Ignis is a token on the child chain of the Ardor network belonging to the Jelurida team that has also created the NXT project.
What Is Ignis?
Ignis is a token on the child chain of the Ardor network belonging to the Jelurida team that has also created the NXT project. Ignis, intended to demonstrate the capabilities of the Ardor platform, was created in order to show how easy it is to create your own assets based on Ardor. Having a closer look at Ignis tokens and actually using them, one can experience first-hand what Ardor has to offer and is capable of doing.
Ignis’s use-cases are strongly connected to powering the ecosystem, as well as using the services it provides. The system allows storing information, as a decentralized analog to cloud services. Ignis is also used to conduct anonymous voting on the network. One can change the level of privacy using special user options, create your own tokens, smart contracts, and also chats where you can exchange encrypted information. In this whole system, IGNIS tokens are also used as a main means of payment.
Pros and Cons of Ignis
Advantages of Ignis
One of the most significant advantages of Ignis is its ability to cope with higher loads due to the fact that the system is capable of deleting all data on verified transactions every day. The token holds a place within the top-400 cryptocurrencies and it’s further quite affordable for the general audience. Ignis is seen as a promising project, as it was created by the Jelurida team, which has successfully launched projects such as Ardor and NXT in the past. The developers promise to take into account all the pros and cons of previous projects to improve Ignis. This attitude towards the project cannot but rejoice and should have the most positive effect on the cost of IGNIS.
Disadvantages of Ignis
Ignis currently has a low return on investment which is certainly not a good sign for its future development or an incentive to trade it or hold for long times. There is no white paper on the project website or a separate section about the token, so there is also no place to get detailed technical information. There’s also a concern that Ignis won’t withstand competition in the long term. The market of cryptocurrencies specializing in smart contracts is oversaturated, so the competition is very tough in this field. This situation could also be attributed to the fact that the key moment for Ignis’s takeoff has already passed and every week the probability of this cryptocurrency taking off is decreasing.