Looking at purchasing roughly 70k NXT tokens and I just setup my 1GHs ETransactions farm to mine to a ShapeShift wallet that auto converts ETH to NXT to reach my goal of 10Contractoins.
This project solves all the problems I feel ETH and other platforms have and adds functionality on top....The fact that Barclays is holding out to see what the Smart Contract/Blockchain world has to offer, makes me think that they don't think that ETH is the be all end all. They mention that competition is a good thing, and this definitely proves that to me. I can see major companies adopting the NXT 2.0 system and I want to be a part of that...
I can't wait to see what the next few months have it store...
All we can say for sure right now is that the Nxt Foundation is in talks with dutch banks. But possible that banks like Barclay will watch out for Nxt's Smart Transactions as an easier and more secure way of using distributed ledger tech than Ethereum's Smart Contracts.This project solves all the problems I feel ETH and other platforms have and adds functionality on top....The fact that Barclays is holding out to see what the Smart Contract/Blockchain world has to offer, makes me think that they don't think that ETH is the be all end all. They mention that competition is a good thing, and this definitely proves that to me. I can see major companies adopting the NXT 2.0 system and I want to be a part of that...
I can't wait to see what the next few months have it store...
People who hold their NXT in active sell orders will consider legal action, if they dont get their ARDR tokens.
As per Richie Lai (Bittrex), regarding distribution of ARDR: "We are waiting for NXT to provide us with the MECHANICALS to proceed with the distribution..."
So, what's up devs? Distribution of ARDR, just like in the wallets, should have already been occurring in the exchanges. I figure a lawsuit would be in order, of course. At Bittrex alone, there are more than 8 million NXT in hundreds of accounts.
The distribution doesn't happen until Oct, so there's still plenty of time for the Devs to work this out. The ARDR in wallets is just an estimation of what to expect when distribution finally happens and is easier to apply the distribution model to than exchanges where there are many moving parts that need to be considered.
Granted it is a bit more complex but the MECHANICALS should have been distributed already and everyone should be having the same estimations that in the regular wallets... because, you DO know they are just regular wallets at the exchanges, right? I don't see how the little bit of more complexity in the distribution and estimations is a problem. The SNAPSHOTS are happening on those wallets (or the main wallet at least) just like in the rest of the wallets, so it is not a very complex problem to provide that by-the-hour- estimation to everyone holding NXT wherever they are holding it.
But you're not running a regular wallet when you use exchanges. That is custom code written by the exchange to display your balance. How can you expect the NXT foundation to write custom code for each exchange to display a projected Ardor distribution? No where is it stated that a "preview" of how much to expect is a requirement for a wallet, only that there will be a distribution that you will receive. The information needed to calculate the amount is widely posted everywhere for your current NXT holdings. If you want the preview functionality, then hold your NXT in a web or desktop wallet and not on an exchange. That is the official stance of the NXT foundation anyways, so I take that as keeping my funds by any other means is a risk. So if I want to guarantee my funds, I need to be holding them in a personal wallet and not on an exchange. I mean if you have your NXT posted up for sale, clearly you don't believe in the platform and are looking to exit, so why would you care about not receiving any Ardor tokens, unless you just want to dump to make a quick buck? After all the NXT is still needed to acquire the coins from the first child chain, so how can you expect to receive coins for that if you're selling them now?
I think the big draw is child chains, combined with Smart Transactions. Let's talk about both.
Child chains let anyone build their blockchain on years of top blockchain talent. That removes a huge hurdle to entry and let's people focus on biz development.
That's exactly what the [Suspicious link removed]munity needs. We've got the tech. We don't have the infrastructure.
Ardor makes it easy to build those businesses. The infrastructure will be done. All you'll have to do is launch your project.
Then Smart Transactions. Every Bank worth its salt is looking for template smart contracts to make them feasible for real business use.
Nxt already has them finished, and they're going to Ardor. All they're waiting for is a few case studies, which are in the works. Imagine the success when those case studies go public and coders see there's a better way to use Smart Contracts. And more importantly, when bankers see them!
There's lots of other things, but what matters is how these are useful for business. That's how Ardor will compete.
Ardor solves key business problems and opens the field to an exponentially larger group of savvy entrepreneurs and coders.
And really, that's what it's all about. Finally taking all this amazing R & D done in the [Suspicious link removed]munity, particularly the Nxt community, and taking them to the world. One business at a time.
Thank you for the (failed) attempt at explaining these two things in layman's terms. The failed one is in pretending that "child chains" are somehow the answer that every business is looking for. I don't see anyone looking for these anywhere. Why would they? What is the pragmatic benefit of -let's say a bank, since you mention them- in having ready-made child chains? What's the advantage of them over, for instance, a data base? What other "key business problems" are or will be solved by child chains?
Now, as for the smart contracts... there's no way, no way in hell any bank will ever use a decentralized (as they are by definition) smart contract. For anything. Or (practically) any business at all. OK, look, the mother lode of the western economy, the KEY factor of its successes, all of them, is PRECISELY the possibility anyone has to return and be refunded when the purchase something they are not satisfied with when they try it. From Amazon -primary example- to practically anyone else -including food chains- this is the key base of their success. A Smart Contract, since it would be irreversible, has no place in such economy. At least no place that I can see from the real world perspective. But what do I know, right?
From what I gather from everything, child chains represent a way for transactions and information to become specific to a particular organization. Whatever happens on one chain doesn't affect the other chains, and if a hack/fat finger/data entry error is made, only the child chain would need to fork to correct the issue vs the entire chain. Take the recent DAO smart contract exploit that took place on the ETH network. They had to fork the entire network in order to correct an issue with a faulty contract. Think of the ETH pools and solo miners as businesses that have adopted the "Smart Contracts" philosophy and have incorporated it into your infrastructure. Companies can spend millions to ensure they execute sound contracts, but joe schmoe off the street with enough programming language knowledge can create a smart contract with honest intentions, but lose millions in investors money. Programmers aren't perfect as much as we would like them to be, so if and when errors are made, would you want to fork an entire network and educate all those connected on how to upgrade, or only fork the portion of the network that contains the error? That to me is the benefit of child chains. As long as the core network remains in tack and separate from the core transactions of the child chains, then company A is safeguarded from the actions of company B. This also has the side effect of reducing bloat on the main chain so processing time can be focused on transactions and not data from every single user. Ardor will make use of both lite (processes transactions) and archive (maintains child chain data) nodes to secure the network. This allows for ease of entry to run a network node so that anybody can do it and the more that do, the stronger the network becomes.
Secondly Ardor isn't smart contracts they're smart transactions. If you read through this thread you would have seen the official stance on this matter. Here it is:
- So how is Ardor different from Ethereum Smart Contracts?
- Wouldn't this make NXT and easy pump as all the speculators would want nxt to hop onto the new Ardor platform when it comes out?
Is ardor the only blockchain that can spawn other blockchains within itself? How is that different from every other blockchain that uses a color coin technology?
- Wouldn't this make NXT and easy pump as all the speculators would want nxt to hop onto the new Ardor platform when it comes out?
Is ardor the only blockchain that can spawn other blockchains within itself? How is that different from every other blockchain that uses a color coin technology?
- Nxt (and Ardor) have decided very specifically not to go the "Smart Contract" route in 2014.
The main reason that was given was that Smart Contracts are open to all kinds of problems, from malicious code to badly written contracts.
I think the last weeks proved that these worries were justified.
Wat Nxt and Ardor do is implement a collection of "Smart Transactions" that are hardcoded into the system and are executed on the system Nodes.
These transactions have been tested and for a lot of use cases are more than enough, especially because they are modular and can be combined into more complex use cases.
So there is much flexibility in what can be done, but it's not completely open like Ethereum.
As far as we know, Ardor is the only blockchain that is able to do this.
Banks have been a private system for years, so no one thinks that they will jump on a public chain where they have no control over security. I fully expect banks to adopt the ARDOR system, but it will most likely be in a private chain scenario where they create child chains for each branch so they can track the transactions independently in their own ledgers. Where ARDOR and supporters of the public chain will benefit from is the "publicity" from the banks making it known that NXT/Ardor technology is powering their operation. So banks removed from the equation, I think brokerage houses, mutual funds and other Wall Street type FinTech companies are more likely to use this technology, because it allows for the quick and fast transfer of funds from one account to another. A company creates their own token/child chain. Client comes in with a portfolio of X dollars and buys the tokens from the firm which are sold of any denomination of currency that the firm prefers. This allows the clients money to be moved around in a matter of seconds vs days that it could potentially take. I know for one when I sell a stock, there's a 3 day window before I can have my funds in hand to use. Wouldn't it be nice to cut this from 3 days to a day? The only reason it would take a day is determined how long it takes you to make it to the bank. This can be cut down even further if the bank is privately using the NXT/Ardor blockchain so the transaction can be handed from one chain to another, and the balance is almost immediately available on your debit card to use for whatever you need it for.
This is a portion of how I see NXT/Ardor being utilized in the wild. If you're just trolling I'm sure you will find some fault with what I've said, but at the end of the day the only thing that will really matter is the adoption once Ardor is released. Anything and everything can be said both positive and negative, but once the rubber meets the road, the proof one way or another will be in black and white and hard facts for everyone to see.
