Review on Ignis by Inioluwa Okedeji
IGNIS: The First Child-chain Of Ardor, Which Is Responsible For All It's Transactions
IGNIS is the first Child-chain of the Ardor platform and since it's launch in 2018, it has played an essential part in the transactions and is responsible for every type of transaction done on the platform. The security of these transactions are ensured of by the Main-chain (Ardor)
To ensure utmost privacy in its day to day operations, messages on IGNIS are secured through encryption. The transparency of IGNIS can be attested to, given the fact that all transactions are stored in a public ledger that is available for all to see. While IGNIS ensures security of its operations, it also makes sure that transactions are transparent. This proves that IGNIS is a secured and transparent project.
IGNIS is not only responsible for the transactions on the Ardor platform but it is also equipped with sophisticated and advanced features such as the light weight contracts which are much more secured than the general smart contracts and privacy mechanisms as stated earlier that allows the encryption of messages.
The IGNIS is also built on the proof-of-stake consensus algorithm which is more advanced than the proof-of-work algorithm and rather than mining devices, it consists of validators making this project a tokenized one.
Given the fact that it also features multi signature control, it can be utilized both in the private and public. And the existence of the light weight contracts also paves way for other child-chains to be created to support the Ardor platform.
IGNIS applications are accessible both on mobile devices and desktop devices, this makes the project available to the public.
Updated 3 years ago
Rating has not been changed
There has been quite a number of development on the IGNIS project since my last review and one of the major development is the decentralized exchange feature that makes it possible to trade all Ardor child-chain tokens with each other, and also with the ARDR token. Which provides an amazing opportunity for child-chain tokens that are not listed on any external exchanges to acquire liquidity. Another issue that the development of this decentralized exchange on IGNIS solves is the transaction between child-chain tokens and fiat currencies, this is because it creates a bridge that connects the Ardor blockchain with the general fiat currencies system.
Among other developments is the IGNIS marketplace, this right here is a decentralized store that is open to any physical or digital goods. This section allows users to put any supported items for sale, buyer to seller communication is also secured through encrypted messages, to ensure the privacy of transactions. Well, this marketplace is not only unique to IGNIS but to every other Ardor child-chain.
Asset exchange is another amazing development on IGNIS. This development makes room for the issuance of tokens on the IGNIS chain. Issued tokens can be used as crowdfunding tokens or a token representation of company shares.
Other features on IGNIS includes;
• Conditional Transactions is part of the security measures that only allow the approval of some transactions after specific conditions have been met.
• Data Cloud allows users the opportunity to upload data, files, documents, images, etc to the blockchain, where they are certainly secured.
• Voting System allows anyone to create a poll concerning any topic with any number of options.
Not forgetting the IGNIS token as well, IGNIS token is currently valued at $0.016, which is still pretty low in comparison to its all time high, a few years back. My recommendation on this project will be determined by the parent chain(Ardor) and I feel that as Ardor progresses and develops, IGNIS being the first child-chain, and a part of the ecosystem, will surely follow suit, but for now, let's just watch how it goes because both the parent-chain and the child-chains are still developing and will still undergo series developments.
My rating remains unchanged and my view about the project remains the same.
Pros
- IGNIS supports light weight contracts which makes it impossible for broken contracts to compromise the network.
- It features multi signature control which means it can be utilized both publicly and privately.
- It supports coin shuffling, a privacy mechanism that ensures that users shuffle equal amount of tokens
- All transactions are stored in a public ledger to ensure transparency.
Cons
- The only shortcoming I can highlight in this project is its low market value which can partly be attributed to the low popularity of the project.
