Scalability in the world of blockchain solutions remains a pressing matter. While the Bitcoin scalability issue is far from resolved at this stage, other blockchain providers are taking a different approach. NXT, for example, unveiled their Ardor blockchain solution, which acts as a scalable blockchain-based solution.
In this day and age of private and permissioned blockchains, the question becomes how transparent this technology will be when deployed. Nxt, a blockchain and decentralized financial provider has unveiled an open blockchain-based platform. What is even more interesting is how they tackled the biggest hurdle of this technology: which is scalability.
Ardor Addresses Blockchain Scalability Concerns
Ardor, as this new solution is known as, will not focus on one particular area of finance. Instead, the platform is designed to go well beyond financial exchanges. Due to its open nature, startups, banks, governments, and individual users can use this new platform. This is quite a daunting undertaking, and addressing scalability was the primary priority.
Nxt Foundation Director Dave Pearce told the media:
“Ardor will deliver the functions that many of our users have requested and suggested. Given recent concerns regarding security within the digital currency sector, the architecture behind Ardor will open up opportunities to a broad base of potential users who wouldn’t normally interact using blockchain technology.”
Among the services and tools offered by Ardor are a decentralized stock market and asset exchange. Trading of assets is handled through “child chains”. Taking this somewhat unique approach will address any scalability issues. Using child chains will help reduce the “load” on the main blockchain powering this platform.
But there’s more to this project than just the financial side of things. The Nxt team enabled features such as governance and decentralized voting. Moreover, there is a way to ensure transactions are only executed after meeting specific requirements, called smart/phased transactions. This is very similar to smart contract technology, albeit using a different system. Enterprises may take a liking to this concept, as they can use Ardor to automate payments and transfers.
The official launch for Ardor is scheduled for July 14, 2016. All of the NXT currency owners will receive a take in Ardor, as long as they hold an NXT balance by the launch date. For those users who are still looking to purchase cryptocurrency before the launch, the Bitpanda exchange lets users buy NXT with EUR.
Header image courtesy of NXT