Ignis Coin Review: Should You Buy Ignis Coin?
IGNIS coin is the token of the first child chain Ignis on the Ardor network. Today at BlockchainBiome, we look at Ignis coin, how it originated, Ignis coin price and how to buy Ignis coin. This article will provide a thorough Ignis coin review that will help you decide on whether to invest in Ignis coin or not.
What is Ignis coin?
Ignis coin is a cryptocurrency that is the result of the Ardor network. The Ardor network, in turn, is a result of the efforts of its parent company, Jelurida. Ardor was created as an enhancement to Nxt. Therefore, to understand Ignis, one would have to understand the origins of Nxt and Ardor.
Ardor was primarily created to eliminate the limitations that Nxt presented. Nxt had several operations and functionalities built into it and is a public blockchain network created by Jelurida. Nxt never really took off. The utility of Nxt, however, was never in doubt. The functionalities built into the blockchain meant that businesses did not have to worry about integrating those functionalities externally. Nxt was also the very first pure Proof of Stake (PoS) blockchain.
Proof of Stake (PoS)
Contrary to a Proof of Work (PoW) blockchain network, proof of stake blockchain network consists of validators instead of miners. Nodes in this Proof of Stake (PoS) network own a certain amount of cryptocurrency in the network. This ownership is the stake. A certain amount of cryptocurrency is deposited in the network. This deposit is referred to as the stake.
The validators in the network are involved in the process of validating or forging a new node into the blockchain network. The validators are chosen based on the amount of stake they have in the network. The higher the stake the more likely they are to be chosen. The chosen node then participates in the validation of a new node. This participation earns them the reward associated with validating a new node.
Proof of Stake is largely believed to be a betterment of the traditional Proof of Work model. The 51% attack is less likely to occur in the Proof of Stake model. The 51% attack can occur if any individual, organization, corporation, or group of individuals own 51% of the computing power in a Proof of Work model. On the other hand, in a proof of stake model, this can happen only if the entity has 51% of all stake in the network. Proof of stake is, therefore, much more secure and less susceptible to this attack.
The 51% attack in a blockchain system will allow the holder of 51% stake to entirely control the blockchain network. Therefore, the Proof of Stake is considered to be much more secure.
Proof of Stake does not involve brute force solving of cryptographic hashes. As a result, there is a significant saving on the electricity consumptions and computational power. So, without any severe computational requirements, Proof of Stake is easier to set up as well.
Validation of fraudulent transactions by a stakeholder would cause a penalty on the validator. The entire stake of the validator would be taken away from the validator if the node is found to have validated a fraudulent transaction. This adds to the safety and security of a Proof of Stake model.
Ardor, Nxt and the origin of IGNIS coin
Let’s move forward in this Ignis coin review and see it’s the origin. Like I have mentioned, Nxt was known to have problems associated with it. Ardor tried to efficaciously solve these problems. The Ardor network consists of one single parent chain, which, serves as the main chain and all nodes that get added subsequently are the child chains. The Ardor project was started by the crowd sale of IGNIS. IGNIS is the token of the first child node of Ardor, Ignis. This process of selling is called the Initial Coin Offering (ICO), where a proportion of initial coins of the blockchain network are sold to a crowd in order to obtain the funds that facilitate the development of the blockchain. In the case of the Ardor project, half of IGNIS, that is, 50% of IGNIS was offered.
Nxt is a public blockchain network with private blockchain versions created for individual corporations and business. On the other hand, Ardor has a public blockchain and smaller child chains added to the network are used to represent the corporations, organizations or businesses. Ardor has all the features of Nxt. So, every business that has a child chain on the Ardor network already has the operations and functionalities that were built into the Nxt network. The first child node of Ardor was Ignis. This Ignis child chain too had all the functionalities and operations of the Nxt blockchain.
The Ardor network consists of the solitary parent chain. This parent chain is responsible for network security and processing. The first child chain of the network is Ignis and the network has several other child chains. The various child chains are responsible for operational transactions. These operations include, but are not restricted to, voting on polls, sending messages, and creating assets.
The child chains, including Ignis, on the Ardor network, report to the parent chain through a process called bundling. These bundlers are responsible for carrying out the packaging of several child chains into a single ChildChainBlock transaction on the parent chain. The bundlers receive the fees in the currency of the child chain but pay the fees in Ardor coin. The bundlers on the Ignis chain receive fees in IGNIS.
The Ardor network involved Bundlers and Forgers. The child chains transacting in IGNIS get bundled into one transaction by the Ignis bundler. The forging chain is then responsible for the forging of all new nodes on it using Ardor coin (ARDR).
IGNIS Coin Review
Jelurida claims to be creating the next generation blockchain platform through Ardor. Ardor has a unique design and is scalable. The architecture of the system allows for multiple blockchains, called child chains to exist concurrently on the platform. The existing and proven features of Nxt blockchain will be available on the Ignis chain. The Ignis chain also benefits from the additional Ardor platform specific features and enhancements. IGNIS tokens are the tokens of this first child chain.
Shortly before the Ardor launch, the crowdsourcing of IGNIS was carried out. IGNIS and ARDR coins were allocated to user accounts in the Ardor network genesis block.
The total amount of IGNIS coins issued was equal to five hundred million plus half of the amount of NXT coins on the Nxt blockchain that existed at the time of the Ardor Genesis.
Half of all IGNIS coins were reserved. These were distributed automatically to all the NXT holders based on the balances of their accounts at the time of Ardor Genesis. 1 NXT was equal to 0.5 IGNIS. This was the ratio used to carry out the distribution.
The remaining half of the IGNIS coin was used by Jelurida to carry out the token sale. This token sale was carried over a period of three months starting from August 05, 2017 to November 04, 2017. The sale was a success and resulted in the collection of 167M NXT.
These funds were used for the further enhancement of the Ardor blockchain. This sale facilitated the maintenance, development, and promotion of the Ardor blockchain platform.
IGNIS ICO and JLRDA
The token sale was conducted using JLRDA. The sale was carried out on the Nxt platform. These JLRDA tokens were the “controllable currency”. JLRDA was issued and offered in multiple consecutive rounds. The price of JLRDA was denominated in NXT. For every JLRDA token, the participants in the ICO obtained 1 IGNIS coin at the time of Ardor Genesis.
1 JLRDA=1 IGNIS
JLRDA by itself had no value. It was used only for the ICO. JLRDA cannot be bought, sold or traded on any platform. JLRDA tokens cannot be traded or transferred from user account to user account either. It could only be bought through the crowd sale. It served as the proof of ownership of the initial IGNIS at the time of Ardor Genesis.
JLRDA, the controllable currency, was chosen to ensure that trades during the crowd sale did not take place. The JLRDA tokens could not be sold and as a result, only the owners who bought it would have it. Purchasing JLRDA required NXT.
Jelurida plans to reduce the last batch of 100 million JLDRA tokens to 20 million tokens through marketing and promotional use. Jelurida converted all but 20% of the NXT obtained during the sale to BTC or fiat currencies. Each round was carried over the course of a week and the price of 1 JLRDA in NXT increased every round.
The outcome of the ICO or the crowd sale was largely positive. Jelurida was successful in selling the JLRDA tokens. The proceedings were used to kickstart the Ardor project and the Ignis child chain.
Where to buy Ignis coin?
IGNIS can be bought from the following exchanges:
HitBTC was started in 2013. HitBTC has no fee for currency deposit or withdrawal. HitBTC is based on a maker-taker model. In this model, the makers are not charged any fee while takers are charged a meager 0.1% transaction fee. The maker actually gets a 0.01% rebate. A rebate is a reward that the maker gets for promoting liquidity.
HitBTC lists over 300 currencies and is convenient to use. There have been complaints about the legitimacy of HitBTC, but, none have been proven to be true. It is one of the most well-used cryptocurrency exchanges in the world. Its rebate model encourages trading and it could prove to be a great platform to trade Ignis coin (IGNIS).
Bittrex is a cryptocurrency exchange based in Seattle in USA. It is easily one of the largest cryptocurrency exchanges in the world. It is one of the top 3 exchanges in the world based on trading volume. Bittrex started operation in 2014 and experiences 24-hour trading volumes of close to a whopping $300M USD.
Bittrex has been widely used and has been free of any reported hacks. It is considered extremely safe to use. Bittrex is certainly a worthy option if you wish to buy IGNIS.
To get started with Bittrex, you will have to register with your email. After verifying your email, you can log in and start trading.
STEX is one of the more innovative cryptocurrency exchanges available in the world. It has support for multiple currencies. It might not be as popular as the two exchanges named above, but, is completely safe. STEX has been continuously evolving and aims to be one of the top trading platforms in the future.
The registration process is also fairly simple. No documents are required for registration. An email is all you would need to complete the registration process. The user interface is extremely friendly. The process of trading is smooth. STEX has support for fiat currencies such as EUR and USD.
The customer support on STEX is not great, but it is not too poor either. In comparison with some of the other exchanges, it certainly does not hold up in the customer support front.
The trading fees on STEX are 0.1%. This is a reasonable trading fee. The withdrawal fees are not exorbitant either. STEX is also a worthy candidate to trade IGNIS on.
Indodax is a cryptocurrency exchange that is based in Indonesia (no points for guessing). It currently has over 1.4 million registered users on the exchange and is fast growing. Its support for Indonesian rupiah has resulted in its rise in popularity in the Indonesian trading market.
The trading fees for trade between cryptocurrencies is 0%. This is truly impressive and is extremely encouraging for traders. The trading fees between cryptocurrency and fiat currency are 0.3%. The exchange fee for BTC is 0.0005 BTC, which is a reasonable enough fee.
Ignis Coin Price: Should I buy IGNIS?
Ignis coin might be worth investing. It is relatively new. Therefore, it is too early to determine whether it would grow rapidly or not.
Here are some statistics on Ignis coin that might help you decide:
|Market value||$0.017335 USD|
|Market cap||$13,194,611 USD|
|Circulating supply||761,143,950 IGNIS|
|Total supply||999,449,694 IGNIS|
Wrapping up IGNIS Coin Review
IGNIS is the result of an innovative blockchain project, Ardor. It has immense potential to gain in value. It is still relatively new and should grow well. Ardor was created to power businesses and IGNIS will certainly grow along with Ardor.
So if you like this review of Ignis coin then do share it with your friends, it’ll help us grow. Thanks.