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Ignis and its Ignis coin: A starter's guide

Ignis and its Ignis coin: A starter’s guide

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Ignis and its Ignis coin have been dubbed by their creators to be the first instance of what they are referring to as ‘child-chain’ technology. It is also the youngest member of Jelurida B.V’s family of blockchain solutions, which also includes Ardor, the successor to the Nxt blockchain.

What is Ignis?

The Ignis project is supposed to serve primarily as an exemplary use-case for Jelurida’s child chain technology. Beyond this, however, it’s unique benefits are yet unknown.

Jelurida is a company that markets itself as an open-source blockchain provider. The team has been creating innovative crypto solutions since as far back as 2013. This was period in which they launch and engineered their first blockchain: Nxt (‘NXT’).

Like Ethereum, Nxt is a decentralized infrastructure from which custom blockchain applications can be created. Unlike most of the chain forks seen in the cryptocurrency space, Jelurida launched their successor, Ardor, in parallel to their original blockchain.

Ardor (ARDR) has been referred to by many as ‘NXT 2.0’ and was developed with the intention of increasing scalability and versatility throughout the platform, whilst reducing ‘blockchain bloat’.

Bloat is an issue that rears its head when a blockchain exceeds its capacity for concurrent user activity (like bandwidth), and this exponentially increases processing times & transaction fees.

 

Ignis Coin price

According to CoinMarketCap records: Ignis’ peak market cap of $392,141,363 (30 January 2018) dropped to a low of $53,048,384 on 1 April 2018 (-86.47%) – with the price per coin dropping down to $0.06969 from $0.51520 (also -86.47%).

Since the beginning of April, the market cap has risen by around 57.8 percent and the coin value by 52 percent. This pales in comparison with the likes of Bitcoin Cash, which saw its market cap increase by 133.124 percent over this same period.

 

Ignis coin ICO

Their ICO launched in August 2017 and ended in November of the same year. Fifty percent of the entire token base was allocated as airdrop rewards for existing NXT holders (half of an ‘IGNIS’ for each ‘NXT’), and the rest in return for direct investments.

The current market cap sits at $120,369 and the current average trading price for the IGNIS coin is $0.168398 at the time of writing. This makes the investment a desirable option, especially when considering the potential for the token approaching its previous top-values again considering the current trajectory.

 

Ignis: How it works and its key features

What do know is that, like Ardor: many of Ignis’ inherent features and tools offered to coin-holders are shared with Nxt. An example is its high-efficiency coin shuffling tool, whose code is shared with the Nxt and Ardor chains/platforms.

This shuffler allows coin-holders to anonymize the origin and location of their funds when making transactions. Due to advanced ‘random mapping’ technology, the process is quicker than many competing solutions.

 

Ignis: Child chains, platform, and technology

Unlike the industry-ubiquitous side-chains: child-chains inherit the security and network processing benefits of their parent network, whilst retaining operational and transactional autonomy.

Transactional fees incurred for the mining of blocks are charged in the same currency as the child-chain they occur within. This is completely unlike the current state of Ethereum’s ‘side-chains’, which incur all fees in ETH.

All child chains are based on the same source code as their parent chain, although the ledger remains fully independent and utilizes its own proprietary cryptocurrency (in this case: ‘IGNIS’).

Being ‘open source’ essentially means that all the code that the Ignis system runs on is publicly viewable and can often be adapted by peers under specific licensing conditions. This process allows third-party analysts, pundits, and observers to use their own judgment to verify its quality and operability, rather than having to read through marketing buzzwords and hearsay.

As Ethereum plans on transitioning to a fully proof-of-stake consensus model, Ardor/Ignis are also fully invested in this proposed model, unlike proof-of-work, pioneered and still utilized by Bitcoin.

 

Ignis: Team and founders

Whilst the majority of Jelurida’s founding team hails from Bulgaria, the organization itself has been founded and headquartered in Switzerland.

This team in question collectively possesses a vast and diverse portfolio of capabilities which includes technical blockchain coding, as well as traditional languages such as Python and JavaScript foundations. This is in addition to fintech and legal expertise.

Here is a handful of key players within the executive leadership team.

  • Kristina Kalcheva: Co-founder, Managing Director, Legal Expert
  • Lior Yaffe: Co-Founder, Managing Director, Senior Developer
  • Petko Petkov: Co-Founder, Core Developer.

Ignis: Wallets

Beyond exchange platforms, Ignis can be stored on the pre-existing e-wallets provided by Jelurida, covering Nxt and Ardor also, naturally. Furthermore, it can be easily exchanged by token-holders for Ethereum on HitBTC and subsequently stored across a variety of mediums.

 

Can you mine Ignis?

Ignis is a ‘child chain’, and one of the defining aspects of its relationship to its parent chain (Ardor) is that it acts as what the team calls ‘parent’ and ‘security’ privileges. The company has proudly proclaimed the ability to forge new currency utilizing the PoS model, independent of the chain consensus/mining operations of Nxt or Ardor. Furthermore, interested parties can fork and mind their own coins from the platform.

 

Ignis: Roadmap

The Ardor and Ignis platforms have a strong history, and seemingly solid roadmap for continuous growth, improvements, and scalability-driven development.

Without a purpose or direction, Ignis’ development will essentially be dictated by the that of the parent platform. The key team members and stakeholders designated to this project have not been delineated, which suggests that it is a secondary priority for the individuals behind it.

Ignis Roadmap

 

Ignis Community

Whilst the company may seem to have been lax on the marketing front – you can find out about official news, speculation, and leaks in their community forums. The most prominent coverage and discussion arguably come from the likes of their Reddit page where they have 1,099 subscribers who they called Ignisians. On Twitter, the cryptocurrency has 27.3 thousand followers.

 

Ignis: How to buy Ignis

At present, Ignis (IGNIS) is available for acquisition almost exclusively on HitBTC, likely contributing to the gradual and seemingly organic growth which the economy has been enjoying over recent weeks.

 

Ignis: Review

At the end of the day, Ignis represents a significant step forward for the Jelurida team and the Nxt/Ardor blockchains – if not all blockchain technology.

It is an interesting, independent platform. But the lack of market activity combined with an absence of any real use case and marketing efforts means that one must be careful if considering investing in Ignis.

Without hearing more from the horse’s mouth, however, it would be hard to recommend any significant investment as it is all speculative without any solid proof of its purpose or trajectory.

 

Final thoughts

Without a purpose or direction, Ignis’ development will essentially be dictated by the that of the parent platform. The key team members and stakeholders designated to this project have not been delineated, which suggests that it is a secondary priority for the individuals behind it.

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