How Jelurida’s Ardor Platform Could Revolutionize the Crypto Industry

As it stands, cryptocurrencies and various other financial systems are the primary and most widely used applications of the blockchain and its associated technology. However, the true potential of blockchain technology is far greater. It’s only a matter of time before we begin to see massive changes in the industry.

Jelurida’s Nxt Platform is Pushing for a Decentralized Future

Jelurida is the team behind the Nxt blockchain application – an advanced platform that is building on and improving the functionality of cryptocurrencies like Bitcoin.

The platform is poised to completely revolutionize the fintech, crowdfunding, and governance industries by providing a powerful modular toolset that grants its users the opportunity to create their own applications from scratch.

Nxt, the platform that ran the second ever ICO back in 2013, has quickly become a very stable blockchain that boasts a large variety of features. Their ICO has since been marked one of the biggest opportunities for return on investment.

The platform is poised to completely revolutionize the fintech, crowdfunding, and governance industries by providing a powerful modular toolset that grants its users the opportunity to create their own applications from scratch.

Jelurida’s New Ardor Platform is Poised to Fix Key Blockchain Weaknesses

The Nxt platform has been running for almost five years – a significant amount of time in such a fast-paced industry. During this time, the application has witnessed huge success, and it’s showing no signs of slowing down. While the team will continue to invest a significant proportion of their energy into continuing the success of the Nxt platform, they are now funneling off a section of their resources into getting their Ardor platform off the ground.

Similar to the Nxt platform, Ardor uses a Proof-of-Stake (PoS) consensus mechanism. This means that no resource-intensive mining is required, making the approach much more cost-effective than the alternative Proof-of-Work (PoW) mechanism.

The platform has been developed in Java, the most popular development language for commercial applications, making it structurally reliable and maintainable. The primary innovation of the Ardor platform is its approach to tackling the issue of blockchain scalability and bloat.

In order to solve this problem, Jelurida is introducing a brand new architecture that consists of one main chain with several child chains built on top of it. Ardor will be the main chain, or ‘parent chain’ of this architecture. Essentially, it is a small, lightweight chain, whose primary function is to ensure the security of the entire network.

This unique architecture has many benefits. In particular, it enables companies to build their products and services using child chains, whilst relying on the advanced security mechanisms provided by the parent chain. Once child chain transactions have been confirmed, they can then safely and securely be removed from the blockchain in order to keep it lightweight and efficient and prevent bloating.

However, the application’s potential doesn’t end there. Another key use of the Ardor platform is its plan to make use of oracle contracts.

The Growing Importance of Oracle Contracts

Oracle contracts play a similar role to the oracles from ancient Greek mythology. Blockchains, such as those of Ethereum and Bitcoin, do not have access to information outside of their own chain. This means that there is no way to directly validate the conditions of smart contracts.

Oracles function by loading information from external sources and registering this information on the blockchain. This makes it possible for smart contracts to execute when the original terms of the contract are met.

These oracles are extremely important, as they are the only way for smart contracts to interact with data outside of the blockchain environment.

Oracle Contracts on Ardor

Unlike Ethereum contracts, Ardor contracts are not executed by every node. They are only executed by one or more selected nodes. This is one of the reasons why the Ardor platform is ideal for oracle implementation, as this would allow it to retrieve information from external resources and record it on the blockchain.

The marketplace for these software models is growing exponentially – and the demand is only expected to increase in the future.

Large-scale corporations like IBM and Microsoft are already seeing the potential for the huge market presence of this highly specialized software, and they are even beginning to develop their own platforms.

As the number of use cases for smart contracts continues to increase, it is clear that the requirement for these new oracle contracts will also rise in the future. The companies at the forefront of oracle development right now will be the ones to benefit most in the near future.