Frankly, I didn't spend too much time coding. I think maybe 40% of the time. Dozens of people kept approaching my desk to chat about my plans and make suggestions and I pitched about our technology to anyone who was willing to listen.

I have business cards from businessmen from (in no particular order) KPMG, Accentue X 2, HSBC, Tel Aviv Stock Exchange, Intesa San Paolo and others. Spoke to several executives from Intel, the organizer.

One of the main problems of our team was that it was only me, I think we scored really bad in this category.

Nevertheless, it was a great experience, we got tons of exposure and I made some interesting connections. I think when getting on stage in front of 200+ people my heart rate jumped to 200. Overall it was a great learning experience. 

Thanks, Lior!

What Lior Yaffe presented to the panel and the audience in Tel Aviv today was just a small part of what the Nxt platform has to offer. Get a good overview of the Nxt core features and how to use them here.

Interested developers can get a good start here and by reading the nxtwiki. Don't forget to join our Slack, talk to us, and if you think Nxt is amazing - take a look at ARDOR.