Written by ICO Alert

ICO Alert is the trusted ICO Discovery Platform. View a comprehensive list of active and upcoming ICOs at https://www.icoalert.com/
September 9 2017

ICO Alert Report: Ignis

ICO Alert Report: Ignis

ICO Alert does not endorse or recommend participating in any initial coin offerings. ICO Alert receives a promotional fee for the production of this ICO Alert Report. Please click here for additional important information.

What is Ignis?

Our ICO aims to secure enough funding to allow us to launch and maintain the Ardor blockchain platform and also to continue developing and supporting the Nxt blockchain. Ardor is designed to be a scalable Proof-of-Stake multi-chain ecosystem. It has a unique parent–child chain architecture and is built on the proven Nxt technology. Ardor is already running successfully on testnet and is scheduled to launch in Q4 2017.
Ardor’s first and most important child chain is called Ignis. 50% of the Ignis tokens will go to existing NXT holders (0.5 IGNS for 1 NXT) during a snapshot after the ICO. The other 50% are being sold currently in the Ignis ICO and can be bought at a cheaper price. The ICO has five rounds with increasing price and the first two are already sold out.
-Kristina Kalcheva, Co-Founder and Managing Director of Jelurida

Crowdsale Information
The Ignis crowdsale began on August 5, 2017 and will end on October 14, 2017.

The crowdsale is taking place on the Nxt blockchain, where Jelurida tokens must be purchased in order to receive Ignis. Jelurida tokens are denominated in Nxt and the price will increase in each subsequent investment round, but contributors can easily convert other cryptocurrencies to Nxt using a Shapeshift or Changelly integration in the Nxt wallet or on third party exchanges.

Jelurida tokens are not exchangeable and act as placeholder tokens for Ignis. Tokens are sold within randomized 30 minute periods decided by the Jelurida team. The price will increase in the following rounds:

For the most up to date information on the crowdsale please visit the Jelurida website.

Token Distribution information
The total amount of Ignis coins issued will be equal to half of the amount of Nxt coins existing on the Nxt blockchain at the time of the Ardor Genesis Snapshot, plus 500,000,000. The Ardor Genesis Snapshot has not yet been announced, but will happen at least two weeks after the end of the crowdsale. The snapshot will deliver 0.5 Ignis tokens for every 1 Nxt token in users’ accounts.

Allocation
500,000,000: Reserved for the Ardor Genesis snapshot
440,000,000: Sold to the public during the crowdsale
60,000,000: Reserved by the Jelurida team

Use of Crowdsale Proceeds
The funds raised during the IGNIS token sale will be used for the further development, maintenance, advancement and world-wide promotion of the Nxt and Ardor blockchain platforms, as well as protecting the intellectual property of the code base.

Team
Kristina Kalcheva, Co-Founder and Managing Director
Linkedin
Kristina has a master’s degree in law and international relations from Sofia University and has been working as a legal advisor for seven years. She has experience with private, national, European, and international law. Her professional skills are in the area of human rights and intellectual property rights protection on both the national and international level. Part of her job in the company is to explore the different open source licensing models and their enforceability in practice. Before Jelurida, Kristina was an attorney and legal specialist.

Lior Yafe, Co-Founder, Managing Director and Senior Developer
Linkedin
Lior has a bachelor’s degree in computer science from the Technion — Israel Institute of Technology. He has 20 years of experience in design, development, and deployment of enterprise applications for large corporations. Before establishing Jelurida, Lior lead the development and product management of a leading mainframe integration product at Software AG.

Petko Petkov, Software Engineer
Petko is a software developer with experience in financial software, productivity tools, and gaming. He has a bachelor’s degree in informatics and a master’s degree in electronic governance from Sofia University. Petko began his career in 2006 as a mobile Java developer. He later switched to server-side Java software and, for two and a half years, worked on a system for e-invoicing. In 2011, he returned to mobile development, and since then he has written mostly platform-independent C++ and Java for Android. Outside of his day job, he has been dealing with various other technologies including JavaScript, Java SE and Python.

Tomislav Gountchev, Senior Developer
Linkedin
Tomislav is a server-side Java developer with more than 15 years of professional experience. He has a scientific background, having obtained a bachelor’s degree in natural sciences from Cambridge University, and a PhD in chemistry from UC Berkeley. After academia, Tomislav made a career switch and worked as a software engineer for NexTag and eBay, e-commerce companies in Silicon Valley. Later, he co-founded Nabble, a website for hosted public forums, where he spent several years as a senior Java engineer responsible for the design and implementation of multiple backend components. He briefly worked as an R&D software engineer for an open source enterprise CMS company in the Netherlands before becoming interested in blockchain technology and joining Jelurida.

Social Media
Slack: https://nxtchat.herokuapp.com/
Forum: https://nxtforum.org/
Twitter: https://twitter.com/Jelurida

Q&A

ICO Alert: Ignis is the first ICO on top of the Ardor platform. What is Ardor and how will Ignis and the Ignis tokens function with Ardor?

Kristina Kalcheva, Co-Founder and Managing Director: Ignis is the most important part of Ardor — the first child chain which will be totally unrestricted and will have all the functionality currently supported by Nxt plus much more.
The idea behind Ardor is to provide the simultaneous existence of multiple child chains with their own transactional tokens, which can be created for different purposes and to address the blockchain needs of companies, organizations, projects etc.
The Ardor platform makes a clear separation between transactional tokens and forging (security) tokens. This will allow everybody who has a child chain to have all the benefits blockchain technology has to offer without worrying about its security, which will be ensured by the forging token — Ardor. In addition to that, all child chains can freely interact and trade with each other without going outside of the platform.
Same as in Nxt, the consensus protocol of Ardor will be 100% Proof-of-Stake, ensuring energy efficiency and very low hardware costs.

ICO Alert: Ignis is the first “child-chain” of the Ardor platform. What is the difference between a child-chain and a “side-chain” (e.g. Lisk side-chains)?

Ignis: The main difference is that side-chains need their own network security and block processing, while the Ardor child chains are tightly integrated into the main Ardor parent chain. This makes them more easy and secure to maintain and also allows cross-chain transactions. You can read a detailed comparison here.

ICO Alert: In your whitepaper, Ignis is defined as the “entry point” to the Ardor platform. What features are available on the Ardor platform through the Ignis token?

Ignis: All features currently available on Nxt will be available on the Ignis child chain too — Asset Exchange, Monetary System, Aliases, Messaging, Digital Goods Store, Voting System, Shuffling, Data Cloud, Phasing, Account Control, Account Properties.
New features are the Asset Control, Composite Phasing, Asset Increase Transaction, Dividend payments in assets or monetary system currencies.
The parent chain itself supports a limited subset of features, as it is intended to be used for consensus establishing only and not for everyday transactions. You can find more information in the whitepaper.

ICO Alert: Many in the Ethereum community are concerned with the speed of the Ethereum network, especially during times of high transactional volume (popular ICOs, etc.). How does the Ardor platform solve this problem?

Ignis: Recently performed tests show that the Ardor platform can easily support 100 transactions per second. Ardor is also by design intended to deal with the blockchain bloat problem by enabling full node pruning (removing of old transactions). This will, of course, keep the size of the database smaller and the performance will be much better. We are also working on making child-chain transaction processing parallel having dedicated subnets for each child chain. In this way, not every node will have to process all child chain transactions.

ICO Alert: It appears there was some drama around the initial stage of the Ignis ICO, due to a small amount of “whales” (and the team in future rounds) being the only ones receiving the cheapest NXT : Ignis ratio. Has the team responded to the criticism and do contributors need to worry about not being able to participate now?

Ignis: The team did not participate in the first six batches intentionally, but it is true that in the initial three batches, a smart user who took the time to investigate how the transaction processing works, was able to gain advantage. The Jelurida team of developers quickly released a new version of the wallet which now gives everybody the opportunity to pre-schedule their purchase orders so everybody has the same chance. After that, it’s a matter of luck to win the lottery. As demand is a lot higher than the supply, and as the crowdsale is being held on the decentralized Nxt platform, executed under the rules of the blockchain, there are participants that didn’t get lucky yet. But so far, more than 250 unique accounts have managed to purchase tokens and we still have three rounds to go.

ICO Alert: Ignis will allow interoperability with other future child-chains and their potential services. What future child chain applications could you foresee that would be interesting to Ignis token holders? Are there child chain partnerships/development that have started already or are in the works?

Ignis: The most interesting use of child-chains will be the possibility to have their native tokens pegged to fiat currencies, thus making a decentralized forex exchange. We are talking to several payment providers that have expressed interest in supporting such child-chains. This will also allow transactions on the blockchain to be denominated in fiat or other cryptocurrencies. In addition, assets can be traded on any child-chain and dividends can be paid on any of the child-chain coins. Businesses can opt to cover the transaction fees of their users on this business’s child-chain, which will be convenient for use cases such as loyalty points, event tickets, voting applications, etc.
Besides that, Ardor will be released under the Jelurida Public License — an open source license specifically adapted for the crypto world. It will make it mandatory for everybody who wants to clone Ardor to give 10% of their tokens to Ignis holders. The newest versions of Nxt software are already released under this license and whoever wants to clone Nxt (and also existing clones that want to upgrade to the new versions) has to give 10% of their tokens to the Nxt holders.

ICO Alert: What is the difference between forging and bundling and how do they work within the Ardor platform with/without Ignis?

Ignis: Forgers create Ardor chain blocks and secure the system using the familiar Nxt PoS algorithm. Bundlers group child chain transactions into child-chain blocks. When those child-chain blocks are included in the parent-chain, the bundlers receive the fees from the child-chain transaction and pay fees in Ardor to the forger of the block. This allows each child-chain to use its native tokens to pay transaction fees and the Ardor forgers to still receive fees in ARDR. You can find a detailed comparison here.

ICO Alert: For those who are not familiar with the Jelurida family as a whole, can you breakdown how Jelurida, NXT, Ardor, Ignis, Bitswift, etc. fit into the ecosystem Jelurida has created?

Ignis: Jelurida is the development company behind Nxt and Ardor blockchain platforms. Nxt and Ardor are separate blockchains, suitable for different use cases, and both of them will exist in parallel. Ignis is the first child-chain of Ardor and the one does not make much sense without the other. Ignis will have the rich functionality and Ardor will take care of the system security.
Bitswift will be a child-chain of Ardor as well. You can find more information on Bitswift here.

ICO Alert: As a non-Ignis related question, we like to get thoughts on the future of the ICO and cryptocurrency space. Where do you see the ICO and cryptocurrency space in five years?

Ignis: Five years is really a long time in the crypto world. There is no way to know for sure, but we expect the “ICO boom” to slow down and to become more strictly regulated. And people will become more cautious about which project to support and they will do good research before giving money in a crowdsale. And something we can already observe will continue to grow — a whole industry of neighboring and supporting services is developing around ICOs — marketing, evaluating, consulting, legal etc.
As for the cryptocurrencies, they are here to stay. They have proven themselves to be a convenient and alternative payment method, as well as an investment opportunity. And we can definitely expect more regulations about them too. But the blockchain technology behind the crypto currencies will be even more valuable and may develop in many new directions because it certainly has the potential to change how things work in the digital world.

Is there an ICO that you’d like to see covered in an ICO Alert Report? Tweet us and let us know.

View the Ignis/Ardor Website here.

View the only comprehensive list of active and upcoming ICOs here.

References
(1) Ignis ICO Website Page, Jelurida, (2017)
https://www.jelurida.com/ico

(2) Ignis Token Sale Whitepaper, Jelurida, (2017)
https://www.jelurida.com/sites/default/files/JeluridaWhitepaper.pdf

Topics: Blockchain, Cryptocurrency, Finance, ICO, Tech