Why is Nxt Rising? Nxt Cryptocurrency and the Ardor ICO

If you watched Nxt since it came out you know it’s been languishing price-wise for some time. For most of 2016 Nxt has stayed under $0.01. That all changed on June 19th when Nxt announced Ardor. Since then Nxt has risen to its current price of roughly $0.03.

So what is Ardor?

Ardor is Nxt’s new child chain platform, which incorporates the technologies from the Nxt blockchain. Ardor is about making a blockchain platform that is open to everyone. Anyone can create their own child chain and interact with the whole blockchain ecosystem.

Features of Ardor:

Blockchain-as-a-Service

Manageable Blockchain Size - Ardor plans to solve the problem of scalability by separating transactions and data that do not affect security from those that do, and moving all of those that don’t affect security onto child chains.

Decentralized Asset Exchange

Decentralized Voting and Governance Systems

Phased Transactions - Users can set multiple conditions before a transaction is executed.

The Benefits of Ardor

First, anyone can use Ardor, from regular users to banks and corporations, while still interacting with the Nxt blockchain and platform.

To me this is the key benefit. All the child chains are secured by the parent chain. That means individuals and companies can create a blockchain without the hassle of creating a well-secured cryptocurrency or maintaining a network for it.

Second, Ardor addresses the scalability problem by separating transactions and data that do not affect security from those that do, and moving all of those that don’t affect security onto child chains.

And third, Ardor will feature smart contracts. That means users can set multiple variables before a transaction is processed.

So how do you get some Ardor?

How to Get Ardor

You can participate in Ardor right away. To do so simply buy some Nxt. The amount of Ardor tokens received will be at a 1:1 ratio.

Here’s how it works… Between July 14th and October 12th snapshots of all Nxt accounts will be taken. Your total Nxt will be averaged, and you’ll receive that amount in Ardor tokens on October 12th.

A few things to keep in mind. Don’t forget to account for the time factor. For example, I have 10,000 Nxt tokens and am expected to receive 7,700 on October 12th (provided I keep that balance). The reason it’s 7,700 and not 10,000 is that I purchased the tokens after July 14th. So to get a true 1:1 you will need to have owned during the entire period.

The other issue to consider is where you hold Nxt. If you hold Nxt on exchange I’m not sure how they would know it’s yours. So make sure to keep your Nxt in a Nxt wallet.

In addition to the Ardor tokens that users will receive, there will be another recording righ before the launch of Ardor where users will get 0.5 dedicated child chain tokens for every Nxt owned.

The first child chain on Ardor will be one much like the Nxt blockchain itself to showcase the features that will be available on other child chains.

If you’re interested in Nxt check out my previous articles:
Nxt cryptocurrency, what is Nxt?
Nxt and proof of stake
The features of Nxt

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How to Get Nxt
You’ll want to start by getting yourself some bitcoin. I use Coinbase
Then you’ll need a Nxt wallet. You can get one at MyNXT.info
One way to purchase Nxt is through a cryptocurrency exchange such as Poloniex. You transfer bitcoin to Poloniex and then buy Nxt on the exchange. For safety keep the Nxt in your Nxt wallet.
The other option is to use ShapeShift. It’s a way to exchange cryptocurrencies without signing up for an exchange.
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