About Ardor (ARDR)weiss-badge

Overview

Ardor (ARDR) is a blockchain-as-a-service (BAAS) platform that launched on January 1st 2018 after a successful year on testnet. The Ardor network allows users to execute smart contracts and develop decentralised applications (dApps) similar to Ethereum. However, Ardor does things slightly differently. Ardor has a 'parent-child chain' architecture, which allows companies to build their products and services on the platform using child chains, separate from the main 'parent' chain. However, child chains still benefit from the security provided by the parent chain. It is possible to remove child chain transactions from the blockchain once they are confirmed, which keeps the blockchain lightweight and efficient.

Technology

Ardor uses a Proof-of-Stake (PoS) consensus algorithm, similar to Dash and NEO. With PoS, mining power is determined by the proportion of coins held by a miner (stake). A PoS miner is limited to mining a percentage of transactions reflected by his or her ownership of the particular coin. This resolves the issue found in the original Proof-of-Work (PoW) consensus algorithm used by Bitcoin, where miner power is attributed to the computer processing power. Proof-of-Stake mining is considered less vulnerable to 51% attacks compared to Proof-of-Work. A 51% attack is when a miner or mining pool controls 51% of the total mining power on a network and creates fraudulent blocks and transactions for him or her self while nullifying the transactions of others. Using PoS, an attacker would need to own 51% of all coins in circulation to execute a 51% attack, which is counter-intuitive. Why would a miner with a 51% stake attack the network?

Future Focus

Ardor has a detailed and extensive roadmap, which is available on their site. Some developments shown in the roadmap include adding additional child chains on the mainnet, introducing token balance migration, enforce the execution of lightweight contracts and introduce wallet and usability enhancements. For more information regarding Ardor visit the official website or read over their roadmap.

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

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Storing your coins with Wallets

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

Pay with POLI. Its fast!

POLI - internet bankingPOLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

About Bitcoin

Bitcoin (BTC) is a form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Transactions are stored on a distributed, immutable, online, public ledger known as a blockchain. Bitcoin was the first truly decentralised cryptocurrency which was created by a programmer under the pseudonym Satoshi Nakamoto and was released in 2009. The system is peer-to-peer, verified by network nodes and recorded in a public distributed ledger called the blockchain. Bitcoin can be exchanged for other currencies, products, and services with over 100,000 merchants and vendors accepting bitcoin as payment. Bitcoin can also be held as an investment. There are only a fixed number of Bitcoin will ever be mined (21 million), it’s not controlled by any one government or central bank, and there’s no such thing as quantitative easing or fractional reserve banking. These qualities make Bitcoin excellent as a store of value and a long-term safe-haven asset, similar to gold.

A Bitcoin success story that went viral on social media is Kristoffer Koch from Norway. Koch invested around $27 in Bitcoin in 2009 and then forgot about it for four years. He remembered about his Bitcoin wallet in 2013, which had then grown in value to $886,000.

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