Tuesday, 15 December 2020, 11.30 AM UTC (6.30 PM GMT+7)
Thank you all for participating in our last AMA on Telegram, in which Francisco Sarrias – Senior Sales Engineer of Ardor answers questions from the community about Ardor.
Here our #RECAP
SESSION INTRODUCTION PROJECT
Q1. Can you explain to us a little about your background before entering the cryptocurrency world and why did you finally decide to join the Ardor Project?
Francisco Sarrias : In 2016 I owned a small web hosting company when cloud computing went mainstream. I was trying to make some profit from all the hardware and datacenter space I already invested in, this is how I discovered cryptocurrencies.
I was shocked when I learnt about NXT, a crypto that did not need expensive mining because it was based in the Proof of Stake algorithm.
As I have been always concerned about protecting the environment and the development team was amazing I quickly became part of the NXT community, after the Ardor ICO in 2017 I joined the Jelurida team as Senior Sales Engineer
Q2. You said that Ardor uses ‘Parent-Child’ chain in its project. Can you explain to us how it works? And how it’s different from a typical chain?
Francisco Sarrias : In early 2016 it became apparent that for blockchain technology to reach mainstream adoption, a new architecture would be required in order to enhance the single chain design, that will no be able to handle the loads of massive adoption.
Parent-Child chains architecture uses a parent chain for proof of stake consensus while off loading the actual decentralized applications to multiple “child chains,” which inherit their security from the parent chain. This is all part of the same product.
On the contrary, side chain solutions, such as the ones often discussed in the context of Ethereum, are a workaround.
The devs say, “we can’t change ethereum so we’ll find some kind of a workaround to peg something else into it. Many other projects announced side chain solutions, but frankly, I haven’t seen any other multichain architecture in production on a public main net except Ardor. Nothing has come even close to what we have in production – and we have had it for almost three years.
Q3. Can you tell us whether Jelurida and Ardor have a partnership? If so, what kind of partnership and what are the benefits of ARDOR holders with this partnership?
Francisco Sarrias : The seed of Ardor was born in 2013 as a blockchain for solving the energy waste and difficulty of use of Bitcoin and its clones, this first iteration of our technology was called NXT
First, it was lead by a community of enthusiasts but when some of the members of the community left the boat to launch their own projects based in NXT learnings ( Lisk, Nem, Komodo, Iota, etc…) it was clear that there was the necessity to evolve the community leadership into a corporation that could ensure the future of the technology and then Jelurida company was born.
Jelurida company was incorporated and launched an ICO in 2017 to raise funds for financing her operations and as a result of that in 2018 Ardor and Ignis were born, leveraging the innovations of NXT a going forward by implementing in production a scalable architecture that could cope with real world use cases demands.
Q4. Proof-of-Work (POW) has tighter security than Proof-of-Stake (POS). What factors made you decide Ardor to use POS rather than POW in its project?
Francisco Sarrias : PoS is the only consensus algorithm that is both environmental friendly and truly decentralized.
PoW has only sense in Bitcoin, the rest of public blockchains should work with PoS or some variation of it to limit the waste of energy.
In ARDOR our pure POS algorithm is both simple and scalable and has stood the test of time. We rely on it to launch several child-chains (virtual blockchains) that share the same consensus, this is what we call “Consensus as a Service”.
This technology allows deploying hybrid blockchains, where a private database or permissioned blockchain utilizes a child-chain in ARDOR to certify the trust of transactions.
Our most recent prototype is a geoblockchain to control the temperature of a supply chain in partnership with tech giant ESRI, a typical application for such solution could be to track the distribution of COVID19 vaccines around the world being sure that their containers have lose the minimal required temperature.
Q5. Proof-of-stake allows token holders to generate new tokens by staking their tokens. What kind of staking system does Ardor offer to $ARDR holders? Can you explain it to us the details?
Francisco Sarrias : Forging is a key part of the process that validates and secures all transactions on the Ardor network and its child chains. In other words, this is the decentralized security system of the Ardor network- each of the forging nodes/computers are competing to validate each block of transactions. No new Ardor coins are created in this process, however, people participating in the forging process (“forgers”) receive the transaction fees (paid in Ardor) from each block of transactions that they solve. The only requirements to participate in the forging process are that you must have 1000 Ardor in your account for at least 24 hours prior to beginning to forge. Your node/computer can only participate in the forging process when it is online. If you can’t meet one of these requirements, then the leasing process is more appropriate for you.
In this link you have an excellent article by our community member CryptoDemetrius that explains both options: https://medium.com/ardor/blockchain-ardor-part-5-forging-and-leasing-58645bcee1d7
SESSION QUESTION FROM TWITTER
Q1. From @Vn69676675 As I Know, “Child Chains” of the Ardor platform are tightly integrated into the main Ardor parent chain. Could you tell me how it is different from Side Chains? What are their Structure, Function, Use Cases and Risks? How are the Ardor Child Chains unique? How is the transactions role?
Francisco Sarrias : All transactions are processed and secured by the parent chain forgers. This makes cross-chain transactions possible. Pruning will be enabled on child chain transactions in order to significantly reduce blockchain bloat by pruning the transactions on regular basis from the blockchain.
The advantages of this structure are: Security is provided by the Ardor parent chain and therefore all child chain cooperate to secure the same network; Child chains can access the same global entities, such as assets and currencies;Child chain tokens can be securely traded on the blockchain; Simple to setup (blockchain development skills not required);
Multiple features pre-installed (can be disabled on launch if desired).
For a detailed comparison with “side chains” you could visit this link: https://www.jelurida.com/resources/child-chains-and-side-chains
Q2. From @nguyenthuthuy90 For money to be Smart, it must be instant, zero fee transactions and private. Does Ardor meet these 3 pain points and what are the Utility, real life use cases and application of Ardor tokens?
Francisco Sarrias : Well, you already have this kind of money, it is called “cash”, at it is not very smart…😉
… on the contrary, Bitcoin is not instant, you have to pay high fees and anyone can track the transaction in the blockchain, nevertheless is the smarter form of money in human kind so far.
Ardor tokens serve to secure the Proof of Stake consensus algorithm of the Ardor blockchain and ALL its child chains, that means that its importance increases with the number of applications launched on the platform, the more applications, the more transactions fees will earn $ARDR token holders using their stake to keep the network secure.
Ardor platform is being used by governments, startups and corporations to launch their decentralized applications, the most recent one is Tokenizing Sustainability – How TreeCoin is Supporting Reforestation in Paraguay
Q3. From @Magnatech_ve New collaborations & Partnerships are very important for the Growth & Developments of any project, especially for Crypto Projects! Can you tell us some recent major partnerships of Ardor project for project expansion & future plans? asduwer betancourt
Francisco Sarrias : Jelurida is now working with the Bridge Online Academy, experts in helping people to learn the Bridge card game online, to develop Bridge Champ. The platform is a customizable and purpose-built environment designed to optimize the player experience. Open APIs make it easy for tournament organizers to host competitions, and the user interface allows for video and audio sharing.
Bridge Champ will be the first of its kind to use blockchain to enhance the gameplay. It’s built on Ignis, the child blockchain of the Ardor multi-chain platform operated by Jelurida. There’s an in-game economy for competition registration and organization, and users can accrue crypto assets by “mining” bridge tokens based on their achievements and “proof-of-play.”
All achievements are secured by the Ignis blockchain ( one of Ardor’s child-chains) so that nobody can tamper with them. Cards are also dealt with provable randomness, leveraging the benefits of blockchain security to prevent fraud and cheating.
Jelurida has confirmed that this is only the first step in its journey to developing an ecosystem around game tokens that can be used on other game platforms.
Q4. From @MesutGunerri : On your website, it says that Ardor uses an innovative grouping system who is in charge of grouping the different transactions from the secondary chain to the main chain blocks? How does this grouping system work?
Francisco Sarrias : Yes this is what we call “bundling”, the bundling process is used to group child chain transactions from a child chain into a transaction on the Ardor chain. Bundlers accept the fees from those child chain transactions, in the corresponding child chain coin, and pay fees in $ARDR to the parent chain forgers (who in PoW are called “miners”).
For a detailed description of how this works you can visit: https://ardordocs.jelurida.com/Bundling
Q5. From @OkanBoysan29 Regarding your last update and the activation of the Triffic children’s chain, how do zero-charge children’s chain transactions benefit the project, its capital and the quality of the services it offers?
Francisco Sarrias : One of the biggest problems when it comes to onboarding new users to crypto is getting them to set up a wallet and make their first transaction. For example, with Ethereum, it’s impossible to send a transaction without having ETH in your wallet – even if the wallet contains other assets such as USDT.
Ardor’s introduction of zero-fee child chain transactions will go a long way towards making crypto more welcoming for newcomers who can get started quickly and easily.
For example, child chain transactions like the ones’s happening in Triffic.app can be sent for zero fee, which is ideal for onboarding new users, and a big deal when it comes to gaining adoption, because Triffic can sponsor the transaction fees for the GPS tokens users so they don’t have to know anything about blockchain.
You can read an interesting article about this topic by Lior Yaffe, one of our founders, here https://medium.com/@lyaffe/benefits-of-ardor-0-fee-transactions-355ca775c3b6
SESSION FREE ASKING
Q1. Salesman Crypt0 : Is it possible to forge via my smartphone on the Ardor application? or are there any plans for this in the future.?
Francisco Sarrias : Yes, and it is indeed very cool see in yur smartphone how blocks are generated and how you earn staking rewards, for those interested you can visit the link with instructions:
Q2. Currently “Staking” is a very popular topic. Can you please explain the details about the token staking plan and the benefits of adding “staking”?
Francisco Sarrias : Staking is a nice way to generate passive income with your tokens, in our case, everytime you forge (like mining in PoW) a block, you earn the fees of the transactions included in that particular block.
We do not generate new $ARDR tokens, all were generated in the genesis block, so you earn the transaction fees only.
Due to the particular architecture of Ardor, the child-chain fees are also the the parent chain blocks, because the bundlers have concerted the child-chain tokjens to $ARDR, that means that the more projects launch in Ardor, the more transaction fees will be earned by your stake.
I see a brilliant future for $ARDR stakers, but they will need to have some patience because launching decentralized applications takes some time, specially because traditional business and government entities are scared of the regulatory topics.
Q3. Sam Karan : DeFi is one of the hottest topics in the blockchain field. Can you share your opinion about DeFi with us? Do you think DeFi will destroy the existing financial system? What is your project Approach towards DeFi?
Francisco Sarrias : I think DeFi is a very interesting topic although investors shall be aware of scammers and Ponzi schemes.
DeFi has embraced Ethereum as their chosen blockchain and that means that transaction fees in Ethereum have skyrocketing, so the network is unusable for other applications like logistics, gaming, NFT’s, etc…
This is great news for Ardor because we are there to on board all those blockchain use cases that are stuck in a collapsed Ethereum network.
So in Ardor we are focussing in serving all this non DeFi use cases, that need a secure, stable and scalable blockchain that charges very little fees for their transactions.
So I can say I love DeFi so much, because is interesting and because it is bringing us a lot of frustrated ethereum users.
Q4. Good Boy : What is your strategy for marketing and for Mass Adoption ? How do you evaluate the support from the community?
Francisco Sarrias : We are looking to help companies and governments to launch their decentralized applications in Ardor, mass adoption will come when blockchain gets more popular and there are regulatory frameworks that make feel people safe using tokenized assets.
Our community is very important for spreading the word and some of the them are launching their own startups with Ardor which is great.
Of course there are sometimes friction points with our community when they are too worried about the $ARDR token price in the market.
They should understand that the only way to make the $ARDR token valuable in the future is that there is real usage of the platform by business and organizations.
Speculation is fun but does not warranty you that next year another trend will be more attractive, in 2017 the ICOs were the way to go, now it is DeFi and who know what will come next year.
So my wish id that our community becomes like our hunters for new real use case opportunities, that they help identify companies and public agencies that could really benefit from our technology.
Q5. Karla Herrera Pulido : As for your latest collaboration with CoinPost Japan, to strengthen your marketing strategy, I am interested to know, do you plan to partner with companies in Latin America, to publicize your project in that area?
Francisco Sarrias : We have been very active recruiting ambassadors in Asia (Japan, Vietnam, China, etc..) and we have an office in Korea.
We are also very active in Africa with our office in Nigeria and of course in Eurpoe where most of our team is based so far.
We have very active community members in the US too.
Unfortunately we have had no time to focus in Latin America, which is a pity because three members of the team are spanish and another is portuguese.
Hopefully 2021 when travel is safe again we will start doin more things in Latin Amrica.
Closing Statement :
“Yes, I thank you very much for your interest and invite you to test our webwallet at https://testardor.jelurida.com/index.html There you can play with the blockchain using testnet tokens, so completely free. To get those testnet tokens please use the faucet at https://www.ardor.world/en/faucet_ardor/ You will discover a very powerful and easy to use blockchain, so do not stay only in the speculative side, dedicate some time to learn the technoloigy, maybe your profesional future is there, you just need to study a little bit, you can start here: https://ardordocs.jelurida.com/Getting_started “
Our official channels and social media:
- Ardor official website: https://www.jelurida.com/ardor
- Ardor Twitter: https://twitter.com/ArdorPlatform
- Ardor Telegram: https://telegram.me/ardorplatform
- Ardor Official Technical Forum: https://talk.jelurida.com/Ardor
- Docs: https://ardordocs.jelurida.com/Getting_started