Nxt News – December 2017 (II): Great Works Are Performed Not By Strength But By Perseverance

December (II)

Welcome again, fellow Nxters! The Christmas season is in full swing, and that means giving and receiving presents. Like the comfort of an old friend, we present to you the important news from the last week in order to soothe your curious mind. The ANG has a new director, the NXT Snapshot is December 28th, Lior Yaffe has new Medium articles, and much more.

We welcome back our old readers and warmly welcome our new ones. The cryptosphere is a large, complex, and largely mysterious place for most people and we at Nxter are changing that. We want our readers to become experts in the blockchain community so you can make informed decisions and impress your coworkers at the upcoming Holiday parties. Lean back and learn about the important crypto news from last week!

NXT COMMUNITY

NXT AE

DEVELOPMENT

NXT IN THE MEDIA

PRICE EVOLUTION

NXT

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


NXT COMMUNITY

  • Introducing the new ANG Director

Last week Elizabeth Mong, commonly know as the CryptoWoman, was selected to be the new Director of the Ardor and Nxt Group. We welcome her expertise and her diverse skill set into our blossoming ecosystem. We anticipate great things from her and the strong leadership and vision she will provide for the ANG.

Travin Keith announced:

Hello everyone,

I am happy to announce that though there was only one candidate who qualified after all the interest has been expressed and so there will be no election, it’s none other than Elizabeth, formerly known as qbtc, who will be the new Director of ANG after the Interim Period. For the rest of the Interim Period, she will be actively working towards the growth of ANG and its foundation before January 15th.

Congratulations Elizabeth!

qbtc:

Thank you for the well wishes! I’m humbled by the responsibility to this awesome community of investors and idealists who want to make a profit and make the world a better place through the applications of blockchain technology on the Ardor and Nxt platforms. I’m with you on both fronts and eager to get started.

Source

More info

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  • Jelurida – Marketing Update

The marketing team for Jelurida will be working long hours this upcoming Holiday season to provide us with great material that will demystify and explain the complexities behind Ardor ahead of its launch this New Year. An Ardor for Dummies series is upcoming, new email blasts, a new video will be released every two weeks in the Ardor Time series, and regular PR releases are just some of what is in the pipeline for Jelurida.

Veronica wrote:

We are working on several announcements and marketing materials. On one side, the Ardor time episodes are going to be launched every 2 weeks. We are working on press releases every week with John, and we are going to plan articles with a new agency to get publications during the second half of Dec and Jan.We are working also in use cases with several companies, and hoping they will be confirmed so we can announce them.

Right now we have some projects in the pipeline. A-trust is one of them.  This use cases will help a lot to understand applications of the blockchain technology.

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  • IGNIS Airdrop Information

December 28th is the date of the NXT Snapshot. If you want to maximize the amount of IGNIS tokens you receive; be sure to purchase as much NXT as possible by the 28th. The exact block height will be announced soon. A list of supported wallets is below. Remember, these are free IGNIS tokens being given to anyone who has NXT at a rate of 0.5 IGNIS / 1.0 NXT. This is the last chance to obtain IGNIS tokens ahead of the launch of Ardor on January 1st, 2018.

*Note – the amount of IGNIS tokens every eligible wallet receives will be calculated with the NXT Snapshot on December 28th, but the tokens will not appear in your wallet until the launch of Ardor on January 1st, 2018.

Jelurida announced:

The IGNIS Token Sale is over! Jelurida (the company behind Ardor and IGNIS) raised over $15 million! They greatly appreciate and thank you all for your contribution! Your love and support have ensured that Nxt will be supported for at least the next three years.

The remaining 500M IGNIS tokens will be given away as a FREE airdrop to all NXT holders this coming Christmas. A NXT snapshot will occur in a snapshot to be taken on Dec 28th. Every NXT holder will receive 0.5 IGNIS for every NXT token at the moment of the snapshot.

This is your last chance to get IGNIS before the Jan 1st launch of Ardor!

NXT is currently traded on major exchanges such as: BittrexPoloniexShapeShiftChangellyAEX, and many others.

Check the Ardor timeline for the upcoming milestones.

For further questions join us in the NXT Slack chat. If you are not yet a member, you can sign up here.

Source

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  • Great Infographic

One of the best things about being a Nxter is knowing that our community has so much love and talent to bring for the benefit of others. User @joelq created a great infographic to pass around on SM that explains the significance of the NXT Snapshot / IGNIS Airdrop.

Kristina promoted:

https://www.jelurida.com/sites/default/files/inline-images/IGNIS_Airdrop.jpg thanks to @joelq we now have a great infographic to share on social media. Everybody, feel free to download and spread around

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  • ICO Roadshow – Part 1

Last week Nxt and Lior Yaffe were featured in the Tel Aviv ICO Roadshow. This monthly Meetup for blockchain enthusiasts was well-attended and is a great way to mingle with other great members for those able to attend future Meetups.

They wrote:

The first Monday of every month month is the ICO Roadshow – an event for blockchain enthusiasts – featuring discussions, presentations and lectures on everything regarding blockchain technology, ICO’s and related topics.

Lior Yaffe is an experienced Java developer and a co-founder of Jelurida. Lior has a B.A. in computer science from the Technion in Haifa, but has been fascinated by computer technology since childhood. He eats and drinks programming and technology and has worked in various companies from startups to large corporations, specializing in software development of enterprise applications.
He is a true believer in Blockchain technology and its potential to change the world. Jelurida’s latest ICO of IGNIS tokens has successfully raised over $15 million.

Source

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  • The Crypto Lark – Ardor Platform – Blockchain for Business

A good review and explainer of the Ardor platform by the Crypto Lark. He goes through the Ardor website and slowly explains the significance of Ardor and how it is going to be implemented. An informative yet enjoyable video to lean back and watch.

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  • NXT Included in Crypto News Weekly Recap 

Nice shoutout from the Crypto News Weekly Recap about NXT. Note, the Ardor mainnet launch is January 1st, not this December as is erroneously mentioned in the video.

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  • Bittrex Supports Ardor [ARDR]

Ardor will be supported by the Bittrex exchange when the mainnet launches on January 1st. The announcement is a little confusing because they did not mention any support for IGNIS. We will clarify this once we learn more. This is a necessary step for exchanges as ARDR tokens will be migrated off the Nxt platform onto the Ardor platform at a 1:1 ratio.

*Note – until we hear otherwise- Bittrex is NOT participating the NXT Snapshot. This means to receive IGNIS tokens in the Airdrop you need to move your NXT to a supported wallet. Instructions from ANG here on how to easily do this.

Source

 

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  • AEX to Support NXT Snapshot

AEX has officially announced support for the NXT Snapshot, so this means that any NXT you have in you AEX wallet will be eligible to receive the free IGNIS tokens on January 1st.

fz1128 – AEX announces approval of NXT snapshot, which will help AEX users to receive IGNIS airdrop.

https://www.aex.com/page/candy.html

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  • Panel Discussion at the Blockchain & Cryptocurrency Conference in Tokyo 2017

Last week we introduced the video of the conference from Travin Keith’s presentation. Very informative and well received. The video is in English with Japanese translation overlaid on top. This week we provide the full Panel Discussion which includes some great answers and feedback from Travin.

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  • IGNIS Token Sale Bounty Program

As we mentioned in a previous newsletter, Jelurida decided to reward the efforts of some of the members of the Nxt community. The most active members of the Nxt platform will be given a nice bounty, a thank you for their continued support and advancement of the Nxt platform over the last four years.

Kristina, from Jelurida:

Hello, Nxters! Time to get your IGNIS ICO bounties! Once again, many thanks to all supporters!

For anyone in the bounty recipients list, to claim your bounty, follow this process:
Using a known profile in social media send us the NXT deposit account for the bounty (for new accounts also include the public key). For example, email info@jelurida.com, send a direct message to jelurida on ardornxt chat, send message to Jelurida on nxtforum, or contact riker or Kristina.Please use only one channel. The final deadline for submitting your account number is Dec 24th, after that no claims will be accepted. Bounties will be processed after Dec 24th.

More info

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  • Japanese Ardor T-shirt Shop

A Japanese community member has created an Ardor t-shirt shop. This is good news for the community as you can buy sweet Ardor shirts as a thoughtful present this Holiday season for a blockchain enthusiast friend or family member.

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  • Another Business Presentation 

User Almonte prepared another Ardor business presentation last week. He presented to Mnemo about the best solution for blockchain interoperability – the obvious answer is Ardor! Thanks, Almonte, keep up the great work.

Almonte:
Another week, another Ardor focused presentation. Please have a look at the article and feel free to contact me for suggestions.

Mnemo, a cybersecurity international company with a lot of blockchain technology interest was open to have an interoperability conference. Ardor was detailed explained though there was interest in other technologies. There is an open question at the end of the article: What is your favourite solution for blockchain interoperability and why? I would really appreciate if someone takes the time to answer “Ardor” and explain why it is considered superior. https://www.linkedin.com/pulse/best-cybersecurity-companies-know-what-doing-alberto-fernandez/

All about NXT:

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NXT AE

  • Janus – Status Update

There is some confusion in the Janus community over previous announcements. Last week the Janus team released a detailed memo about the specifics of JNSHash and how the community is to be rewarded for helping. Also an update on getting listed on other exchanges.

Bjorn wrote:

Some people expressed concern over the numbers posted. I will try to make this easy to understand but the answer is semi complex. We used 125 daily as a basis. For example, in the last 2 weeks daily income from the asic miners ranged from 120 daily usd to 400. This passive bonus membership coins amount will swing wildly, there is sort of a base income this is the number we posted, but with markets lately being so erratic it changes all the time.

It’s also important to note that we will be identifying coins that have the potential for a breakout and then passing the JNSHash members % to you all, so for example you as a member choose Dogecoin for payout, you receive this coin as the threshold is met daily/could be every couple days/weekly, then a new project launches, for example Helium, we switch because it has potential to earn more, mine coins, send them to users.

Then resume the prohashing pool, this will be a diverse cloud mining. It will in time add many investments to each user in JNSHash portfolio, it gives everyone a chance to hit on the next 5x/10x/100x currencies.

There are options to increase payouts, the one I posted that would essentially quintuple our farms operation through investment is one. Another option is being discussed, but right now we prefer a large expansion. There are 2 main ways to expand JNSHash, one is swift, one is slow

– Option swift, investment, take the money and build larger farm.

– Option slow, take our portion of the income from the farm and apply (after lease/electrical cost) to buying equipment over time.

It’s really black or white on those, fast or slow build. At any rate daily income varies, of that I can assure you, some days and weeks amazing, some not as good. Given the reaction so far, I must say it was not well received. Originally when we purchased the Antminers the roi for all of them was 80,000 USD month. A sane person, can account for a 400% loss of this due to changes in network difficulty. It went much much lower than 400% over a 3 month period. Even the worse case difficulty projections were wrong. When we decided to put a large % of the farm towards Janus holders, this calculation was based on a worse case scenario that 80,000 usd monthy would dip to 15-25k monthly. This was still a giant loss, but it broke all convention, as crypto often does, and sits at 4000 usd monthly. With an electrical cost of ~1100 month to run them all.

We will evaluate options, our team doesn’t want to disappoint this community.

https://bitcointalk.org/index.php?topic=2029822.5580

This thread can show you the worlds reactions to the major loss of ROI, a few pages back is all you need to go to see what I’m talking about, no one, not even the most negative people could have predicted this amount of drop.Again, due to the unpopularity of yesterdays release we are going to have some brainstorming sessions to really identify weaknesses currently with the project as a whole and fix them.

We will take drastic measures to ensure our team and projects do well if needed, if this means a complete rewrite then so be it.

Ascendus – Exchanges_update
In the last few months, I´ve been trying to get Janus listed on several exchanges (old and new), but unsuccessfully or at least without response. As all of you already know we paid 5 BTC to Bittrex to get listed, again unsuccessfully, and we tried also to get a partial refund of that BTC, again nothing. To get listed JNS on cryptopia we need to pay almost 5BTC… sorry guys we can´t afford such amount. IMO NXT assets are stigmatized, don´t ask me why. We truly hope Ardor brings fresh blood to the table so we can list JNS more easily on external exchanges. We’ll do our best to list JNS. Trust me.

JNSHash signup form

Meanwhile, for those who want to partake in our mining farm project named, JNSHash, don´t forget to fill the signup form: https://goo.gl/evxVEM
Thank you all!

Join the “Janus Token” YouTube Channel

 

 

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  • Adel – Status Update

The Adel Team officially released the result of their community vote and reiterate that the Adel company is blockchain agnostic.

They wrote:

Based on these voting results, the Adel team will proceed to implement the creation of ADL on the Ethereum blockchain as soon as possible and practical. Further details will be announced in the near future, and any questions in the meantime may be directed to the Adel Public Slack.
The anticipation is that the new AdelEther coins will increase trading volume to
leverage the popularity of Ethereum, raise the profile of Adel as a blockchain agnostic incubator, and will be traded on a wider number of exchanges (since many do not support Nxt).

Gdusil:
– in addition, it’s worth mentioning that we are not “moving away” from Nxt. We have communicated that we are blockchain agnostic since the beginning of creating Adel. But in the early days, until now we were only on Nxt. So there may be this perception that we are moving away from Nxt, but what we are really doing is expanding our presence in the blockchain space. The future ADS token will still reside on the Ardor platform, for example – that is yet another blockchain. The community vote to swap ADL to Ethereum is just exercising this blockchain agnostic nature. In the future, if we add a third blockchain, or a forth, it won’t mean that we are abandoning Nxt and Ethereum. This will highlight the value of additional blockchains into the Adel ecosystem. We actually anticipate that this will be the response of these respective communities. The “Us vs. Them” scenario is very strong in cryptocurrency, and we are one of the first companies to say, “let’s work together in crypto, to raise the profile of blockchain as a brand, so that the entire world benefits.” Adel, in this context, is like the United Nations of blockchain.

@wolffang has prepared a detailed spreadsheet on our exchange strategy for Ethereum, so we have a great top-view of how to proceed, once we move ADL onto Ethereum.

Hope this helps.

https://medium.com/@R0bInI0/the-community-vote-of-the-adl-coin-b510f6f67586

 

More info

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  • Bitswift – Status Update

A comprehensive history of Bitswift was released last week. It explains the events around the inception and why they chose the Nxt / Ardor blockchain to host them towards the end. A detailed and interesting read.

Bitswiftbro wrote:

Bitswift History:

The Bitswift blockchain gave birth to its first public block on September 30th 2014. The concept was simple, to create a quicker version of the Bitcoin protocol and eliminate fees. All 4 million Bitswift tokens were initially mined on gpus through an X15 mining process until the network switched to pure proof of stake. Back then Bitswift was a simple proof of stake coin, with 3% staking interest, 30 second blocks, and a small community. All four million tokens were mined and then sent off to Bittrex for the token distribution. A token distribution is similar to an ico in execution, but with no intention of raising any money on behalf of any companies, in fact there were no companies even behind Bitswift at this time. The Bitswift project consisted of a few ideas, and what we can call a coin promotion group.

The vast majority of the initial members of this group disappeared over time. Few stayed behind and continued to build the project, continuing community development and trying to obtain some interest in the scene to maintain listing on exchanges. Our small group managed to keep the Bitswift blockchain floating, as time went on the network was able to fund its own development as its tokens continuously increased in value. To this day, through proper management, the Bitswift blockchain continues to fund its own development and will do so far into the future.

The old Bitswift blockchain seemed stable at 30 second blocks, but we knew it was not suitable for us to start building a suite of application on top of, it was clunky and slow, and there were glitches here and there left over from the last coin we forked, Bitswift was becoming a cross chain mutant composed of various sources from other blockchains, things were getting messy. We started doing some research into other blockchain platforms to see how we could migrate Bitswift forward. We looked into Ethereum, Waves, Nxt and various other technologies and tangles. A decision was nearly made to fork Nxt and create our own version of the client migrating all our old tokens into our own version of Nxt. A last minute decision was made to migrate under Ardor as a child chain. The child chain infrastructure seemed to solve all of the problems we were looking at, blokchain bloat, reducing fees, fast confirmations, everything we want it comes with to start building on.

This leads us to the Bitswift you see today, setting up as an Ardor child chain with a growing community and a proper dev team who cares about the project. The focus no longer on creating a quicker version of the Bitcoin protocol, but on integrating users and business to token ecosystems through the Bitswift blockchain platform.

Canadian based corporations have been launched in the name of Bitswift to ensure the blockchain and its products can interface and integrate with reality and so that its intellectual property may be protected.

Celebrate the Bitswift supply decreasing!

 

 

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  • ETMtoken ICO Pre-Sale

ETM will use Nxt’s blockchain creation kit as a basis to encourage enterprises and organizations to develop their own blockchain applications. Essentially they will be an NXT-based token that derives value from getting others to develop and use the NXT blockchain. We wish them luck.

Their business model is presented below:

How to buy? Step by step, you can follow this manual only to open a Nxt account

More information

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DEVELOPMENT

  • Weekly Reminder – Where to Buy ARDR?

With all the buzz generated by the incipient launch of the Ardor mainnet, a commonly asked question is “where can I buy ARDR?”

Exchanges

https://nxter.org/ardor-blockchain/#exchange

Ardor Blockchain

Wallets

Many places allow you to buy ARDR, but where to keep them, then?

  1. A local wallet you control
  2. An exchange that supports the Nxt Snapshot (TBA)

China:

A Chinese community member, lege, has created a simple website that allows for the easy creation of an NXT wallet, along with directions to buy ARDR, which will be stored in the wallet.

@lege – so many people ask me why nxt and ardor go to moon ?? how to download nxt wallet. so i make a site for you, please go and download the wallet, and to use , use , use , use ……you will find nxt is so nice than eth

http://nxt-wallet.legeishere.com:8000/ lege just for chinese people because of gfw……  people not in China , don’t need to use that link, I don’t clear that firstly, sorry for that

 

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NXT IN THE MEDIA

  • Trade NXT Directly with Rupiah on Bitcoin Indonesia

Bitcoin Indonesia now supports direct trading with Rupiah using NXT.

Hello, Bitcoiners!

Starting in Tuesday, on 5th December 2017 at 3.00 PM (GMT+7), you can trade NXT with Rupiah at www.bitcoin.co.id! Fee for trade NXT with Rupiah is similar to Bitcoin, which is 0.3% for market taker, and 0% for market maker.

NXT is top 30th altcoin in coinmarketcap.com

Start trading NXT now! Just log in to www.bitcoin.co.id and enjoy how easy it is to trade cryptocurrency in our exchange!

Thank you in advance for your cooperation,

Bitcoin.co.id

Source

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  • Lior Yaffe in Medium – How to Implement a Fair and Secure ICO

A technical look into the inner workings of the IGNIS crowdfunding campaign which can be duplicated for your own NXT based ICO for a fraction of the cost of other solutions. Nxt is one of the best solutions on the market for hosting a secure and hassle-free ICO. Lior Yaffe analyzed the effectiveness of the Nxt platform and used his experience with the recent IGNIS ICO.

Source

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  • Lior Yaffe in Medium – Looking into IOTA’s Latest Announcement

Lior Yaffe, co-founder of Jelurida, is unimpressed with the IOTA tangle solutions presented to solve the listed problems. His opinion is that Ardor solves these problems better using the revolutionary parent/child architecture is better at securing and encrypting volumes of data.

Lior wrote:

Why am I telling you all this? Because the Ardor Blockchain platform which Jelurida is about to launch into production by the beginning of 2018 has much better solutions to these challenges. Our unique parent/child chain architecture will soon enable us to separate different applications into their own chains and remove data from these chains once it is no longer required.

In addition some of this “Data Marketplace” information will need to be encrypted to protect privacy and then shared securely with 3rd parties. We already have this feature in production since 2015 within our NXT blockchain.

To summarize, when dealing with large volumes of data, the ability to prune it and not share it with all nodes is very important. Time will tell which protocol provides a better solution IOTA’s tangle or Ardor’s parent/child architecture.

Source

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  • Medium – Why the Ardor Blockchain is Important to know?

This Medium article was written about the many solutions solved by the Ardor platform and how this makes it a game changer for businesses. Highlights the scalability and sustainability of Ardor.

The blockchain space is full of old and new project with huge promises. Nevertheless, a very small part of them succeed to deliver their promises and more importantly provide the world with robust and secure building blocks to reshape our relations online and offline. I truly believe that Ardor has this potential, and I will try to explain why. Hence, through this article I will guide you to understand:

I- In which conditions Ardor was born?
II- How much Ardor architecture is beautiful?
III- What makes Ardor so distinguishable from other projects?

Source

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  • finder.com.au – How to buy Ardor (ARDR) and Ignis (IGNIS)

An informative infographic about the distinctions between NXT / ARDR / IGNIS. Includes info on how to buy.

Source

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  • Steemit – Free IGNIS Coins Airdrop, December 28th, 2017

More coverage of the upcoming IGNIS Airdrop. Look at that awesome picture!

The long anticipated IGNIS airdrop snapshot is happening this month. For everyone who wants to get some free IGNIS this is your last chance! NXT is already on the rise. Get in before FOMO starts: https://bittrex.com/Market/Index?MarketName=BTC-NXT

Find all the info you need in this infographic. If you have any questions, feel free to leave a comment.

Source

  • InvestIn – Ardor Roadmap and What the Near Future Holds

Thoughts on the Ardor Roadmap and a nice shout out to Nxter for being a primary source for all things Nxt / Ardor / Ignis. While we do have a partnership with Jelurida, Nxter.org is an independent entity.

Ardor Roadmap and What the Near Future Holds

Final Thoughts

Jelurida B.V. is a results-oriented company. Their first BAAS product, Nxt, has been running commercially since 2013. With Ardor, they are improving on an already solid product that distinguishes itself as a top BAAS choice.

Now that they are nearing mainnet completion, they have recently announced a marketing strategy overhaul. Nxter Magazine, the startup’s online publication, is an excellent source of updates for both Nxt and Ardor. The company will also be maintaining a regular video channel, Ardor Time.

Ardor is easily undervalued, but for its already loyal supporters, there are clear wins on the way. With mainnet release, a plethora of new investors is sure to come and – most excitedly – a wealth of industrious child chains on the Ardor network.

Source

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  • Nxter.org – What is Bitcoin’s Ceiling?

It is impossible to escape the news that Bitcoin’s value has been rising precipitously recently. While we do not cover Bitcoin, it is worth understanding why the value is so high. Our analysis:

What is Bitcoin’s Ceiling?

Source

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PRICE EVOLUTION

  • TradingView – Updated NXT/USDT Entry Level Reward to Risk 5:1 

Source

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  • TradingView – NXT Bullish Ascendant Breakthrough

NXT about to pump again

Source

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  • TradingView – NXT level up

Very strong signals from NXT that is rewarded to another level up. very nice setup

Source

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  • TradingView – NXT New Targets w/ Bitcoin BULL (300%+ Potential -28th Dec. top)

Source

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  • TradingView – Insane Ascending Triangle on NXT

Volatility is fucking crazy in this Triangle. We have already seen dozens of failed breakouts here, but its probably just the beginning of the next insane move up!

Source

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  • TradingView – NXT / USDT Updated Another Bull Flag Entry Point

Hello again! NXT is turning into the king of December with setup after setup giving us great entry and reentry points. We’re currently in another Bull Flag/Bull Pennant . A break above the top would signal an entry point – A word of caution on this one though. We’re right below the long-term trend line, so I could enter at .695 only to see us bounce off the longterm trendline at .72; however, the overall trend and fundamentals are so bullish on this coin that I’m not overly concerned. If we make it through the trendline: Target 1: previous All time high (I’ll be taking 25% off the table here) Target 2: The length of the flagpole added to the top of the flag (note: the pattern suggest a gain of 80-110% of the flagpole, so I’ll be keeping an eye on this range for reversal or consolidation, either of which will see me taking another 25% off the table). Target 3 is the extension of the Fib, it’s also right below the $1 mark which should be a significant psychological hurdle. Overall, note: I pretty confident at this point that this coin will go over $2 this month, with a reach goal of $5. All of these entries and exits are meant to increase my pile of NXT while protecting my trading bankroll. See my previous ideas on NXT for an explanation of the Ignis airdrop on the 28th or to see how my other trades have worked out.

Source

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  • TradingView – NXT – Super Bullish chart – My Target 10k in 3 weeks

$NXT Chart number 3: I am very bullish on this coin since under 2000 level. Reasons are: TA: 1. MACD above signal line – Bullish 2. Trading above Ichimoku cloud – Bullish 3. Convergence line above the baseline – Bullish 4. Gaining huge amount of volume – Bullish FA/NEWS: 1. $IGNIS snapshot scheduled for the end of this month, you would get 0.5 $IGNIS per each $NXT 2. You will get 10% $SWIFT coin if you hold $IGNIS 3. The current price of $IGNIS is $1.10 at hitbtc. Who would not want to jump into this? I have a feeling it can touch 10k or more in next 2-3 weeks. #Do your Own researches before buying.

Source

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  • TradingView – ARDR/BTC Heating up for Wave 3

Ardor heating up for wave 3. However, we could see some more correction in the yellow rectangle (especially with BTC 0.09% volatility at the moment). Ardor is one of my favorite projects and has main net launch at 28th of December. https://www.ardorplatform.org/ardor-timeline

Source

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  • NXT COIN Price Prediction December 2017 in Hindi/Urdu

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  • Weekly NXT/ARDR Price Evolution

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

 

Live ARDR stats from the Nxt Blockchain Asset Exchange:

 

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That is all for this week, Nxters. Make sure you have more of your favorite Holiday beverage as you stay tuned next week for more coverage of the New Year launch of Ardor, the NXT Snapshot, 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 and all things Nxt / Ardor / Ignis

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.

NXT

Nxt News – December 2017 (I): Many Of Life’s Failures Are Experienced By People Who Did Not Realize How Close They Were To Success When They Gave Up

December (I)

Welcome again, fellow Nxters! Christmas is in the air and that means presents are coming! Jelurida released more info about the IGNIS Airdrop and mentioned the Bitswift Airdrop, Riker had an excellent interview with Tai Zen about the future of Nxt, Internet of Coins will support Nxt among its first seven chains for hybrid, inter-system token exchange, Adel announced the results of their community vote, a new video series for Ardor explains the rich history of Nxt and much more.

Welcome to the news of the last week, compiled and analyzed for you by us at Nxter. Regardless if crypto or blockchains are a passionate hobby or just a curious fancy – we have the relevant news for you. While the days are getting shorter, that does not mean that the world is slowing down. In fact, ahead of the Ardor mainnet launch at the new year the volume of news seemingly is increasing. Follow us into your happy place as we present to you the important news from last week!

NXT COMMUNITY

NXT AE

DEVELOPMENT

NXT IN THE MEDIA

PRICE EVOLUTION

NXT

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


NXT COMMUNITY

  • Ardor Genesis Snapshot – Instructions for Exchanges

The Ardor Genesis Snapshot is scheduled to occur in the last week of December, around Dec 27 – 30, exact block height to be announced one week in advance.

On the Nxt blockchain, any transactions with the following assets will be disabled at the snapshot block:

  • ARDR: 12422608354438203866
  • Bitswift: 12034575542068240440
  • Janus: 4348103880042995903
  • JanusXT: 14572747084550678873
  • ComJNSXT: 13363533560620557665

The user account balances of NXT, the above assets, and the JLRDA currency, as of the block height of the snapshot, will be used to calculate the distribution of IGNIS coin, ARDR coin, BITSWIFT coin, and Janus, JanusXT, ComJNSXT assets on the Ardor platform when it launches on Jan 1st, as follows:

NXT Blockchain Ardor Blockchain
1 NXT 0.5 IGNIS coin
1 ARDR asset 1 ARDR coin
1 JLRDA currency 1 IGNIS coin
1 Bitswift asset 1 BITSWIFT coin
1 Janus asset 1 Janus asset
1 JanusXT asset 1 JanusXT asset
1 ComJNSXT asset 1 ComJNSXT asset

The asset ids (for the above assets only!!!) on the Ardor blockchain will be the same as on the Nxt blockchain. In addition, after the distribution of IGNIS coins has been calculated, each IGNIS holder will receive an airdrop of BITSWIFT coins based on 406136.2 coins (10% of the original Bitswift asset quantity) distributed proportionately to all IGNIS holders.

For users who keep their balances on a shared exchange account, it is the exchange account which will receive, on the Ardor blockchain, the above holdings airdrop.

Note that as the mapping between passwords and accounts has not changed from Nxt to Ardor, on the Ardor blockchain, accounts can be accessed with the same password as the corresponding Nxt blockchain accounts, and the NXT- or ARDOR- account prefix is for display purposes only, this prefix is ignored by the API. Exchanges, therefore, will be able to access their accounts on the Ardor platform once it launches, and should be able to re-distribute the holdings airdrops they received to their users.

To support the Ardor Genesis Snapshot, exchanges should look here

Source

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  • Ardor Release Timeline

Jelurida announced small changes to the release timeline. Nothing major, just that the implementation of the snapshot will take 1-2 days, not the listed 5-6. This means that come the week of Christmas, Ardor accounts will be locked from trading for only two days at max instead of the greater part of a week. The exact date will be released by December 18th – Jelurida explains below:

Riker:
“We don’t like to lock trading for more than necessary between taking the snapshot and the launch of Ardor. As proven from the testnet release, so we don’t need 5-6 days between Dec 25th and Jan 1st to validate the snapshot. 1-2 days should be enough.”

Jelurida:
Folks, we are making a small adjustment to the Ignis airdrop for Nxt holders schedule in order to minimize the time between the snapshot and the release of Ardor. During this time trading of Ardor and other assets will be disabled so we like to make sure, it is as short as possible, mainly for security reasons to avoid users being scammed by fake assets.

Therefore, at the moment instead of announcing a specific block height we only announce that it will take place in the last week of December.

The exact block height will be announced by December 18th.
As always, for all official information please visit https://www.jelurida.com/

Source

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  • Ardor vs. the Competition – Closing Remarks

All things must end: Firefly, the Universe, even the “Ardor vs. the Competition” series.

Over the last few months, segfaultsteve wrote a compelling and highly informative series that explained and contrasted new tokens like Lisk, Stratis, Waves with Ardor. The last part was a comparison between Ethereum and Ardor. We have one last article, appropriately entitled, “Closing Remarks” which mentions the theme of this series: scaling securely. Ardor, in his opinion, stacks up favorably against all the competition and scales incredibly well. Platforms like Ethereum have not demonstrated that they can scale. We are pleased to highlight his work one last time.

Article available in Spanish

Download the “Ardor vs the Competition” series and read as a .pdf ebook

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  • Ardor Time Presented by Starla

A new video series from Jelurida that is designed to promote the new Ardor platform. This introductory video explains the poorly understood early days of Nxt when the platform was truly decentralized and without a visible leader. This ongoing series will highlight the competitive and business advantages of Ardor. Enjoy!

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  • Ardor and Nxt at the Blockchain & Cryptocurrency Conference in Tokyo 2017

Video of the conference from Travin Keith’s presentation. Very informative and well received. Video is in English with Japanese translation overlaid on top.

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  • AEX Exchange (old BTC38) Prepares for Nxt Snapshot

AEX, the reborn BTC38, is preparing for the Nxt Snapshot. They seek community help to be ready in time, but this is good news as China is the world’s largest market for crypto and IGNIS being listed on a premier exchange is great ahead of the Ardor launch at the new year. AEX already supports NXT and ARDR.

fz1128
Hello, I have a good news:
The AEX (btc38) management told me that they were preparing the implementation of the NXT snapshot.

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  • Internet of Coins – Alpha Wallet v0.23 Supports NXT

Internet of Coins desires to create an interconnected cryptosphere whereby a meta-level transfer protocol is implemented; promoting cross-blockchain and inter-system transactions. In short, a hybrid token issued on the Nxt chain will be directly exchangeable with same IoC hybrid token issued on the Bitcoin chain. The seven chains supported will be Bitcoin, Ethereum, NXT, CounterParty, Waves, NEM and Bitshares. Their white paper explains their vision in detail. Over seven million hybrid tokens are available for the IoC fundraiser.

More information

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  • Cheddur app adds Ardor

The Cheddur app has added Ardor! This app allows you to link wallets, exchanges, and other services that support Ardor – from one convenient app. They wrote:

Cheddur_announce:
We added Ardor to the Cheddur app (https://www.cheddur.com)! This will allow new users to learn about Ardor and join the community. Cheddur allows you to link wallets, exchanges, and other services that support ARDR so that new users can easily get started. You can also review the project and post your ARDR addresses on your profile to receive tips / payments / donations in ARDR from other users.

Can others from the community please review the profile for quality and help add supported services? The more active the Ardor profile is (via user reviews and addresses), the higher it ranks in search results and the more likely newcomers are to discover the Ardor project!

Screenshots: https://imgur.com/a/ltS8T

Source

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  • Riker Interviewed in NXT For Investors #29 – NXT, Ardor & Ignis

A very informative interview with Lior and Tai Zen. Many people are confused about what the future for Nxt is with Ardor launching. Lior clarifies that no chain is a “one-size-fits-all” solution for any problem. Ardor is designed for business applications with scalability in mind. For those who would rather operate on a robust and mature platform that is over four years old then use the public Nxt PoS blockchain, or you could easily launch and customize your own clone with the Nxt Blockchain Kit. Jelurida is actively supporting both the Nxt and Ardor platforms for years to come.

 

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  • Alex Pfeiffer Explains Ardor

During a conference in Malta, Alex Pfeiffer did a great job pitching and explaining Ardor to the audience. Highlights included in the pictures below:

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  • Community Members in BlockShow Asia

It is always great when you travel and meet members of your community. During BlockShow Asia many Nxters gathered and took pictures documenting the fun they were having.

 

All about NXT:

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NXT AE

  • Janus – Status Update

Janus ran into supply difficulties that will ultimately delay the launch of their JNSHash project. Expect an announcement from the Janus team this week to give an exact date when all the rigs will be up and running.

The wrote:

bjorn_bb
Hello everyone just a quick update. We are waiting on the final shipments from Bitmain (roughly 6 more machines) to complete the starting setup for JNSHash they gave us a timeframe of Nov. 22nd – the 30th, and seems they waited until the last moment. We have the power supplies but not yet the final rigs to begin, however the final should be here (aftter customs check) before I take my personal vacation on Dec. 9th During this time frame Luis will be getting everyone’s information/coin choices/and verifying accounts.
Our new team member will be physcally at the JNSHash farm to prevent any breakdowns or outages while I’m away. It’s good learning for him anyway, trial by fire.

Luis will be here to facilitate the rest with a bit of luck first payouts will begin shortly after my return around the 17th, this is the current plan, it may be give or take a few days.

Tomorrow team meeting will occur and we will stress test the Scraper site.
My hope is that it is very solid, and I have stressed to our developers that because mainstream users will be the most prominent at first to utilize it, the quality must be very high. If it happens to be high quality after careful review, expect that to launch December as well, more on how Luis and I will be adding blockchain features to those scraper sites after the new year.

Thank you, and enjoy the rest of your week.

JNSHash 

Signup form and membership plan:

Scrapers

Join the “Janus Token” YouTube Channel

 

 

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  • Adel – Status Update

The announced vote occurred and it appears that Adel will be migrating their assets to the ERC20 token ADE.

They maintain that they are committed to the Nxt / Ardor community even though their actions speak otherwise. If the vote was held on the Nxt voting platform the results would be transparent for all to see, nonetheless, they have announced an FAQ later this week that will elaborate and illuminate the plans and motives for this abrupt switch from the mature Nxt chain, and their plan to move the ADL asset to Ardor, to the nebulous and uncommitted, but undeniably more well-known, Ethereum chain.

New Collaboration Module is here! ▲ Adel Community
Ready for take off? AdelWiki™ is now ready for member beta testing. Members can submit ideas for incubation, vote on proposals and help develop ideas from other members. The power of the community and their valuable insights allow for bold iterations and the continuing improvement of our processes. Register an account, and become a member today with 64000 ADL: register.adel.io

More info

 

 

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  • Bitswift – Status Update

The Nxt forum has a nice new page, welcome Bitswift! This page is an excellent way for the Nxt and Ardor community to interact with members of the Bitswift community. They also might need the services of a social media ambassador soon.

Bitswisftbro wrote:

Hey everyone, we recently sparked up a thread over on the nxt forum: https://nxtforum.org/bitswift/welcome-to-bitswift/ – if you hang out over there feel free to create some convo. Not much info there yet, but we will try to keep it updated and relevant for the nxt community. We are probably in need of a social media ambassador here shortly.

Follow the lastest update from bitswift in Medium

Follow Bitswift on Facebook

Follow Bitswift on Twitter

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  • [Service ANN] for NxtAE Holders of SuperNET

Holders of SuperNET – sell now, or swap your assets to receive a dividend. More info below:

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DEVELOPMENT

  • Alternative Source for Blockchain Download

The internet is a wonderful place! Never before has it been easier for people to access and utilize the lightweight simplicity of the Nxt / Ardor ecosystem. For anyone who has wanted to download the Nxt or Ardor blockchains fast, we now present the following alternatives for you.

riker
Thanks to @vanbreuk efforts we now have an alternative source for Blockchain download:

NXT Mainnet
https://f001.backblazeb2.com/file/NxtBlockchain/NXT-nxt_db.zip

NXT Testnet
https://f001.backblazeb2.com/file/NxtBlockchain/NXT-nxt_test_db.zip

Ardor Testnet
https://f001.backblazeb2.com/file/ArdorBlockchain/Ardor-nxt_test_db.zip

Please only use it when necessary and not download all at once.
Feedback is welcomed.

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NXT IN THE MEDIA

  • Lior Yaffe in Medium – Post ICO Solutions

Jelurida is a company that was founded to be the one stop shop for all blockchain related needs. It appears as if too many nascent ICOs are locked into the Ethereum chain, with its insecurities and other flaws. Lior has posted about one of the underappreciated aspects of the Nxt platform – the excellent foundation that it is for ICOs to be held on.

Excerpts from the article:

Many of you ICO entrepreneurs are completely locked in on Ethereum with its insecure and expensive smart contract platform. If this characterizes you, I wish you good luck. All the rest, keep reading…..

To summarize, Jelurida provides an ecosystem of Blockchain solutions which designate a one stop shop for all your decentralized applications development needs.

Source

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  • Investinblockchain – What is Ardor?

An article that introduces Ardor as a BaaS solution. A short history of the Nxt and Ardor legacy is included as well as a solid introduction of the unique selling points of Ardor.

They wrote:

Ardor is a blockchain-as-a-service ecosystem. Much like Ethereum, the Ardor platform eliminates the need to operate outside of the robust platform, and also – as a Proof of Stake platform – eliminates the need for mining. While Ardor’s open source nature will drive much of its innovation, its parent company offers commercial licensing on this product as well.

Ardor offers two key chains.

The Ardor main chain is the processing brain behind all Ardor child chains. It serves to improve performance by relieving blockchain bloat, with each block containing child chain transactions processed in 60 seconds or less. It also functions to distribute the Ardor token (ARDR) from one account to another.

Ardor child chains are independently-created and owned chains. Child chains offer the option to use the Ardor token, or any other token of the chain owner’s choosing. Thanks to bundling, processing non-essential and secure data take place in the child and main chain, respectively. Child chains have the ability, however, to trade assets with any other child chain on the entire Ardor ecosystem. While the setup is still a manual process at this stage, it’s far easier than creating one’s own blockchain.

Source

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  • Blockchaindailynews – Nxt Foundation Launches ANG Initiative

ANG will focus on the growing role the Nxt Foundation played in working on and improving the community, both online and offline, and creating a better environment for projects interested in using Nxt and Ardor blockchain technology and those that contribute to the ecosystem. ANG envisions a community where mutual engagement and participation in the Blockchain ecosystem enable users, projects, and businesses to learn from one another and support each other’s goals, through meetup groups, speaker’s corners and education initiatives.

Travin Keith wrote:

As the Nxt community approaches its fourth anniversary, it’s important that we create effective structures and onboarding procedures to ensure that community members are able to easily take part in various activities and that businesses are able to stay visible to the community and other projects for possible collaboration. Now that Jelurida B.V. has formally taken on the role of leading Nxt and Ardor technology, ANG can focus exclusively on this role for projects using Jelurida’s pioneering technology or are part of its ecosystem.

To keep ANG sustainable, membership fees will be charged in a similar way to the [Nxt Foundation] Supporter Program. Basic membership will be free for companies until January 15, 2018, as ANG gains traction and Supporters of the Nxt Foundation, both Individual and Corporate, will automatically get relevant membership for at least one year from January 15, 2018, regardless of when their Supporter status ends.

About the Ardor and Nxt Group (ANG):

The Ardor and Nxt Group (ANG) is an initiative by community members that enables members of the community to participate in the growth of the Nxt and Ardor Platform ecosystem as well as provide businesses, projects, and organizations in the blockchain ecosystem, a platform to gain wider visibility, as well as promote collaborative activities among its members.

Source

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PRICE EVOLUTION

  • TradingView – NXT is now on long-term Up Trend

 

Target should be at least 250% gain, up to 7200 or even higher considering EMC2 is now 100% over the june all time high.

Source

  • TradingView – NXT Upcoming Big Pump

NXT is will probably see a huge pump due to Ignis airdrop that is planned on December 25. You do not have to wait until by then because it already started to affect the price IMO 0.84%. we just have a resistance to break at 2350 sats 0.84% .I am not sure where would target be at exactly but between 4500sats and 5000 seems like a sweet spot to me. This might be a risky trade due to btc’s bull run however if you are willing to take the risk you know what to do…. This is not trading advice and I am not responsible for any losses may occur from following this chart. Happy trading

Source

 

  • TradingView – Ardor Buy Opportunity NXT 2.0

There is a lot of hype around NXT at the moment and it’s mainly due to the hardfork and IGNIS airdrop. Ardor is known as NXT 2.0 and I think the same will happen with Ardor in December as there are numerous time line events and the blockchain goes live on the 1st Jan. https://www.ardorplatform.org/ardor-timeline There are still lots of variables at the moment. This is dependent on BTC 8.50% stability and Ardor breaking out of the triangle. Buy under 3.2k Target 4.8k Target 6.1k Target 7.2k Target Moon Stop Loss 2.3k but can be adjusted after breakout.

Source

 

  • TradingView – Are Alts ready to breakout?

$NXTBTC broke above its ichimoku cloud . Several other alts are just behind it…$DGBBTC $NEOBTC $XMRBTC $OMGBTC…is this a sign that other breakouts are locked and loaded?

Source

  • 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 ARDR stats from the Nxt Blockchain Asset Exchange:

 

 

 

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That is all for this week, Nxters. Make sure you have more of your favorite warm, holiday-themed beverage – Egg nog is ours. Please stay tuned next week for more coverage of the IGNIS airdrop, the Bitswift airdrop,  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 and all things Nxt / Ardor / Ignis

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.

NXT

 

Ardor vs. the Competition, Pt. 8: Ethereum (Blockchain Bloat)

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 article continues the previous installment’s comparison between Ardor and Ethereum. This time, I explore how each platform approaches the problem of blockchain bloat. To my surprise, the two platforms are more similar in this regard than I had initially thought, though there are certainly significant differences, too.

Key to this comparison is an understanding of how the Ethereum blockchain is organized.

Ethereum’s Structure

Like Nxt, Ethereum tracks the current state of all accounts with each new block. And like Bitcoin, Ethereum organizes the information in each block into a Merkle tree (actually, three of them) and stores its root hash in the block’s header.

How exactly does this work? The diagrams from this article help to illustrate.

 

The leaf nodes of a Merkle tree (i.e., those at the bottom) represent all of the actual data stored in it. Each node above the leaves stores a cryptographic hash of its two children. (Note that I’m using “node” here to refer to items in the tree, not computers on the network. Each computer on the network stores the entire tree.)

This design has the property that if even a single leaf node changes by a single byte, the hash of its parent changes as well, along with the hash of its parent’s parent, and so on all the way up to the topmost node, called the “Merkle root.” In a sense, the Merkle root contains a digest of all of the information in the leaf nodes.

Simply grouping all of the leaf nodes together and hashing them all at once would produce a similar result, but the tree structure has a second nice property, which is that it is possible to prove that a single leaf is in the tree without seeing the entire tree. For example, in this diagram it is possible to prove that the green transaction has been included by supplying its sibling, in yellow, their parent, in gray, and the other siblings and parents along the path back to the root. Another user can compute the relevant hashes at each level in the tree, then compare the resulting Merkle root to the one stored in the blockchain. These “Merkle proofs” are the foundation of Bitcoin’s simplified payment verification (SPV) clients, and also several of Ethereum’s scaling proposals.

Ethereum uses three separate Merkle trees to record the data in each block: one for the block’s transactions; a second for a set of “receipts” for those transactions, which represent each transaction’s effects; and a third for recording the instantaneous state of all accounts, including their balances and associated data. Storing the entire state of the system with every block sounds tremendously wasteful, but since each block modifies only a very small subset of leaf nodes, most branches of the state tree do not change from block to block, and each new state tree can refer to entire branches of the previous one with minimal overhead. There are a few technical complications with this approach, and for that reason Ethereum actually uses a slightly different data structure called a Merkle-Patricia tree, but the concept is the same.

Ethereum’s Fast-Sync Nodes

The most important fact in all of this is that the properties of cryptographic hash functions ensure that it is practically impossible to construct two different trees with the same root. As a result, the record of Merkle roots stored in Ethereum’s block headers is sufficient to establish that the network at the time validated the corresponding transactions and state transitions.

In other words, even after a node has “forgotten” the contents of old blocks, as long as it keeps the (much smaller) block headers in storage, it can query a full node for a given block’s contents and verify for itself that the full node has not tampered with any data. It does this simply by recomputing the relevant Merkle roots and comparing to the corresponding values in the block’s header. (Note that here and for the remainder of the article, I’ve switched back to using “node” to refer to a peer on the network, not an item in a Merkle tree.)

This approach is exactly how the Go Ethereum (geth) wallet’s fast-sync option works. To perform a fast-sync, a new node first downloads and verifies all block headers, starting with the genesis block (actually, only every 100th block header must be verified; see the GitHub link for details). Since the headers contain the proof-of-work, this step is sufficient to show that the network came to consensus about the Merkle roots in each header at the time the block was mined.

At some point in the recent past, say, 1024 blocks ago, the node gets a full version of the state tree from its peers and validates it against the Merkle root in the corresponding header. From that point forward, the node downloads full blocks from peers and replays all transactions until it has reached the most recent block, at which point it simply turns into an ordinary full node.

Although Go Ethereum does not currently support it, it is also possible for nodes to continuously prune the state tree as time progresses, keeping the amount of state data that must be stored to a minimum.

Child Chain Pruning on Ardor

If you have studied Ardor’s parent-chain/child-chain architecture, this strategy hopefully sounds quite familiar. Ardor takes a very similar approach with regards to its child chains.

Briefly, the Ardor platform consists of a single proof-of-stake parent chain, also called Ardor, and a set of child chains. The parent chain supports only a few transaction types, basically, just those required for transferring ARDR around and for forging with it. The child chains, in turn, handle all of the actual business conducted on the platform using the smart transactions I described in the previous article in this series.

Only the parent chain’s coin (ARDR) can be used to forge. Transactions involving only the child chains’ coins do not affect the balances of the forging coin, so they are not essential to the security of the blockchain and do not need to be stored permanently. Special “bundler” nodes on each child chain collect these transactions, group them together, hash them, and report the hash to the network using a special transaction type called ChildChainBlock. They include the full transaction data along with each ChildChainBlock transaction, so forgers and other nodes can verify that the child-chain transactions are valid and do indeed produce the reported hash, but the transaction data itself is not stored in the blockchain, and after a specified time passes it can be pruned away. All that remains in the parent blockchain is the hash of this data.

Optionally, special archival nodes on each child chain can store the full history of that child chain’s transactions. In cases where this history is needed, nodes can retrieve it, hash the original bundles of transactions, and verify that the hashes match the ones recorded on the blockchain.

Hopefully, the comparison to geth’s fast-sync option is clear at this point: in both cases, nodes do not need to store the vast majority of transaction data to be able to verify that the network approved of those transactions at the time they were made. On Ethereum, it is sufficient to verify the proof-of-work in the block headers and the accuracy of any given Merkle root to be able to trust the corresponding state tree. Ardor is slightly more complicated because it uses proof-of-stake for consensus, but storing the full record of ARDR transactions along with ChildChainBlock transactions ensures that nodes can verify, starting from the genesis block, that each block was forged by an eligible forger.

Comparing the Two Designs

At this point, I hope you agree with me that we can draw the following parallels between Ethereum and Ardor:

  • An Ethereum full node is similar to an Ardor node that also stores the full history of every child chain.
  • An Ethereum fast-sync node that continuously prunes the state tree is similar to an ordinary Ardor node, which stores the full parent chain but prunes away all child-chain data.
  • Ardor offers the ability to run a node that stores the entire parent blockchain, plus the archived transaction data for a single child chain. This option currently has no equivalent on Ethereum.

These analogies are not perfect, of course. Specifically, it is worth noting that Ethereum’s block headers are considerably smaller than full parent chain blocks on Ardor. I’ve also glossed over the mechanism that Ardor uses to track snapshots of the full state of the system and store hashes of those snapshots in the parent chain.

Still, I think this comparison is helpful. The third item in this list is especially interesting since it seems to be the biggest qualitative difference between the two designs. On Ardor, the ability to store each child chain’s transaction history in a separate set of archival nodes allows for a type of vertical partitioning of the blockchain database. Since each child chain likely supports a different business or project, partitioning the total set of all transactions along the lines defined by child chains seems like a natural choice. On Ethereum, perhaps the best analogy would be a design where a user could run a full node for a single project, like Golem, without having to simultaneously run full nodes for Augur and BAT and hundreds of other projects.

On that note, it strikes me that Ethereum’s Merkle trees might naturally accommodate such a design, where a “Golem full node” would search the full blockchain for all transactions involving GNT, store Merkle proofs for those transactions and state transitions permanently, and discard the remaining data. I admit I haven’t thought through the implications of this idea, though, so I won’t say much more about it here.

In any event, neither this hypothetical strategy for Ethereum, nor Ardor’s parent-chain/child-chain architecture, represents true sharding of the blockchain, since in both cases each node still must process all transactions from the whole network. These designs partition the storage, but not the bandwidth or computational power, required to run the blockchain. A proper scaling strategy must address all three bottlenecks.

Speaking of sharding…

Sharding

Ethereum’s long-term vision for on-chain scaling is sharding, a way of partitioning both the storage of data and the processing of transactions. The goal is for most nodes on the network to have to process transactions from only a single shard, freeing them from the burden of validating and storing transactions that affect only other shards.

I won’t even attempt to survey the Ethereum team’s proposals here, as this article is already getting long, but if you’re interested in this topic I strongly recommend their fantastic sharding FAQ on GitHub.

The reason I bring up sharding, though, is that Ardor’s developers have suggested that they are exploring ways to push child-chain transaction processing to dedicated subnets of the Ardor network. They have not offered technical details yet, and I’ll refrain from speculating here about how it might work, but to me, the idea certainly seems plausible.

If the devs can deliver on this idea, then the Ardor platform will look a lot like the “basic design of a sharded blockchain” described in the Ethereum team’s document. That section of the paper describes a set of “collator” (bundler) nodes charged with collecting (bundling) transactions from a single shard (child chain), validating them, and recording their hash in a “collation header” (ChildChainBlock transaction) on the main (parent) blockchain. “Super-full nodes” (current parent-chain nodes) would process all transactions from all shards; “top-level nodes” (future parent-chain nodes) would process only the main chain blocks, but not the full contents of all collations; and “single-shard nodes” (future child-chain nodes) would process all transactions on the main chain and a single shard.

Almost all of the complications arise from cross-shard communication, and as a result, this design works best when the shards are largely independent. As I mentioned above, Ardor’s child chains might naturally accomplish this kind of partitioning, with each chain supporting a separate project, where interactions between projects are allowed but still less common than transactions within a project.

Conclusion

At this early stage, these ideas are quite tentative, of course. But the possibilities are exciting nonetheless. Ardor’s design already incorporates proof-of-stake consensus, a separate goal that the Ethereum team has set for itself, and a reasonable partitioning of the blockchain’s data, which is an obvious requirement for any sharded solution. Notably absent in Ardor are Merkle proofs, or some other compact way for partitions to trustlessly communicate state information to one another, but it does seem like these features could be built into the platform via a hard fork. The snapshot hashes and child-chain block hashes that would become Merkle roots are already present in the protocol, after all.

But what can we say about the current state of the two projects? Perhaps the most interesting fact I learned in researching and writing this article is that Ethereum actually scales far better than I had originally thought. Go Ethereum’s fast-sync option for full nodes affords some of the same advantages of Ardor’s design, and if it eventually incorporates state-tree pruning the analogy will be even closer.

On the other hand, the main drawback of Ethereum’s current design is that there must still be full nodes somewhere on the network, and those nodes must store all 300+ GB of the Ethereum blockchain. As it continues to grow, and the cost of running a full node grows along with it, one would expect the proportion of full nodes relative to fast-sync and light nodes to naturally decline. As a consequence, each full node will likely end up handling an increasing volume of requests from other nodes, further increasing the cost (in terms of bandwidth and computational power) of running a full node.

Even without sharding, Ardor’s design mitigates this potential problem by breaking Ethereum’s monolithic full nodes into sets of archival nodes that each store the current state of only one child chain. It will be possible to store the histories of several child chains simultaneously, if desired, but few nodes, or potentially none at all, will be required to store the full history of the entire system.

Needless to say, scaling a blockchain is a hard problem. Out of the several projects that I have surveyed for this series, Ardor and Ethereum seem to me to offer the most compelling visions for on-chain scaling. And while I am hopeful that both will succeed, I must admit that, judging solely from the concrete progress that each project has already made towards achieving its vision, Ardor seems to me to have an ever-so-slight head start.


Try Ardor on testnet

About the latest Ardor testnet version

 

 

Ardor vs. the Competition, Pt. 7: Ethereum (Smart Contracts)

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 Ethereum, which probably needs no introduction.

For several of the projects I’ve surveyed throughout this series, it has been rather difficult to find detailed, technical information. Ethereum has exactly the opposite problem: there is so much information available that it is difficult to distill it into a reasonable-length article without oversimplifying important ideas.

For this reason, I have chosen only two aspects of Ethereum to compare to Ardor. This installment compares its smart contracts to Ardor’s smart transactions, and the next article will compare the approaches that the two platforms take to managing blockchain bloat. There are many more topics I would have liked to cover–its plans to move to Proof-of-Stake (Casper), its state-channel strategies (Raiden and Plasma), its partnerships with large companies through the Enterprise Ethereum Alliance, and a sampling of the projects running on it, for example–but discussing even a couple of these topics in satisfactory depth is a daunting enough task. Besides, the two topics I chose offer the most interesting comparisons between the two platforms, in my opinion (but see the Ardor vs. Plasma post, linked above, for some thoughts on Plasma).

Without further ado, let’s talk about smart contracts.

Smart Contracts and “Rich Statefulness”

Ethereum’s design combines elements of Bitcoin and Nxt, and adds several novel features. Like Bitcoin, Ethereum uses a low-level scripting language to encode transactions, and it stores the contents of each block in Merkle trees whose root hashes are recorded in the block headers (more on this in the next article). And like Nxt, it tracks the current state of account balances and other account-specific data directly instead of using Bitcoin’s unspent transaction output (UTXO) model.

The most important innovations that Ethereum adds to this mixture are twofold: the ability to store scripts (contracts) in so-called “contract accounts,” which transact autonomously instead of being controlled by a user; and the ability to persist data in an account from one transaction to the next. Ethereum’s scripting language is also somewhat more powerful than Bitcoin’s language, allowing contracts to include loops and to invoke other contracts.

Combining these ideas, it is possible to create stateful “smart contracts,” which are bits of code and data that live in contract accounts and act as autonomous agents, listening for input from users and other contracts and transacting with them according to the rules defined in their contract code. The “stateful” modifier in the previous sentence is crucial: because a smart contract can have its own internal state, it is possible for one transaction to affect how subsequent transactions are processed. This is a significant departure from Bitcoin’s model, where transaction scripts only execute a single time and where the notion of the “state” available to a script is essentially limited to whether a given output is spent or unspent.

(You might have noticed that I haven’t said anything about Turing completeness. Depending on how pedantic you’re feeling, you could argue either side of the question of whether Ethereum’s scripting language is actually Turing complete. As the speaker in this excellent video explains, though, Turing completeness is a bit of a red herring anyway. Much more important is the fact that smart contracts are stateful and can transact with one another and with users in interesting ways.)

The potential applications of smart contracts extend far beyond setting conditions on the transfer of money from one account to another. Even the original white paper (which is a great read, by the way) proposed a handful of non-financial uses, including file storage, voting, distributed computing, governance of decentralized organizations, and decentralized marketplaces. Since then, developers have found plenty of other applications, too, such as decentralized messaging. And of course, the most common application of Ethereum so far, seemingly by an overwhelming margin, has been to conduct token sales for various projects.

Ardor’s “Smart Transactions”

If that list of applications sounds familiar, it might be because all but one of them have already been implemented in Nxt and Ardor as prepackaged “smart transactions.” Pioneered by Ardor’s predecessor, Nxt, smart transactions are bits of “blockchain 2.0” functionality that the Nxt and Ardor developers have made available as part of the protocol itself. They allow developers to create blockchain applications without having to write and test their own smart contracts.

In order to enable ordinary users (i.e., non-developers) to take advantage of this functionality, too, the official Nxt and Ardor wallets include a handful of features built from smart transactions. These include:

  • the Asset Exchange, where users can issue assets, trade them, and pay dividends to asset holders;
  • the Monetary System, where users can issue currencies and conduct several different types of crowdfunding campaigns;
  • a messaging system, which allows users to send each other plain-text or encrypted messages;
  • a voting system, which allows users to conduct polls by account, account balance, asset balance, or currency balance;
  • an integrated coin shuffler, which can afford users a degree of privacy by obscuring their transaction histories;
  • a decentralized data store, which can record the hash of a file permanently on the blockchain and, optionally, record the file itself permanently in special archival nodes;
  • a decentralized marketplace, where users can buy and sell goods and services peer-to-peer;
  • a new Coin Exchange (Ardor only), where users can trade child-chain coins directly for one another; and,
  • a number of advanced features, such as phased transactions, which allow users to set constraints on when and how other transactions are executed, and account properties, which can be used to associate arbitrary data with an account.

These are not the only applications that can be built from smart transactions, of course, but they do illustrate the breadth of what can be achieved with them. All of these features, plus a few more, will be available on Ignis, Ardor’s first child chain. Creators of other child chains will have the option to implement as many of these features as needed to suit their projects.

I’ve heard several analogies to describe smart transactions, but my favorite is that they are like Legos, while smart contracts are like clay: the former don’t provide the same degree of control over the finer details, but they are quicker and easier to use than the latter, and can still be combined to form some quite impressive final products.

The analogy isn’t perfect, of course. A strong argument for smart contracts is that it is possible for potentially all of the business logic of a decentralized application (Dapp) to be recorded permanently and immutably on the blockchain, for example, whereas a Dapp built from a combination of smart transactions likely includes some external code. In the latter case, using the Dapp might require some degree of trust in the developer not to change the rules in later versions of it.

Viewed from another angle, though, this comparison hints at arguably the biggest drawback of smart contracts: the ease with which they allow programmers to make multimillion-dollar mistakes that cannot be corrected.

Security Considerations

Just about all software that is even modestly complex contains flaws, and too often these flaws make the software vulnerable to exploitation by an attacker. Smart contract developers face a particularly difficult task because the code they write is immutable, and as a result its vulnerabilities are permanent.

Unfortunately, catastrophic failures of buggy smart contracts have not been rare. The attack that froze $150 M worth of ether stored in multisig Parity wallets and the $30 M hack of that same wallet several months prior are the most recent examples to grab headlines, but they are not the first and almost certainly not the last. For an overview of some common vulnerabilities and analysis of several real attacks, including the infamous DAO hack, I strongly recommend this excellent paper by three researchers from the University of Cagliari.

It is worth noting that the Ethereum protocol and the Ethereum Virtual Machine (EVM) were not responsible for any of these attacks. Ethereum’s supporters sometimes point this out, arguing that Ethereum itself is quite secure, and all that is needed is for developers to write better smart contracts. In a literal sense they’re right, of course: in all cases, Ethereum did what it was supposed to do, and ultimately the blame lies with smart contract developers.

But personally, I wonder whether this assessment is too quick to absolve Ethereum, and whether the problem might run a bit deeper than just a few buggy smart contracts. For now, anyway, it seems to me that Ethereum’s fundamental predicament is that it gives programmers tremendous power, but insufficient tools to use that power safely.

Developers’ ambitions almost always exceed the level of complexity that they can achieve while keeping their code perfectly bug-free, and there will therefore be a constant temptation to make functionality a higher priority than security (this is nearly universal in software development, by the way). Immortalizing the buggy code that they produce by storing it in the blockchain, Ethereum brutally and mercilessly holds them to account for their sins.

Thankfully, there are certainly ways to mitigate the risk of writing vulnerable smart contracts. For example, it is possible to design a smart contract that can be updated by having it delegate its responsibilities to a second contract, commonly called a “library contract,” at an address that can be changed to point to a different library contract later.

This approach allows developers to patch vulnerabilities, but as a consequence, it introduces the thorny question of who is allowed to switch to a new library contract. If it is a single third-party account, then the design reintroduces some degree of trust between that account and users. On the other hand, if the developers take another approach, such as allowing a majority of users to vote in order to approve each new library contract, then there are potentially further problems to solve, such as writing a secure voting mechanism, making sure that users are sufficiently informed and engaged to vote, and preventing an attacker from doing significant damage in the time it takes to organize a vote.

Another very promising approach towards securing smart contracts is to use techniques of formal verification borrowed from mathematics. I do not know much about formal methods, so please take what I write here with a grain of salt, but I do know that it is easiest (or indeed, feasible at all) with simple programs whose proper functioning can be expressed as a set of short, simple rules. In such cases, it can be possible to prove with certainty that the program contains no bugs. Even straightforward techniques like looping and recursion can complicate the analysis significantly, though, so it is best if the program under test is as simple as possible.

Why am I droning on and on about all this? Putting these thoughts together, it would seem that the best way to write smart contracts might involve: 1) keeping them as short and as simple as possible; 2) delegating the core business logic to library contracts that can be updated if necessary; and 3) reusing libraries that have been thoroughly vetted, so as to keep the amount of new code to a minimum. If the second of these points requires that users trust the contract’s author to some degree, as is often the case, then contracts designed according to these three guidelines start to look a lot like Ardor’s smart transactions: bits of stable, thoroughly tested code that expose the most commonly needed functionality, which developers can assemble into more complex programs.

Trade-offs between Security and Flexibility

I am not suggesting that Ardor’s smart transactions can accomplish all of what Ethereum’s smart contracts can securely accomplish, nor am I even arguing that combinations of smart transactions can always emulate smart contracts. What I am saying, though, is that I think there is a natural tension between the flexibility that a platform offers and the security of the code that developers inevitably write for it.

In this view, blockchain platforms can be located on a security-flexibility continuum. Near the “security” extreme is Bitcoin, whose scripting language is deliberately quite limited in order to prevent users from locking their coins with vulnerable scripts (though this is still possible, of course). Nxt and Ardor occupy a position somewhere toward the middle of the spectrum, limiting developers to a set of predefined transaction types but including an awful lot of functionality in those types.

Ethereum’s smart contracts, on the other hand, occupy the entire spectrum. It is possible to write extremely simple, trivially secure scripts on Ethereum, and it is also possible to write more complicated scripts that contain very subtle vulnerabilities. Perhaps just as importantly, it is difficult for users to tell the difference between these cases–and unreasonable, in any event, to expect them to try. Using Ethereum safely necessarily means avoiding the “flexibility” end of the spectrum, even if it comes at the cost of introducing some extra trust between users and developers.

Finally, it is worth mentioning that Ardor offers a new feature, not previously available in Nxt, that helps it inch towards the “flexibility” end of the continuum: the ability to combine phasing conditions using Boolean AND, OR, and NOT operators to achieve primitive smart-contract-like behavior.

Briefly, phased transactions allow users to condition an underlying transaction on some event, such as approval by a certain number of specific accounts (m-of-n multisig), a vote by accounts holding a particular asset, the expiration of some amount of time (timelock), or the revelation of a secret (e.g., a hashlock). On Ardor, combinations of these phasing types can encode more complex conditions, such as, “transaction X is valid if a majority of ABC Corp.’s asset holders approve of it by date Y, unless it is vetoed by a supermajority of ABC Corp.’s board members.”

It will no doubt be possible to combine phasing conditions in ways that allow for unexpected outcomes, possibly including theft or loss of funds. But the advantage over smart contracts in terms of security is still there, I would argue, since developers can focus on making sure the business logic of the transaction is sound, without having to worry about low-level bugs like race conditions. And of course, the drawback of offering less flexibility than a smart contract is still there, too.

Conclusion

With a protocol defined by a set of prepackaged smart transactions instead of a low-level scripting language, Ardor will probably never be able to offer developers as wide a range of possibilities as Ethereum does, at least in cases where everything must be done on-chain for minimal trust between parties. On the other hand, writing nontrivial contracts that follow security best practices might well require additional trust between users and developers anyway. And of course, Ethereum users ultimately have to trust the authors of smart contracts not to have made any mistakes and to have duly scrutinized and tested their code in order to make sure of it.

Naturally, you might say the same thing about any software, including Ardor’s smart transactions, but there is a key difference: there is simply so much more code running on Ethereum. Nxt has been open-source since its inception, providing ample opportunity for peer review, and Ardor’s code, which builds on the Nxt codebase, will be opened soon. Moreover, each new change to the protocol has been vetted thoroughly on a public testnet before being officially released. The same ought to be true of each and every smart contract, but with so much code being written, it seems like there are inevitably more opportunities for bugs to slip through into production.

In any event, I suspect that the degree to which most successful Dapps will rely on immutable code is still an open question. If access to an immutable database and a handful of simple operations on that data are sufficient for most applications, then Ardor’s smart transactions seem to me to have an obvious advantage over smart contracts. If, in contrast, the notion that “code is law” turns out to be essential to the viability of most Dapps, with each Dapp requiring most of its unique code to be recorded on the blockchain in order to be truly trustless, then Ethereum’s approach is probably superior.

I expect that there will be real-world applications that suit each platform. But I also wonder whether it will eventually become clear that one of the two approaches best handles a sizable majority of applications. Which approach will ultimately “win” is not at all clear to me, but I suspect that the deciding factor will be users’ judgments of the degree of trust that each case requires. And since the entire appeal of blockchain technology is that it allows users to transact with minimal trust, I’d say that outcome would be quite appropriate.

Thanks for reading! If you enjoyed this article, be sure to read the next part of the series, which compares the ways that Ardor and Ethereum cope with blockchain bloat.


Try Ardor on testnet

About the latest Ardor testnet version

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. 🙂

Ardor vs. the Competition, Pt. 2: NEM/Mijin/Catapult

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 NEM, a public blockchain similar to Nxt in many ways. As I’m primarily interested in each blockchain project’s approach to scaling, I also researched Mijin, a version of NEM for private blockchains, and Catapult, a rewrite of Mijin which promises large performance gains and which will also be incorporated into future releases of NEM.

NEM

Although NEM’s core developers abandoned their initial plan to start NEM as a fork of Nxt, choosing instead to start the project from scratch, NEM and Nxt are still fairly similar. Like Nxt, the NEM platform provides a predefined set of allowed transactions which applications can use as building blocks to create more complex features, as opposed to using a low-level scripting language to construct transactions, like Bitcoin or Ethereum.

Both platforms support a variety of “blockchain 2.0” features, like sending messages, creating and transfering assets, and sending transactions requiring the approval of multiple accounts (m-of-n multisig). And both platforms expose their functionality through HTTP-based APIs, so developers can use virtually any language to write applications for them.

Despite these similarities, NEM also has some notable differences compared to Nxt.

Perhaps the most fundamental one is its novel consensus algorithm, called proof-of-importance. This algorithm is similar to proof-of-stake, except the probability that an account may harvest (i.e., forge) the next block depends not only on its stake of XEM, which is the native coin on NEM, but also on how recently it has transacted with other accounts and how much XEM was exchanged. Accounts that hold a large stake of XEM and which transact frequently and in high volume harvest more blocks than accounts with less XEM or accounts which only rarely transact.

The authors of the NEM Technical Reference argue that, compared to proof-of-stake, the proof-of-importance algorithm gives somewhat less weight to the wealthiest accounts when determining the right to forge/harvest the next block (Section 7.8). Proof-of-importance is also central to NEM’s spam filter, which requires that an attacker not only control a lot of accounts, which is easy to do, in order to spam the network with a large number of unconfirmed transactions, but also to hold a large stake in each account and transact frequently with other high-importance accounts.

In my view, another main difference between NEM and Nxt is the extent to which each platform’s “blockchain 2.0” features are integrated directly into the API. For example, NEM’s assets, called “mosaics,” share several features with the Nxt Monetary System’s currencies, but NEM does not have a built-in decentralized exchange for mosaics. (As a side note, the NEM Foundation has contracted with Blockchain Global to create a traditional, centralized exchange featuring mosaic-based ICO tokens.) Similarly, while you could certainly build a decentralized marketplace on top of NEM where users could buy and sell goods and services, NEM does not have such a marketplace built into its API the way that Nxt does.

Finally, one subtle but very important difference between NEM and most other blockchains, including Nxt, is the way that it handles multisignature transactions. Instead of allowing any account to generate a multisig transaction, NEM introduces the concept of a multisig account and requires that all multisig transactions originate from such accounts. Any co-signatory on the account can initiate a transaction from it, and the transaction is only executed if a sufficient number of the other co-signatories approve it.

At first this might appear to be a limitation, since it requires a separate multisig account for each set of co-signatories a user wants to cosign with, but it has two key advantages: the multisig account is a full account, capable of receiving payments, messages, and mosaics, for example; and co-signatories can be added and removed, so custody of the multisig account can be transferred. It is possible to create a “1-of-1” multisig account, i.e., an account with a single custodian who can transfer it to a different custodian if desired. In this way, multisig accounts on NEM can act like transferable containers for XEM, mosaics, and messages.

One particularly impressive application of this concept is a notary service built on NEM called Apostille. With Apostille, the process of notarizing a document looks like this:

  1. Hash and sign the name of the document.
  2. Create a multisig account for the document derived from the resulting signature.
  3. Hash and sign the contents of the document.
  4. Send a message containing the result to the document’s multisig account.

Note that the last step also attaches a timestamp to the document, since the transaction that transfers the document’s signed hash to the multisig account is recorded on the blockchain.

As an example of a potential application of Apostille, the authors of the white paper consider a case where the notarized document is a car title. Ownership of the car can be transferred by changing co-signatories on the multisig account that contains the title; messages describing maintenance and repairs can be sent to the multisig account to record the car’s service history; and mosaics issued by governments or insurers could attest to payment of fees. In this way, the multisig account represents both the car itself and the history of other accounts’ interactions with it.

Anyway, that’s quite enough about NEM. Next, Mijin.

Mijin

At a high level, Mijin is a version of NEM that three of the core NEM developers and a company called Tech Bureau developed as a private, permissioned blockchain product. Like any private blockchain–and in contrast to NEM, which is public–a Mijin blockchain is owned and controlled by a central authority, such as a company.

This isn’t the place for a full debate about the utility of private blockchains, but as Mijin and Catapult are an important part of the NEM ecosystem, please indulge me for a minute. In my opinion, the more “private” a private blockchain becomes, the less useful it is. While I can see a case to be made for “consortium” blockchains, where a handful of independent organizations who don’t necessarily trust each other cooperate to secure the network against abuses by any one member of the group, I have trouble seeing the value in a blockchain controlled by a single authority. In my view, a blockchain without trustless consensus is basically just an extremely slow, extremely inefficient database.

I know there are plenty of people who disagree with me, though, so for the remainder of this post I’m going to assume private blockchains have value and that there is a market for them, especially in financial services, which seems to be the main industry that Tech Bureau intends for Mijin to serve.

There is not nearly as much information about Mijin available on the internet as there is about NEM, but I did learn some interesting facts that hint at its potential. For one thing, although Mijin and NEM are completely separate projects, Mijin does share the NEM API (or at least the two APIs overlap substantially), which suggests that it will be relatively easy for developers to write applications that run on either platform. The common API might also facilitate interactions between Mijin chains and the public NEM chain, but I haven’t found any information about the details of those interactions.

Additionally, the Mijin website states that Mijin will support smart contracts, though the Catapult white paper seems to slightly contradict that statement when it says, “the approach here is to make the smart contract an external component, whether centralized (i.e., status quo with existing systems) or decentralized. The outputs of these smart contracts will then enter their transactions into the ledger through a secure transaction process.” To me, this implies that the contracts themselves will be neither stored on the blockchain nor executed by all nodes on the network.

Speaking of Catapult…

Catapult

Catapult is a rewrite of Mijin with a focus on increasing the rate at which transactions can be confirmed. Judging from the white paper (linked above), the first deployments of Catapult will be at banks and other financial institutions, where the author envisions it will replace patchworks of “disjointed monolithic systems” that he says are commonly used today. Eventually, the developers also plan to integrate Catapult into NEM to facilitate scaling the public blockchain as well.

Like Mijin, Catapult is currently closed-source and many technical details are not public. I was able to find some good information digging around the NEM blog, though, especially in this thread by one of the developers.

Catapult divides the work that the network does among three types of nodes:

  • P2P nodes, which add new blocks to the blockchain and maintain consensus about its state;
  • REST nodes, which present client applications with all the features they can use from the Catapult API; and
  • API nodes, which, like P2P nodes, store the blockchain and can read directly from it (I think), but which do not add blocks to it. These nodes serve data to the REST nodes to fulfill client applications’ requests.

This breakdown appears to roughly correspond to the three-tier architecture commonly used for web applications, where the blockchain (P2P nodes) is the database, the REST nodes are the front-end, and the API nodes handle the business logic of interpreting and interacting with data in the database.

If this analogy is correct, then presumably the goal of this architecture is to allow each tier to scale independently. Especially for a private blockchain, the optimal number of P2P nodes used to establish consensus might be much smaller than the number of REST and API nodes required to handle all of the requests that applications send to the network. Delegating these responsibilities to separate nodes on the network should allow nodes of each type to be added or removed as needed to optimize performance.

Apart from this new architecture, Catapult also makes some other optimizations to improve performance. Whereas Mijin and NEM are written in Java and use HTTP for communicating with full nodes, Catapult is being written in C++, and communication between at least the API nodes and REST nodes uses full-duplex sockets (via ZeroMQ), potentially allowing for lower latency than HTTP.

A performance test of three Catapult nodes located in the same datacenter and configured to service requests from 10.8 million accounts showed that the network was able to process just over 3,000 transactions per second. It isn’t completely clear from the press release, but it sounds like each of the three nodes in this test played all three roles: P2P, API, and REST. Confusingly, the accompanying diagram appears to refer to API nodes as “blockchain data ingestion servers” and to REST nodes as “API gateway” servers.

Compared to Ardor

How does NEM compare to Ardor, then?

Really, there are (at least) two separate questions: how do NEM’s features compare to Ardor’s features? And how does NEM’s approach to scaling compare to Ardor’s approach?

Since Ardor (the platform, not the parent chain) will support all of Nxt’s current features, the comparisons I noted above between NEM and Nxt apply equally well to Ardor.

In particular, Ardor’s child chains will have at their disposal a somewhat larger variety of built-in transaction types that support a richer set of features.

For example, NEM does not natively support a peer-to-peer exchange for mosaics, dividend payments to mosaic holders, transactions conditioned on votes by mosaic holders (or most of Nxt’s phased transaction types, for that matter), account properties, a decentralized marketplace, or anything like Nxt’s shuffling and alias systems.

Ardor’s parent-chain/child-chain architecture will add some extra functionality, too.

In particular, users will be able to exchange different child chain tokens for one another directly, without first converting to ARDR. This will be especially useful on pegged child chains, where users will be able to trade dollar-pegged coins directly for bitcoin-pegged coins (for example), whereas on NEM, somebody holding a dollar-pegged mosaic would have to sell it for XEM, then buy a bitcoin-pegged mosaic.

These differences notwithstanding, NEM still offers a rich set of features that application developers can use in interesting ways. Perhaps the best example is Apostille’s creative use of NEM’s unique multisig accounts. I’m not sure how easy it would be to replicate that kind of functionality on Ardor.

[EDIT]: Lior Yaffe, core dev and co-founder of Jelurida, has the following comment:

With NXT this can be achieved by issuing a singleton asset for each license registration and sending it between accounts.

On the question of how to scale, the two platforms differ much more dramatically.

Catapult’s approach, which NEM will eventually incorporate, is twofold: a new three-tier architecture to distribute the network’s responsibilities among three specialized types of nodes; and a series of application-level optimizations, e.g., using C++ instead of Java. We will need to defer judgment of the latter approach until additional benchmarking tests are available, but we can still cautiously speculate about the implications of the new architecture.

The biggest advantage seems to be for private blockchains, where the owner can fine-tune the quantities of the three types of nodes and the topology of the network to optimize throughput. Moreover, in such a context, blockchain bloat isn’t as severe a problem as it is for a public blockchain since companies can easily dedicate terabytes of storage on their servers to storing the blockchain.

The improvement in NEM’s performance with this new architecture, on the other hand, is much harder to predict. It is not clear whether each peer on the network would have to run all three services (P2P, API, REST) or just one of the three. In the former case, the scaling advantage to the new architecture would presumably be lost. In the latter case, the classic trade-off between speed (fewer P2P nodes, more API and REST nodes) and security (greater fraction of P2P nodes) would remain. And since nobody could control the number of each type of node on a public network, the question of what the optimal balance is would be moot.

In contrast, Ardor’s design does not try to achieve the highest possible throughput, at least initially. Rather, Ardor’s main scaling goal is to greatly reduce the size and rate of growth of the blockchain. It does this using a unique parent-chain/child-chain architecture, where all nodes on the network validate all transactions, but only those belonging to accounts holding the parent chain coin (ARDR) forge. Since the child chain coins can’t be used to forge, the child chains’ transaction history is irrelevant to the security of the network and can be pruned away.

It is worth noting, however, that computational scaling is on the Ardor roadmap.

Specifically, it is possible that child chain transaction processing will be delegated to separate subnets of the Ardor network in the future, allowing most nodes to ignore most transactions.

Conclusion

Ardor and NEM both offer rich, largely overlapping sets of features.

Overall, my impression is that developers will probably be able to build similarly complex applications on either blockchain with comparable ease. In that sense, the two platforms are direct competitors.

In their approaches to scaling, though, Ardor and NEM are quite different.

While Catapult will likely achieve a significant improvement in the rate that private blockchains can confirm transactions, I am somewhat more skeptical of the performance improvement that can be achieved on a public blockchain like NEM using the same approach.

Ardor, on the other hand, does not attempt to address the computational scaling problem (for now), but has found a very effective solution to the problem of blockchain bloat.

I suppose time will tell whether computational scaling or blockchain bloat is ultimately going to pose the biggest long-term problem for blockchain tech, and time will also tell whether either platform has found an adequate solution.

IGNIS ICO Report 7

Today the 3rd batch of Round 3, with 25 M JLRDA tokens, became available for sale. At the time of writing, there were still JLRDA tokens available.

Finally – some would say – the IGNIS ICO hype calmed down a little. Finally, it is possible to attend the ICO and buy JLRDA without running a full node client, placing several buy-orders in advance, or having to figure out the most advantageous peer settings and transaction fees in order to get a chance to win the over-participated lottery for future IGNIS tokens on the Ardor Blockchain Platform.

ICO: Jelurida [ID 823491988455668070]

Live data from the Nxt blockchain

peter2615

As someone said on the forum in the ICO thread:
In round one 1 NXT = 4500 Sat. 1 JLRDA = 0.4 NXT = 1800 Sat.
In round [three] 1 NXT = 2000 Sat. 1 JLRDA = 0.76 NXT = 1520 Sat.

So, the guy who ran away with all the JLRDA in the first few rounds did not get such a great deal afterall …

Live data from the Nxt blockchain

Either the whale investors

  1. Gave up (as they attended on equal terms with everyone else)
  2. Believe that 1 IGNIS token will be worth less than 0.76 NXT at the current NXT price
    (0.76 NXT = 0.07 USD or 0.0000162252 BTC)
  3. Believe that the price of NXT will rise a lot in the future – keep in mind that by holding NXT you get 0.5 IGNIS per NXT that you own at the snapshot (Q4 2017) and you get to keep your NXT
  4. Decided to invest in ARDR instead of JLRDA
  5. Do not even know about Jelurida’s work and the IGNIS ICO

Let us take a look at the three tokens in play, and you can choose your path to success by choosing which one best suits your interests and needs.

NXT

Nxt launched in 2013 as the first 100% Proof-of-Stake (PoS) blockchain ever and has run stable ever since. Over the years Nxt was optimized with built-in smart contracts that anyone can use “as is” or use them to build their decentralized applications with – without risking their investors’ money or the security of the blockchain, as no 3rd party code is added to the blockchain. Nxt’s smart transactions are rigorously tested in production and can be accessed using the Nxt API, which supports over 200 request types. Nxt is coded in Java, the leading industry standard language for corporate applications. The Nxt platform is open source for its open and supportive community. Nxt is called the “Swiss army-knife” of crypto, undervalued in the markets, and technically ahead of the competition.

With the new JPL license, owners of NXT are entitled to receive 10% of tokens from clones of Nxt.

https://nxt.org
https://nxter.org/tutorials
https://nxter.org/newsletters

IGNIS

Ignis will be the first child chain on Ardor. Ignis will have all of the features of Nxt, except for forging – it will be secured instead by Ardor’s main chain. Users of Ignis get UNRESTRICTED ACCESS to all existing and future Ardor child chain features. Do not expect unrestricted access from any other child chain in the ecosystem, as their creators may restrict those. Ignis will constantly be pruned (no blockchain bloat – means: globally scalable) and will feature cross-chain transactions, e.g., token and asset trading, and access to custom features on any other child chain. JLRDA, the non-transferable token sold in the ICO, represents the monetary unit and transactional token of Ignis, IGNIS, 1:1. JLRDA tokens will convert to IGNIS automatically at the Ardor Genesis Snapshot.

https://jelurida.com/ico
https://www.nxter.org/tag/ignis-ico/
https://www.jelurida.com/ardor-nxt-feature-comparison

ARDOR

Ardor is Nxt 2.0 and is best described as a Blockchain-as-a-Service (BaaS) platform, currently running on testnet. Ardor is the main chain that will secure, bundle and forge all transactions on the network of child chains. Ardor will make the features of Ignis available to other child chain creators, but restrictions can be placed if certain features are not desired, such as shuffling of tokens, the unrestricted decentralized marketplace or the unregulated asset exchange. Child chains will have their own operational token so users will not have to buy “gateway tokens” such as NXT, ARDR or ETH to use them. Child chains will be prunable and will not have to be bootstrapped, as they are secured by Ardor. Child chains can be spawned and customised with help from Jelurida, but the ability to create new chains will eventually be integrated into the software as a DIY module. For those that like account and ID regulations and restrictions – Ardor is the place to be. For those that like to forge all child chain fees – Ardor is the place to be.

https://www.ardorplatform.org
https://nxter.org/ardor-blockchain
https://www.jelurida.com/sites/default/files/JeluridaWhitepaper.pdf


 

 

Live data from the Nxt blockchain

ARDOR introduction video

Q4 2017

  • Ardor mainnet launch
  • Migration of ARDR balances from the Nxt blockchain asset to the Ardor Genesis block
  • Spawn of the IGNIS child chain based on NXT and JLRDA balances
  • Spawn of Bitswift child chain with 10% share drop to IGNIS holders
  • Spawn of BTC, EUR, and USD pegged child chains backed by 3rd party business entities

ICO’s are hot right now, and the choice is hard if you have money to invest. The choice is entirely up to you – supporting any chain supports Jelurida, the company that owns the IP for the above tokens.

Right now, the JLRDA tokens are for sale on the Nxt blockchain and will be automatically swapped for IGNIS tokens on the Ignis child chain when Ardor and Ignis are launched together in Q4 2017.

#nofomo

You need NXT to buy JLRDA. The most secure and the recommended way to buy JLRDA is from the IGNIS Token Sale link in the NRS Client, currently running V1.11.9.

You can use Jelurida’s online Nxt node or download and run the client locally – as light (no blockchain download) or full node. You can also use Nxt OFFLINE to create cold storage accounts to buy IGNIS.

JLRDA tokens cannot be transferred or traded until Ardor is launched – do not fall for scams.

Stay tuned for more up-to-date coverage on the ICO. We will explain in more detail about Jelurida, Ignis, Ardor, and everything else that is pertinent to this ICO. We won’t give trading advice.

Follow us on Twitter for breaking updates. And please help us grow as we continue to provide our readers with excellent and focused coverage on the ever growing blockchain space by rewarding us for our efforts – Donation address: NXT-TK9J-MEKH-MUP9-HFCH2.

This article is for educational purposes only. It is advisable never to invest more than you can afford to lose.

Ardor vs. the Competition, Pt. 1: Lisk

I recently decided to start a series of posts that compare and contrast Ardor with other blockchain projects that appear to have similar goals or features. Roughly each week, I'll pick a project whose scope overlaps at least a little with Ardor's, study its technical documentation, and post a summary of my findings here for you to critique.

This week, I've been reading about Lisk.

Lisk

In a nutshell, Lisk is a platform for developing decentralized applications (dapps) that run on sidechains anchored to the Lisk mainchain. It uses a delegated proof-of-stake (DPOS) consensus mechanism to secure the mainchain, while sidechains are each responsible for their own security (sort of, but see the description of the delegate marketplace below). The protocol uses a set of predefined transactions, rather like Nxt and Ardor, as opposed to a low-level scripting language like Bitcoin or Ethereum.

Before I get into the details, I should start by saying that Lisk is definitely in an early stage of development. The team is currently in the middle of rewriting the Lisk SDK, which will support sidechain development, and is continuously refactoring Lisk Core, which is the full node.

With the code in flux, some important architectural questions, particularly about sidechains and how they will interact with one another and with the mainchain, do not appear to have been settled yet. On the other hand, I had some difficulty finding a current, authoritative source of technical information about Lisk, so what I present here might be out of date. The best information I could find was in the wikithis article by one of the co-founders, the roadmap, and these YouTube videos. None of the first three sources are recent, unfortunately, and even the videos don't go into much depth (though I admit I haven't watched all 6+ hours of them). If you've found better references, I'd be grateful if you could send them my way.

The marketing buzz surrounding Lisk seems to focus on the SDK, the goal of which is to make it easy to build, deploy, and secure a dapp running on a customizable blockchain. The devs wrote the SDK in JavaScript because they want to make Lisk accessible to as wide an audience as possible, and they also wrote the backend in JavaScript (Node.js) because...well, I guess I'll never understand why people insist on using JavaScript on the backend. 🙂

But clearly, ease of developing and deploying a custom blockchain is not the only goal of Lisk. If it were, then what purpose would the mainchain serve? You might as well clone Bitcoin or Nxt if all you want is a good starting point for building your own blockchain.

The mainchain/sidechain architecture is the real distinguishing feature of this platform. As far as I can tell, the mainchain serves at least three important functions:

  1. The Lisk API will allow deposits of LSK on the mainchain to be transferred to and from sidechains. With two such transactions, it will be possible to send LSK from one sidechain through the mainchain and to another sidechain. Unfortunately, according to the article by one of the co-founders linked above, it sounds like transferring LSK onto a sidechain will require sending it to the sidechain's owner, which obviously requires some degree of trust. To avoid this problem, it will be possible to create sidechains that use their own forging tokens instead of LSK. This token would then need to be traded for LSK in order to transact through the mainchain with another sidechain. Alternatively, it might be possible for one sidechain to transact directly with another sidechain without going through the mainchain, but the developers are still researching how this would work.
  2. Eventually, the team plans to build a "delegate marketplace" where delegates who are not securing the mainchain can offer to secure sidechains and are paid "either by the [sidechain] application owner or its users." Again, the details are a little fuzzy, but there seems to be a lot of value here: presumably the Lisk network is already far larger than a typical brand new blockchain network, and the delegate marketplace gives sidechains an "off-the-shelf" set of nodes that they can use to secure themselves in their infancy.
  3. Some nodes on the network (not sure which ones) will periodically hash sidechains and store the hashes on the mainchain as a "basic validation of sidechain integrity." I haven't been able to find any details about how this mechanism will work, though.

Apart from these functions, and from the obvious role it plays in transferring LSK between accounts, the mainchain itself doesn't seem to have any other intended uses. All of the business activity is supposed to occur on the sidechains.

Compared to Ardor

How does this architecture compare with Ardor's parent chain and child chains?

Maybe the most obvious difference is that each sidechain must have its own set of nodes to secure it, whether these are provided by the sidechain creator, the users, or eventually the delegate marketplace.

With Ardor, in contrast, every node on the network validates child chain transactions, but only accounts holding ARDR forge. The fact that accounts holding child chain tokens don't forge with them means that it doesn't matter how small child chains are or how unequal the distribution of tokens on them is; they are all just as secure as the parent chain.

One additional note about Lisk is that, until the delegate marketplace opens, sidechain creators choose the nodes that forge on their chains, which seems to require that users place a great deal of trust in them. On the other hand, the team has also suggested that Lisk will be flexible enough to allow sidechains to use an entirely different consensus algorithm, like proof-of-work, so it seems that sidechain creators wouldn't determine which nodes secure the chain in that case.

There are also plans to allow existing sidechains to switch consensus mechanisms even after they launch, but again I haven't been able to find details.

Clearly, both Lisk and Ardor intend to offer scaling advantages over traditional blockchains. With Lisk, the computational scaling advantage is obvious, since each forging node validates only the transactions on a single blockchain, either the mainchain or a sidechain. The reduction in required storage space (i.e., blockchain bloat) is less clear, though. Compared to Ethereum, say, it's obvious that for a similar level of total activity, the many chains in the Lisk ecosystem will each grow more slowly than the single Ethereum chain, simply because sidechains will not store each other's data.

Compared to Ardor, though, the storage savings would be modest. Ardor's parent chain will grow at a similar rate to the Lisk mainchain--as both will store only hashes of sidechain or child chain data instead of the data itself--but on Ardor the child chain data will be pruned away, eliminating the blockchain bloat problem that Lisk will still have on each sidechain.

Conclusion

What, then, should we make of Lisk? Honestly--and I'm very disappointed to write this--I think it's simply too early to tell. Too many important details have yet to materialize:

  • Will it be possible to convert one sidechain's token directly to another sidechain's token without converting to and from LSK? How?
  • When the delegate marketplace opens, will it be possible for users to elect delegates using sidechain tokens? Or will they have to use LSK? Or will sidechain owners maintain control over which delegates forge?
  • What will Lisk do with the hashes of sidechains that are stored on the mainchain? Will it be possible to roll back recent transactions on a sidechain to "restore" it to the state it had when it was hashed? If so, will there be some time after which this will not be possible, so that the sidechain can still be considered immutable?
  • Will the Lisk SDK provide some clean mechanism for changing the consensus algorithm on an existing sidechain? I'm not sure what this would look like.
  • What happens if a sidechain that uses LSK forks? Obviously, the LSK tokens on both resulting sidechains cannot be simultaneously backed by the same LSK reserves on the mainchain. I would assume the sidechain creator effectively gets to choose which chain is the "real" one, since he or she is the one holding the reserves on the mainchain, but I don't know for sure that this is correct.
  • Depending on how Lisk will support transactions directly between sidechains, this same concern could require additional trust between sidechain creators. In particular, if sidechain creators must hold reserves of each other's tokens to enable cross-chain transactions, which seems like one plausible way to do it, then a fork in one sidechain could give the other sidechain's creator some influence over which branch of the fork is honored. Moreover, if the forking sidechain transacts with several other sidechains, each of which hold reserves of the split token, then the situation could get ugly pretty quickly.

In my opinion, the most important advantage Lisk has over most blockchain platforms, including Ardor, is that it will accomplish a natural computational scaling by segregating each dapp onto its own blockchain. If, in addition, sidechains will be able to transact seamlessly and trustlessly with one another, then it seems like the design has immense potential.

If we're making the assumption that the Lisk team will successfully implement all the features required to make this happen, though, then we ought to grant Jelurida the same courtesy and assume that they'll be able to carry out their own scaling plans. In particular, one potential improvement on the Ardor roadmap is to confine child chain transaction processing to dedicated subnets of the Ardor network. It seems to me that this would accomplish a similar computational scaling to Lisk, while preserving Ardor's substantial advantage in reducing blockchain bloat.

In conclusion, Lisk's mainchain/sidechain architecture could potentially help it scale to accommodate a large number of dapps that could interact in interesting ways, but right now there seems to be a lot of uncertainty in the technical details. Ardor's approach is technically quite different but solves some of the same problems, namely blockchain bloat, potentially computational scaling, and the ability to transact easily between separate chains.

It will be very interesting to see how Lisk develops in the next two or three years, but then again, by that time Ardor will have been live for a long time already.

- segfaultsteve

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

Nxt News – August 2017 (V): All You Need is the Plan, the Roadmap, and the Courage to Press on to your Destination

August 2017 (V)

 

Welcome again, fellow Nxters! Summer continues and so does the Ignis ICO. Round 2 started late last week and runs through Thursday, August 31st. Jelurida had a popular AMA and announced that they are funded for at least the next few years after Round 1, and more eventful news. You are in the right place for comprehensive coverage of all things Nxt / Ardor / Ignis.

Whether you are a long time reader or a new one, we here at Nxter have news for you. All the highlights of the last week in the exploding blockchain space are covered here. We aim to keep you informed and up-to-date, dear readers. Lean back and absorb all of our hard work as we present you the news of last week.

 

NXT COMMUNITY

NXT AE

DEVELOPMENT

NXT IN THE MEDIA

PRICE EVOLUTION

 

NXT

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


NXT COMMUNITY

  • IGNIS ICO – Second round

Last week, the second round of the IGNIS ICO began. Do not worry, there is still Tuesday and Thursday of this to participate, more details below. Jelurida also announced a new partnership with a PR firm and a financial advisory firm in order to grow awareness of the ICO and the brand that is Nxt / Ardor / Ignis. The more attention that the ICO gets, the better for everyone involved.

The second round of the crowd sale is divided into 4 offers of 20 M JLRDA each, all priced at 1 JLRDA for 0.55 NXT. These will be released according to the following time schedule:

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

The exact time within each 30-minute interval is decided randomly. Due to very high demand, it is best to schedule your JLRDA purchase ahead of time on the blockchain. Remember, you can schedule a transaction up to 24 hours before a deadline. In the likely case that there are more orders than available supply, a lottery algorithm will be used to randomly select the advanced orders that get processed.

For more in-depth analysis of the ongoing ICO, please follow our ICO reports that exclusively cover it.

Interesting conversation between Riker and Martis regarding getting your scheduled transaction in the blockchain:

martis [12:10 PM] @riker “The Jelurida sell offer will be submitted with a fee of 5 NXT. If more transactions than what can fit in a single block are submitted with higher fee, the Jelurida transaction will be postponed to the next block, and none of these high fee transactions will match it. “If Jelurida offer will go to the next block, will scheduled transactions be executed or will they be canceled?

riker [12:13 PM] Scheduled transaction are broadcast as unconfirmed transactions therefore anything that applies to unconfirmed transaction applied to scheduled transactions. Once broadcast the scheduled transaction will be ordered according to the standard ordering so surely not cancelled.

martis [12:17 PM] But if my scheduled transaction will be included in block A and sales offer will be included in block A+1. What will happen then?

mrv777 [2 hours ago] you will miss out, your order will be executed but there will be no matching sell offers…

riker [1:06 PM] It’s a game theory problem, if everyone submits their transactions with 4 NXT fee, and a single guy with 6 NXT, this guy still has an advantage. His transaction, the offer, and as many as can fit from the rest will fit in the block.But if everyone thinks this way and submits theirs with a fee of 6 NXT, all will lose since the their transactions will be included in a block before the sell offer.The problem with the 1000 NXT tx fee we used before is that theoretically a whale could submit his buy transaction and 253 meaningless transaction with fee of 999 NXT for example and prevent anyone else from buying. With lower fee, anyone can afford to spend 5 NXT to compete this way. This strategy was suggested by @forkedchain who will receive 5K Ignis as bug bounty. …

riker [1:37 PM] The lower the fee you specify the chance your transactions will be delayed increases but if you set the fee to 5 or more your transaction might be included in a block prior to the Jelurida offer. I would say your best bet it to place the fee at 4 NXT.

Live stats:

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  • IGNIS Token Sale Bounty Program

In a generous gesture, Jelurida has decided to reward the loyal members of the Nxt community. The most active members of the Nxt platform will be given a nice bounty, a thank you for their continued support and advancement of the Nxt platform over the last four years.

Jelurida writes:

During its 4 years of existence the Nxt platform has been supported constantly by many dedicated people from its community. They have always been there to answer questions, promote the technology and help new users as well as develop and run various supporting tools and sites.

Therefore, we wish to thank each of the most active Nxters by awarding them 25 000 JLRDA now, and 50.000 JLRDA more if we can collect 10 M Euros or more.

The JLRDA tokens for the bounty program will be allocated from the 20 M we have reserved for marketing and organizational expenses.

ATT: New contributors

After our token sale is over and if we have collected at least 10 M Euros, we will be awarding up to 20 of our most active new contributors with 50 000 JLRDA too. We will be relying on your feedback when making our final assessment.

Those of you who wish to help during the next two months of the IGNIS ICO by creating awareness, writing articles and answering questions about Nxt, Ardor and Ignis, ICO process and snapshot on various social media, please contact info@jelurida.com, stating the area/social media where you wish to help and your name or username you intend to use.

The only condition will be not to stray from the official information published on our website https://www.jelurida.com/ico.

Source

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  • Nxt Blockchain will be Maintained at Least 3 Years After IGNIS ICO

Due to the sustained success of the ICO, Jelurida has procured, at least three years worth of funding that will be dedicated to supporting and advancing the Nxt platform. Remember, the IGNIS ICO is a barometer of community support for Nxt. Ardor (Nxt 2.0) is coming online very soon, yet due to the robust and hardcore Nxt community that has been fostered and created over the last four years this ICO is being used to directly fund continued support of Nxt, meaning that Nxt and Ardor will continue to coexist and receive active support from the Jelurida team for at least the next three years, likely much more pending the results of the subsequent four rounds of the ICO.

 

With the funding procured, Nxt will – most likely – receive at least this much-dedicated support over the next three years.

Also read: Lior Yaffe in Medium – Is Nxt Dead?

Source

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  • Comparison Between Nxt, Ardor, Nem, Ethereum, and Bitcoin

Do you have trouble keeping straight the many differences and similarities across the various blockchain technologies? Here we have a brilliant table that highlights the comparisons across the various blockchain platforms, uploaded by Jelurida last week.

 

A very useful and handy infographic to refer back to if ever you are confused.

Source

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  • Jelurida AMA

Jelurida conducted a Reddit style AMA (Ask Me Anything) over on the Cryptocopia slack last Wednesday, August 23rd. Many questions were asked and answered by the Jelurida team. Last Saturday Nxter.org covered the news of this AMA with one dedicated article.

Source

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NXT AE

  • Adel – Update

Last week was a busy and eventful week for the Adel community. They have compiled their highlights, including a new listing on the exchange C-Cex and an upcoming appearance at Web Summit, and we present them to you now.

In their own words:

C-Cex ▲ Adelphoi

We’re pleased to announce that Adelphoi is now listed on C-Cex. Special thanks to @wolffang for all his efforts to get us onto new exchanges:
https://c-cex.com/?p=adl-btc
https://c-cex.com/?p=adl-usd

 

Crunchbase ▲ Adel Ecosystem Ltd.

We have registered our profile on Crunchbase. If you haven’t heard of this website before, here is a brief summary:

“Crunchbase is the destination for discovering industry trends, investments, and news about hundreds of thousands of public and private companies globally. From startups to Fortune 500s, Crunchbase provides a business information platform that pairs powerful tools and applications to stay competitive and successful.”

If you are interested in expanding your social media presence, then you can create your own profile page. Be sure to link to Adel, as a community member: https://www.crunchbase.com/organization/adel#/entity

 

Web Summit ▲ Adel

Adel has been granted special presence at this year’s Web Summit from November 6th to 9th in Lisbon, Portugal. Adel will join the BETA startup track & exhibiting package. Here is a summary of the event from the organisers:

“Web Summit has grown to become the ‘largest technology conference in the world’. No conference has ever grown so large so fast. But we also pride ourselves in organising the ‘best technology conference on the planet’.”

https://websummit.com/

 

 

 

More info

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  • Bitswift – Update + Article in Medium

Exciting news from Bitswift. After a recent partnership with HP Canada, they are now busy installing HP products for local Canadian businesses.

A Medium article was written that covers their model and future plans for expansion.

REMEMBER: The Bitswift token swap is still ongoing:
Manual claiming instructions included on bitswift.press.

Manual claims may take up to 7 days to process. An announcement will be made after the cutoff date October 14, 2017–6 PM EST describing how the remainder of the unclaimed tokens will be handled.

 

 

Source

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DEVELOPMENT

  • Jelurida – Nxt Blockchain Creation Kit

Just today Monday, August 28th, Jelurida has launched and published the Nxt Blockchain Creation Kit.

The Nxt Blockchain Creation Kit allows blockchain developers to create and launch their own blockchain platform based on the Nxt platform. This is an exciting opportunity for budding devs to explore and create their own Nxt based platforms.

Any blockchain project created using this kit must observe the Jelurida Public License (JPL), including, but not limited to, being open source under the same license terms, and satisfying the JPL 10% share drop requirement to holders of NXT.

This package is for those who want to use the Nxt code to start a new, open source, public blockchain, as permitted by the open source Jelurida Public License for the Nxt blockchain.

The JPLSnapshot utility add-on, already present in the Nxt Reference Software (NRS) v1.11.8, is designed to make the [10% token allocation] process simple, by taking a snapshot of the current public Nxt blockchain, automatically allocating 10% of the new blockchain tokens to existing Nxt holders at the time of the snapshot (…)

Note that the Nxt Blockchain Creation Kit is not intended for end users, but for developers who want to create a new blockchain. If you want to experiment with a ready-to-use, private blockchain, for testing and evaluation purposes, the Private Blockchain Evaluation Kit may be more suitable.

To start a new blockchain project using the Nxt Blockchain Creation Kit, follow the instructions in the README.md file @ https://bitbucket.org/Jelurida/nxt-clone-starter/overview.

Source

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  • Weekly Reminder: is Mynxt ready for the Ardor snapshot?

Yes, anyone with NXT in their MyNxt.info wallet will be credited with IGNIS at the time of the Ardor genesis snapshot. We still advise that you use the NRS client, now up to version 1.11.8, but it is nice to have third party support.

In their own words:

vanbreuk:
The MyNxt wallet is ready for the IGNIS snapshot because it operates real Nxt accounts, so anyone with NXT in a MyNxt wallet account at the time of the Ardor genesis snapshot will be credited with the tokens. The only necessary step afterwards, to access their Ardor blockchain account, will be to export their MyNxt wallet in order to obtain the Nxt passphrase for the account, so they can use it with the Ardor client.

For more information regarding MyNxt and the Ardor genesis snapshot, please refer to this NxtForum post – https://nxtforum.org/mynxt-info/how-to-join-ignis-ico-and-ardor-launch-with-the-mynxt-web-wallet

Source

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NXT IN THE MEDIA

  • Lior Yaffe in Medium –  Is Nxt Dead?

Medium article by Lior Yaffe – Riker – talking about the future of Nxt once the IGNIS ICO is over.

Hint – Nxt is NOT dead. Nxter covered this same topic some time ago as well.

Source

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  • Lior Yaffe in Medium –  IGNIS Token Sale Round 2

Lior Yaffe wrote another Medium article about the upcoming Round 2 of the IGNIS Token sale and emphasized user safety when it comes to trusting information about the upcoming ICO. The ONLY official source of information about the ICO is the Jelurida website – which we source for all of our information.

In his own words:

Safety Considerations

The only official source of information is the Jelurida web site.

When creating a new account, do not forget your 12 words passphrase, if you do, you’ll lose your NXT.

The only way to buy the JLRDA token, which represents your IGNIS holdings, is using the “IGNIS Token Sale” link from the wallet dashboard header. Do not buy any other currencies, assets or goods. These are possibly scam entities which would cause you to lose your NXT.

There is no pre-sale whatsoever.

Source

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  • Blonde 2.0 – PR about ICO Promotion

The professionals at Blonde 2.0 have begun their media blitz to spread the word of the IGNIS ICO. Samples of their coverage are below:

Jelurida ICO

 The news has been propagated across a great many media platforms.

Finance Magnates – Jelurida Announces Details of Second ICO for IGNIS Tokens

CryptoNinjas – Blockchain tech company Jelurida prepares for 2nd round of crowdsale for IGNIS tokens

Epeak.info – Blockchain tech company Jelurida prepares for 2nd round of crowdsale for IGNIS tokens

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  • COINIST – What Are Nxt & Ardor Blockchain Platforms?

Last week Coinist interviewed the devs at Jelurida about the Nxt and Ardor platforms.

Coinist was recently fortunate enough to chat with the folks at Jelurida, an organization with 2 blockchain projects under their belt. We are excited to bring our readers this amazing opportunity to talk with the people behind these blockchain projects. However, before we jump into the interview, take 2 minutes to watch the introductory video the Ardor platform below.

Source

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  • Ftreporter – All You Have To Know About Adelphoi (ADL)

The Adel ecosystem (and thereby Nxt and Ardor) has received a lot of coverage recently.

Ftreporter writes:

By utilizing Nxt and Ardor’s Blockchain innovation, the Adel biological system has been made to present the most recent security highlights while embracing best practices in business administrations. By building an organization over the Blockchain innovation, Adel intends to show development that is both economical and gainful for different ventures, for example, IT, managing an account (blade tech), protection, compassionate and medicinal services activities.

Source

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  • Coinmonsta.io – Offers the Latest News and Links about Nxt

The Nxt community continues to grow! A new addition to Coinmonsta.io, an aggregator site for crypto news, added a new section just for the Nxt community. We are excited and appreciate the comprehensive coverage we receive from the at large blockchain community.

Source

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PRICE EVOLUTION

  • TradingView –  NXT Buy Opportunity

Let’s look at the daily chart of NXT. We can see that the price bounced from 0.100000 support level . The market formed a new swing low which can be used for drawing a new uptrend line. This line will be a support and signal line for an upward movement. We have trading opportunity and it’s possible to entry the market based on a breakout signal. Pending orders for buy should be placed at 0.118000 level. Stop orders must be placed below the support level and the uptrend line at 0.090000 level. Profit targets are at 0.180000 and 0.240000 resistance levels.

Source

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  • 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:

(Back to the Index)

 

And that is all for this week, Nxters. Stay tuned next week for more up-to-date coverage on the IGNIS ICO, the launch of Ardor, ongoing projects, and much more. For those who cannot wait a week to learn more, take some time to surf our site – we have our ICO Coverage series running. We will explain in more detail about Jelurida, Ignis, Ardor, and everything else that is pertinent to this momentous ICO.

Follow us on Twitter for important breaking updates during the week as they happen. Stay tuned and stay informed, dear readers. 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.

NXT

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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.

NXT

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!

Nxt News – August 2017 (IV): Start by Doing what is Necessary; then do what is Possible; and Suddenly you are Doing the Impossible.

August 2017 (IV)

 

Welcome again, fellow Nxters! As Summer continues so does the news in the exciting world of the blockchain space. As we continue to be the go to source for all things Nxt and Ardor we, as always, have news and information to enlighten and inform any reader, no matter if you have been using Nxt since 2013 or if you are a new reader who wants to learn more about the growing influence of Nxt and Ardor in the crypto space. This week we talk about a new partnership for Jelurida, IGNIS, remind you of the security of the light client, and showcase many examples of our platform in the media.

 

NXT COMMUNITY

NXT AE

DEVELOPMENT

NXT IN THE MEDIA

PRICE EVOLUTION

 

NXT

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


NXT COMMUNITY

  • IGNIS ICO – New Jelurida Partnerships

Jelurida announces a new partnership with a PR firm and a Financial advisory firm in order to grow awareness of the ICO and the brand that is Nxt / Ardor / Ignis.

In their own words:

We are extremely excited to announce the signing of our partnership with Blonde 2.0, an award winning PR agency specializing in blockchain marketing, and Tel Aviv Capital, a leading Financial Advisory firm, who will help us lead IGNIS’s crowdsale, the first of many exciting projects.

Our new partners are going to lead with us together, what we believe to be a very successful crowdsale. Stay tuned for more information and publications reporting on how we are shaping the crypto world. To learn more the IGNIS crowdsale, visit: https://www.jelurida.com/ico

ICO Reports

Ignis ICO has been listed on pages as www.coinschedule.com and https://tokenmarket.net

Live stats:

Live data from the Nxt blockchain

(Back to the Index)

 

  • The Story of Round 1 of the IGNIS Crowdsale

Lior Yaffe (Riker) has posted in the nxtforum. Here is how he experienced the momentous and eventful first week, Round 1, of the IGNIS ICO:

They say necessity is the mother of all invention. By the end of day last Saturday, the developers at Jelurida were facing the grim reality. A single user had bought every exchange offer they published before anyone else even had a chance to participate. Hundreds or perhaps even thousands of participants sitting in front of their computer and waiting for their chance to buy, did not even see it enabled on the user interface before it was all over.

Riker continues to describe how “slightly more than 48 hours after the problem surfaced, and less than 24 hours after coding began, a solution was implemented [by Jelurida] and released as official version of Nxt 1.11.7”.

The demand outpaced supply by at least 20x. Still, the process itself became random enough in order not to obviously favor any given account.

Among the commenters in the thread, we find Damelon:

Damelon

Regardless of what may have gone wrong, it is very good to see Jelurida admitting they overlooked something, and making a post about it.

That’s good to see and I want to thank you for that. :)

Distribution is of paramount importance for any healthy market, and that was being messed up. Fair game to MAAC, but not good for the continuing project. It’s good to see you addressed it by levelling the playing field.

D.

Source

(Back to the Index)

 

  • Jelurida AMA this Wednesday

There will be an AMA with Cryptocopia on the 23rd at 22:00 CEST.

Anyone burning to ask Jelurida relevant questions about Nxt, Ignis, Ardor, Jelurida and the ICO can participate in the live AMA (Ask Me Anything) session hosted by Cryptocopia by signing up for their Slack here. We will be there too of course and make sure to point out the high lights in our weekly news.

(Back to the Index)

 

  • IGNIS Already Listed on HitBTC

HitBTC was one of the first exchanges to list Ardor and has now enabled IGNIS – ETH pair, even before the launch of the platform.

https://twitter.com/hitbtc/status/898904197931954176

Today, Jelurida has posted the following on Nxtforum:

The practice of selling futures products has become very common among the exchanges. The listing of the IOU token represents a massive interest in the ICO and the future launch of the Ardor mainnet later in Q4 of this year, but recall that the official JLRDA ICO token is NOT YET tradeable.

Source

(Back to the Index)

 

  • Nxt / Ardor in CoinSwitch

Another cryptocurrency exchange lists Nxt / Ardor – Coinswitch

We offer competitive altcoin and BTC exchange rates that update in real time by comparing the best exchanges available, with no fees on top. Our liquidity and expertise in cryptocurrency trading continually improve.

Source

(Back to the Index)

 

  • Undervalued Cryptocurrencies: Ardor (ARDR)   

Crypto Coins YouTube Channel writes:

Another episode in my Undervalued Cryptocurrencies series.

In this episode I cover Ardor (ARDR)

(Back to the Index)

 

  • Nxter.org – New Channel on YouTube 

We at Nxter are proud and excited to announce that we have an official YouTube channel and will soon be showcasing more original content! Stay tuned.

Useful pages on NXTER.org you may want to know about:

/tutorials

Short descriptions of Nxt features + links to the wiki
Videos about each Nxt + IGNIS feature (relevant for all child chains) are in the works

/blogs

Spread your knowledge. Be the expert

/assethub

Asset news and information about the AE
List of top traded assets + further information and charts
Customised asset pages, like this one for ARDR, a service for asset issuers

/newsletters

News overview – latest highlights of the blockchain world
Get a weekly email with the latest news from the Nxt, IGNIS and Ardor community/projects.

/developers

Getting started guides, with convenient examples
Resources
NRS news and Ardor core development updates

/NxtBridge

Nxt gateway for WordPress CMS users
Tip buttons on your WP site
Show asset / ICO info in real-time
Get wallet functionality on your site, show ledger, broadcast any transaction

/nxtbridge-offline

Cold storage accounts, the ultimate security

https://www.nxter.org/snapshot-nxt-unsurpassable-blockchain-solutions/ 

Learn about the history of Nxt, get introduced to its features and many use cases.
A book by the community, the early experts, and developers, from scratch to the introduction of the Ardor Platform.

Nxter.org continues to grow in readership.

apenzl: we just passed 3K followers on Twitter (2 mins ago). No paid campaigns, no fake accounts, all organic growth. A heartly welcome to all new readers and followers.

You can support our work (as well as the Nxt network) by leasing your NXT balance to our hub: Alias Nxthub1, account: NXT-NYJW-6M4F-6LG2-76FR5.

(Back to the Index)

 

  • “Parent – child chain architecture” is the Concept of Ardor

And so, Ethereum came up with the idea of “plasma”, a parent  – child chain architecture that can make blockchains scale globally.

It sounds like Ardor, tastes like Ardor, but is it Ardor?

damelon –

@riker Vitalik knows nxt quite well, so be prepared for some pretty specific counter to that, then Why not get into a technical discussion with him? It will definitely raise your profile if you do that and that will benefit Ardor and Nxt

riker –

I’m sure Vitalik knows NXT well and I seriously doubt his claims about not knowing Ardor. Just not ready to start a fight right now. I’d like to set the timing myself. Perhaps Sunday.

Please consider that Vitalik has a huge advantage on us here, he wrote an academic like paper that nobody understands and nobody tried to implement. We will just get dragged into a flame war.

We can tweet back that “The Nxt security model has been tested in practice for several years and remains unchanged in Ardor.” I admit that the nasty remark implying that what we are doing in insecure cannot be left unanswered.

Read Lior Yaffe’s recent blog post on the topic of Nxt’s PoS security model.

Also, for a reminder about Nxt’s (and Ardor’s) security model for light clients, read further down in this newsletter.

(Back to the Index)

 

NXT AE

  • Adel – Update

A peek at some of Adel’s development and marketing activities from the last week:

  • We are negotiation with a crypto marketing company who will help us to get onto bigger exchanges and to help create a trading volume for ADL
  • Our Collaboration Module is being developed and is currently being prepared for an alpha release by the end of September, for testing by the Adel team
  • A partnership with Jelurida (Ardor Platform company) is being negotiated and will announce this soon, via a joint press release
  • We are also preparing the legal structure for Adel Phase II. This effort began in March 2017, and we are also in negotiations with a law firm in the Isle of Man to help us finalize this structure.
  • We have also launched an idea incubation initiative with select members of the community for a confidential FinTech ETH based project in development by the Adel team; @mroene @wolffang @wiremaster are involved for comments improvements.
  • Our community manager has recently left our team so we are in the process of searching for a new person to help us with our marketing communications, and social media outreach
  • Exchanges: This week we have submitted an application to the Chinese exchange, Jubi.com. @wolffang is also managing brand new submissions to C-Cex, Binance, and Allcoin this week. We continue to wait for Bittrex on our submission. Any help from the community to get listed on exchanges is greatly appreciated. We offer bounties to stakeholders who successfully get us listed on new exchanges.

Here are the powerpoint slides

More info

(Back to the Index)

 

  • Bitswift – Update

Some users of Bitswift have elected to manually swap over, more power to them. Here is the official guide to doing this. Be sure to accomplish this by Oct. 14, 2017.

In their own words:

Hello everyone, we have some users manually swapping over.  The manual swap details can be found on this spreadsheet: https://docs.google.com/spreadsheets/d/1C9FA7CIhCmR1ii5m3xplS4CKRCio5XLweoPI1GZbBVY/edit?usp=sharing

All manual swaps will be documented here. The cut off date for manual swapping will be October 14, 2017–6 PM EST.

I noticed some orders in the Nxt AE, good stuff

We have already completed one manual swap for a user to help define the process. All manual claims will be published with full transaction details to ensure complete transparency among the unclaimed tokens. Manual claims may take up to 7 days to process. An announcement will be made after the cutoff date October 14, 2017–6 PM EST describing how the remainder of the unclaimed tokens will be handled.

Manual: (manual claiming instructions included on bitswift.press)

 

 

Source

(Back to the Index)

DEVELOPMENT

  • NRS Update – Version 1.11.8

Jelurida, has released the latest version of the Nxt Reference Software, v1.11.8. The changelog includes:

Release 1.11.8

Change log:

  • Transaction Scheduler improvements and bugfixes.
  • Added deleteScheduledTransaction API.
  • Allow getting all scheduled transactions when no account id is specified in getScheduledTransactions.
  • Added Scheduled Transactions page. Allow deleting scheduled transactions from the client UI.
  • Added fake tokens warnings.
  • Display transactions in the block info modal according to their natural order and mark phased transactions. Added “executed phased” tab.
  • Added ability to search by block height from the client search box.
  • Add validate passphrase modal to give users another chance to validate their passphrase after login.
  • Passphrase recovery tool will now search for a single typo in any position, in case no specific position is specified, and will also work for accounts without a public key.

 

  • Updated Android Client App

Along with the NRS, the Android app has an update that provides the same functionality.

Riker: Android app https://bitbucket.org/Jelurida/nxt/downloads/nxt-client-1.11.8.apk
sha256 – 956d4bd2618de91ec984f61776437079a746033294183c8fb08b8cf5b6b2184f

Download the latest Nxt wallet from https://nxt.org/ or https://www.jelurida.com/

Source

(Back to the Index)

 

  • MrV777 – Basic Ardor Lite Mobile Wallet

In our second weekly of August, we mentioned that mrv777, community member, and developer, was working on the project of an Ardor Lite wallet for mobile devices. 

Here is an update from the source:

mrv777 – Ardor Lite wallet finally submitted to Apple, hopefully they accept it.

For android users, the wallet is already available and please report any bugs: https://play.google.com/store/apps/details?id=mrv.ardor.lite

This is a basic lite wallet for the Ardor blockchain with local signing of transactions, so your passphrase is never sent over the net. You can send/receive tokens on any of Ardor’s chains and perform cross chain exchanges.

Features:
• Local signing
• Contact saving and naming on device
• View recent transactions and balance on any chain
• Barcode scanning for passphrase login
• Custom node to connect to
• Barcode generating and scanning to send/receive
• Ability to save passphrase on device protected by your fingerprint
• New account generation and automatic screenshot saving of the information

(Back to the Index)

 

  • Weekly Reminder – Nxt Light Client Security

This interesting conversation between Martis and Riker clarifies many details about how Nxt light client operates – mainly: is the Nxt light client secure? As always, the Weekly Reminder is here to help refresh your memory, dear readers.

 

martis – @riker “the light client already has some basic “fraud proof” built in since it validates every response from a remote node with other remote *RANDOM* nodes.” Correct?

riker – Correct. BTW, this feature was suggested by @cryptkeeper so credits goes to him

martis – So what will happen, if these random nodes will return different data? They will be blacklisted in light client?

riker – When using light client, you see a traffic light icon on the dashboard header, as long as all 3 remote nodes agree on all responses, it stays Green, if there is a 2 against 3 consensus it turns orange and if none of the other remote nodes agree with the response of the main remote nodes it turns Red. Clicking this icon displays the raw data.

martis – sure. But what will happen with my tx?

riker – It is possible for temporary inconsistencies, for example when a light client submits a transaction to its remote node, for a short time the other remote nodes are unaware of the new transaction which may cause temporary Orange or Red that will disappear shortly after.This is an informational feature only, we do not attempt to automatically blacklist remote nodes but you can do it manually.

martis – “it is a practical solution that works quite well but won’t help if most remote nodes on the network collude against your poor light client.” So this network collude is more theoretical problem? Anyway, if 51% of nodes do not agree, then there is a fork in network, as all nodes check and validate data between each other, and nodes running earlier version, which could be on fork is anyway blacklisted from network.

riker – It is still more risky to run a light client since the attack here is related to the number of nodes which collude against you not to the stake that collude against you and setting up a malicious remote node is cheaper than buying a lot of NXT. But then again, you can always use a full node, it only requires a cheap VPS node (or rasp pi and a solar panel)

martis – sure, but light client use random remote nodes, which have the status of “up to date”? So these node are on correct fork and not malicious?
or there is no blacklisting mechanism, which can find malicious nodes and blacklist them from network?

riker – A remote node can be on a malicious fork and still pretend to the client to be on the right fork. This is theoretically possible even though it is practically difficult to implement.

martis – so I’m saying, that’s only theoretically possible. so we can state, that Nxt light client approach is safe, practically. as 3 of 3 RANDOM nodes must be on malicious fork.

riker – It has been in production for a year now, the mobile app has similar guarantees. I can’t recall any security incidents around it.

martis – not questioning this :slightly_smiling_face:
just pushing you to explain light node working mechanism and this explanation could be used for explaining others (Vitalik)

(Back to the Index)

 

NXT IN THE MEDIA

  • Lior Yaffe – NXT Proof of Stake Theory vs Practice

Riker has written an interesting article for the blog publishing service Medium which(again) clarifies the doubts about the security of the Nxt network. He directly addresses perceived shortcomings of NXT and explains how theoretical issues with Proof of Stake will not manifest themselves on the Nxt blockchain.

In his own words:

In practice, none of the scary “attacks” described by academic research has materialized into a real threat. Simple measures were taken to refute some of these attacks, other attacks turned out to be nothing more than scare tactics.

NXT’s proof of stake does have great practical advantages, compared to the Bitcoin proof or work network, which is predicted to consume the amount of electricity consumed by the state of Denmark in the near future and the Ethereum network which will follow suit. The whole NXT network currently consumes as much electricity as a well heated house hold in the state of Denmark.

Furthermore, the proof of work consensus algorithm does not make sense in a private blockchain environment. The NXT proof of stake consensus allows you to set up few account balances and launch a new blockchain in a matter of minutes.

So let’s distinguish between theoretical problems and practical solutions. NXT proof of stake works and works well. In fact it works so well that the upcoming Ardor platform security model is also based on the same algorithm.

thanks sazan@nxtcommunity.io
NXT “mining rig” – thanks sazan@nxtcommunity.io

Source

(Back to the Index)

 

  • TSYS’ n>genuity Journal – Nxt in “Blockchain Boom” Article

Last January we announced that BNP Paribas was experimenting with Nxt.

Last week this article was released about the continued efforts of BNP Paribas:

“Banks and payments companies can realize big savings by employing the technology” –

BNP Paribas, a member of the R3 consortium, has also tested a cross-border payments system for its corporate institutional clients in Europe based on the protocol Nxt, with an aim to start testing it in the United States next year. U.S. Bank has done the bulk of its work with R3’s Corda, including working with Credit Suisse on using the blockchain to track leveraged loan transactions, and building out solutions in the trade finance space. Yet the Minneapolis-based bank is also collaborating with Canadian banks in the identity space using Hyperledger Fabric, and is dabbling with Ethereum and Quorum, Swanson says.

Riker:

 Can’t say anything about BNP due to NDA

Source

(Back to the Index)

 

  • Steemit – Have You Heard Of Jelurida?

Steemit announced the new public license, JPL, and announced updates to the NRS client.

Jelurida has created a new type of “coinleft” license, in the spirit of the GNU General Public License, but better suited to protect the interests of open source cryptocurrency projects.

Starting from version 1.11.6, the Nxt Reference Software (NRS) is the first software to be released under the Jelurida Public License, with the Special Conditions requiring a 10% sharedrop to the NXT holders from Nxt clones.

Read More: JELURIDA PUBLIC LICENSE

Download PDF

Source

(Back to the Index)

 

  • Future Internet – Banking on Blockchain: Costs Savings Thanks to the Blockchain Technology

Future Internet highlights the immense cost savings of the Nxt blockchain over a Bitcoin like system.

“Nxt system offers some interesting advantages with respect to the Bitcoin system, such as the potential for reliable instant transactions, increased security, and significant energy and cost efficiency improvements (see work by [29]). In addition, it allows for the processing of up to 367,200 transactions per day. Nxt is resistant to so-called nothing at stake attacks, and since the full token supply was distributed in the genesis block, when an account successfully creates a block, the transaction fees are awarded to that account.”

Source

(Back to the Index)

 

  • Nxt looked into, in Master’s Thesis by Andreas Ellervee, “A Reference Model for Blockchain-Based Distributed Ledger Technology”

Academic analysis of the applications of distributed ledger technology, the blockchain.

Source

(Back to the Index)

 

  • Bobsguide – Taking Blockchain Treasury Technology out of the Sandbox

The article from Bobsguide is complemented by a series of great commentaries from Riker.

“Many blockchain use cases which eliminate inter-organisation or cross-organisation trust issues may impact the work of the corporate treasurer,”

Two much-discussed hurdles that are preventing widespread blockchain implementation are scalability and working proof of concepts. This is partly because blockchain applications in the corporate world are still in their infancy, “so it is hard to testify about specific use cases,”

Ardor, a blockchain-as-a-service platform, already offers a solution to scalability and blockchain bloat (a build-up of data making the system less efficient). It also uses features such as decentralised phasing, voting, and trading making it a useful tool for corporates.

Blockchain applications with rich cross platform user interfaces are available now

“Unlike most other blockchain technologies, Ardor and NXT implement a reference user interface for every feature and transaction type they provide. This includes desktop, web and mobile support.

“[The blockchain behind] bitcoin is designed for a single purpose, transfer of value between accounts, all other applications on top of bitcoin use various workarounds to squeeze data into the blockchain not for its intended purpose.

On the contrary, Ardor, based on the NXT blockchain technology, is designed from the ground up for extensibility using a modular transaction types architecture which can be easily adapted for various use cases”

Source

(Back to the Index)

 

  • Toutiao – Ardor and Ethereum in Smart news service that triumphs in China

A dedicated article about Ardor and Ethereum differences has been published on one of the most important news platforms in China, Toutiao.

The company is China’s largest mobile platform of content creation, aggregation and distribution underpinned by machine learning techniques, with reportedly 175 million monthly active users as of 2017.

Source

(Back to the Index)

 

PRICE EVOLUTION

  • 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:

(Back to the Index)

And that is all for this week, Nxters. Stay tuned next week for more up-to-date coverage on the IGNIS ICO, the launch of Ardor, ongoing projects, and much more. For those who cannot wait a week to learn more, take some time to surf our site. We also have our ICO Coverage series running. We will explain in more detail about Jelurida, Ignis, Ardor, and everything else that is pertinent to this momentous ICO.

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

Nxt News – August 2017 (III): Be the Change that You Wish to See in the World

August 2017 (III)

 

Welcome again, fellow Nxters! The IGNIS ICO is underway with Round 1 finishing up last week. Last week was an eventful one and we have much to catch you up on. Regardless of whether you are a new reader, welcome, or a long time reader, welcome back, we are happy you are here.

The in-progress IGNIS ICO has been eventful, with whales showing up and consuming entire batches but minnows finally bought in too. This week we report on the highlights of Round 1 of the ICO, report on the Bitswift token swap, inform you how to start developing for the platform, and much more.

NXT COMMUNITY

NXT AE

DEVELOPMENT

NXT IN THE MEDIA

PRICE EVOLUTION

 

NXT

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


NXT COMMUNITY

 

  • IGNIS ICO

The most important news of the week is the successful completion of the first Round of the IGNIS ICO. We have an ongoing series of reports with the most current info available HERE.

With last week’s release of version 1.11.7 of the NRS client, minnows were able to buy into the IGNIS ICO. A whale ate most of the first three batches of 5M tokens each – 3 percent of the tokens available in Round 1 of the ICO were purchased in a matter of seconds by the user, “MAAC”. He accomplished this by spamming phased JLRDA buy orders into the blockchain ahead of time, with high transaction fees –  some at 10 NXT and others as high as 20.

The first Round was a success for Jelurida – all 60 M JLRDA tokens were purchased for 24 M NXT. Almost 14% of the ICO tokens have been purchased and Jelurida is well on their way towards their goal of raising €50 M. Round 2 of the ICO begins later in the month, Aug 26, at 0,55 NXT per JLRDA – a rate 1.82 Jelurida : 1 NXT – 80 M tokens will be available for purchase in Round 2 at this price.

News from Kristina

Kristina Kalcheva, on behalf of Jelurida:

Dear Nxters, the first round of IGNIS ICO is now over, 60 M JLRDA tokens were sold and 24 M NXT collected! Thank you all for your contribution! The second round will start on August 26.

And please be careful and remember that JLRDA tokens are not transferable or tradable! If someone sends you small amounts of similarly named tokens or even NXT this has nothing to do with the IGNIS ICO and can very likely be a scam attempt!

Update your NRS Client to Participate

To participate in the IGNIS ICO, the Nxt Client 1.11.7 is highly recommended.

The availability schedule of the 4 Rounds left (380M IGNIS) are as follows:

  • Buy JLRDA with Scheduled Transactions

Lior Yaffe, going by his handle – Riker, explains how to participate in the IGNIS ICO by scheduling transactions ahead of time. This is how the whale, MAAC, purchased in excess of 14 M JLRDA tokens – by scheduling ahead of time the transactions for purchases. You too can be like MAAC and use this feature of the NRS to your advantage. Due to the high volume of demand for the JLRDA tokens it is advised that you schedule transactions in order to buy, otherwise your chances will be very, very small.

The 12 batches Round 1 are complete. Do not worry, do not despair – there is still plenty of time left to buy into the ICO.

Source

  • Scam Assets

Be careful , JLRDA tokens are non transferable and only can be purchased from the NRS client, v1.11.7, and you should only buy through the IGNIS TOKEN SALE page.

A (nonexhaustive) list of known scam assets is below and has been removed from Nxter.org’s Assethub:

JLRDA scam assets

THIS – and only this – Nxt Monetary System Crowdfunding Coin is the real JLRDA token:

Live data from the Nxt blockchain

(Back to the Index)

 

  • FAQ about the IGNIS Token Sale

Due to the demand for answers, a FAQ section of the Ignis ICO has been enabled on NxtWiki. In it, all the important information about the ICO, from how to obtain JLRDA to how to set up a Nxt wallet and many more questions asked on the nxchat.slack forum have been answered in a clear and concise format.

What is the JLRDA token?

The JLRDA token is an NXT token of type “Controllable Currency” which represents the future IGNIS balances on the Ignis blockchain. Being a Controllable Currency only the issuer of the currency i.e. Jelurida can sell it, and once sold it cannot be freely transferred between accounts. Read about the “CONTROLLABLE” currency property [1] for more details.

Can I buy IGNIS tokens using Bitcoin or another altcoin?

Not directly, since we believe Nxt is a better crowdfunding platform than anything else out there, we would like you to buy NXT in order to buy IGNIS.

After buying IGNIS tokens in the token sale what do I need to do?

All you need to do is remember your NXT account passphrase. The same passphrase will be used on the Ardor mainnet to access your IGNIS tokens once they are distributed.

When will exchanges support the IGNIS token?

Probably after the Ardor mainnet launch. Before that the IGNIS tokens are locked as JLRDA controllable currency and cannot be traded.

Do not attempt trades of JLRDA tokens off blockchain since this is likely a scam.

Many more questions are answered in the wiki. The IGNIS ICO is underway for the next couple months and Round 2 begins Aug. 26.

Source

(Back to the Index)

 

  • New video introduction to the Ardor Platform

The Jelurida IGNIS ICO is being used to fund the development of Nxt 2.0, Ardor. This revolutionary platform is explained in great detail and highlights the important features that make it efficient and better than other platforms for the solutions it provides to many well-known blockchain problems, blockchain bloat being the primary one.

Source

A more in depth video presentation of Ardor, by Nxt and Ardor core developer Lior Yaffe, can be found here.

(Back to the Index)

 

  • #OpEasterEgg

After a brief hiatus, we are resuming the #OpEasterEgg hunts! We are glad to see more and more followers of our Twitter account, glad for the blockchain messages, glad to see participants reach out and give each other a helping hand by sharing additional clues, and glad to showcase some of Nxt’s many features in a fun way and give away free stuff at the same time.

To join the Nxt Blockchain Easter egg hunts and compete for valuable tokens and gifts, follow @OpEasterEgg on Twitter and of course follow the news. New clues will be posted shortly.

(Back to the Index)

 

NXT AE

  • Adel – Update – Response to SEC Release

Adel released a response to a recent SEC release regarding ICO’s from distributed autonomous organizations (DAO’s). Adel will soon have the first KYC/AML/CTF compliant ICO in the world. They have worked diligently with authorities to position themselves as such.

In their own words:

gdusil
[3:08 PM]
The Securities Exchange Commission recently released a statement regarding Initial Coin Offerings related to the DAO and other distributed autonomous organisations (DAO), in general. Here are the details on the recent SEC report, deliberating ICO schemes under the US securities regulations: https://www.sec.gov/news/press-release/2017-131
https://www.sec.gov/litigation/investreport/34-81207.pdf

*Adel’s Response ▲ SEC Release #81207 on the DAO*

To clarify Adel’s market position and future plans for its ecosystem, we felt it prudent to prepare this statement, to differentiate our strategy to DAO-based business models:

▲ Adel is the first ICO in the world to confirm with AML/CTF/KYC regulations (Anti Money Laundering and Counter-Terrorism Financing) including implementation of KYC (Know Your Customer) measures. This legal foundation was crucial to establishing legitimacy to Adel’s future.
▲ Adel is mindful of existing and pending regulations. Compliance has been a pivotal consideration to the architecture of the Adel ecosystem.
▲ Adel continually monitors securities regulations, and we endeavour to align our initiatives with regulatory changes.
▲ Adelphoi (ADL) is a cryptocurrency coin, issued within the legal jurisdiction in the Isle of Man by Adel Ecosystem Limited (a private limited liability company), residing at Salisbury House, 15 Victoria Street, Douglas, Isle Of Man, IM1 2LW.
▲ Adel Ecosystem Limited is registered as a designated business with the Isle of Man Financial Services Authority, which insures AML/CTF compliance.
▲ Adel’s second phase – referred to as the blockchain innovation incubator – has not yet been launched, since it is currently being architected, as outlined in our 10th white paper.
▲ It is the intention that Adel`s second phase will utilize a new Adelshare (ADS) token, enjoying the benefits of a distributed ledger. The legal status underlying ADS tokens will be fully compliant with existing regulations.

 We look forward to their success and hope that the rest of the blockchain space works as hard and as diligently with local authorities to legitimize ICO’s in the global business space.

 

More info

(Back to the Index)

 

  • Bitswift – Update: Bittrex Swap

Last Friday the Bitswift token swap happened on Bittrex.

The swap is a preparation for Bitswift’s Ardor child chain migration.

We welcome Bitswift to our platform and look forward to a long and rewarding relationship.

Bittrex writes:

The Bitswift child chain token distribution will be done as part of the Ardor Genesis Snapshot.

You will be able to use your existing Nxt passphrase to access your new Ardor child chain Bitswift balance.

Ignis Holder Credit:

After calculating the Ignis balance of each account based on NXT and JLRDA holdings, another calculation will be run that allocates 10% of the Bitswift tokens to IGNIS holders based on those IGNIS balances.

Unclaimed Tokens:

All unclaimed tokens will be sent to a public address where they will be reserved by BDA Inc. for those who missed the token swap, as well as to be allocated in a transparent manner to facilitate in the ongoing development of the Bitswift ecosystems. Exact details pertaining to the unclaimed allocation will come at at a later date.

Source

(Back to the Index)

 

  • CORE Announcement

OFFICIAL CORE GROUP ANNOUNCEMENT

With a timely migration to Waves Platform, we now set in place the architecture for Core Group to move forward comfortably with a merger of the two former Assets Core and Core Media

———————————————————————————-

Current Core Asset Supply: 1,000,000

– in public circulation currently are 598,360
– in Core Group Team fund currently are 242,000 (part of these tokens will be used for Core Media asset swap, part will be used for marketing, bounties, partnerships and business development)
– public assets left for sale 159,640.

Core Assets will be swapped at a ratio of 1:1

NXT Asset Id: 18026565504333172181
Issuing Account – NXT-T4BJ-M2B6-9LHP-8YG77

———————————————————————————-

Current Core Media Asset Supply: 478,998

– we have decided to swap only the public Core Media assets in public circulation
– the rest of the tokens have been burned.

Core Media assets will be swapped at a ratio of 10:1

NXT Asset Id: 1584198250936051677
Issuing Account – NXT-T4BJ-M2B6-9LHP-8YG77

This ratio represents the effectiveness of past activities, members and partners, with consideration that CORE is representing the main part of the enterprise.

———————————————————————————-

THE SWAP PROCEDURE

Send your Core and Core Media assets, from your NXT account to the Issuing account NXT-T4BJ-M2B6-9LHP-8YG77 along with a message that contains your WAVES public address.

Please check and double check the WAVES address you provide is correct. There is no way to reverse the transfer of your new Core token if you send us the wrong address.

1,000,000 Core Group tokens have been created on the Waves Platform.

Please swap before September 1, 2017 as we will burn unswapped assets shortly thereafter.

Regards
Core Group
Administration

More information

.

.

.

.

DEVELOPMENT

  • Nxt Hacks – Ardor / Nxt Scripts

The resourcefulness of our community is exceptional. This week we are happy to link you to a GitHub repository where a user, gcmartinelli, has created a quick and dirty script that alerts you in Telegram when the JLRDA tokens are available for purchase. Check out his repo below, you will need the NXT (NRS) server running and the Python Requests Library.

Source

(Back to the Index)

 

  • Weekly Reminder: Getting Started as a Developer

With all the buzz and hype around Nxt, Ardor, and Jelurida, the blockchain space is growing exponentially and we are entering the age of Baas (Blockchain-as-a-Service). Developers for the Nxt/Ardor blockchain are needed and Lior Yaffe introduces how to begin and immerse yourself in the world of the Nxt and Ardor blockchain.

Any eager developers out there looking to learn how to create useful apps and functionality – this is the portal to your journey.

Developers

Source

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NXT IN THE MEDIA

  • Small Reference of Ardor in Dutch

Small announcement of Ardor in the Dutch newspaper AD that explains the hype surrounding the Ardor to the average, lay person.

ardor_mention

An easy and informative read, in Dutch.

Source

(Back to the Index)

 

PRICE EVOLUTION

      • Weekly NXT/ARDR Price Evolution

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

NXT/BTC

 

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

ARDR/BTC

 

(Back to the Index)

And that is all for this busy week, Nxters. Stay tuned next week for more up-to-date coverage on the IGNIS ICO, the launch of Ardor, media coverage, and much more. For those who cannot wait a week to learn more about the IGNIS ICO, we have our ICO Coverage series running. Follow us on Twitter for important breaking updates during the week as they happen. Stay committed and stay informed fellow Nxters! See you next week.

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)


Nxt News – August 2017 (II): Sometimes you Eat the Whale and Sometimes, well, the Whale Eats You

August 2017 (II)

 

Welcome again, fellow Nxters! The IGNIS ICO is underway. Last week was an exciting one and we have much to catch you up on. Regardless of whether you are a new reader, welcome, or a long time reader, welcome back, we are happy you are here.

The in-progress IGNIS ICO has been eventful, with whales showing up and consuming batches but also minnows buying in. We report on a project migrating to Ardor, give updates of the Berlin Meetups attended by Lior Yaffe, and offer helpful advice. Learn the important names and players in the Nxt/Ardor ecosystem, stay up-to-date on the latest happenings with the IGNIS ICO and stay informed.

NXT COMMUNITY

NXT AE

DEVELOPMENT

NXT IN THE MEDIA

PRICE EVOLUTION

 

NXT

This week’s newsletter is put together by James, jose, apenzl, rubenbc, some edits by martis.


NXT COMMUNITY

 

  • IGNIS ICO

The most important news of the week is the launch of the IGNIS ICO. We have an ongoing series of reports with the most current info available HERE.

A whale ate most of the first three batches of 5M tokens each – 3 percent of the tokens available in ICO were purchased in a matter of seconds by the user, “MAAC”. He accomplished this by spamming phased JLRDA buy orders into the blockchain ahead of time, with high transaction fees –  some at 10 NXT and others as high as 20.

Many users got upset and accused “MAAC”, who – according to himself – is one of the 72 original investors in NXT, of gaming the system, but he did not do anything wrong – whales exist in this world, and they can be very intelligent. The token sale is conducted in such a way as to minimize as much as possible the actions of hungry whales, and so today, the Jelurida developers released their fix of the situation: NRS 1.11.7.

New NRS release: 1.11.7

Kristina Kalcheva, on behalf of Jelurida:

Hello Nxters, v1.11.7 of the Nxt wallet is now released.

Please note that this is more user-friendly and a recommended upgrade for everybody who wants to participate in the IGNIS crowdsale. It allows every JLRDA buyer to place their purchase orders while still waiting for the sell offer to be published, thus giving everbody a better chance to buy JLRDA. https://nxtforum.org/nrs-releases/nrs-v1-11-7/

You need to run a full node (not a light client) in order to be able to take full advantage of this improvement.

From the change-log:

This release adds the ability to submit a JLRDA purchase transaction from the IGNIS Token Sale page even before the sell offer has been published.

Instead of broadcasting the prepared transaction immediately, it schedules it to be broadcast as soon as an unconfirmed currency exchange offer transaction from that issuer [Jelurida], for that currency [JLRDA] and a sell rate not higher than the requested, arrives in the unconfirmed transaction pool.

This API requires a full node (not a light client) and admin password unless
running on localhost.

For this to work, you must keep the node running after submitting the
purchase transaction, until the sell offer has been received and processed.

ATT: MyNxt users: Go full NRS!

For ICO participants using the 3rd party mynxt.info web wallet, VanBreuk ads:

Due to the high demand and the use of phased transactions (not supported by the MyNxt Web Wallet) in the first ICO batches, and specially after the release of the Nxt Client 1.11.7 to allow users to place ICO purchase offers before every batch is placed for sale, it is NOT RECOMMENDED to use the MyNxt Web Wallet to participate in the IGNIS ICO, at least for as long as the demand exceeds the amounts offered in each sale.

Thus, the steps below describing how to participate in the IGNIS ICO from the MyNxt Web Wallet will hardly succeed until the supply for sale in every ICO sale round remains available for at least a few blocks.

To participate in the IGNIS ICO, the Nxt Client 1.11.7 is highly recommended.

More info

Six batches of 12 in Round 1 are completed. The availability schedule of the 6 batches left (30M IGNIS) is as follows:

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

Do not worry, do not despair – there is still plenty of time left to buy into the ICO.

Live stats:

Live data from the Nxt blockchain

 

  • FAQ about the IGNIS Token Sale

Due to the demand for answers, a FAQ section of the Ignis ICO has been enabled on NxtWiki. In it, all the important information about the ICO, from how to obtain JLRDA to how to set up a Nxt wallet and many more questions asked on the nxchat.slack forum have been answered in a clear and concise format.

What is the JLRDA token?

The JLRDA token is an NXT token of type “Controllable Currency” which represents the future IGNIS balances on the Ignis blockchain. Being a Controllable Currency only the issuer of the currency i.e. Jelurida can sell it, and once sold it cannot be freely transferred between accounts. Read about the “CONTROLLABLE” currency property [1] for more details.

Can I buy IGNIS tokens using Bitcoin or another altcoin?

Not directly, since we believe Nxt is a better crowdfunding platform than anything else out there, we would like you to buy NXT in order to buy IGNIS. Having said that, we cannot prevent 3rd parties from selling IGNIS tokens they bought themselves to investors using off blockchain deals. This is generally not recommended since this will require you to trust these 3rd parties to actually send you the IGNIS tokens once they are distributed on mainnet.

Is there a risk that a single large investor will fully buy the first price level and not let anyone else participate?

This risk exists like in any other token sale, and we cannot fully prevent it. We will try to make it difficult for a large investor to do so, by separating the sale of each price level to several smaller exchange offers which will be published without announcement of a specific block height. Also please consider that if someone does buy a large portion of the IGNIS tokens at one price level, they cannot sell it on to the buyers of the next price level due to the limitations imposed by the controllable currency.

After buying IGNIS tokens in the token sale what do I need to do?

All you need to do is remember your NXT account passphrase. The same passphrase will be used on the Ardor mainnet to access your IGNIS tokens once they are distributed.

When will exchanges support the IGNIS token?

Probably after the Ardor mainnet launch. Before that the IGNIS tokens are locked as JLRDA controllable currency and cannot be traded.

Do not attempt trades of JLRDA tokens off blockchain since this is likely a scam.

Many more questions are answered in the wiki.

Source

The IGNIS ICO is underway for the next couple months and Round 1 does not end until August 12th.

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  • Meetup – BigchainDB & IPDB: Token ICOs

News introduced two weeks ago hyped Lior Yaffe speaking at a Berlin Meetup on the significance of token ICOs and they saved the best talk for last.

The most anticipated talk of the night was Lior speaking at length about how the Ardor platform is different than Nxt and how Ardor solves many of the fundamental issues with the blockchain – namely blockchain bloat and the issues of using the same token for securing info and value transfer.

Eager members of the Nxt community were on site in Berlin to document the Meetup. Many thanks to Xavier Lavayssière, @XavierLava, for providing us with these excellent photos from the Meetup. There is a lot of buzz in the blockchain space surrounding Ardor and the IGNIS ICO and we are excited for the continued success of our platform and community members, who are all working hard to keep this ICO on track.

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  • CryptoCoinShow – Ardor, Nxt, and the Ignis ICO

Speaking of buzz, YouTube channel CryptoCoinShow, created an episode that spotlighted Ardor, Nxt, and the in-progress ICO.

Host Ashton Addison is very knowledgeable about cryptocurrencies and we are thankful for his coverage of the ICO. All publicity is good publicity.

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  • #OpEasterEgg

We’re glad to see more and more followers of our Twitter account, glad for the blockchain messages, glad to see participants reach out and give each other a helping hand by sharing additional clues, and glad to showcase some of Nxt’s many features in a fun way and give away free stuff at the same time.

As the currently ongoing IGNIS ICO has turned into the greatest hunt for tokens ever seen on the Nxt blockchain, we’ve decided to take a pause and pick up the torch again between Round 1 and 2 (aug 13-aug 26).

To join the Nxt Blockchain Easter egg hunts and compete for free valuable tokens, follow the news and of course also #OpEasterEggs on Twitter.

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  • Frasindo Rent – Paper Wallet for upcoming ARDOR platform

At Nxter we recently learned of the existence of this company and its ICO, currently in progress.

Founded in 2013, the Frasindo team is dedicated to growing their platform and will be another Ardor child chain, after Ignis and Bitswift. We have verified that there are several members of the Nxt Foundation are helping the project as one of their key services to provide support to projects interested in using Nxt and Ardor technology.

User san2salim has designed some paper wallets of the future Ardor platform for the project. The wallet design is quite good and we are happy to showcase the artistic talent within the Nxt community.

Source

More info

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NXT AE

  • Janus – Update

It was not just a busy week for Jelurida. As the Janus team continues to work on trademimic.com, they continue to work and perfect the user interface.

From Bjorn, in their own words:

I’ll have some side projects before trademimic.com goes live potentially to help with divs soon too but i am waiting on concrete affirmation of these before I can release more info. I’ll know in the next 4 weeks basically and then pass on the news as I have confirmation it can be done.

With the upcoming transition to Ardor I don’t want to make too many drastic moves until that is settled and all Janus users are feeling comfortable with it. I don’t believe the change will be huge in terms of user interface but it’s a precaution.

Dividend payment

https://twitter.com/FloatingLamps/status/893547571645435907

A total of 21 058,19 NXT will be distributed among 396 accounts which own a total of 21,058,198 shares.

0.001 NXT per Janus owned.

Transaction 10247192402062977665

We are excited for the opportunity presented by the launch of trademimic.com and we will continue to provide you updates as they happen.

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  • Adel – Update – Innovation in Banking

Likewise, Adel has been busy too. They have released the powerpoint presentation they used to pitch to banking executives about the promise and power of the blockchain and its many potential applications within the financial technology (fintech) sectors.

In October 2016 we delivered this presentations to banking executives – educating the finance community on the potential of blockchain in their sector, and beyond.

We hope you enjoy watching this content. If you would like to see more, please leave a comment below. Thanks.

Gabriel Dusil, co-founder & board member, Adel

▲ This presentation was delivered at Paralelni Polis in May, 2017

Here are the powerpoint slides

 

More info

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  • Bitswift – Update

With new community member Bitswift migrating to Ardor, we are proud to announce that they need quality employees in the Niagara and Toronto area. Interested in exploring the blockchain space, wanna meet new people, live in or around Toronto? Being a Bitswift rep might be perfect for you.

In their own words:

Benefits of being a Bitswift rep :

1.  Work somewhere new everyday

2.  Resolve new problems every day

3.  Meet new people every day .

Tired of your boring 9-5 job ?  Perhaps being a Bitswift rep aligns with your lifestyle.

We are accepting applications for reps in Canada.   Looking for reps in Niagara and Toronto area, if this is you, give us a shout.

Please note reps are not employees of Bitswift, but rather partners operating under the Bitswift umbrela.

Bitswift @ Hill Island Tower
Bitswift @ Hill Island Tower

Additional category will be added:  “Point of Sale”

If anyone has product or category recommendations, let us know, we may add it.

Source

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DEVELOPMENT

  • MrV777 – Basic Ardor Lite Mobile Wallet

We love the wonderful talent that exists within our community. As such, user MrV777 has created a basic mobile wallet for Ardor. He is currently building the mobile app for Android but will quickly make the iOS app version when done with that. With this mobile wallet you are able to transfer in and out on any childchain, create contacts, and there is even support for QR code reading.

In his own words:

Hello,

I wanted to share here my recent little project 🙂
I decided to create a basic mobile wallet for Ardor. Currently, it just lets you see transfers in and out of your address for any childchain, send on any childchain, and create contacts (On my To-Do list is to name the contacts 🙂 ). QR code reading should also work for passwords and sending addresses. You can also specify what node you want to broadcast to (all signing is done locally, so your password is never sent over the net).

Currently, I am only building the files for Android, but since it is built with Ionic I can quickly make the iOS app when I’m ready. If you want to test it on the Ardor Testnet, the download link is below to version 0.1.0:
https://expirebox.com/download/bcbebf6008f383e09ef5b06b08bb713e.html

Let me know what you think

We thank this user for his time and effort spent developing a lite mobile wallet for all of us to use. We really do have an amazing and engaged community here with Nxt and Ardor. Here is a link to download the mobile wallet on the Ardor testnet.

Screenshots

Source

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  • Weekly Reminder: Changing NRS from light to full mode

Kristina Kalcheva, Co-Founder, Managing Director and Legal Expert at Jelurida had this to say to the Nxter community for our weekly reminder section:

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.

So, how does my NRS client become a full node? 

The light node was a feature introduced in NRS 1.11.0.e that allows the client to become immediately usable by forwarding API requests to random remote nodes.

Here is an extract of the changelog for that version released back in July, 2016:

The roaming client feature, enabled by default, makes the client immediately usable by forwarding API requests that need the full blockchain to a randomly chosen peer (remote node), selected to provide the openAPI service. As all html and javascript files are still served locally and not from the remote host, this is considerably safer than just using a remote node. Outgoing transactions are also signed locally, never sending the secret phrase to the remote peer.

This roaming client (API Proxy) mode is used automatically while the blockchain is still downloading, with a switch to full client mode once the download is complete.

So, with the client running in light mode you don’t have to wait for the entire Nxt blockchain to be downloaded in order to begin making transactions with the NRS. You can make transactions immediately. The NRS wallet will just download the blockchain in the background while it sets itself as a “Light Client.”

This procedure is safe because Nxt uses a “brain wallet” system, which means nothing related to your account is stored on your PC (there is no wallet.dat or any similar wallet file used and stored). Also, your passphrase is never sent to the public nodes you connect to, as the NRS client uses “local signing”; you passphrase never leaves your browser when you sign a regular transaction.

If you permanently want to have a light client and do not want to bother with downloading the blockchain, you are able to do so. When installing the NRS client, select “operate as a light client”.

For the IGNIS ICO it is recommended to run the client in full mode.

If you, on the other hand, did select the NRS client to “operate as a light client” during install, and want to change it into a full mode client, you will have to uninstall your client and reinstall it again. It will now automatically work in full client mode after it has downloaded the full blockchain.

Tech savvy users may prefer to switch from a light client to full node by just setting  nxt.isLightClient=false in conf/nxt.properties.

How long does it take to download the blockchain?
How long do I have to keep the NRS running until it becomes a full node?

That is hard to say, but it will take some time depending on the device you are using to run the NRS, from several hours to several days. This is due to the fact that for a node downloading the blockchain from scratch, the only way to verify that the next block it is downloading was indeed generated by a legitimate account (i.e. having sufficient stake), is to make sure it calculates and verifies each account balance as it downloads the blockchain, by processing all old transactions it encounters during the download. This is the official and recommended way for any blockchain platform, slow but secure!

But I’m in a hurry! I can’t wait that long! Isn’t there a shortcut to speed up this process? In Bitcoin a lot of people download a huge blockchain file for their nodes using a .torrent file!

The main reason for Bitcoin users doing this, despite it being an unsafe way to set up your nodes, is because Bitcoin’s blockchain weighs almost 130 GB, which takes the age of the universe to synchronize. The Nxt blockchain weighs less than 3 GB currently, and still, some users will have to wait days for the entire blockchain to download.

However, you can still download a smuggled Nxt blockchain. There are some known pages where you can download the file, and it will save you hours if not days of your time when you set up your full node. These locations are:

  1. Ardor Tools – at the bottom of the main page you can find and download the Nxt blockchain file.
  2. Nxtportal – under the “Resources” section you can find the Nxt blockchain file, but it is not as updated as the previous one. Still, it will save you from processing thousands of transactions.

Either way, once you download the zip file with the Nxt blockchain from any of the above resources you need to unzip it, stop the NRS server if you’ve already started it and then copy the extracted files from the zip inside the nxt_db folder of your Nxt installation folder, overwriting the existing files (if any). The nxt_db folder is usually located at:

[Linux]: nxt/nxt_db

[Windows]: Users\Username\AppData\Roaming\NXT\nxt_db

[Mac]: “/Users/Username/Library/Application Support/Nxt Wallet

Restart your NRS server, let it download the latest blocks to fully synchronize with the network and your previous NRS light node will automatically switch to an NRS full node! Congratulations on saving time and energy.

 

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NXT IN THE MEDIA

  • Medium – IGNIS: The first of Ardor’s child chains – Crypto Judgement

Last week Crypto Judgement, a cryptocurrency blog, wrote us up and explained in depth about Ardor, the IGNIS ICO and more.

He writes that

The technology of Ardor and Ignis holds high promises, as no other project uses the parent chain / child chain functionality and a big and old community stands behind the project.

High praise indeed. Many thanks for the support and feature piece Crypto Judgement.

Source

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PRICE EVOLUTION

  • TradingView – NXT Buy Opportunity

Source

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  • 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:

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And that is all for this week, Nxters. Stay tuned next week for more up-to-date coverage on the IGNIS ICO, the launch of Ardor, and much more. For those who cannot wait a week to learn more about the IGNIS ICO, we have our ICO Coverage series running. We will have almost daily updates of important things like the number of tokens left, when the rounds occur, and we will explain in more detail about Jelurida, Ignis, Ardor, and everything else that is pertinent to this momentous ICO.

Follow us on Twitter for important breaking updates during the week as they happen. Stay committed and stay informed fellow Nxters! See you next week.

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 >