It seems like NXT, the original crypto 2.0 platform created in 2013 by an anonymous team of dedicated developers, is taking a stab at sidechains and smart contracts as well. After a major evolution on the Nxt platform and core software, the research led by the dev team has presented them with a new child block chain platform solution for practical use case that will be known as Ardor.
Nxt (not to be confused with NZT, the mind-expanding chemical featured in the Limitless movie) is an open source application platform that uses NXT has its value currency. Nxt platform can be used to create, manage and exchange custom token, coloured coins, and assets, and build blockchain apps. NXT also has extremely useful tools like encrypted messaging, market place, coin shuffling (To allow anonymous transactions) and much more! NXT can also be used as a simple cryptocurrency and can be sent anywhere in under a minute.
Ardor is a Blockchain as a service platform that will allow anyone, from regular users to banks and corporations, to create their own child or side chain solutions while still interacting with the main NXT blockchain and platform. Ardor will deal with the old scalability problem by separating transactions and data that does not affect security from those that do, and moving the unimportant data that is not related to security onto child chains.
The Ardor platform will also offer features existent on the NXT platform, but with additional features like the decentralized asset exchange that will now allow asset-to-asset exchange and cross chain asset trading.
One of the most interesting features in the Ardor childchain platform are the transaction options that will be allowed to set or as we like to call them: smart contracts. A user can choose to set many variables like amount of time passed, votes casted, information received and other conditional variables.
The “votes casted” variable is also referring to one of the features that will be present in the Ardor platform: Decentralized Voting and Governance Systems that will be used to reach consensus regarding the management of Decentralized Autonomous Organizations and more.
“Rather than providing smart contracts, NXT is focused on implementing the important use cases and functions directly into the core of both Nxt and Ardor. This approach has proven to be scalable and secure and will become more so when Ardor is released” – said Riker, one of NXT core developer
Users will be able to get Ardor for free by simply having NXT balance on their wallet. Ardor will be released after the NXT 1.9 release and until then wallet snapshots will be taken on an hourly basis, starting on July 14th until October 12th, after which, Ardor will be automatically credited to users who hold NXT coins.
We can already see the effect of this announcement in the NXT price, which has been skyrocketing during this last week, doubling in value. We will continue to update our readers regarding Ardor until then you can check out the Nxt platform here: https://nxt.org/ and get a taste of NXT yourself!