Ignis (IGNIS) is a cryptocurrency token launched in 2018 and operates on the Ardor platform.
Ignis is the main child chain of Ardor and an essential part of the platform. More than 20 built-in features on the Ignis child chain complement the proof-of-stake efficiency of the platform and make it suitable for a large variety of use cases. While the parent Ardor chain provides the security of the whole network, all the action happens on Ignis.
Problems & Solutions
Existing blockchain technologies have limitations
Single Token: All platform features, as well as the block generation process, require the use of the native token known as NXT.
Blockchain Bloat: Blockchain bloat is a common problem across all blockchain platforms, including Nxt. It is due to the fact that every node needs to store all transactions ever processed since the blockchain was started. New nodes are also required to re-process all data when they download the blockchain for the first time. This is a security requirement stemming from the trustless design of blockchain platforms.
Customization Issues: Many organizations need a custom blockchain with its own transactional token and customized functionality for their needs. To achieve this with the Nxt sofware, an organization needs to create a clone - i.e., a completely separate blockchain, running a modified version of the sofware, but not linked in any other way to the original Nxt blockchain. Doing so requires the setup of servers to process transactions and to secure the network, as well as complex development work for the customizations.
With Ardor, network security tokens and transactional tokens are separate. The first child chain of the Ardor platform is called “Ignis”. Ignis will inherit all features found on the Nxt blockchain. These features will also be available on other child chains, though restrictions can be placed by the child chain creators if a certain feature is not desired. Unlike “side chains” and other blockchain-related technologies, the Ardor parent chain and child chains like Ignis are based on the same source code and share the same security guaranties.
Features & Highlights
Coin Exchange: The decentralized Coin Exchange feature allows trading of all child chain tokens on the Ardor platform to each other and to the parent chain Ardor token. It is a fully decentralized exchange, with buy and sell orders placed and matched completely on-chain. The any-to-any trading engine can ensure liquidity even for child chain tokens that are not listed on external exchanges. Pegged to fiat child chains can be used as a gateway between the Ardor blockchain platform and the fiat economy.
Asset Exchange: Anyone can issue a token (asset) on top of the Ignis child chain, which can represent a crowdfunding token, company shares, or indeed anything the issuer intends. Assets can be transferred or traded between accounts, with the buy and sell orders matched on-chain. Issuers can pay dividends to the asset holders, and votings can be set up based on number of asset shares held. A special type of non-fungible assets are the so-called singleton assets, which can represent a unique physical or digital object. Assets are global for the whole Ardor platform and can be traded on any child chain that has the asset exchange feature enabled, in its native token.
Voting System: The Voting System allows anyone to set up a poll, on any topic they wish, with a configurable number of single or multiple choice options. The results of a poll can be evaluated based on a variety of voting models - by account, by balance, by asset shares, etc, and are presented graphically after the poll ends. Voting on the blockchain ensures transparency and permanent immutability of the results. While voting is public by default, advanced features such as controllable monetary system currencies and coin shuffling can be used to improve the privacy of the voters.
Data Cloud: The Data Cloud feature enables Ignis users to upload small amounts of data - documents, text files, images, torrent files, etc, to the blockchain. Such data can be tagged with keywords and classified in channels, making it easy to search and retrieve. While most nodes by default prune the cloud data after some time, dedicated archival nodes are used to permanently store it, allowing any piece of data to be retrieved whenever needed, with a cryptographic proof that it hasn't been tampered with.
Aliases: The Alias System can be used to define mapping of names ("aliases"), unique within each child chain, to arbitrary strings or pieces of data, implementing a decentralized on-blockchain naming system. Much like the DNS, such aliases can be used to map a domain name to IP address, hold the current value of some important publicly announced data (e.g. the latest Ardor release checksum), or simply be used as an easy-to-remember nickname for the account that owns the alias. Each child chain has its own namespace of aliases, but only the Ignis aliases can be used as a shortcut for logging in or as nicknames for transaction recipients.
Conditional Transactions: The execution of any transaction can be restricted to require additional conditions, such as approval by other accounts, approval by voting based on various voting models (balance, number of shares, ownership of voting tokens), the presence of another specific transaction on the blockchain, the publishing a secret matching a specific hash (pay on secret reveal), and so on. This is a very powerful feature on top of which multi-signature transactions, composite phasing and atomic transaction execution can be built.
Asset Control: Similar to Account Control which once set requires all transactions of an account to be subject to approval, the Asset Control feature allows imposing such restriction to all transactions involving a given asset - such as placing bid and ask orders, transfers, share deletions, and dividend payments that use the asset as a dividend. Setting asset control must be done on the Ignis child chain, but affects the transactions with the related asset on all child chains.
Token Sale & Economics
- Project website: https://www.jelurida.com/ignis
- Project whitepaper: https://www.jelurida.com/sites/default/files/JeluridaWhitepaper.pdf
- Token sale start time: TBA
- Ticker: IGNIS
- Token type: Own Wallet
- Total hard cap: $21,600,000
- Total supply: 1,000,000,000 IGNIS
- Initial circulating supply: 761,143,950 IGNIS
- Public sale token price: 1 IGNIS = $0.03905
Roadmap & Updates
- Q1 - Q2 2019
- Lightweight Contracts
- MPG Child Chain
- Token Balance Migration
- Shamir Secret Sharing
- Coin Exchange Enhancements
- Child Chain Control Infrastructure
- Loadtest and Benchmark Results
- Q3 2019
- Full Node on Android devices - for advanced IOT use cases
- Wallet walk through - newbie friendly tutorial
- Child Chain Control in production - pending appropriate use case
- Q4 2019
- Pruning and Snapshots on Testnet
- Remove child chain transactions from the blockchain when their state is stable
- Share state snapshots between nodes
- Support archival nodes for retrieving pruned child transactions
- Hardware Wallet Integration
- Wallet UI Modernization
- Pruning and Snapshots on Testnet
- Vision for 2020 and more
- Secure Voting
- Cryptographic Tools
- Java Modules
- Automatic Node Provisioning and Setup
- Confidential Node Configuration
Kristina Kalcheva, Co-Founder, Legal Expert, Director. Kristina Kalcheva is a legal specialist and a co-founder of Jelurida. She has a Master of Law and International Relations Degree from Sofia University and has been working as a legal advisor for seven years. Linkedin.
Lior Yaffe, Co-Founder, Core Developer, Director. Lior Yafe, Co-Founder and Director of Jelurida, has 20+ years of experience in design, development, and deployment of enterprise applications for large organizations. Lior has his B.A. in computer science from the Technion in Haifa, Israel. Linkedin.
Petko Petkov, Co-Founder, Core Developer. Petko Petkov is a software developer with experience in financial software, productivity tools and games. He has BSc in Informatics and MSc in Electronic Governance from Sofia University. Linkedin.
Tomislav Gountchev, Lead Software Architect, Core Developer. Tomislav Gountchev is a server-side Java developer with 20 years of professional experience. He has a scientific background, having obtained a B.A. in Natural Sciences from Cambridge University, and a Ph.D. in Chemistry from UC Berkeley.
Alberto Fernandez, Software Engineer. He was the lead integration architect of the Smarter Cities project in Madrid and has participated in complex projects such as an integration of Amazon with a major postal company, central banks, banking hubs, logistic companies, cybersecurity and so on. Linkedin.
Valerii Makieienko, Core Developer. Software Developer with over 8 years of experience in Core and Enterprise Java. Linkedin.
Veronica Torras, Business Developer. With over 15 years of experience in Business, Sales and Marketing, Verónica discovered her passion for blockchain in 2017. She has lived and worked in Spain, the Netherlands, and the USA, serving as Chief Marketing Officer at Vita Green Health Products, and as Logistics Assistant at Tommy Hilfiger in the beginning of her career. Linkedin.
Francisco Sarrias, Senior Sales Engineer. Francisco holds an Msc. in Telecom Engineering from the Polytechnic University of Catalonia (UPC) and a management degree from the IESE Business School. He has been a member of the Nxt community since 2016 and now he contributes with his network and commercial skills to on-board real business cases to the blockchain technology. Linkedin.
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