The Ardor Platform is still a distant reality, but with the snapshot process underway, we feel it’s important to give our users the best possible knowledge regarding the distribution process for Ardor Tokens. For those who don’t know, Ardor will be a Blockchain-as-a-Service (BaaS) Platform that will allow users to create their own child chains with specific settings for asset issuance. This system offers many advantages over the traditional Nxt 1.0 Platform, both in functionality and in scalability.
The distribution process started on the 14th of July and will last until 12th of October. During this time hourly snapshots of NXT Balances will be taken and averaged, the balance will then be given to users on a 1 to 1 scale. These tokens were rebranded from FTX (old name) to Ardor (new name), and they will be issued as an asset on the NXT 1.9 Blockchain until the full release of the Ardor Platform in Q3 of 2017.
The Main Chain tokens (Ardor tokens), which are the backbone of the child chains created in the platform, will be used maintain the blockchain and forge block rewards, which is the equivalent of Mining in a Proof of Stake (PoS) protocol . These tokens can also be transferred on the main chain and exchanged by child chain tokens.
The Child Chain Tokens were to be called FXN but are in the process of being renamed to something more casual and eye-catching. The name is being chosen by the NXT community, but regardless of what you call them, these Child Chain Tokens will be what Ardor is all about.
When Ardor launches in Q3 of 2017 the first Child Chain will be created by the developers in order to house all of the Ardor features, meaning that in order to take full advantage of the new features Ardor will offer, one must have this token.
The tokens will also be distributed without an ICO or investment from the users, but they will follow a different process. These tokens will be given to users according to their Ardor Balance on the day the Platform launches (on the first block that’s also known as “Genesis Block”), meaning that the balance won’t be measured and averaged over a period of time, but will instead be given on a 0.5 – 1 scale according to the one snapshot taken at the moment of the Genesis Block.
These tokens will be distributed on a 0.5 – 1 scale, not because the total supply of the Child Chain Tokens (1,000,000,000 ) will be smaller, since all the tokens will have the same supply, but because the Developers are going to keep 50% of the total supply, which amounts to 500,000,000.
Keeping 50% of the tokens created for the Ardor Child Chain may seem like a lot, but it’s important to remember that Ardor will host no ICO or crowdfund campaign of any sort, meaning that funding for the Ardor Platform is dependent on how good the Platforma does, price wise.
Quick Summary of tokens
NXT – will stay the same
Ardor – Will be distributed according to NXT balance on a 1-1 scale
FXN – Will be distributed according to Ardor balance on a 0.5-1 scale
The creation of two different tokens for the same Platform may cause some confusion amongst investors and casual users, but if we stood in the way of progress because something may be confusing, the Internet as we know it would not exist.
Renaming ardor tokens: https://nxtforum.org/general-discussion/name-for-our-childchain!/
Ardor Platform: https://www.ardorplatform.org/
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