Jelurida is a blockchain startup that creates open-source blockchain startups.Their primary product, Nxt, has been responsible for pioneering many advances in blockchain applications.The team is now focused on building on top of this platform to create their next product, known as Ardor.
What is the Nxt Platform, and What Does It Do?
The Nxt blockchain platform is an open-source application platform that was created by an anonymous software developer, BCNext. The platform builds and improves on the basic functionality of existing cryptocurrencies like Bitcoin.The platform has been operational since 2013. The Nxt ICO was one of the first crypto ICOs. Overall, it raised a total of 21 BTC – the equivalent of around $6000.
The platform was created as a means of completely revolutionizing the financial technology, crowdfunding, and governance industries.
NXT tokens are the digital currency responsible for fueling the Nxt ecosystem. These tokens can be used for a multitude of purposes, such as creating assets that can represent things like bonds or ownership of a project, creating a decentralized poll on the blockchain, or simply as an external currency like Bitcoin.
Nxt was the first currency to rely 100% on Proof of Stake for consensus. Proof of Stake means that the more NXT tokens you have, the more chance you have of processing the next block. This method uses less computational power than Proof of Work. As a result, it means that no mining is required.Proof of Stake also means that there is a static money supply. There are will only ever be a maximum of 1,000,000,000 NXT tokens in circulation.
As well as providing the NXT cryptocurrency, the application gives its users the opportunity to create their own customized applications using a powerful, modular toolset.
Some additional core-level features of Nxt include:
- A decentralized asset exchange
- A marketplace
- Data storage
- An alias system
- A voting system
- A messaging system
- Plugin support
- A monetary system
The platform has been specially designed to be as accessible and permissionless as possible. Users are granted complete freedom. As a result, using the NXT currency as a payment system will not be restricted, and creating a marketplace listing or even an advanced blockchain-based application will not be denied.
The application has been wildly successful, and Jelurida will continue to power forward with its development.
As a result of this success, the team has also decided to add a new platform to their portfolio. This platform is known as Ardor.
What is the Ardor Platform, and How Does it Differ From Nxt?
Ardor is Jelurida’s next-generation scalable blockchain platform. Ardor and Nxt are built using the same technology. However, the ways in which they operate are fundamentally different.
It is specially designed to address the issues of the bloating, versatility and scalability of the blockchain. It has been built on Nxt technology and can be thought of as an ‘evolution’ of Nxt software.
The Ardor platform has a unique architecture that has been specially designed to solve the problem of having to store and process large amounts of unnecessary data.
One of the platform’s primary innovations is to differentiate the transactions that do not affect security from those that do. It does this by separating the network processing and security chains from the transactional chains.
This Blockchain-as-a-Service (BaaS) framework allows users of all levels to easily build their own Nxt 2.0 child blockchains from scratch.
Why Blockchain-as-a-Service Could Be the Next Big Thing
Since Ethereum was launched in 2015, BaaS has become an increasingly popular trend within the fintech industry as a way to enhance security, efficiency, and reliability, while simultaneously reducing costs.
Tech giants including IBM, Azure, Microsoft, and Amazon are now offering their blockchain technology as a service to users.
Over the next few years, BaaS is set to grow even further. In fact, it could become the next big revolution in the global fintech industry.What makes this all so exciting is that blockchain is still a brand new, developing technology.
As development continues, it is likely that we can only expect increased improvements and even more refined capabilities.