Recap AMA Ardor x ZTH Crypto
Thank you Ardor for Ask Me Anything (AMA) in ZTHCrypto 22 September 2020. Best Speaker Alberto Fernandez (Business Developer )
Segment 1 : Introduction
Let's ZTH x Ardor AMA get started❗️
⚠️ Don't Panic! You are not in Ban. CHAT is muted for AMA! ⚠️
📣We will host AMA with Alberto Fernandez
✨During the AMA, we will often close the chat feature to smooth the question and answer session.
Q1 : Welcome to the ZTH community, thanks for taking the time for today’s AMA session!
We are glad to meet here:
@alber1 Alberto Fernandez Jelurida Business developer
A1 : Hi all 👋 It is a pleasure to be here! The Zero to hero community is amazing!! 😮
Q2 : Thank you😊 How are you feel today: @alber1?
A2 : I’m pretty well. These days are pretty busy but were very productive 🙂
Q3 : Great, I feel very happy today to be here talking to you ☺️
A3 : so am I, I hope you are well too
Q4 : Yeah sure 😊 our community hopes to talk and learn more with the Ardor!
A4 : I’m sure their questions will be really interesting for me. I am eager to listen to them and I hope I can solve all of them about Ardor
Q5 : So let’s move to segment 1
Could you please introduce yourself and (Ardor) to us at the first sesion.
A5 : Sure! I have been always passionate about computers and innovation since I was a kid, after graduating from the university as a telecommunication engineer I started to work in the era of software integration. When I discovered the blockchain technology, particularly the Nxt blockchain, I immediately fell in love and made several proofs of concepts based on its technology. I am also the co-founder of a company in Spain that provided software services. When I moved to the UK I founded another company, it has been quite a ride since them, and it made me the opportunity to get deep into the corporate world. Since then, I have been working on many different projects in more than 10 countries.
In 2018, I made a step further from the Nxt community and became a member of the Jelurida’s team (Jelurida is the company behind the development of Ardor and Nxt). as a software engineer and business developer. Let’s move to Ardor 🙂 It is the first multi-chain platform 100% proof of stake 🔥. It has a very rich toolset of smart transactions that can be connected as legos ,and if a more complex development is needed, you can also develop your own lightweight contracts. It is written in Java and it also has a fully operational API that made the integration an easy part of the dApp development process. The Ardor ecosystem is very wide. It came from the Nxt community. We currently have customers and developers from different parts of the world. We made agreements with big companies and corporates and we are constantly scouting new partnerships that can make the ecosystem grow higher. If you want to sneak a bit about Ardor, you can start by creating an account, having a look at the wallet https://ardor.jelurida.com/index.html or reading the getting started tutorial https://ardordocs.jelurida.com/Getting_started
Q6 : Before entering segment 2 we have 1 question for you 😊
What factors does ARDOR take into account when creating a new children's chain for a business or project?
A6 : Jelurida is the company behind the development of the Ardor development and also responsible to launch the new child chains. The key factors for a project to become a child chain are:
- They have to comply with the regulation. Hence, no scams or fishy business are allowed. The due diligence is very thorough.
- They have to get a license from Jelurida. It is not that complicated, right? In the future, we are likely to launch programs to incentivize projects to launch their own child chain. As you can imagine the main reason for the due diligence is to prevent scams, that are so common in the crypto space. It is also beneficial for companies that want a real company behind, able to provide support when needed , In the other hand, it forces the projects to be real for getting a child chain
Q7 : Okay, we understand, thank you Alberto. Some introductory question have already been answered and we will enter segment 2.
(5) best question comes from the form the twitter!
Are you ready?
A7 : ready!
Segment 2 : Twitter Question
Best Question on twitter Over 200+ Question
Q1 : The main disadvantage of the PoS algorithm is, the total dependence on the technology and the failure in the communication, how does Ardor handle this, taking into account that it is the algorithm they use?
A1 : Stating that the dependence on the technology and the failure in communication is a weakness of the PoS algorithm is a fallacious argument. PoW algorithm depends on the technology in a higher degree than PoS, due to the hardware needed to mine. PoS requires much less powerful devices to mine/stake/forge than PoW, for instance, you can launch an Ardor full node in Android (https://ardordocs.jelurida.com/Android_Full_Node) or a microcomputer powered by solar energy, such as the following configuration made by one of the most representative members of our community: https://medium.com/@mrv_89306/solar-powered-ardor-blockchain-node-aa680a976c50
The foundation of all the consensus algorithms is the communication between the peers, if there is a communication failure when a node is broadcasting the block it happens nothing. As all nodes are competing with each other to broadcast a block as a candidate for the blockchain, another node will take the unconfirmed transactions and will publish the block.
If a hacker wants to attack the communication of all forging nodes, good luck with that, you may need a huge amount of resources just to try it. Since 2013, when the Nxt (Former version of Ardor, of course still up and running) was launched you can imagine we have had millions of attacks. So, we are pretty sure that our PoS is robust enough that a failure in communication of several nodes, does not affect the network performance. In the beginning there was an idea called Transparent Forging (instant transactions) that we saw that was valid only for private environments, in public environments these attacks were indeed, a possible failure
Q2 : What new features has Ardor launched on the(Hardfork) this time? and what is the effect of hardfork on the market ?
A2 : The hardfork has been successfully activated few hours ago, so it has been one day full of excitements for the developer tam. There are several new features that were activated:
- The triffic.app that owns the GPS asset (assetID: 3123987739214429747) has been migrated to a child chain and all the asset balances will be distributed to the newly enabled GPS child chain.
- It has been activated the possibility of sending zero-fee child chain transactions even from accounts not yet registered on the blockchain.
- Now, it is possible to set up account control with zero max fees.
- The AEUR child chain has become permissioned.
Plus the current new features that were included along the 2.3.2 version.
What will be the effect of the hardfork on the market? Launching the Triffic child chain is a big deal, the app has already great adoption so it will bring these new users to the platform, so it is likely to affect positively the market adoption. In the other hand, the option to create permissioned child chains will have a long-term effect on the market as it attracts traditional enterprises that have to comply with the current regulations while working on a decentralized public network. I don’t know if you all agree with the sentence: “The crypto market is crazy”, so it is imposible to predict anything. There are some correlations with other economical index, and of course with the COVID situation. I hope we don’t suffer more lockdowns as it will affect the whole crypto market for sure
Q3 : What factors does ARDOR take into account when creating a new children’s chain for a business or project?
A3 : So, this question was already answer a bit above. So let’s explain a bit more about the company and the progress that have been achieved by jelurida in building the Swiss blockchain software development company:
It has been a long a tough journey to get where we are now, we have both protected the IP of our software and built the company under Swiss regulation, which is very favorable for blockchain software companies. We were even “Member of the Month” in March 2020 of the Switzerland Global Enterprise, which allowed us to be part of the Swiss pavilion at conferences.
Building a crypto company is much harder that people imagine. There is a constant friction with the traditional world that don’t want to innovate, and we found many constraints during these years. I can imagine that some verticals are not happy because they will lose their piece of the pie by just being in the middle. Financial companies are not happy at all
Switzerland, despite of some issues, it is a well-regulated country that made things a bit easier
Q4 : What progress have been achieved by jelurida and ardor in building the Swiss blockchain software development company?
A4 : Oh yes, as I was mentioned in the post above the company was finally incorporated by the core developers of the Nxt in 2017 in Switzerland. Since then, we have expand our operations to many other part of the world such as:
- Rest of Europe
And we will keep on expanding as much as we can. We have office in South Korean and Nigeria. We expect to deliver our software and our services in as many areas as we can
Q5 : I see ardor has an updated HD key derivation algorithm for EC-KCDSA over Curve 25519, can you please explain the features and usability?
A5 : Wow that is a techie one 🤓
In a nutshell, it enables to derive accounts from a master key. Similar to the usual hardware wallets, which store multiple accounts based on a provided seed that is made by 24 or more random words, the HD wallet allows implementing this functionality but software-based.
In general, we recommend now that all new Ardor accounts should be created from a seed, not from a passphrase anymore.
What can you achieve with this new HD key derivation? You can have multiple accounts under one single passphrase so it can be similar to having a keypass of Ardor accounts. There is a risk, the master private key must be really well protected because with that information a hacker can derive all your accounts. Custodian companies can use it as well, so the retrieval of a particular account derived from a master key can be done in a cold storage and sent by their APIs or a semi-cold storage. It was a feature that the market was asking quite a lot
ZTH Host :Awesome, Jelurida Ardor 💪 Questions on segment 2 have been answered, It’s wonderful thank you
We will continue segment 3
Everyone please prepare your questions, chat will be opened for Telegram Segment ❗️❗️❗️
Segment 3 : Live AMA
Great AMA over 1000+ Question 30 second ahhhhh…. And this best Question Live AMA
Q1 : Ardor Child chains depends on it completely, Ardor represents the security of all the network. How is it customizable so different types of blockchains that could be made? What makes Ardor specially secure to trust in?
A1 : All the child chains rely on the security of the parent chain Ardor, which is 100% proof of stake with more than 6 years running without issues in production (it has a Nxt inheritance).
The child chains can be customized to be permissionless or not, and they can have the features they require.
For instance, a child chain can be launch without the marketplace, or the data cloud or even without a token. It depends on your project needs
Q2 : DeFi is the new frontier and already buzzing in 2020, what roles do you play in innovativeness of DeFi and what’s your approach to DeFi and ultimate DeFi solutions?
A2 : Nowadays, the market is moved by speculation and the new hype trend is DeFi. Members of the community have developed a parody DeFi bot that has shown the potential of Ardor in this field.
In my opinion, the DeFi trend comes with very high risks. What I can see is that financial entities could take advantage of a permissioned child chain to provide liquidity to a DEX, hence increasing the decentralization of their operations but keeping track of the KYC of their users. Probably the centralized exchanges will have to innovate if they want to stay on track of the market.
Q3 : In the bad situation of the Covid-19 epidemic, every industry was heavily affected
Does it affect on the growth of your project team and its ??
What are your plans to turn challenges into opportunities for #project DEVELOPMENTS
A3 : True, the Covid-19 affected most of the industries. For Ardor it was an opportunity. In Spain we collaborate with a pilot of a Covid-app and in Austria it was published the following paper, all about Ardor use cases that can make a difference to mitigate the pandemic spread
Q4 : The Problem in INTERNET today is there are many Hacking Programs That can easily destroy its Securities
sorry for asking question that is not that related for the Topic of The AMA
Is ARDOR also planning to improve the Security of Internet?
I have a FUN question for you
Why is it theres no USDT pair of ARDR in Binance?
A4 : Well, while I agree with the problem about many hacks, with Ardor we set a lot of tools that make the custody of your tokens pretty easy. If you want to expose the private keys of your clients in a database connected to the internet, that’s another problem. The cryptography and consensus of Ardor has never been broken so we want to contribute to build a safer internet acting as a framework to shield the information.
I don’t agree with the ARDR/USDT pair. It does exist as you can see in the image
Q5 : I stay in far away Africa. Can I use ARDOR without any restrictions?
A5 : yes, of course. We have an office in Nigeria. We know that Africa really needs blockchain and we are there. You can use the Ardor platform without any restrictions in Africa. Also, if you want to develop a project based on Ardor, contact https://twitter.com/jeluridaafrica they are constanly working on learning services in Africa, as well as consultancy. They participated in the Africa Blockchain Developers Call and Jelurida commits 1000 Euros in price as a startup incentive to the best solution deployed on Ardor.
To recap, yes!
ZTH Host : Question that Alberto Fernandez like is already answered
Great AMA Thanks to Ardor for taking the time to join AMA today.!!
🌟Don’t forget to join and follow our community!
To get the latest news Information about Ardor